open ended fund aberdeen global - asian smaller companies … · millennium & copthorne hotels...
TRANSCRIPT
Top ten holdings
Aeon Co (M) 27Bukit Sembawang 27Millennium amp Copthorne Hotels 26Dah Sing Financial 24United Plantations 24Oriental Holdings 23Multi Bintang Indonesia 21Wheelock Properties 21John Keells 20BNK Financial Group 19Total 232Total number of holdings 97
Country breakdown Singapore 194Malaysia 164Hong Kong 141India 110Thailand 93Indonesia 78South Korea 57United Kingdom 39Philippines 35Sri Lanka 35Other 43Cash 11Total 1000
Sector breakdown
Financials 279Consumer Discretionary 203Industrials 154Materials 107Consumer Staples 93Information Technology 62Healthcare 53Utilities 19Energy 10Telecommunication Services 09Cash 11Total 1000
OPEN ENDED FUND ndash NOVEMBER 2015
Aberdeen Global - Asian Smaller Companies FundPerformance Data and Analytics to 31 October 2015
For further information
General enquiry +852 2103 4700
Fax +852 2103 4788
Website wwwaberdeen-assetcomhk
Investment objective
To achieve long-term total return by investing at least two-thirds of the Fundrsquos assets in equities and equity-related securities of Smaller Companies with their registered office in an Asia Pacific country (excluding Japan) andor Smaller Companies which have the preponderance of their business activities in an Asia Pacific country (excluding Japan) andor holding companies that have the preponderance of their assets in Smaller Companies with their registered office in an Asia Pacific country (excluding Japan) For the purpose of this Fund Smaller Companies are defined as companies with a market capitalisation in the base currency of the Fund as at the date of initial investment of under US$25 billion and a maximum market capitalization of US$5 billion at any time subsequent Performance ()
2006 2009 2011 2014
-50
0
50
100
150
200
Aberdeen Global - Asian Smaller Companies Fund Class A - 2 Acc
2015
Cumulative performance ()
YTD 6 months 1 year 3 years 5 years Since Launch
Fund -124 -144 -172 -53 107 1236Benchmark^ -33 -149 -71 66 -36 655
Calendar year performance ()
YTD 2014 2013 2012 2011 2010
Fund -124 19 09 346 -114 399Benchmark^ -33 08 38 202 -242 248
Source Lipper Calculation basis total return NAV to NAV in USD net of annual charges gross incomedividend reinvested These figures do not include an initial charge if this is paid it will reduce performance from that shown Past performance is not a guide to future performance ^From 28 March 2006 to 30 September 2007 the benchmark was MSCI AC Asia Pacific ex Japan Index From 1 October 2007 onwards the benchmark has been changed to MSCI AC Asia Pacific ex Japan Small Cap Index Morningstar Inc All Rights Reserved Morningstar Rating TM as of 31102015 in the Asia-Pacific ex-Japan Equity Morningstar Category
Figures may not always sum to 100 due to rounding
Class A - 2 Acc
Important Information
l The Fund invests in equities and equity-related securities of smaller companies in Asia Pacific countries (excluding Japan) Smaller Companies are defined as companies with a market capitalisation of under US$25 billion at the date of initial investment and a maximum market capitalisation of US$5 billion at any time subsequent
l The Fund invests in emerging markets which tend to be more volatile and is subject to higher political regulatory credit and liquidity risksl Smaller companies are subject to the risk of greater vulnerability and are generally of lower liquidity and greater volatility than larger companiesl Investment in this fund may involve a high degree of risk and may not be suitable for all investors It is possible that the entire value of the investment could be lostl Investors are responsible for their investment decisions and should ensure that the intermediary has advised on fundrsquos suitability and consistency with their investment objective If in doubt
please seek independent financial and professional advicel Investors should not invest in this Fund based solely on this document and should read the relevant offering documents (particularly the investment policies and risk factors) for more details
before investing
OPEN ENDED FUND ndash NOVEMBER 2015
_____________________________________________________________________________________________________________________________________________
Important informationThe above is strictly for information purposes only and should not be construed as advice or an offer or solicitation to deal in any investment product Any research or analysis used in the preparation of the above information procured by Aberdeen International Fund Managers Limited (ldquoAIFMLrdquo) for its own use and purpose is based upon sources believed to be reliable as of the date thereof but no representation or warranty is given as to the accuracy or completeness of data sourced from third parties Any projections or other forward-looking statements regarding future events or performance of countries markets or companies are not necessarily indicative of and may differ from actual events or results Opinions estimates or forecasts may be changed at any time without prior warning Investment involves risk Past performance is not a guide to future performance Investors may not get back the amount they have invested No liability whatsoever is accepted for any loss arising from any person acting on any information contained in this document Investors should not make an investment into the investment product based solely on this document and should read the relevant offering documents for more details to ensure that they fully understand the associated risks before investing Investors are responsible for their investment decisions and should ensure that the intermediary has advised on the investment productrsquos suitability and consistency with their investment objective and risk tolerance level If in doubt please seek independent financial and professional advice This document is issued by AIFML and has not been reviewed by the Securities and Futures Commission
Fund risk statistics
3 years 5 yearsAnnualised Standard Deviation of Fund 1284 1418Beta 083 070Sharpe Ratio -007 017Annualised Tracking Error 700 840
Source Aberdeen Asset Management total return Gross of Fees BPSS Datastream USD Please note the risk analytics figures are calculated on gross returns whereas the performance figures are based on net asset value (NAV) returns In addition the risk analytics figures lag the performance figures by one month It should be noted that the figures provided regarding risk would be adjusted if fund fees and expenses were included Standard deviation measures historical volatility Beta is a measure of the volatility of a portfolio in comparison to a benchmark index Sharpe ratio measures risk-adjusted performance Tracking error measures the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark Information ratio is a ratio of portfolio returns above the returns of a benchmark to the volatility of those returns
Key information
Benchmark^ MSCI AC Asia Pacific ex Japan Small Cap
Fund size USD22bn
Date of launch 28 March 2006
Investment team Asian Equities Team
Fund advisory company Aberdeen Asset Management Asia Limited
Initial charges Avg 500 Max 638
Mgt amp Inv advisory fee 175Please refer to Aberdeen Global Fund Prospectus for more details of other fees
Codes (Class A - 2 Acc)
SEDOL B0L11H5
ISIN LU0231459107
BLOOMBERG AGASMA2 LX
REUTERS LP65028095
Additional information
Fund type SICAV
Domicile Luxembourg
Currency US Dollars
Minimum investment USD 1500 or currency equivalent
Price as at 311015 USD391008
Price highlow (52 wks) USD470227USD368603
For further information
General enquiry +852 2103 4700
Fax +852 2103 4788
Website wwwaberdeen-assetcomhk
Aberdeen Global - Asian Smaller Companies Fund
Adequity Trust
Lyxor Selection China A Fund October 2015
Website httpwwwlyxorcomhkHotline (852) 2166 4266
Investment Objective
The Lyxor Selection China A Fund seeks to capture the potential growth of the PRC market To achieve this objective and subject to the investment restrictions of the Fund the Fund will invest
(a) primarily (ie at least 70 of the Funds Net Asset Value) in the A-Shares markets and
(b) no more than 30 of the Funds Net Asset Value in (i) H-Shares andor Red Chips andor B-Shares (ii) ETF(s) andor other collective investment scheme(s) (including potentially ETF(s) andor other collective investment scheme(s) not authorised by the SFC or established in jurisdictions not recognized by the SFC) that give(s) investment exposure to H-Shares andor Red Chips andor B-Shares (iii) the shares of those companies which have significant business exposure to the PRC which shares are listed on stock exchange(s) in the United States Taiwan Singapore or other countries acceptable to the Manager and (iv) money market instruments andor short-term deposits
No more than 15 of the Funds Net Asset Value will be invested in the Small and Medium-sized Enterprise Board of the Shenzhen Stock Exchange
Fund Details
Fund Size USD 5046 MillionFund Price USD 1155 per Unit (As of 30 September 2015)Base Currency US DollarDealing Frequency Daily1
Launch Date 19 April 2012Management Fee 175 per annum2
Administration Fee Up to 120 per annum3
Subscription Fee Up to 5 of the subscription amountRedemption Fee Not applicableSwitching Fee Not applicableIncentive Fee Currently Suspended4
Manager Lyxor Asset ManagementInvestment Adviser Fortune SG Fund Management Co LtdQFII Sub Custodian China Construction Bank Corporation
Please refer to the Fund Specific Memorandum and Product Key Facts Statement for further details on fees and charges
Dealing deadline is 200 pm (Hong Kong time) on everyday that is both a Hong Kong 1 Business Day and a Paris Business Day
Management fee may be increased from the current level up to the maximum level 2 permitted by the Trust Deed by giving unitholders at least one months prior noticeAdministration fee includes the Investment Advisers Agent Trustee Hong Kong 3 Representative Auditor Custodian QFII Sub-Custodian and Registrarrsquos Agentrsquos feesThe Manager has currently suspended the imposition of incentive fee of up to 15 of the 4 appreciation in Net Asset Value per Unit above the Benchmark Net Asset Value per Unit The suspension is in place for a minimum period of one (1) year since 19 April 2012 after which not less than one months prior notice will be given to affected Unitholders upon reinstatement of the incentive fee the effective rate to be charged the duration of the first incentive fee period and the benchmark net asset value per unit for the first incentive fee period
Fund Performance as at 30 September 2015
Cumulative Performance
1 months 6 months 1 year 2 years 3 years Since Launch
Fund -383 -2264 2132 2706 2777 1550
Calendar Year Performance
2013 2014 YTD
Fund -965 4511 -1047
NAVSelection China A Fund
220
180
140
100
6019042012
19092012
19012013
19062013
19102013
19032014
19072014
19122014
19042015
30092015
Source Lyxor Asset Management in USD the computation basis of the performance is based on the 30 September 2015 end NAV-To-NAV with dividend reinvested The Funds past performance is not indicative of future returns
Top 10 Holdings
Stocks Weightings Ping An Insurance (GP) Co of China 234China Merchants Bank 221China Pac IN (GROUP) 215Shai Pudong Dev Bk 212Industrial Bank 205Bank of Beijing 189China Everbright Bk 189Bank of Nanjing 185Huaxia Bank 185Ping An Bank 184Source Lyxor Asset Management Bloomberg as at 30 September 2015
Sector Breakdown
Defense 386
Computer 447Others 1933
Bank 2271
Real Estate 385
Transportation 543
Media 756
Utilities 714
Automobiles amp Parts 529
Non-banking Financials 1337
Construction amp Decoration 421
Source Lyxor Asset Management as at 30 September 2015
Investors should note thatThe Fund is subject to market fluctuations and to the risks inherent in all investments The price of Units in the Fund and the income from them may go down as well as up The past performance is not indicative of future performance Investors should satisfy themselves that the Fund is suitable for them in terms of their own circumstances and financial position before making any decision to invest in the Fund In addition investors should avoid excessive investment (in terms of its proportion of their overall portfolio) in any single type of investment including any proposed investment in the Fund so as to avoid the investment portfolio being over-exposed to any particular investment risk Investors should not make any investment decision on the basis of this marketing material alone The Manager is Lyxor Asset Management The issuer of this marketing document is SG Securities (HK) Limited which is the Hong Kong representative of the Fund This material has not been reviewed by the Securities and Futures Commission of Hong Kong
Important Information
Investments involve risks Investors may sustain a total loss of their investment in the Fund Prospective investors should carefully read the Explanatory Memorandum Fund Specific Memorandum and the Product Key Facts Statements including the risk factors In addition prospective investors should seek independent professional financial advice in making their assessment Investors should note that
The Fund invests primarily in Mainland China which is an emerging market which may subject the Fund to greater political tax economic foreign bullexchange liquidity and regulatory risk than where the Fund invests in more developed marketsThe Fund is highly specialised and concentrate its investments in the A-Shares markets The Fund is likely to be more volatile than a broad-based fund bullThe Fund is denominated in US dollars and uses a USD QFII quota to invest in A-Shares which are primarily denominated in RMB RMB is currently not a bullfreely convertible currency and is subject to exchange controls and restrictionsInvestment in the Fund will be subject to fluctuations in the USDRMB and other exchange rates bullSubscriptions and redemptions in Hong Kong are generally paid in HKD or USD which may incur higher costs as a result of the multiple conversions be- bulltween RMB USD and HKDThe Fund is subject to rules and restrictions under QFII regulations including rules on investment restrictions minimum investment holding period limita- bulltions on repatriation of principal and profits and taxation issuePotential conflict of interest may arise as the Manager the Custodian and the Investment Adviser are affiliates of each other bull
^ Morningstar Rating as at 30 September 2015
Morningstar Rating^
Nov 2015年11月
All data as of 所有資料截至 30112015
AllianceBernstein - Global High Yield Portfolio聯博－環球高收益基金
Important Information 重要事項1 Invest in emerging markets is subject to higher volatility and higher risks (eg liquidity risk currency risk political risk regulatory risk and economic risk)投資於新興市場面對較高的波動性及較高的風險（例如流動性風險貨幣風險政治風險監管風險及經濟風險）
2 The portfolio may invest in non-investment grade debt securities (for example convertible securities mortgage or other asset-backed securities) of issuers in emerging market countries Suchinvestments may be subject to high volatility and involve significant risk including leverage risk market risk liquidity risk and the risk of issuer or counterparty default or insolvency which maypotentially result in a total loss of your investment in the portfolio本基金可投資於新興市場國家發行人的非投資級債務證券（例如可換股證券按揭或其他資產抵押證券）該等投資的波動性可能很大也可能涉及重大風險包括槓桿風險市場風險流動性風險發行人或對手方違約或無力償債風險等這些風險可能潛在導致你在本基金的投資全部虧損
3 Investment in the portfolio may also involve fixed-income securities risks illiquid assets risk country risk currency risk management risk and credit risks The value of the portfolio can be volatileand 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投資於本基金亦可能涉及固定收益證券風險不流通資產風險國家風險貨幣風險管理風險及信用風險基金價格可反覆波動並可在一段短時期內顯著下跌閣下於本基金的投資可能會價值全失
4 The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks In adverse situations the portfolios useof derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses本基金可使用衍生工具達到對沖及有效基金管理的目的這可能涉及額外風險在不利情況下本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的且本基金可能會遭受重大損失
5 Dividends may be paid from capital or effectively out of the capital of the Portfolio which may amount to a partial return or withdrawal of an investorrsquos original investment or from any capital gainsattributable to that original investment and result in an immediate decrease of the Net Asset Value per Share本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益由此即時減低每股資產淨值
6 Investors should not rely on this document alone to make investment decisions投資者不應只依賴本文件而作出投資決定
Portfolio Objective Strategy Key Features 基金目標 策略 特色The Portfolio seeks to produce high current income as well as overall total return by investing primarily in a portfolio of high yieldnon-investment grade debt securities of issuers located throughout the world including the US and emerging countries ThePortfolio invests in both US dollar and non-US dollar denominated securities The Investment Manager utilizes the investmentresearch of both its global fixed income and high yield teams
本基金投資於世界各地（包括美國和新興國家）發行者發行的非投資級高收益債券組合以尋求高額現收益及總回報本基金投資於以美元及非美元計值的證券投資經理利用其環球固定收益及高收益隊伍的投資研究
Portfolio Composition^ 投資組合配置^
Sector Allocation~
行業分佈~
High Yield 高收益 5569Emerging Markets -Hard Currency新興市場ndash強勢貨幣 875CMOs抵押擔保債務憑證 776Emerging Markets -Local Currency新興市場ndash當地貨幣 648Treasuries 國庫債券 632Corporates - InvestmentGrade公司債券ndash投資等級 506Preferred Stock 優先股 368Commercial Mortgage-Backed Securities商業按揭抵押證券 328Emerging Markets ndashQuasi-Sovereigns新興市場ndash準主權債 100Other 其它 198
Country Allocation 國家分佈United States 美國 6471United Kingdom 英國 460Brazil 巴西 446Luxembourg 盧森堡 292Turkey 土耳其 212France 法國 146Canada 加拿大 137Dominican Republic多明尼加共和國 134South Africa 南非 118Other 其它 1584
Net Currency Exposure 淨貨幣分佈US Dollar 美元 9832Dominican Peso多明尼加披索 060Indonesian Rupiah印尼盾 037Indian Rupee 印度盧比 031Uruguayan New Peso烏拉圭新披索 014Euro 歐元 010Australian Dollar 澳元 005Turkish Lira新土耳其里拉 004Swiss Franc 瑞士法郎 004Other 其它 003
Credit Quality^^ 信貸評級^^AAA 1034AA 066A 169BBB 1675BB 2804B 2308CCC ampBelow CCC 及以下 1344Not Rated 無評級 600
^ Holdings are expressed as a percentage of total investments and may vary over time投資組合配置比重以總投資比重之百分比表示可能隨時間而改變
~ Treasuries includes US Treasuries which are held as collateral against credit derivatives and Treasury futures which are used to manageduration國庫債券包括用作抵押信用衍生品的美國國庫債券和用作管理存續期的國庫債券期貨
^^ Highest of SampP Moodyrsquos and Fitch 選取標準普爾穆迪及惠譽當中最高評級作分類 Source SampP Moodyrsquos Fitch and AB
資料來源 標準普爾穆迪惠譽及 ABα Calculated from the net assets of the Portfolio 以基金淨資產計算1 As a percentage of purchase price for Classes A A2 AA and AT only
適用於 A 股 A2 股 AA 股及 AT 股之費用以認購價格之百分比計算2 As an annual percentage of average daily Net Asset Value 以每日平均資產淨值之年度百分比率計費用3 As a percentage of the lesser of the current Net Asset Value or original cost of the Shares being redeemed and based upon the duration
that such Shares are held佔所贖回股份的現行資產淨值及原始成本此兩個數字中較低者的有關百分率並視乎該等股份的持有時間而定
Profile 基金資料Domicile註冊地點 Luxembourg 盧森堡
Inception Date基金成立日
22091997（Class A ndash USD）（ A 股ndash美元 ）
Fiscal Year End財政年度終結 31 August（8 月 31 日）
Net Assets淨資產 $ 1744750 Million 百萬美元
SubscriptionRedemption認購贖回
Daily 每日
Base Currency基準貨幣 USD 美元
Reporting Currencies其他報價貨幣 EUR HKD 歐元港元
Currency HedgedShare Classesdagger
貨幣對冲股份類別dagger
AUD CAD EUR GBP NZDSGD澳元加元歐元英鎊紐西蘭元新加坡元
Average Duration (Years)平均存續期 (年)
412
Average Credit Quality
平均信貸質素 BB-
Initial Sales Charge1
首次認購費 1Up to 最多為 500（Class A A2 AA amp AT 股）
Management Fee2
管理費 2
First $5b 170α
Over $5b 150α
首 50 億美元 170α
超過 50 億美元部份 150α
Management CompanyFee2
管理公司費 2
010
Distribution Fee 2分銷費 2
每年 1 per annum(Class B B2 BA amp BT 股)
Contingent DeferredSales Charge3
或有遞延銷售費 3
3（Year 1 首年）2（Year 2 第 2 年）1（Year 3 第 3 年）0（Thereafter 3 年以後）（Class B B2 BA amp BT 股）
Total No Of Holdings總持股數量
1029
Portfolio ManagementTeam基金管理團隊
Douglas J PeeblesGershon Distenfeld CFAPaul J DeNoon
For fees applicable to other share classes please refer to the offeringdocuments for details有關其他股份類別的費用詳情請參閱基金銷售文件
Nov 2015年11月
All data as of 所有資料截至 30112015
Top Ten Credit and Emerging Market Securities十大信貸及新興市場證券
Holding 持股量Brazil Notas do Tesouro Nacl 100010117 - 10125 208Turkey Govt Bond 82071316 - 111616 113Ivory Coast Govt Intl Bond 575123132 088Turkey Govt Bond 107022416 058South Africa Govt Bond 82591517 048Petroleos de Venezuela 60051624 - 111526 043FNMA Connecticut Ave 5121112524 043Columbus Intl 737533021 041Dubai Holding 60020117 041Mestenio 85010220 041
Total 合共 724
Calendar Year Returns 年度回報
-10
0
10
20
2010 2011 2012 2013 2014 2015 YTD
2010 2011 2012 2013 2014 2015 YTD年初迄今
Class A ndash USDA 股ndash美元
156 02 163 51 16 -31
Cumulative Total Returns 總累積回報
1 Year（年）
3 Year（年）
5 Year（年）
10 Year（年）
SinceInception成立迄今
Class A ndash USDA 股ndash美元
-46 50 228 831 1672
Please refer to Profile section for Inception Date of Class A ndash USD請見基金資料有關 A 股 ndash 美元的成立日Source AB calculated on an NAV-to-NAV basis in US Dollars資料來源AB以資產淨值比資產淨值及美元計算
Past performance is no guarantee of future results Total returns provided by AB include thechange in net asset value and reinvestment of any distributions paid on Portfolio shares for theperiod shown but do not reflect sales charges The information on this page is for informationpurposes only and should not be construed as an offer to sell or solicitation of an offer to buyor a recommendation for the securities of the Portfolio過往的業績不保證將來的表現AB 所提供的總回報包括期內之資產淨值變化及股息或利息之再投資但是並不反映認購費本頁資訊僅作參閱之用不應被視作銷售或誘導讀者購買或推薦本基金之證券
dagger Currency-hedged share classes use hedging techniques in an attempt to reducemdashbut noteliminatemdashfluctuations between the investorrsquos holdings in a particular currency-hedged shareclass denominated in the investorrsquos investing currency and the portfoliorsquos base currency Thegoal is to deliver returns that track the portfoliorsquos base currency returns more closely Stand-alone currency symbols represent convenience pricing which offers the ability to purchase orredeem shares using the currency indicated which is then converted into the base currency ofthe portfolio using a market rate at the time of purchase or redemption Convenience pricinginvolves no currency hedging and does not seek to provide any protection from currencyfluctuationsdagger 對沖股份類別運用對沖技術嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動其目的是達致更接近以基準貨幣計算的回報單獨的貨幣符號代表其它報價貨幣類別即可用該貨幣買入或贖回基金然後依買進或贖回時的市場匯率兌換成基金基準貨幣此類報價貨幣並無貨幣對沖亦不提供對貨幣匯率波動的保護
NAV Yield amp Dividend Information (as of 30112015)dagger
資產淨值息率及股息資料（截至 2015 年 11 月 30 日）dagger
AT BT AA amp BA share classes below intend to declare and pay dividends Dividendamountdistribution rate is not guaranteed and may be paid from capital of thePortfolio (See Important Information 5)Annualized yield is calculated with the following formula monthly dividend ofthe month x 12 ex-dividend price of the month x 100 Positive distribution yielddoes not imply positive return The historical data provided below are forinformation purposes only and do not imply prospective yields of the Portfolio
AT BT AA 及 BA 股份類別旨在提供每月派息派息並無保證及可從資本中支付(注意重要事項 5)年度化息率按以下程式計算以當月份之派息 x 12 除息價格 x 100正派息率並不表示本基金將錄得正回報以下所提供的過往數據僅作參閱之用並不代表基金未來的年息率
NAV基金淨值
Yield息率
Dividend股息 Bloomberg ISIN
Class A ndash USDA 股ndash美元 413 625 00215 ACMHYAILX LU0081336892
Class AT ndash USDAT 股ndash美元 409 625 00213 ACGHYATLX LU0156897901
Class AT ndash HKDAT 股ndash港元 3172 625 01651 ABHYHATLX LU0417103578
Class AT ndash AUD(H)AT 股ndash澳元（對沖） 1447 817 00985 ABGATAHLX LU0511405911
Class AT ndash NZD(H)AT 股ndash紐西蘭元（對沖） 1323 862 00950 AGHATNHLX LU0805983789
Class AT ndash EUR(H)AT 股ndash歐元（對沖） 1433 574 00686 ACATEUHLX LU0448041581
Class AT ndash CAD(H)AT 股ndash加元（對沖） 1300 684 00741 ABGATCHLX LU0592507361
Class AT ndash GBP(H)AT 股ndash英鎊（對沖） 1440 660 00792 ABHYATGLX LU0689626256
Class AT ndash SGD(H)AT 股ndash新加坡元（對沖） 1302 743 00806 ABGATSHLX LU0592507528
Class AA ndash USDAA 股ndash美元 1266 864 00911 ACMATAALX LU1008669860
Class AA ndash HKDAA 股ndash港元 9818 863 07061 ABGHIAALX LU1069345681
Class AA ndash AUD(H)AA 股ndash澳元（對沖） 1258 1059 01110 ACMAAUHLX LU1008670108
Class AA ndash NZD(H)AA 股ndash紐西蘭元（對沖） 1255 1103 01154 ABGHYANLX LU1069345921
Class AA ndash EUR(H)AA 股ndash歐元（對沖） 1256 812 00850 ABAEURHLX LU1069345848
Class AA ndash CAD(H)AA 股ndash加元（對沖） 1248 924 00961 ABGHYCHLX LU1069346069
Class AA ndash GBP(H)AA 股ndash英鎊（對沖） 1252 899 00938 ABAGBPHLX LU1069345764
Class AA ndash SGD(H)AA 股ndash新加坡元（對沖） 1264 984 01037 ACMAASHLX LU1035779344
Class BT ndash USDBT 股ndash美元 416 511 00177 ACMGHYPLX LU0169910741
Class BT ndash HKDBT 股ndash港元 3226 510 01372 ABHYHBTLX LU0417105516
Class BT ndash AUD(H)BT 股ndash澳元（對沖） 1443 701 00843 ABGBTAHLX LU0511406059
Class BT ndash NZD(H)BT 股ndash紐西蘭元（對沖） 1331 747 00829 AGHBTNHLX LU0805983862
Class BT ndash EUR(H)BT 股ndash歐元（對沖） 1435 459 00549 ACBTEUHLX LU0448042043
Class BT ndash CAD(H)BT 股ndash加元（對沖） 1296 568 00613 ABHIBTCLX LU0625943492
Class BT ndash GBP(H)BT 股ndash英鎊（對沖） 1444 544 00655 ABHYBTGLX LU0689625365
Class BA ndash USDBA 股ndash美元 1241 881 00911 ACMATBALX LU1008669944
Class BA ndash AUD(H)BA 股ndash澳元（對沖） 1233 1076 01106 ACMBAAHLX LU1008670280
A Fitch Fund Quality Rating provides an in-depth assessment of a fundrsquos key attributes and consistency of longer-term returns relative to its peer group andor benchmarks Ratings are as follows fromhighest to lowest Excellent Strong Satisfactory Weak Inadequate Qualifying Past performance is no guarantee of future results 惠譽基金質素評價為基金主要特點及與同業及或基準相比能否貫徹取得長遠回報提供深入評估評級由最高至最低載列如下優秀強勁滿意疲弱不足保留過往表現並非未來業績的保證Investment in the Fund entails certain risks Investment returns and principal value of the Fund will fluctuate so that an investorrsquos shares when redeemed may be worth more or less than their originalcost Dividends are not paid for all share classes and are not guaranteed The Fund is meant as a vehicle for diversification and does not represent a complete investment program Returns denominatedin a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuationsThese and other risks are described in the Fundrsquos prospectusProspective investors should read the prospectus including risk factors carefully and discuss risk and the fundrsquos fees and charges with their financial adviser to determine if the investment is appropriatefor them投資於本基金須承擔若干風險投資於本基金的回報及本金值會有波動故投資者的股份在贖回時的價值可能高於或低於原來成本並非所有股份類別均可獲派息亦無派息保證本基金旨在作為分散投資的工具並非完整投資計劃以基金基準貨幣以外的貨幣所計價的回報可能受外匯波動有所增加或減少此等風險以及其他風險在本基金認購章程內有說明準投資者應細閱認購章程及其風險因素並與其理財顧問商討本基金的風險及各項費用以確定是否適合投資This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it Before investing investors should reviewthe fundrsquos full prospectus together with the fundrsquos Product Key Facts and the most recent financial statements Copies of these documents including the latest annual report and if issued thereafterthe latest semi-annual report may be obtained free of charge from wwwabglobalcomhk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士投資前投資者應審查基金的認購章程全文連同基金的產品資料概要以及最近期的財務報表這些文件的副本其中包括最近期的年度報告以及如果其後頒布者則為最近期的中期報告可瀏覽 wwwabglobalcomhk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取A portfolio of ACMBernstein AllianceBernstein is the trading name of this mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg while its legal name isACMBernsteinACMBernstein 旗下的一個投資組合聯博(AllianceBernstein) 是根據盧森堡法律組成的本互惠投資基金(fonds commun de placement) 的營業名稱法定名稱為 ACMBernsteinThis document is issued by AllianceBernstein Hong Kong Limited (聯博香港有限公司) and has not been reviewed by the Securities and Futures Commission此文件的發行者為聯博香港有限公司 (AllianceBernstein Hong Kong Limited) 及未經證監會審閱copy2015 AllianceBernstein LP The [AB] logo is a service mark of AllianceBernstein and AllianceBernsteinreg is a registered trademark used by permission of the owner AllianceBernstein LPcopy2015 AllianceBernstein LP [AB] 標誌為 AllianceBernstein 的服務標記而 AllianceBernsteinreg為註冊商標須獲得其擁有人 AllianceBernstein LP 的批准方可使用
Performance from 301110 - 301115
Investment objectiveTo seek a medium-term capital growth by investing in a selection of securities diversified both at geographic and sector level and at least two thirds of the assets in Latin American equities and Equity-linked Instruments
MSCI EM Latin America IndexBenchmark
November 2015
Cumulative performance3 months YTD 1 year 3 years 5 years 10 years
Portfolio -649 -3021 -3703 -4506 -5539 1371Benchmark -615 -2795 -3454 -4171 -4899 1872All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Calendar year performance2010 2011 2012 2013 2014
Portfolio 1655 -2404 753 -1365 -1485Benchmark 1466 -1935 866 -1336 -1230All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Sector breakdown
Geographical breakdown
Top 10 companiesFomento Economico Mexicano 607Grupo Financiero Banorte 593Itausa-Investimentos Itau 531America Movil 496Credicorp 430Suzano Papel e Celulose 369Banco Bradesco 356JBS 337Grupo Televisa 334Embraer 332
Risk indicators (over a 3-year period)Annualised volatility 2171Tracking error 258Information ratio -065Sharpe ratio -084Source of statistical information Amundi All statistical information calculations are based on NAV
Key dataFund manager Patrice LemonnierFund size USD 27388mnNAV per unit USD 31850Class A2UFund launch date 21 Feb 1994Fund currency USDUnit class Acc DisISIN code Acc Shs LU0823046494ISIN code Dis Shs LU0823046577Subscription fee 450 maxRedemption fee NoneSwitching fee 100 maxManagement fee 185 pa maxDealing date DailyOrders executed on forward pricingBloomberg ticker AFLAAUC LX
AFLAAUD LX
All information is as of 30 November 2015unless otherwise specifiedFor more information please visit us atwwwamundicomhkg
1 This is an equity fund2 Investing in this fund may expose investors to market liquidity volatility exchange and developing countries risks as well as to risk of small and medium companies Share price and currency volatility are
generally higher in developing markets The use of financial derivative instruments for hedging and efficient portfolio management purposes may lead to exposure to credit risk of the issuer3 The investment focus of the fund might give rise to increased risk over more diversified funds4 The value of the fund can be extremely volatile and could go down substantially within a short period of time It is possible that your investment value could suffer substantial loss5 The investment decision is yours but you 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 why including how
buying it would be consistent with your investment objective
The issuer of this document is Amundi Hong Kong Limited This document and the mentioned website have not been reviewed by the Securities and Futures Commission in Hong Kong (the SFC) Investors should not only base on this document alone to make investment decisions Investment involves risk The past performance information of the market manager and investments and any forecasts on the economy stock market bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of future performance Investment returns not denominated in HKD or USD is exposed to exchange rate fluctuations The value of an investment may go down or up The offering document(s) should be read for further details including the risk factors The fund(s) may use financial derivatives instruments as part of the investment strategy and invest in securities of emerging markets or smaller companies or fixed-income securities This involves significant risks and is usually more sensitive to price movements The volatility of fund prices may be relatively increased Issuers of fixed-income securities may default on its obligation and the fund(s) will not recover its investment Additional risk factors are described in the offering document(s) Investors are advised to be aware of any new risks that may have emerged in the prevailing market circumstances before subscribing the fund(s)
This document is not intended for citizens or residents of the United States of America or to any laquoUS Personraquo as this term is defined in SEC Regulation S under the US Securities Act of 1933 and in the Prospectus of the Fund
Effective 24 June 2011 Amundi Funds Latin America Equities has changed name to Amundi Funds Equity Latin America Effective 2 March 2010 CAAM Funds Latin America Equities has changed name to Amundi Funds Latin America Equities
Changes that may impact Fund performance Effective 12 February 2013 holdings of Hong Kong sharesholders in the AU Class of the Fund were automatically converted into share class A2U which replicated the fee and costs structure applied in AU Class at that time Prior to 12 February 2013 the performance of A2U share class of Amundi Funds Equity Latin America is that of AU share class of the Sub-Fund The AU share class is not authorized by the Commission in Hong Kong and not available to the public of Hong Kong Effective 24 June 2011 SGAM FundEquities Latin America (not a SFC authorised fund and not available to the public of Hong Kong) was merged into Amundi Funds Latin America Equities (renamed to Amundi Funds Equity Latin America as from 24 June 2011) Prior to 24 June 2011 the performance of the Sub-fund is that of Amundi Funds Latin America
Equity Latin AmericaAmundi Funds
Morningstar Overall RatingMorningstar Overall Rating 5Morningstar Overall Rating
Baring Eastern Europe Fund
As of 30112015
The Fund may subject to the risk of substantial capital losses arising from investment in emerging markets which may involve higher liquidity volatility currency political and regulatory risks than developed markets
The Fund may invest in derivatives for investment purposes which may expose the Fund to higher counterparty liquidity and volatility risks Such Investments may result in higher volatility or a significant loss in the Fundrsquos assets within a short period of time
Dividends may be paid out of capital gains at the discretion of the Managers which would effectively represent paying dividend out of capital This amounts to a return or withdrawal of part of an investorrsquos original investment or any capital gains attributable to that original investment Payment of dividends may result in an immediate reduction of the net asset value of the Fund
Investment ObjectivesInvestment Objectives 1Investment ObjectivesThe investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets
Fund DetailsFund Details 2Fund DetailsFund ManagerFund Manager Fund Manager Ghadir Abu Leil-CooperFund SizeFund Size Fund Size US$9122 MnFund Inception DateFund Inception Date Fund Inception Date 30091996Base CurrencyBase Currency Base Currency USDNAV PriceNAV Price NAV Price US$6379No of InvestmentsNo of Investments No of Investments 49Historic YieldHistoric Yield 3Historic Yield 18Modified Duration (Yrs)Modified Duration (Yrs) Modified Duration (Yrs) NAUnit AvailableUnit Available Unit Available IncomeAccumulationShare Class AvailableShare Class Available Share Class Available Class A Inc (USD EUR GBP) Class A
Acc (USD)UmbrellaUmbrella Umbrella Baring Global Umbrella FundMin investmentMin investment Min investment US$5000 euro3500 pound2500Initial chargeInitial charge Initial charge 500Management feeManagement fee Management fee 150 paEx Dividend DateEx Dividend Date Ex Dividend Date 1 MayDividend Paid ByDividend Paid By Dividend Paid By 30 JunBenchmark IndexBenchmark Index 6Benchmark Index MSCI Emerging Europe 1040 Index
Total Net Return
FundBenchmarkBenchmark 6Benchmark
Standard Deviation +212 +198
Alpha +19 -
Beta +10 -
Sharpe Ratio -06 -07
Tracking Error (Ex Post) +59 -
Fund Award NA
All fund information listed above relates to Class A - USD Inc
PerformancePerformance 4Performance (Cash Value of US$1000)
Benchmark IndexBenchmark Index 6Benchmark Index
Baring Eastern Europe Fund Class A - USD Inc
Cumulative PerformanceCumulative Performance 4Cumulative Performance
1-YrYTD 3-Yr 5-Yr 3-Yr pa 5-Yr pa
Class A - USD Inc -98-118-402-314-168-18BenchmarkBenchmark 6Benchmark -86-131-360-344-229-87
Calendar Year PerformanceCalendar Year Performance 4Calendar Year Performance
20132014 2012 2011 2010
Class A - USD Inc -337 -16 +251 -303 +109BenchmarkBenchmark 6Benchmark -295 -44 +274 -245 +180
Geographical AllocationGeographical Allocation 2Geographical Allocation
Sector AllocationSector Allocation 2Sector Allocation
Top InvestmentsTop Investments 2Top Investments
Country Sector
NA RussiaFinancialsSberbank
NA RussiaEnergyLukoil Oil Company
NA RussiaConsumer StaplesMagnit PJSC
NA RussiaEnergyNovaTek OAO
NA PolandFinancialsPZU Group SA
NA RussiaInformation TechnologyMailru Group
NA RussiaEnergyGazprom
NA TurkeyFinancialsAkbank TAS
NA HungaryFinancialsOTP Bank
NA RussiaInformation TechnologyYandex NV Class A
Fund Code Class A - USD Inc Class A - EUR Inc Class A - GBP Inc
IE0004852103IE0000805634ISIN IE00B4VQT291
BRGESEE IDBRGESEI IDBloomberg BREGEAB ID
6001305960000667Lipper 68029213
Cumulative Performance ()4
+128-18YTD +21
-18-1681-Yr -129
-157-3143-Yr -266
-263-4025-Yr -381
-55-1183-Yr pa -98
-59-985-Yr pa -92
Calendar Year Performance ()4
-249-3372014 -298
-58-162013 -38
+227+2512012 +196
-279-3032011 -300
+193+1092010 +155
NotesA full copy of the investment objective can be obtained from the Manager1
Unless otherwise stated all fund portfolio figures within this factsheet are as at the end of the month shown at the top of front page Country allocation is based on the classification of FTSE Eastern Europe Index Performance characteristics are based on US$ returns over a 3 year period Source Barings Northern Trust
2
The Historic Yield applies to Class A - USD It reflects distributions declared over the past twelve months as a percentage of the mid-market unit price as at the end of the month shown at the top of front page It does not include any preliminary charge and investors may be subject to tax on distributions A positive yield does not imply a positive return of the Fund Yields are not guaranteed
3
Performance Source ndash copy 2015 Morningstar Inc All Rights Reserved Data as at 30112015 investment return in denominated currency of the respective share class on a NAV per unit basis with gross income reinvested USHK dollar-based investors are therefore exposed to foreign exchange fluctuations Please note that the use of a benchmark index is for comparative purposes only The information contained herein (i) is proprietary to Morningstar andor its content providers (ii) may not be copied or distributed and (iii) is not warranted to be accurate complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information Past performance is no guarantee of future results
4
Morningstar overall rating as of 30112015 (Emerging Europe Equity Category)5
The benchmark was the Customised FTSE Eastern Europe Index from 1 January 2002 Then the benchmark became MSCI Emerging Europe 1040 Total Net Dividends Return from 1 May 2008
6
Important InformationPast performance is not a guide to future performance Investors should not only base on this material alone to make investment decisions Investment involves risks Please refer to the offering documents for the details of the Fund and all the risk factors
This document is issued by Baring Asset Management (Asia) Limited This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only Before investing in any product we recommend that recipients who are not professional investors contact their financial adviser
All relevant documents relating to the product such as reports and accounts and offering documents (which specify the particular risks associated with the product together with any specific restrictions applying and the basis of dealing) should be read The information in this document does not constitute investment tax legal or other advice or recommendation or an offer to sell or an invitation to apply for any product or service of Baring Asset Management
This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Baring Asset Management (Asia) Limited19F Edinburgh Tower15 Queens Road CentralHong Kong
CONTACT US +852 2841 1411
Calls may be recorded and monitored
wwwbaringscom
Investment Objective^
This Sub-Fund invests in a diversified portfolio consisting primarily of fixed incomedebt securities issued by Asian Entities or their subsidiaries This Sub-Fundrsquos portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed incomedebt securities that are rated as well as unrated
Performance Chart
60
90
120
150
Eastspring Investments - Asian Local Bond FundHSBC Asian Local Bond with Government and Corporate Bonds Custom index
Pric
e In
dexe
d
Sep-07 Feb-10 Aug-12 Feb-15 Nov-15
Performancer
Cumulative performance ()
1 mth 6 mths 1 yr 3 yrs 5 yrs Since Inception
Class A -09 -50 -60 -92 34 237
Class ADM -09 -50 -60 -92 34 245
Class AH -09 -50 -60 -90 - -31
Benchmark -10 -41 -50 -74 69 330
Calendar year performance ()
10 11 12 13 14 YTD
Class A 139 33 95 -86 43 -51
Class ADM 139 33 95 -86 43 -51
Class AH - -20^ 92 -86 44 -52
Benchmark 130 48 90 -73 41 -43^Since launch to year-end
FUND DETAILS
Subscription Method Cash
Benchmark HSBC Asian Local Bond with Government and Corporate Bonds Custom index
Min Initial Investment Class A USD 500
Min Subsequent Investment
Class A USD 50
Share Classt Class A Class ADM
Class AH
Share Class Inception Date Class A 05092007
Share Class Currency Class A USD
Fund Size USD 20296 M
Fund Dealing Frequency Daily
FUND FEES amp CHARGES
Initial Subscription Charge Max 3
Annual Management Fee Max 125
Annual Administration Fee Max 025
NET ASSET VALUE
Month End Class A USD 12367
CODES
Bloomberg Ticker Class A IOFALBU LX
ISIN Class A LU0315179829
Eastspring Investments - Asian Local Bond Fund
December 2015All data as at 30 November 2015 unless otherwise stated
bull The Fund invests in bonds which are subject to interest rate fluctuations liquidity and credit risks such as downgrade risk and the risk of issuer default The Fund may invest in non-investment gradehigh yieldnon-rated corporate and sovereign bonds which are more susceptible to credit risk bull The Fund may have greater exposure to bonds issued or guaranteed by non-investment grade countries and hence subject to higher credit default and concentration risks If any sovereign issuer defaults the Fund may suffer significant losses bull The Fund may invest substantially in bonds issued by emerging markets and hence subject to greater political tax economic foreign exchange liquidity volatility concentration and regulatory risks Such risks may increase if there is concentrated exposure in issuers of lower credit rating bull The Fund may offer currency hedged share classes which involve currency hedging transactions that may in extreme cases adversely affect the Funds NAV bull The Fund may at its discretion pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital resulting in higher distributable income Thus the Fund may effectively pay dividends out of capital Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that original investment which may result in an immediate reduction of the net asset value per shareunit The distributions including amounts and frequency are not guaranteed and are subject to the discretion of the Fund Past dividends declared are not a forecast or projection of future distributions bull The Fund may for efficient portfolio management andor hedging purposes have significant exposure to financial derivatives instruments which involve risks may be different and greater than the risks presented by traditional investments These risks include market management credit liquidity operational and leverage risks The Fund will also be exposed to credit risk of the counterparties with which it trades The use of such instruments may be ineffective in adverse market situations and may incur losses bull Under extreme market conditions and circumstances investors may lose the entire principal amount originally invested Investors should not make any investment decision solely based on this document and should read the Funds offering document for details
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
OPEN ENDED FUND ndash NOVEMBER 2015
_____________________________________________________________________________________________________________________________________________
Important informationThe above is strictly for information purposes only and should not be construed as advice or an offer or solicitation to deal in any investment product Any research or analysis used in the preparation of the above information procured by Aberdeen International Fund Managers Limited (ldquoAIFMLrdquo) for its own use and purpose is based upon sources believed to be reliable as of the date thereof but no representation or warranty is given as to the accuracy or completeness of data sourced from third parties Any projections or other forward-looking statements regarding future events or performance of countries markets or companies are not necessarily indicative of and may differ from actual events or results Opinions estimates or forecasts may be changed at any time without prior warning Investment involves risk Past performance is not a guide to future performance Investors may not get back the amount they have invested No liability whatsoever is accepted for any loss arising from any person acting on any information contained in this document Investors should not make an investment into the investment product based solely on this document and should read the relevant offering documents for more details to ensure that they fully understand the associated risks before investing Investors are responsible for their investment decisions and should ensure that the intermediary has advised on the investment productrsquos suitability and consistency with their investment objective and risk tolerance level If in doubt please seek independent financial and professional advice This document is issued by AIFML and has not been reviewed by the Securities and Futures Commission
Fund risk statistics
3 years 5 yearsAnnualised Standard Deviation of Fund 1284 1418Beta 083 070Sharpe Ratio -007 017Annualised Tracking Error 700 840
Source Aberdeen Asset Management total return Gross of Fees BPSS Datastream USD Please note the risk analytics figures are calculated on gross returns whereas the performance figures are based on net asset value (NAV) returns In addition the risk analytics figures lag the performance figures by one month It should be noted that the figures provided regarding risk would be adjusted if fund fees and expenses were included Standard deviation measures historical volatility Beta is a measure of the volatility of a portfolio in comparison to a benchmark index Sharpe ratio measures risk-adjusted performance Tracking error measures the divergence between the price behavior of a position or a portfolio and the price behavior of a benchmark Information ratio is a ratio of portfolio returns above the returns of a benchmark to the volatility of those returns
Key information
Benchmark^ MSCI AC Asia Pacific ex Japan Small Cap
Fund size USD22bn
Date of launch 28 March 2006
Investment team Asian Equities Team
Fund advisory company Aberdeen Asset Management Asia Limited
Initial charges Avg 500 Max 638
Mgt amp Inv advisory fee 175Please refer to Aberdeen Global Fund Prospectus for more details of other fees
Codes (Class A - 2 Acc)
SEDOL B0L11H5
ISIN LU0231459107
BLOOMBERG AGASMA2 LX
REUTERS LP65028095
Additional information
Fund type SICAV
Domicile Luxembourg
Currency US Dollars
Minimum investment USD 1500 or currency equivalent
Price as at 311015 USD391008
Price highlow (52 wks) USD470227USD368603
For further information
General enquiry +852 2103 4700
Fax +852 2103 4788
Website wwwaberdeen-assetcomhk
Aberdeen Global - Asian Smaller Companies Fund
Adequity Trust
Lyxor Selection China A Fund October 2015
Website httpwwwlyxorcomhkHotline (852) 2166 4266
Investment Objective
The Lyxor Selection China A Fund seeks to capture the potential growth of the PRC market To achieve this objective and subject to the investment restrictions of the Fund the Fund will invest
(a) primarily (ie at least 70 of the Funds Net Asset Value) in the A-Shares markets and
(b) no more than 30 of the Funds Net Asset Value in (i) H-Shares andor Red Chips andor B-Shares (ii) ETF(s) andor other collective investment scheme(s) (including potentially ETF(s) andor other collective investment scheme(s) not authorised by the SFC or established in jurisdictions not recognized by the SFC) that give(s) investment exposure to H-Shares andor Red Chips andor B-Shares (iii) the shares of those companies which have significant business exposure to the PRC which shares are listed on stock exchange(s) in the United States Taiwan Singapore or other countries acceptable to the Manager and (iv) money market instruments andor short-term deposits
No more than 15 of the Funds Net Asset Value will be invested in the Small and Medium-sized Enterprise Board of the Shenzhen Stock Exchange
Fund Details
Fund Size USD 5046 MillionFund Price USD 1155 per Unit (As of 30 September 2015)Base Currency US DollarDealing Frequency Daily1
Launch Date 19 April 2012Management Fee 175 per annum2
Administration Fee Up to 120 per annum3
Subscription Fee Up to 5 of the subscription amountRedemption Fee Not applicableSwitching Fee Not applicableIncentive Fee Currently Suspended4
Manager Lyxor Asset ManagementInvestment Adviser Fortune SG Fund Management Co LtdQFII Sub Custodian China Construction Bank Corporation
Please refer to the Fund Specific Memorandum and Product Key Facts Statement for further details on fees and charges
Dealing deadline is 200 pm (Hong Kong time) on everyday that is both a Hong Kong 1 Business Day and a Paris Business Day
Management fee may be increased from the current level up to the maximum level 2 permitted by the Trust Deed by giving unitholders at least one months prior noticeAdministration fee includes the Investment Advisers Agent Trustee Hong Kong 3 Representative Auditor Custodian QFII Sub-Custodian and Registrarrsquos Agentrsquos feesThe Manager has currently suspended the imposition of incentive fee of up to 15 of the 4 appreciation in Net Asset Value per Unit above the Benchmark Net Asset Value per Unit The suspension is in place for a minimum period of one (1) year since 19 April 2012 after which not less than one months prior notice will be given to affected Unitholders upon reinstatement of the incentive fee the effective rate to be charged the duration of the first incentive fee period and the benchmark net asset value per unit for the first incentive fee period
Fund Performance as at 30 September 2015
Cumulative Performance
1 months 6 months 1 year 2 years 3 years Since Launch
Fund -383 -2264 2132 2706 2777 1550
Calendar Year Performance
2013 2014 YTD
Fund -965 4511 -1047
NAVSelection China A Fund
220
180
140
100
6019042012
19092012
19012013
19062013
19102013
19032014
19072014
19122014
19042015
30092015
Source Lyxor Asset Management in USD the computation basis of the performance is based on the 30 September 2015 end NAV-To-NAV with dividend reinvested The Funds past performance is not indicative of future returns
Top 10 Holdings
Stocks Weightings Ping An Insurance (GP) Co of China 234China Merchants Bank 221China Pac IN (GROUP) 215Shai Pudong Dev Bk 212Industrial Bank 205Bank of Beijing 189China Everbright Bk 189Bank of Nanjing 185Huaxia Bank 185Ping An Bank 184Source Lyxor Asset Management Bloomberg as at 30 September 2015
Sector Breakdown
Defense 386
Computer 447Others 1933
Bank 2271
Real Estate 385
Transportation 543
Media 756
Utilities 714
Automobiles amp Parts 529
Non-banking Financials 1337
Construction amp Decoration 421
Source Lyxor Asset Management as at 30 September 2015
Investors should note thatThe Fund is subject to market fluctuations and to the risks inherent in all investments The price of Units in the Fund and the income from them may go down as well as up The past performance is not indicative of future performance Investors should satisfy themselves that the Fund is suitable for them in terms of their own circumstances and financial position before making any decision to invest in the Fund In addition investors should avoid excessive investment (in terms of its proportion of their overall portfolio) in any single type of investment including any proposed investment in the Fund so as to avoid the investment portfolio being over-exposed to any particular investment risk Investors should not make any investment decision on the basis of this marketing material alone The Manager is Lyxor Asset Management The issuer of this marketing document is SG Securities (HK) Limited which is the Hong Kong representative of the Fund This material has not been reviewed by the Securities and Futures Commission of Hong Kong
Important Information
Investments involve risks Investors may sustain a total loss of their investment in the Fund Prospective investors should carefully read the Explanatory Memorandum Fund Specific Memorandum and the Product Key Facts Statements including the risk factors In addition prospective investors should seek independent professional financial advice in making their assessment Investors should note that
The Fund invests primarily in Mainland China which is an emerging market which may subject the Fund to greater political tax economic foreign bullexchange liquidity and regulatory risk than where the Fund invests in more developed marketsThe Fund is highly specialised and concentrate its investments in the A-Shares markets The Fund is likely to be more volatile than a broad-based fund bullThe Fund is denominated in US dollars and uses a USD QFII quota to invest in A-Shares which are primarily denominated in RMB RMB is currently not a bullfreely convertible currency and is subject to exchange controls and restrictionsInvestment in the Fund will be subject to fluctuations in the USDRMB and other exchange rates bullSubscriptions and redemptions in Hong Kong are generally paid in HKD or USD which may incur higher costs as a result of the multiple conversions be- bulltween RMB USD and HKDThe Fund is subject to rules and restrictions under QFII regulations including rules on investment restrictions minimum investment holding period limita- bulltions on repatriation of principal and profits and taxation issuePotential conflict of interest may arise as the Manager the Custodian and the Investment Adviser are affiliates of each other bull
^ Morningstar Rating as at 30 September 2015
Morningstar Rating^
Nov 2015年11月
All data as of 所有資料截至 30112015
AllianceBernstein - Global High Yield Portfolio聯博－環球高收益基金
Important Information 重要事項1 Invest in emerging markets is subject to higher volatility and higher risks (eg liquidity risk currency risk political risk regulatory risk and economic risk)投資於新興市場面對較高的波動性及較高的風險（例如流動性風險貨幣風險政治風險監管風險及經濟風險）
2 The portfolio may invest in non-investment grade debt securities (for example convertible securities mortgage or other asset-backed securities) of issuers in emerging market countries Suchinvestments may be subject to high volatility and involve significant risk including leverage risk market risk liquidity risk and the risk of issuer or counterparty default or insolvency which maypotentially result in a total loss of your investment in the portfolio本基金可投資於新興市場國家發行人的非投資級債務證券（例如可換股證券按揭或其他資產抵押證券）該等投資的波動性可能很大也可能涉及重大風險包括槓桿風險市場風險流動性風險發行人或對手方違約或無力償債風險等這些風險可能潛在導致你在本基金的投資全部虧損
3 Investment in the portfolio may also involve fixed-income securities risks illiquid assets risk country risk currency risk management risk and credit risks The value of the portfolio can be volatileand 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投資於本基金亦可能涉及固定收益證券風險不流通資產風險國家風險貨幣風險管理風險及信用風險基金價格可反覆波動並可在一段短時期內顯著下跌閣下於本基金的投資可能會價值全失
4 The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks In adverse situations the portfolios useof derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses本基金可使用衍生工具達到對沖及有效基金管理的目的這可能涉及額外風險在不利情況下本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的且本基金可能會遭受重大損失
5 Dividends may be paid from capital or effectively out of the capital of the Portfolio which may amount to a partial return or withdrawal of an investorrsquos original investment or from any capital gainsattributable to that original investment and result in an immediate decrease of the Net Asset Value per Share本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益由此即時減低每股資產淨值
6 Investors should not rely on this document alone to make investment decisions投資者不應只依賴本文件而作出投資決定
Portfolio Objective Strategy Key Features 基金目標 策略 特色The Portfolio seeks to produce high current income as well as overall total return by investing primarily in a portfolio of high yieldnon-investment grade debt securities of issuers located throughout the world including the US and emerging countries ThePortfolio invests in both US dollar and non-US dollar denominated securities The Investment Manager utilizes the investmentresearch of both its global fixed income and high yield teams
本基金投資於世界各地（包括美國和新興國家）發行者發行的非投資級高收益債券組合以尋求高額現收益及總回報本基金投資於以美元及非美元計值的證券投資經理利用其環球固定收益及高收益隊伍的投資研究
Portfolio Composition^ 投資組合配置^
Sector Allocation~
行業分佈~
High Yield 高收益 5569Emerging Markets -Hard Currency新興市場ndash強勢貨幣 875CMOs抵押擔保債務憑證 776Emerging Markets -Local Currency新興市場ndash當地貨幣 648Treasuries 國庫債券 632Corporates - InvestmentGrade公司債券ndash投資等級 506Preferred Stock 優先股 368Commercial Mortgage-Backed Securities商業按揭抵押證券 328Emerging Markets ndashQuasi-Sovereigns新興市場ndash準主權債 100Other 其它 198
Country Allocation 國家分佈United States 美國 6471United Kingdom 英國 460Brazil 巴西 446Luxembourg 盧森堡 292Turkey 土耳其 212France 法國 146Canada 加拿大 137Dominican Republic多明尼加共和國 134South Africa 南非 118Other 其它 1584
Net Currency Exposure 淨貨幣分佈US Dollar 美元 9832Dominican Peso多明尼加披索 060Indonesian Rupiah印尼盾 037Indian Rupee 印度盧比 031Uruguayan New Peso烏拉圭新披索 014Euro 歐元 010Australian Dollar 澳元 005Turkish Lira新土耳其里拉 004Swiss Franc 瑞士法郎 004Other 其它 003
Credit Quality^^ 信貸評級^^AAA 1034AA 066A 169BBB 1675BB 2804B 2308CCC ampBelow CCC 及以下 1344Not Rated 無評級 600
^ Holdings are expressed as a percentage of total investments and may vary over time投資組合配置比重以總投資比重之百分比表示可能隨時間而改變
~ Treasuries includes US Treasuries which are held as collateral against credit derivatives and Treasury futures which are used to manageduration國庫債券包括用作抵押信用衍生品的美國國庫債券和用作管理存續期的國庫債券期貨
^^ Highest of SampP Moodyrsquos and Fitch 選取標準普爾穆迪及惠譽當中最高評級作分類 Source SampP Moodyrsquos Fitch and AB
資料來源 標準普爾穆迪惠譽及 ABα Calculated from the net assets of the Portfolio 以基金淨資產計算1 As a percentage of purchase price for Classes A A2 AA and AT only
適用於 A 股 A2 股 AA 股及 AT 股之費用以認購價格之百分比計算2 As an annual percentage of average daily Net Asset Value 以每日平均資產淨值之年度百分比率計費用3 As a percentage of the lesser of the current Net Asset Value or original cost of the Shares being redeemed and based upon the duration
that such Shares are held佔所贖回股份的現行資產淨值及原始成本此兩個數字中較低者的有關百分率並視乎該等股份的持有時間而定
Profile 基金資料Domicile註冊地點 Luxembourg 盧森堡
Inception Date基金成立日
22091997（Class A ndash USD）（ A 股ndash美元 ）
Fiscal Year End財政年度終結 31 August（8 月 31 日）
Net Assets淨資產 $ 1744750 Million 百萬美元
SubscriptionRedemption認購贖回
Daily 每日
Base Currency基準貨幣 USD 美元
Reporting Currencies其他報價貨幣 EUR HKD 歐元港元
Currency HedgedShare Classesdagger
貨幣對冲股份類別dagger
AUD CAD EUR GBP NZDSGD澳元加元歐元英鎊紐西蘭元新加坡元
Average Duration (Years)平均存續期 (年)
412
Average Credit Quality
平均信貸質素 BB-
Initial Sales Charge1
首次認購費 1Up to 最多為 500（Class A A2 AA amp AT 股）
Management Fee2
管理費 2
First $5b 170α
Over $5b 150α
首 50 億美元 170α
超過 50 億美元部份 150α
Management CompanyFee2
管理公司費 2
010
Distribution Fee 2分銷費 2
每年 1 per annum(Class B B2 BA amp BT 股)
Contingent DeferredSales Charge3
或有遞延銷售費 3
3（Year 1 首年）2（Year 2 第 2 年）1（Year 3 第 3 年）0（Thereafter 3 年以後）（Class B B2 BA amp BT 股）
Total No Of Holdings總持股數量
1029
Portfolio ManagementTeam基金管理團隊
Douglas J PeeblesGershon Distenfeld CFAPaul J DeNoon
For fees applicable to other share classes please refer to the offeringdocuments for details有關其他股份類別的費用詳情請參閱基金銷售文件
Nov 2015年11月
All data as of 所有資料截至 30112015
Top Ten Credit and Emerging Market Securities十大信貸及新興市場證券
Holding 持股量Brazil Notas do Tesouro Nacl 100010117 - 10125 208Turkey Govt Bond 82071316 - 111616 113Ivory Coast Govt Intl Bond 575123132 088Turkey Govt Bond 107022416 058South Africa Govt Bond 82591517 048Petroleos de Venezuela 60051624 - 111526 043FNMA Connecticut Ave 5121112524 043Columbus Intl 737533021 041Dubai Holding 60020117 041Mestenio 85010220 041
Total 合共 724
Calendar Year Returns 年度回報
-10
0
10
20
2010 2011 2012 2013 2014 2015 YTD
2010 2011 2012 2013 2014 2015 YTD年初迄今
Class A ndash USDA 股ndash美元
156 02 163 51 16 -31
Cumulative Total Returns 總累積回報
1 Year（年）
3 Year（年）
5 Year（年）
10 Year（年）
SinceInception成立迄今
Class A ndash USDA 股ndash美元
-46 50 228 831 1672
Please refer to Profile section for Inception Date of Class A ndash USD請見基金資料有關 A 股 ndash 美元的成立日Source AB calculated on an NAV-to-NAV basis in US Dollars資料來源AB以資產淨值比資產淨值及美元計算
Past performance is no guarantee of future results Total returns provided by AB include thechange in net asset value and reinvestment of any distributions paid on Portfolio shares for theperiod shown but do not reflect sales charges The information on this page is for informationpurposes only and should not be construed as an offer to sell or solicitation of an offer to buyor a recommendation for the securities of the Portfolio過往的業績不保證將來的表現AB 所提供的總回報包括期內之資產淨值變化及股息或利息之再投資但是並不反映認購費本頁資訊僅作參閱之用不應被視作銷售或誘導讀者購買或推薦本基金之證券
dagger Currency-hedged share classes use hedging techniques in an attempt to reducemdashbut noteliminatemdashfluctuations between the investorrsquos holdings in a particular currency-hedged shareclass denominated in the investorrsquos investing currency and the portfoliorsquos base currency Thegoal is to deliver returns that track the portfoliorsquos base currency returns more closely Stand-alone currency symbols represent convenience pricing which offers the ability to purchase orredeem shares using the currency indicated which is then converted into the base currency ofthe portfolio using a market rate at the time of purchase or redemption Convenience pricinginvolves no currency hedging and does not seek to provide any protection from currencyfluctuationsdagger 對沖股份類別運用對沖技術嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動其目的是達致更接近以基準貨幣計算的回報單獨的貨幣符號代表其它報價貨幣類別即可用該貨幣買入或贖回基金然後依買進或贖回時的市場匯率兌換成基金基準貨幣此類報價貨幣並無貨幣對沖亦不提供對貨幣匯率波動的保護
NAV Yield amp Dividend Information (as of 30112015)dagger
資產淨值息率及股息資料（截至 2015 年 11 月 30 日）dagger
AT BT AA amp BA share classes below intend to declare and pay dividends Dividendamountdistribution rate is not guaranteed and may be paid from capital of thePortfolio (See Important Information 5)Annualized yield is calculated with the following formula monthly dividend ofthe month x 12 ex-dividend price of the month x 100 Positive distribution yielddoes not imply positive return The historical data provided below are forinformation purposes only and do not imply prospective yields of the Portfolio
AT BT AA 及 BA 股份類別旨在提供每月派息派息並無保證及可從資本中支付(注意重要事項 5)年度化息率按以下程式計算以當月份之派息 x 12 除息價格 x 100正派息率並不表示本基金將錄得正回報以下所提供的過往數據僅作參閱之用並不代表基金未來的年息率
NAV基金淨值
Yield息率
Dividend股息 Bloomberg ISIN
Class A ndash USDA 股ndash美元 413 625 00215 ACMHYAILX LU0081336892
Class AT ndash USDAT 股ndash美元 409 625 00213 ACGHYATLX LU0156897901
Class AT ndash HKDAT 股ndash港元 3172 625 01651 ABHYHATLX LU0417103578
Class AT ndash AUD(H)AT 股ndash澳元（對沖） 1447 817 00985 ABGATAHLX LU0511405911
Class AT ndash NZD(H)AT 股ndash紐西蘭元（對沖） 1323 862 00950 AGHATNHLX LU0805983789
Class AT ndash EUR(H)AT 股ndash歐元（對沖） 1433 574 00686 ACATEUHLX LU0448041581
Class AT ndash CAD(H)AT 股ndash加元（對沖） 1300 684 00741 ABGATCHLX LU0592507361
Class AT ndash GBP(H)AT 股ndash英鎊（對沖） 1440 660 00792 ABHYATGLX LU0689626256
Class AT ndash SGD(H)AT 股ndash新加坡元（對沖） 1302 743 00806 ABGATSHLX LU0592507528
Class AA ndash USDAA 股ndash美元 1266 864 00911 ACMATAALX LU1008669860
Class AA ndash HKDAA 股ndash港元 9818 863 07061 ABGHIAALX LU1069345681
Class AA ndash AUD(H)AA 股ndash澳元（對沖） 1258 1059 01110 ACMAAUHLX LU1008670108
Class AA ndash NZD(H)AA 股ndash紐西蘭元（對沖） 1255 1103 01154 ABGHYANLX LU1069345921
Class AA ndash EUR(H)AA 股ndash歐元（對沖） 1256 812 00850 ABAEURHLX LU1069345848
Class AA ndash CAD(H)AA 股ndash加元（對沖） 1248 924 00961 ABGHYCHLX LU1069346069
Class AA ndash GBP(H)AA 股ndash英鎊（對沖） 1252 899 00938 ABAGBPHLX LU1069345764
Class AA ndash SGD(H)AA 股ndash新加坡元（對沖） 1264 984 01037 ACMAASHLX LU1035779344
Class BT ndash USDBT 股ndash美元 416 511 00177 ACMGHYPLX LU0169910741
Class BT ndash HKDBT 股ndash港元 3226 510 01372 ABHYHBTLX LU0417105516
Class BT ndash AUD(H)BT 股ndash澳元（對沖） 1443 701 00843 ABGBTAHLX LU0511406059
Class BT ndash NZD(H)BT 股ndash紐西蘭元（對沖） 1331 747 00829 AGHBTNHLX LU0805983862
Class BT ndash EUR(H)BT 股ndash歐元（對沖） 1435 459 00549 ACBTEUHLX LU0448042043
Class BT ndash CAD(H)BT 股ndash加元（對沖） 1296 568 00613 ABHIBTCLX LU0625943492
Class BT ndash GBP(H)BT 股ndash英鎊（對沖） 1444 544 00655 ABHYBTGLX LU0689625365
Class BA ndash USDBA 股ndash美元 1241 881 00911 ACMATBALX LU1008669944
Class BA ndash AUD(H)BA 股ndash澳元（對沖） 1233 1076 01106 ACMBAAHLX LU1008670280
A Fitch Fund Quality Rating provides an in-depth assessment of a fundrsquos key attributes and consistency of longer-term returns relative to its peer group andor benchmarks Ratings are as follows fromhighest to lowest Excellent Strong Satisfactory Weak Inadequate Qualifying Past performance is no guarantee of future results 惠譽基金質素評價為基金主要特點及與同業及或基準相比能否貫徹取得長遠回報提供深入評估評級由最高至最低載列如下優秀強勁滿意疲弱不足保留過往表現並非未來業績的保證Investment in the Fund entails certain risks Investment returns and principal value of the Fund will fluctuate so that an investorrsquos shares when redeemed may be worth more or less than their originalcost Dividends are not paid for all share classes and are not guaranteed The Fund is meant as a vehicle for diversification and does not represent a complete investment program Returns denominatedin a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuationsThese and other risks are described in the Fundrsquos prospectusProspective investors should read the prospectus including risk factors carefully and discuss risk and the fundrsquos fees and charges with their financial adviser to determine if the investment is appropriatefor them投資於本基金須承擔若干風險投資於本基金的回報及本金值會有波動故投資者的股份在贖回時的價值可能高於或低於原來成本並非所有股份類別均可獲派息亦無派息保證本基金旨在作為分散投資的工具並非完整投資計劃以基金基準貨幣以外的貨幣所計價的回報可能受外匯波動有所增加或減少此等風險以及其他風險在本基金認購章程內有說明準投資者應細閱認購章程及其風險因素並與其理財顧問商討本基金的風險及各項費用以確定是否適合投資This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it Before investing investors should reviewthe fundrsquos full prospectus together with the fundrsquos Product Key Facts and the most recent financial statements Copies of these documents including the latest annual report and if issued thereafterthe latest semi-annual report may be obtained free of charge from wwwabglobalcomhk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士投資前投資者應審查基金的認購章程全文連同基金的產品資料概要以及最近期的財務報表這些文件的副本其中包括最近期的年度報告以及如果其後頒布者則為最近期的中期報告可瀏覽 wwwabglobalcomhk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取A portfolio of ACMBernstein AllianceBernstein is the trading name of this mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg while its legal name isACMBernsteinACMBernstein 旗下的一個投資組合聯博(AllianceBernstein) 是根據盧森堡法律組成的本互惠投資基金(fonds commun de placement) 的營業名稱法定名稱為 ACMBernsteinThis document is issued by AllianceBernstein Hong Kong Limited (聯博香港有限公司) and has not been reviewed by the Securities and Futures Commission此文件的發行者為聯博香港有限公司 (AllianceBernstein Hong Kong Limited) 及未經證監會審閱copy2015 AllianceBernstein LP The [AB] logo is a service mark of AllianceBernstein and AllianceBernsteinreg is a registered trademark used by permission of the owner AllianceBernstein LPcopy2015 AllianceBernstein LP [AB] 標誌為 AllianceBernstein 的服務標記而 AllianceBernsteinreg為註冊商標須獲得其擁有人 AllianceBernstein LP 的批准方可使用
Performance from 301110 - 301115
Investment objectiveTo seek a medium-term capital growth by investing in a selection of securities diversified both at geographic and sector level and at least two thirds of the assets in Latin American equities and Equity-linked Instruments
MSCI EM Latin America IndexBenchmark
November 2015
Cumulative performance3 months YTD 1 year 3 years 5 years 10 years
Portfolio -649 -3021 -3703 -4506 -5539 1371Benchmark -615 -2795 -3454 -4171 -4899 1872All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Calendar year performance2010 2011 2012 2013 2014
Portfolio 1655 -2404 753 -1365 -1485Benchmark 1466 -1935 866 -1336 -1230All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Sector breakdown
Geographical breakdown
Top 10 companiesFomento Economico Mexicano 607Grupo Financiero Banorte 593Itausa-Investimentos Itau 531America Movil 496Credicorp 430Suzano Papel e Celulose 369Banco Bradesco 356JBS 337Grupo Televisa 334Embraer 332
Risk indicators (over a 3-year period)Annualised volatility 2171Tracking error 258Information ratio -065Sharpe ratio -084Source of statistical information Amundi All statistical information calculations are based on NAV
Key dataFund manager Patrice LemonnierFund size USD 27388mnNAV per unit USD 31850Class A2UFund launch date 21 Feb 1994Fund currency USDUnit class Acc DisISIN code Acc Shs LU0823046494ISIN code Dis Shs LU0823046577Subscription fee 450 maxRedemption fee NoneSwitching fee 100 maxManagement fee 185 pa maxDealing date DailyOrders executed on forward pricingBloomberg ticker AFLAAUC LX
AFLAAUD LX
All information is as of 30 November 2015unless otherwise specifiedFor more information please visit us atwwwamundicomhkg
1 This is an equity fund2 Investing in this fund may expose investors to market liquidity volatility exchange and developing countries risks as well as to risk of small and medium companies Share price and currency volatility are
generally higher in developing markets The use of financial derivative instruments for hedging and efficient portfolio management purposes may lead to exposure to credit risk of the issuer3 The investment focus of the fund might give rise to increased risk over more diversified funds4 The value of the fund can be extremely volatile and could go down substantially within a short period of time It is possible that your investment value could suffer substantial loss5 The investment decision is yours but you 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 why including how
buying it would be consistent with your investment objective
The issuer of this document is Amundi Hong Kong Limited This document and the mentioned website have not been reviewed by the Securities and Futures Commission in Hong Kong (the SFC) Investors should not only base on this document alone to make investment decisions Investment involves risk The past performance information of the market manager and investments and any forecasts on the economy stock market bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of future performance Investment returns not denominated in HKD or USD is exposed to exchange rate fluctuations The value of an investment may go down or up The offering document(s) should be read for further details including the risk factors The fund(s) may use financial derivatives instruments as part of the investment strategy and invest in securities of emerging markets or smaller companies or fixed-income securities This involves significant risks and is usually more sensitive to price movements The volatility of fund prices may be relatively increased Issuers of fixed-income securities may default on its obligation and the fund(s) will not recover its investment Additional risk factors are described in the offering document(s) Investors are advised to be aware of any new risks that may have emerged in the prevailing market circumstances before subscribing the fund(s)
This document is not intended for citizens or residents of the United States of America or to any laquoUS Personraquo as this term is defined in SEC Regulation S under the US Securities Act of 1933 and in the Prospectus of the Fund
Effective 24 June 2011 Amundi Funds Latin America Equities has changed name to Amundi Funds Equity Latin America Effective 2 March 2010 CAAM Funds Latin America Equities has changed name to Amundi Funds Latin America Equities
Changes that may impact Fund performance Effective 12 February 2013 holdings of Hong Kong sharesholders in the AU Class of the Fund were automatically converted into share class A2U which replicated the fee and costs structure applied in AU Class at that time Prior to 12 February 2013 the performance of A2U share class of Amundi Funds Equity Latin America is that of AU share class of the Sub-Fund The AU share class is not authorized by the Commission in Hong Kong and not available to the public of Hong Kong Effective 24 June 2011 SGAM FundEquities Latin America (not a SFC authorised fund and not available to the public of Hong Kong) was merged into Amundi Funds Latin America Equities (renamed to Amundi Funds Equity Latin America as from 24 June 2011) Prior to 24 June 2011 the performance of the Sub-fund is that of Amundi Funds Latin America
Equity Latin AmericaAmundi Funds
Morningstar Overall RatingMorningstar Overall Rating 5Morningstar Overall Rating
Baring Eastern Europe Fund
As of 30112015
The Fund may subject to the risk of substantial capital losses arising from investment in emerging markets which may involve higher liquidity volatility currency political and regulatory risks than developed markets
The Fund may invest in derivatives for investment purposes which may expose the Fund to higher counterparty liquidity and volatility risks Such Investments may result in higher volatility or a significant loss in the Fundrsquos assets within a short period of time
Dividends may be paid out of capital gains at the discretion of the Managers which would effectively represent paying dividend out of capital This amounts to a return or withdrawal of part of an investorrsquos original investment or any capital gains attributable to that original investment Payment of dividends may result in an immediate reduction of the net asset value of the Fund
Investment ObjectivesInvestment Objectives 1Investment ObjectivesThe investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets
Fund DetailsFund Details 2Fund DetailsFund ManagerFund Manager Fund Manager Ghadir Abu Leil-CooperFund SizeFund Size Fund Size US$9122 MnFund Inception DateFund Inception Date Fund Inception Date 30091996Base CurrencyBase Currency Base Currency USDNAV PriceNAV Price NAV Price US$6379No of InvestmentsNo of Investments No of Investments 49Historic YieldHistoric Yield 3Historic Yield 18Modified Duration (Yrs)Modified Duration (Yrs) Modified Duration (Yrs) NAUnit AvailableUnit Available Unit Available IncomeAccumulationShare Class AvailableShare Class Available Share Class Available Class A Inc (USD EUR GBP) Class A
Acc (USD)UmbrellaUmbrella Umbrella Baring Global Umbrella FundMin investmentMin investment Min investment US$5000 euro3500 pound2500Initial chargeInitial charge Initial charge 500Management feeManagement fee Management fee 150 paEx Dividend DateEx Dividend Date Ex Dividend Date 1 MayDividend Paid ByDividend Paid By Dividend Paid By 30 JunBenchmark IndexBenchmark Index 6Benchmark Index MSCI Emerging Europe 1040 Index
Total Net Return
FundBenchmarkBenchmark 6Benchmark
Standard Deviation +212 +198
Alpha +19 -
Beta +10 -
Sharpe Ratio -06 -07
Tracking Error (Ex Post) +59 -
Fund Award NA
All fund information listed above relates to Class A - USD Inc
PerformancePerformance 4Performance (Cash Value of US$1000)
Benchmark IndexBenchmark Index 6Benchmark Index
Baring Eastern Europe Fund Class A - USD Inc
Cumulative PerformanceCumulative Performance 4Cumulative Performance
1-YrYTD 3-Yr 5-Yr 3-Yr pa 5-Yr pa
Class A - USD Inc -98-118-402-314-168-18BenchmarkBenchmark 6Benchmark -86-131-360-344-229-87
Calendar Year PerformanceCalendar Year Performance 4Calendar Year Performance
20132014 2012 2011 2010
Class A - USD Inc -337 -16 +251 -303 +109BenchmarkBenchmark 6Benchmark -295 -44 +274 -245 +180
Geographical AllocationGeographical Allocation 2Geographical Allocation
Sector AllocationSector Allocation 2Sector Allocation
Top InvestmentsTop Investments 2Top Investments
Country Sector
NA RussiaFinancialsSberbank
NA RussiaEnergyLukoil Oil Company
NA RussiaConsumer StaplesMagnit PJSC
NA RussiaEnergyNovaTek OAO
NA PolandFinancialsPZU Group SA
NA RussiaInformation TechnologyMailru Group
NA RussiaEnergyGazprom
NA TurkeyFinancialsAkbank TAS
NA HungaryFinancialsOTP Bank
NA RussiaInformation TechnologyYandex NV Class A
Fund Code Class A - USD Inc Class A - EUR Inc Class A - GBP Inc
IE0004852103IE0000805634ISIN IE00B4VQT291
BRGESEE IDBRGESEI IDBloomberg BREGEAB ID
6001305960000667Lipper 68029213
Cumulative Performance ()4
+128-18YTD +21
-18-1681-Yr -129
-157-3143-Yr -266
-263-4025-Yr -381
-55-1183-Yr pa -98
-59-985-Yr pa -92
Calendar Year Performance ()4
-249-3372014 -298
-58-162013 -38
+227+2512012 +196
-279-3032011 -300
+193+1092010 +155
NotesA full copy of the investment objective can be obtained from the Manager1
Unless otherwise stated all fund portfolio figures within this factsheet are as at the end of the month shown at the top of front page Country allocation is based on the classification of FTSE Eastern Europe Index Performance characteristics are based on US$ returns over a 3 year period Source Barings Northern Trust
2
The Historic Yield applies to Class A - USD It reflects distributions declared over the past twelve months as a percentage of the mid-market unit price as at the end of the month shown at the top of front page It does not include any preliminary charge and investors may be subject to tax on distributions A positive yield does not imply a positive return of the Fund Yields are not guaranteed
3
Performance Source ndash copy 2015 Morningstar Inc All Rights Reserved Data as at 30112015 investment return in denominated currency of the respective share class on a NAV per unit basis with gross income reinvested USHK dollar-based investors are therefore exposed to foreign exchange fluctuations Please note that the use of a benchmark index is for comparative purposes only The information contained herein (i) is proprietary to Morningstar andor its content providers (ii) may not be copied or distributed and (iii) is not warranted to be accurate complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information Past performance is no guarantee of future results
4
Morningstar overall rating as of 30112015 (Emerging Europe Equity Category)5
The benchmark was the Customised FTSE Eastern Europe Index from 1 January 2002 Then the benchmark became MSCI Emerging Europe 1040 Total Net Dividends Return from 1 May 2008
6
Important InformationPast performance is not a guide to future performance Investors should not only base on this material alone to make investment decisions Investment involves risks Please refer to the offering documents for the details of the Fund and all the risk factors
This document is issued by Baring Asset Management (Asia) Limited This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only Before investing in any product we recommend that recipients who are not professional investors contact their financial adviser
All relevant documents relating to the product such as reports and accounts and offering documents (which specify the particular risks associated with the product together with any specific restrictions applying and the basis of dealing) should be read The information in this document does not constitute investment tax legal or other advice or recommendation or an offer to sell or an invitation to apply for any product or service of Baring Asset Management
This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Baring Asset Management (Asia) Limited19F Edinburgh Tower15 Queens Road CentralHong Kong
CONTACT US +852 2841 1411
Calls may be recorded and monitored
wwwbaringscom
Investment Objective^
This Sub-Fund invests in a diversified portfolio consisting primarily of fixed incomedebt securities issued by Asian Entities or their subsidiaries This Sub-Fundrsquos portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed incomedebt securities that are rated as well as unrated
Performance Chart
60
90
120
150
Eastspring Investments - Asian Local Bond FundHSBC Asian Local Bond with Government and Corporate Bonds Custom index
Pric
e In
dexe
d
Sep-07 Feb-10 Aug-12 Feb-15 Nov-15
Performancer
Cumulative performance ()
1 mth 6 mths 1 yr 3 yrs 5 yrs Since Inception
Class A -09 -50 -60 -92 34 237
Class ADM -09 -50 -60 -92 34 245
Class AH -09 -50 -60 -90 - -31
Benchmark -10 -41 -50 -74 69 330
Calendar year performance ()
10 11 12 13 14 YTD
Class A 139 33 95 -86 43 -51
Class ADM 139 33 95 -86 43 -51
Class AH - -20^ 92 -86 44 -52
Benchmark 130 48 90 -73 41 -43^Since launch to year-end
FUND DETAILS
Subscription Method Cash
Benchmark HSBC Asian Local Bond with Government and Corporate Bonds Custom index
Min Initial Investment Class A USD 500
Min Subsequent Investment
Class A USD 50
Share Classt Class A Class ADM
Class AH
Share Class Inception Date Class A 05092007
Share Class Currency Class A USD
Fund Size USD 20296 M
Fund Dealing Frequency Daily
FUND FEES amp CHARGES
Initial Subscription Charge Max 3
Annual Management Fee Max 125
Annual Administration Fee Max 025
NET ASSET VALUE
Month End Class A USD 12367
CODES
Bloomberg Ticker Class A IOFALBU LX
ISIN Class A LU0315179829
Eastspring Investments - Asian Local Bond Fund
December 2015All data as at 30 November 2015 unless otherwise stated
bull The Fund invests in bonds which are subject to interest rate fluctuations liquidity and credit risks such as downgrade risk and the risk of issuer default The Fund may invest in non-investment gradehigh yieldnon-rated corporate and sovereign bonds which are more susceptible to credit risk bull The Fund may have greater exposure to bonds issued or guaranteed by non-investment grade countries and hence subject to higher credit default and concentration risks If any sovereign issuer defaults the Fund may suffer significant losses bull The Fund may invest substantially in bonds issued by emerging markets and hence subject to greater political tax economic foreign exchange liquidity volatility concentration and regulatory risks Such risks may increase if there is concentrated exposure in issuers of lower credit rating bull The Fund may offer currency hedged share classes which involve currency hedging transactions that may in extreme cases adversely affect the Funds NAV bull The Fund may at its discretion pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital resulting in higher distributable income Thus the Fund may effectively pay dividends out of capital Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that original investment which may result in an immediate reduction of the net asset value per shareunit The distributions including amounts and frequency are not guaranteed and are subject to the discretion of the Fund Past dividends declared are not a forecast or projection of future distributions bull The Fund may for efficient portfolio management andor hedging purposes have significant exposure to financial derivatives instruments which involve risks may be different and greater than the risks presented by traditional investments These risks include market management credit liquidity operational and leverage risks The Fund will also be exposed to credit risk of the counterparties with which it trades The use of such instruments may be ineffective in adverse market situations and may incur losses bull Under extreme market conditions and circumstances investors may lose the entire principal amount originally invested Investors should not make any investment decision solely based on this document and should read the Funds offering document for details
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Adequity Trust
Lyxor Selection China A Fund October 2015
Website httpwwwlyxorcomhkHotline (852) 2166 4266
Investment Objective
The Lyxor Selection China A Fund seeks to capture the potential growth of the PRC market To achieve this objective and subject to the investment restrictions of the Fund the Fund will invest
(a) primarily (ie at least 70 of the Funds Net Asset Value) in the A-Shares markets and
(b) no more than 30 of the Funds Net Asset Value in (i) H-Shares andor Red Chips andor B-Shares (ii) ETF(s) andor other collective investment scheme(s) (including potentially ETF(s) andor other collective investment scheme(s) not authorised by the SFC or established in jurisdictions not recognized by the SFC) that give(s) investment exposure to H-Shares andor Red Chips andor B-Shares (iii) the shares of those companies which have significant business exposure to the PRC which shares are listed on stock exchange(s) in the United States Taiwan Singapore or other countries acceptable to the Manager and (iv) money market instruments andor short-term deposits
No more than 15 of the Funds Net Asset Value will be invested in the Small and Medium-sized Enterprise Board of the Shenzhen Stock Exchange
Fund Details
Fund Size USD 5046 MillionFund Price USD 1155 per Unit (As of 30 September 2015)Base Currency US DollarDealing Frequency Daily1
Launch Date 19 April 2012Management Fee 175 per annum2
Administration Fee Up to 120 per annum3
Subscription Fee Up to 5 of the subscription amountRedemption Fee Not applicableSwitching Fee Not applicableIncentive Fee Currently Suspended4
Manager Lyxor Asset ManagementInvestment Adviser Fortune SG Fund Management Co LtdQFII Sub Custodian China Construction Bank Corporation
Please refer to the Fund Specific Memorandum and Product Key Facts Statement for further details on fees and charges
Dealing deadline is 200 pm (Hong Kong time) on everyday that is both a Hong Kong 1 Business Day and a Paris Business Day
Management fee may be increased from the current level up to the maximum level 2 permitted by the Trust Deed by giving unitholders at least one months prior noticeAdministration fee includes the Investment Advisers Agent Trustee Hong Kong 3 Representative Auditor Custodian QFII Sub-Custodian and Registrarrsquos Agentrsquos feesThe Manager has currently suspended the imposition of incentive fee of up to 15 of the 4 appreciation in Net Asset Value per Unit above the Benchmark Net Asset Value per Unit The suspension is in place for a minimum period of one (1) year since 19 April 2012 after which not less than one months prior notice will be given to affected Unitholders upon reinstatement of the incentive fee the effective rate to be charged the duration of the first incentive fee period and the benchmark net asset value per unit for the first incentive fee period
Fund Performance as at 30 September 2015
Cumulative Performance
1 months 6 months 1 year 2 years 3 years Since Launch
Fund -383 -2264 2132 2706 2777 1550
Calendar Year Performance
2013 2014 YTD
Fund -965 4511 -1047
NAVSelection China A Fund
220
180
140
100
6019042012
19092012
19012013
19062013
19102013
19032014
19072014
19122014
19042015
30092015
Source Lyxor Asset Management in USD the computation basis of the performance is based on the 30 September 2015 end NAV-To-NAV with dividend reinvested The Funds past performance is not indicative of future returns
Top 10 Holdings
Stocks Weightings Ping An Insurance (GP) Co of China 234China Merchants Bank 221China Pac IN (GROUP) 215Shai Pudong Dev Bk 212Industrial Bank 205Bank of Beijing 189China Everbright Bk 189Bank of Nanjing 185Huaxia Bank 185Ping An Bank 184Source Lyxor Asset Management Bloomberg as at 30 September 2015
Sector Breakdown
Defense 386
Computer 447Others 1933
Bank 2271
Real Estate 385
Transportation 543
Media 756
Utilities 714
Automobiles amp Parts 529
Non-banking Financials 1337
Construction amp Decoration 421
Source Lyxor Asset Management as at 30 September 2015
Investors should note thatThe Fund is subject to market fluctuations and to the risks inherent in all investments The price of Units in the Fund and the income from them may go down as well as up The past performance is not indicative of future performance Investors should satisfy themselves that the Fund is suitable for them in terms of their own circumstances and financial position before making any decision to invest in the Fund In addition investors should avoid excessive investment (in terms of its proportion of their overall portfolio) in any single type of investment including any proposed investment in the Fund so as to avoid the investment portfolio being over-exposed to any particular investment risk Investors should not make any investment decision on the basis of this marketing material alone The Manager is Lyxor Asset Management The issuer of this marketing document is SG Securities (HK) Limited which is the Hong Kong representative of the Fund This material has not been reviewed by the Securities and Futures Commission of Hong Kong
Important Information
Investments involve risks Investors may sustain a total loss of their investment in the Fund Prospective investors should carefully read the Explanatory Memorandum Fund Specific Memorandum and the Product Key Facts Statements including the risk factors In addition prospective investors should seek independent professional financial advice in making their assessment Investors should note that
The Fund invests primarily in Mainland China which is an emerging market which may subject the Fund to greater political tax economic foreign bullexchange liquidity and regulatory risk than where the Fund invests in more developed marketsThe Fund is highly specialised and concentrate its investments in the A-Shares markets The Fund is likely to be more volatile than a broad-based fund bullThe Fund is denominated in US dollars and uses a USD QFII quota to invest in A-Shares which are primarily denominated in RMB RMB is currently not a bullfreely convertible currency and is subject to exchange controls and restrictionsInvestment in the Fund will be subject to fluctuations in the USDRMB and other exchange rates bullSubscriptions and redemptions in Hong Kong are generally paid in HKD or USD which may incur higher costs as a result of the multiple conversions be- bulltween RMB USD and HKDThe Fund is subject to rules and restrictions under QFII regulations including rules on investment restrictions minimum investment holding period limita- bulltions on repatriation of principal and profits and taxation issuePotential conflict of interest may arise as the Manager the Custodian and the Investment Adviser are affiliates of each other bull
^ Morningstar Rating as at 30 September 2015
Morningstar Rating^
Nov 2015年11月
All data as of 所有資料截至 30112015
AllianceBernstein - Global High Yield Portfolio聯博－環球高收益基金
Important Information 重要事項1 Invest in emerging markets is subject to higher volatility and higher risks (eg liquidity risk currency risk political risk regulatory risk and economic risk)投資於新興市場面對較高的波動性及較高的風險（例如流動性風險貨幣風險政治風險監管風險及經濟風險）
2 The portfolio may invest in non-investment grade debt securities (for example convertible securities mortgage or other asset-backed securities) of issuers in emerging market countries Suchinvestments may be subject to high volatility and involve significant risk including leverage risk market risk liquidity risk and the risk of issuer or counterparty default or insolvency which maypotentially result in a total loss of your investment in the portfolio本基金可投資於新興市場國家發行人的非投資級債務證券（例如可換股證券按揭或其他資產抵押證券）該等投資的波動性可能很大也可能涉及重大風險包括槓桿風險市場風險流動性風險發行人或對手方違約或無力償債風險等這些風險可能潛在導致你在本基金的投資全部虧損
3 Investment in the portfolio may also involve fixed-income securities risks illiquid assets risk country risk currency risk management risk and credit risks The value of the portfolio can be volatileand 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投資於本基金亦可能涉及固定收益證券風險不流通資產風險國家風險貨幣風險管理風險及信用風險基金價格可反覆波動並可在一段短時期內顯著下跌閣下於本基金的投資可能會價值全失
4 The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks In adverse situations the portfolios useof derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses本基金可使用衍生工具達到對沖及有效基金管理的目的這可能涉及額外風險在不利情況下本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的且本基金可能會遭受重大損失
5 Dividends may be paid from capital or effectively out of the capital of the Portfolio which may amount to a partial return or withdrawal of an investorrsquos original investment or from any capital gainsattributable to that original investment and result in an immediate decrease of the Net Asset Value per Share本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益由此即時減低每股資產淨值
6 Investors should not rely on this document alone to make investment decisions投資者不應只依賴本文件而作出投資決定
Portfolio Objective Strategy Key Features 基金目標 策略 特色The Portfolio seeks to produce high current income as well as overall total return by investing primarily in a portfolio of high yieldnon-investment grade debt securities of issuers located throughout the world including the US and emerging countries ThePortfolio invests in both US dollar and non-US dollar denominated securities The Investment Manager utilizes the investmentresearch of both its global fixed income and high yield teams
本基金投資於世界各地（包括美國和新興國家）發行者發行的非投資級高收益債券組合以尋求高額現收益及總回報本基金投資於以美元及非美元計值的證券投資經理利用其環球固定收益及高收益隊伍的投資研究
Portfolio Composition^ 投資組合配置^
Sector Allocation~
行業分佈~
High Yield 高收益 5569Emerging Markets -Hard Currency新興市場ndash強勢貨幣 875CMOs抵押擔保債務憑證 776Emerging Markets -Local Currency新興市場ndash當地貨幣 648Treasuries 國庫債券 632Corporates - InvestmentGrade公司債券ndash投資等級 506Preferred Stock 優先股 368Commercial Mortgage-Backed Securities商業按揭抵押證券 328Emerging Markets ndashQuasi-Sovereigns新興市場ndash準主權債 100Other 其它 198
Country Allocation 國家分佈United States 美國 6471United Kingdom 英國 460Brazil 巴西 446Luxembourg 盧森堡 292Turkey 土耳其 212France 法國 146Canada 加拿大 137Dominican Republic多明尼加共和國 134South Africa 南非 118Other 其它 1584
Net Currency Exposure 淨貨幣分佈US Dollar 美元 9832Dominican Peso多明尼加披索 060Indonesian Rupiah印尼盾 037Indian Rupee 印度盧比 031Uruguayan New Peso烏拉圭新披索 014Euro 歐元 010Australian Dollar 澳元 005Turkish Lira新土耳其里拉 004Swiss Franc 瑞士法郎 004Other 其它 003
Credit Quality^^ 信貸評級^^AAA 1034AA 066A 169BBB 1675BB 2804B 2308CCC ampBelow CCC 及以下 1344Not Rated 無評級 600
^ Holdings are expressed as a percentage of total investments and may vary over time投資組合配置比重以總投資比重之百分比表示可能隨時間而改變
~ Treasuries includes US Treasuries which are held as collateral against credit derivatives and Treasury futures which are used to manageduration國庫債券包括用作抵押信用衍生品的美國國庫債券和用作管理存續期的國庫債券期貨
^^ Highest of SampP Moodyrsquos and Fitch 選取標準普爾穆迪及惠譽當中最高評級作分類 Source SampP Moodyrsquos Fitch and AB
資料來源 標準普爾穆迪惠譽及 ABα Calculated from the net assets of the Portfolio 以基金淨資產計算1 As a percentage of purchase price for Classes A A2 AA and AT only
適用於 A 股 A2 股 AA 股及 AT 股之費用以認購價格之百分比計算2 As an annual percentage of average daily Net Asset Value 以每日平均資產淨值之年度百分比率計費用3 As a percentage of the lesser of the current Net Asset Value or original cost of the Shares being redeemed and based upon the duration
that such Shares are held佔所贖回股份的現行資產淨值及原始成本此兩個數字中較低者的有關百分率並視乎該等股份的持有時間而定
Profile 基金資料Domicile註冊地點 Luxembourg 盧森堡
Inception Date基金成立日
22091997（Class A ndash USD）（ A 股ndash美元 ）
Fiscal Year End財政年度終結 31 August（8 月 31 日）
Net Assets淨資產 $ 1744750 Million 百萬美元
SubscriptionRedemption認購贖回
Daily 每日
Base Currency基準貨幣 USD 美元
Reporting Currencies其他報價貨幣 EUR HKD 歐元港元
Currency HedgedShare Classesdagger
貨幣對冲股份類別dagger
AUD CAD EUR GBP NZDSGD澳元加元歐元英鎊紐西蘭元新加坡元
Average Duration (Years)平均存續期 (年)
412
Average Credit Quality
平均信貸質素 BB-
Initial Sales Charge1
首次認購費 1Up to 最多為 500（Class A A2 AA amp AT 股）
Management Fee2
管理費 2
First $5b 170α
Over $5b 150α
首 50 億美元 170α
超過 50 億美元部份 150α
Management CompanyFee2
管理公司費 2
010
Distribution Fee 2分銷費 2
每年 1 per annum(Class B B2 BA amp BT 股)
Contingent DeferredSales Charge3
或有遞延銷售費 3
3（Year 1 首年）2（Year 2 第 2 年）1（Year 3 第 3 年）0（Thereafter 3 年以後）（Class B B2 BA amp BT 股）
Total No Of Holdings總持股數量
1029
Portfolio ManagementTeam基金管理團隊
Douglas J PeeblesGershon Distenfeld CFAPaul J DeNoon
For fees applicable to other share classes please refer to the offeringdocuments for details有關其他股份類別的費用詳情請參閱基金銷售文件
Nov 2015年11月
All data as of 所有資料截至 30112015
Top Ten Credit and Emerging Market Securities十大信貸及新興市場證券
Holding 持股量Brazil Notas do Tesouro Nacl 100010117 - 10125 208Turkey Govt Bond 82071316 - 111616 113Ivory Coast Govt Intl Bond 575123132 088Turkey Govt Bond 107022416 058South Africa Govt Bond 82591517 048Petroleos de Venezuela 60051624 - 111526 043FNMA Connecticut Ave 5121112524 043Columbus Intl 737533021 041Dubai Holding 60020117 041Mestenio 85010220 041
Total 合共 724
Calendar Year Returns 年度回報
-10
0
10
20
2010 2011 2012 2013 2014 2015 YTD
2010 2011 2012 2013 2014 2015 YTD年初迄今
Class A ndash USDA 股ndash美元
156 02 163 51 16 -31
Cumulative Total Returns 總累積回報
1 Year（年）
3 Year（年）
5 Year（年）
10 Year（年）
SinceInception成立迄今
Class A ndash USDA 股ndash美元
-46 50 228 831 1672
Please refer to Profile section for Inception Date of Class A ndash USD請見基金資料有關 A 股 ndash 美元的成立日Source AB calculated on an NAV-to-NAV basis in US Dollars資料來源AB以資產淨值比資產淨值及美元計算
Past performance is no guarantee of future results Total returns provided by AB include thechange in net asset value and reinvestment of any distributions paid on Portfolio shares for theperiod shown but do not reflect sales charges The information on this page is for informationpurposes only and should not be construed as an offer to sell or solicitation of an offer to buyor a recommendation for the securities of the Portfolio過往的業績不保證將來的表現AB 所提供的總回報包括期內之資產淨值變化及股息或利息之再投資但是並不反映認購費本頁資訊僅作參閱之用不應被視作銷售或誘導讀者購買或推薦本基金之證券
dagger Currency-hedged share classes use hedging techniques in an attempt to reducemdashbut noteliminatemdashfluctuations between the investorrsquos holdings in a particular currency-hedged shareclass denominated in the investorrsquos investing currency and the portfoliorsquos base currency Thegoal is to deliver returns that track the portfoliorsquos base currency returns more closely Stand-alone currency symbols represent convenience pricing which offers the ability to purchase orredeem shares using the currency indicated which is then converted into the base currency ofthe portfolio using a market rate at the time of purchase or redemption Convenience pricinginvolves no currency hedging and does not seek to provide any protection from currencyfluctuationsdagger 對沖股份類別運用對沖技術嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動其目的是達致更接近以基準貨幣計算的回報單獨的貨幣符號代表其它報價貨幣類別即可用該貨幣買入或贖回基金然後依買進或贖回時的市場匯率兌換成基金基準貨幣此類報價貨幣並無貨幣對沖亦不提供對貨幣匯率波動的保護
NAV Yield amp Dividend Information (as of 30112015)dagger
資產淨值息率及股息資料（截至 2015 年 11 月 30 日）dagger
AT BT AA amp BA share classes below intend to declare and pay dividends Dividendamountdistribution rate is not guaranteed and may be paid from capital of thePortfolio (See Important Information 5)Annualized yield is calculated with the following formula monthly dividend ofthe month x 12 ex-dividend price of the month x 100 Positive distribution yielddoes not imply positive return The historical data provided below are forinformation purposes only and do not imply prospective yields of the Portfolio
AT BT AA 及 BA 股份類別旨在提供每月派息派息並無保證及可從資本中支付(注意重要事項 5)年度化息率按以下程式計算以當月份之派息 x 12 除息價格 x 100正派息率並不表示本基金將錄得正回報以下所提供的過往數據僅作參閱之用並不代表基金未來的年息率
NAV基金淨值
Yield息率
Dividend股息 Bloomberg ISIN
Class A ndash USDA 股ndash美元 413 625 00215 ACMHYAILX LU0081336892
Class AT ndash USDAT 股ndash美元 409 625 00213 ACGHYATLX LU0156897901
Class AT ndash HKDAT 股ndash港元 3172 625 01651 ABHYHATLX LU0417103578
Class AT ndash AUD(H)AT 股ndash澳元（對沖） 1447 817 00985 ABGATAHLX LU0511405911
Class AT ndash NZD(H)AT 股ndash紐西蘭元（對沖） 1323 862 00950 AGHATNHLX LU0805983789
Class AT ndash EUR(H)AT 股ndash歐元（對沖） 1433 574 00686 ACATEUHLX LU0448041581
Class AT ndash CAD(H)AT 股ndash加元（對沖） 1300 684 00741 ABGATCHLX LU0592507361
Class AT ndash GBP(H)AT 股ndash英鎊（對沖） 1440 660 00792 ABHYATGLX LU0689626256
Class AT ndash SGD(H)AT 股ndash新加坡元（對沖） 1302 743 00806 ABGATSHLX LU0592507528
Class AA ndash USDAA 股ndash美元 1266 864 00911 ACMATAALX LU1008669860
Class AA ndash HKDAA 股ndash港元 9818 863 07061 ABGHIAALX LU1069345681
Class AA ndash AUD(H)AA 股ndash澳元（對沖） 1258 1059 01110 ACMAAUHLX LU1008670108
Class AA ndash NZD(H)AA 股ndash紐西蘭元（對沖） 1255 1103 01154 ABGHYANLX LU1069345921
Class AA ndash EUR(H)AA 股ndash歐元（對沖） 1256 812 00850 ABAEURHLX LU1069345848
Class AA ndash CAD(H)AA 股ndash加元（對沖） 1248 924 00961 ABGHYCHLX LU1069346069
Class AA ndash GBP(H)AA 股ndash英鎊（對沖） 1252 899 00938 ABAGBPHLX LU1069345764
Class AA ndash SGD(H)AA 股ndash新加坡元（對沖） 1264 984 01037 ACMAASHLX LU1035779344
Class BT ndash USDBT 股ndash美元 416 511 00177 ACMGHYPLX LU0169910741
Class BT ndash HKDBT 股ndash港元 3226 510 01372 ABHYHBTLX LU0417105516
Class BT ndash AUD(H)BT 股ndash澳元（對沖） 1443 701 00843 ABGBTAHLX LU0511406059
Class BT ndash NZD(H)BT 股ndash紐西蘭元（對沖） 1331 747 00829 AGHBTNHLX LU0805983862
Class BT ndash EUR(H)BT 股ndash歐元（對沖） 1435 459 00549 ACBTEUHLX LU0448042043
Class BT ndash CAD(H)BT 股ndash加元（對沖） 1296 568 00613 ABHIBTCLX LU0625943492
Class BT ndash GBP(H)BT 股ndash英鎊（對沖） 1444 544 00655 ABHYBTGLX LU0689625365
Class BA ndash USDBA 股ndash美元 1241 881 00911 ACMATBALX LU1008669944
Class BA ndash AUD(H)BA 股ndash澳元（對沖） 1233 1076 01106 ACMBAAHLX LU1008670280
A Fitch Fund Quality Rating provides an in-depth assessment of a fundrsquos key attributes and consistency of longer-term returns relative to its peer group andor benchmarks Ratings are as follows fromhighest to lowest Excellent Strong Satisfactory Weak Inadequate Qualifying Past performance is no guarantee of future results 惠譽基金質素評價為基金主要特點及與同業及或基準相比能否貫徹取得長遠回報提供深入評估評級由最高至最低載列如下優秀強勁滿意疲弱不足保留過往表現並非未來業績的保證Investment in the Fund entails certain risks Investment returns and principal value of the Fund will fluctuate so that an investorrsquos shares when redeemed may be worth more or less than their originalcost Dividends are not paid for all share classes and are not guaranteed The Fund is meant as a vehicle for diversification and does not represent a complete investment program Returns denominatedin a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuationsThese and other risks are described in the Fundrsquos prospectusProspective investors should read the prospectus including risk factors carefully and discuss risk and the fundrsquos fees and charges with their financial adviser to determine if the investment is appropriatefor them投資於本基金須承擔若干風險投資於本基金的回報及本金值會有波動故投資者的股份在贖回時的價值可能高於或低於原來成本並非所有股份類別均可獲派息亦無派息保證本基金旨在作為分散投資的工具並非完整投資計劃以基金基準貨幣以外的貨幣所計價的回報可能受外匯波動有所增加或減少此等風險以及其他風險在本基金認購章程內有說明準投資者應細閱認購章程及其風險因素並與其理財顧問商討本基金的風險及各項費用以確定是否適合投資This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it Before investing investors should reviewthe fundrsquos full prospectus together with the fundrsquos Product Key Facts and the most recent financial statements Copies of these documents including the latest annual report and if issued thereafterthe latest semi-annual report may be obtained free of charge from wwwabglobalcomhk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士投資前投資者應審查基金的認購章程全文連同基金的產品資料概要以及最近期的財務報表這些文件的副本其中包括最近期的年度報告以及如果其後頒布者則為最近期的中期報告可瀏覽 wwwabglobalcomhk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取A portfolio of ACMBernstein AllianceBernstein is the trading name of this mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg while its legal name isACMBernsteinACMBernstein 旗下的一個投資組合聯博(AllianceBernstein) 是根據盧森堡法律組成的本互惠投資基金(fonds commun de placement) 的營業名稱法定名稱為 ACMBernsteinThis document is issued by AllianceBernstein Hong Kong Limited (聯博香港有限公司) and has not been reviewed by the Securities and Futures Commission此文件的發行者為聯博香港有限公司 (AllianceBernstein Hong Kong Limited) 及未經證監會審閱copy2015 AllianceBernstein LP The [AB] logo is a service mark of AllianceBernstein and AllianceBernsteinreg is a registered trademark used by permission of the owner AllianceBernstein LPcopy2015 AllianceBernstein LP [AB] 標誌為 AllianceBernstein 的服務標記而 AllianceBernsteinreg為註冊商標須獲得其擁有人 AllianceBernstein LP 的批准方可使用
Performance from 301110 - 301115
Investment objectiveTo seek a medium-term capital growth by investing in a selection of securities diversified both at geographic and sector level and at least two thirds of the assets in Latin American equities and Equity-linked Instruments
MSCI EM Latin America IndexBenchmark
November 2015
Cumulative performance3 months YTD 1 year 3 years 5 years 10 years
Portfolio -649 -3021 -3703 -4506 -5539 1371Benchmark -615 -2795 -3454 -4171 -4899 1872All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Calendar year performance2010 2011 2012 2013 2014
Portfolio 1655 -2404 753 -1365 -1485Benchmark 1466 -1935 866 -1336 -1230All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Sector breakdown
Geographical breakdown
Top 10 companiesFomento Economico Mexicano 607Grupo Financiero Banorte 593Itausa-Investimentos Itau 531America Movil 496Credicorp 430Suzano Papel e Celulose 369Banco Bradesco 356JBS 337Grupo Televisa 334Embraer 332
Risk indicators (over a 3-year period)Annualised volatility 2171Tracking error 258Information ratio -065Sharpe ratio -084Source of statistical information Amundi All statistical information calculations are based on NAV
Key dataFund manager Patrice LemonnierFund size USD 27388mnNAV per unit USD 31850Class A2UFund launch date 21 Feb 1994Fund currency USDUnit class Acc DisISIN code Acc Shs LU0823046494ISIN code Dis Shs LU0823046577Subscription fee 450 maxRedemption fee NoneSwitching fee 100 maxManagement fee 185 pa maxDealing date DailyOrders executed on forward pricingBloomberg ticker AFLAAUC LX
AFLAAUD LX
All information is as of 30 November 2015unless otherwise specifiedFor more information please visit us atwwwamundicomhkg
1 This is an equity fund2 Investing in this fund may expose investors to market liquidity volatility exchange and developing countries risks as well as to risk of small and medium companies Share price and currency volatility are
generally higher in developing markets The use of financial derivative instruments for hedging and efficient portfolio management purposes may lead to exposure to credit risk of the issuer3 The investment focus of the fund might give rise to increased risk over more diversified funds4 The value of the fund can be extremely volatile and could go down substantially within a short period of time It is possible that your investment value could suffer substantial loss5 The investment decision is yours but you 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 why including how
buying it would be consistent with your investment objective
The issuer of this document is Amundi Hong Kong Limited This document and the mentioned website have not been reviewed by the Securities and Futures Commission in Hong Kong (the SFC) Investors should not only base on this document alone to make investment decisions Investment involves risk The past performance information of the market manager and investments and any forecasts on the economy stock market bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of future performance Investment returns not denominated in HKD or USD is exposed to exchange rate fluctuations The value of an investment may go down or up The offering document(s) should be read for further details including the risk factors The fund(s) may use financial derivatives instruments as part of the investment strategy and invest in securities of emerging markets or smaller companies or fixed-income securities This involves significant risks and is usually more sensitive to price movements The volatility of fund prices may be relatively increased Issuers of fixed-income securities may default on its obligation and the fund(s) will not recover its investment Additional risk factors are described in the offering document(s) Investors are advised to be aware of any new risks that may have emerged in the prevailing market circumstances before subscribing the fund(s)
This document is not intended for citizens or residents of the United States of America or to any laquoUS Personraquo as this term is defined in SEC Regulation S under the US Securities Act of 1933 and in the Prospectus of the Fund
Effective 24 June 2011 Amundi Funds Latin America Equities has changed name to Amundi Funds Equity Latin America Effective 2 March 2010 CAAM Funds Latin America Equities has changed name to Amundi Funds Latin America Equities
Changes that may impact Fund performance Effective 12 February 2013 holdings of Hong Kong sharesholders in the AU Class of the Fund were automatically converted into share class A2U which replicated the fee and costs structure applied in AU Class at that time Prior to 12 February 2013 the performance of A2U share class of Amundi Funds Equity Latin America is that of AU share class of the Sub-Fund The AU share class is not authorized by the Commission in Hong Kong and not available to the public of Hong Kong Effective 24 June 2011 SGAM FundEquities Latin America (not a SFC authorised fund and not available to the public of Hong Kong) was merged into Amundi Funds Latin America Equities (renamed to Amundi Funds Equity Latin America as from 24 June 2011) Prior to 24 June 2011 the performance of the Sub-fund is that of Amundi Funds Latin America
Equity Latin AmericaAmundi Funds
Morningstar Overall RatingMorningstar Overall Rating 5Morningstar Overall Rating
Baring Eastern Europe Fund
As of 30112015
The Fund may subject to the risk of substantial capital losses arising from investment in emerging markets which may involve higher liquidity volatility currency political and regulatory risks than developed markets
The Fund may invest in derivatives for investment purposes which may expose the Fund to higher counterparty liquidity and volatility risks Such Investments may result in higher volatility or a significant loss in the Fundrsquos assets within a short period of time
Dividends may be paid out of capital gains at the discretion of the Managers which would effectively represent paying dividend out of capital This amounts to a return or withdrawal of part of an investorrsquos original investment or any capital gains attributable to that original investment Payment of dividends may result in an immediate reduction of the net asset value of the Fund
Investment ObjectivesInvestment Objectives 1Investment ObjectivesThe investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets
Fund DetailsFund Details 2Fund DetailsFund ManagerFund Manager Fund Manager Ghadir Abu Leil-CooperFund SizeFund Size Fund Size US$9122 MnFund Inception DateFund Inception Date Fund Inception Date 30091996Base CurrencyBase Currency Base Currency USDNAV PriceNAV Price NAV Price US$6379No of InvestmentsNo of Investments No of Investments 49Historic YieldHistoric Yield 3Historic Yield 18Modified Duration (Yrs)Modified Duration (Yrs) Modified Duration (Yrs) NAUnit AvailableUnit Available Unit Available IncomeAccumulationShare Class AvailableShare Class Available Share Class Available Class A Inc (USD EUR GBP) Class A
Acc (USD)UmbrellaUmbrella Umbrella Baring Global Umbrella FundMin investmentMin investment Min investment US$5000 euro3500 pound2500Initial chargeInitial charge Initial charge 500Management feeManagement fee Management fee 150 paEx Dividend DateEx Dividend Date Ex Dividend Date 1 MayDividend Paid ByDividend Paid By Dividend Paid By 30 JunBenchmark IndexBenchmark Index 6Benchmark Index MSCI Emerging Europe 1040 Index
Total Net Return
FundBenchmarkBenchmark 6Benchmark
Standard Deviation +212 +198
Alpha +19 -
Beta +10 -
Sharpe Ratio -06 -07
Tracking Error (Ex Post) +59 -
Fund Award NA
All fund information listed above relates to Class A - USD Inc
PerformancePerformance 4Performance (Cash Value of US$1000)
Benchmark IndexBenchmark Index 6Benchmark Index
Baring Eastern Europe Fund Class A - USD Inc
Cumulative PerformanceCumulative Performance 4Cumulative Performance
1-YrYTD 3-Yr 5-Yr 3-Yr pa 5-Yr pa
Class A - USD Inc -98-118-402-314-168-18BenchmarkBenchmark 6Benchmark -86-131-360-344-229-87
Calendar Year PerformanceCalendar Year Performance 4Calendar Year Performance
20132014 2012 2011 2010
Class A - USD Inc -337 -16 +251 -303 +109BenchmarkBenchmark 6Benchmark -295 -44 +274 -245 +180
Geographical AllocationGeographical Allocation 2Geographical Allocation
Sector AllocationSector Allocation 2Sector Allocation
Top InvestmentsTop Investments 2Top Investments
Country Sector
NA RussiaFinancialsSberbank
NA RussiaEnergyLukoil Oil Company
NA RussiaConsumer StaplesMagnit PJSC
NA RussiaEnergyNovaTek OAO
NA PolandFinancialsPZU Group SA
NA RussiaInformation TechnologyMailru Group
NA RussiaEnergyGazprom
NA TurkeyFinancialsAkbank TAS
NA HungaryFinancialsOTP Bank
NA RussiaInformation TechnologyYandex NV Class A
Fund Code Class A - USD Inc Class A - EUR Inc Class A - GBP Inc
IE0004852103IE0000805634ISIN IE00B4VQT291
BRGESEE IDBRGESEI IDBloomberg BREGEAB ID
6001305960000667Lipper 68029213
Cumulative Performance ()4
+128-18YTD +21
-18-1681-Yr -129
-157-3143-Yr -266
-263-4025-Yr -381
-55-1183-Yr pa -98
-59-985-Yr pa -92
Calendar Year Performance ()4
-249-3372014 -298
-58-162013 -38
+227+2512012 +196
-279-3032011 -300
+193+1092010 +155
NotesA full copy of the investment objective can be obtained from the Manager1
Unless otherwise stated all fund portfolio figures within this factsheet are as at the end of the month shown at the top of front page Country allocation is based on the classification of FTSE Eastern Europe Index Performance characteristics are based on US$ returns over a 3 year period Source Barings Northern Trust
2
The Historic Yield applies to Class A - USD It reflects distributions declared over the past twelve months as a percentage of the mid-market unit price as at the end of the month shown at the top of front page It does not include any preliminary charge and investors may be subject to tax on distributions A positive yield does not imply a positive return of the Fund Yields are not guaranteed
3
Performance Source ndash copy 2015 Morningstar Inc All Rights Reserved Data as at 30112015 investment return in denominated currency of the respective share class on a NAV per unit basis with gross income reinvested USHK dollar-based investors are therefore exposed to foreign exchange fluctuations Please note that the use of a benchmark index is for comparative purposes only The information contained herein (i) is proprietary to Morningstar andor its content providers (ii) may not be copied or distributed and (iii) is not warranted to be accurate complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information Past performance is no guarantee of future results
4
Morningstar overall rating as of 30112015 (Emerging Europe Equity Category)5
The benchmark was the Customised FTSE Eastern Europe Index from 1 January 2002 Then the benchmark became MSCI Emerging Europe 1040 Total Net Dividends Return from 1 May 2008
6
Important InformationPast performance is not a guide to future performance Investors should not only base on this material alone to make investment decisions Investment involves risks Please refer to the offering documents for the details of the Fund and all the risk factors
This document is issued by Baring Asset Management (Asia) Limited This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only Before investing in any product we recommend that recipients who are not professional investors contact their financial adviser
All relevant documents relating to the product such as reports and accounts and offering documents (which specify the particular risks associated with the product together with any specific restrictions applying and the basis of dealing) should be read The information in this document does not constitute investment tax legal or other advice or recommendation or an offer to sell or an invitation to apply for any product or service of Baring Asset Management
This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Baring Asset Management (Asia) Limited19F Edinburgh Tower15 Queens Road CentralHong Kong
CONTACT US +852 2841 1411
Calls may be recorded and monitored
wwwbaringscom
Investment Objective^
This Sub-Fund invests in a diversified portfolio consisting primarily of fixed incomedebt securities issued by Asian Entities or their subsidiaries This Sub-Fundrsquos portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed incomedebt securities that are rated as well as unrated
Performance Chart
60
90
120
150
Eastspring Investments - Asian Local Bond FundHSBC Asian Local Bond with Government and Corporate Bonds Custom index
Pric
e In
dexe
d
Sep-07 Feb-10 Aug-12 Feb-15 Nov-15
Performancer
Cumulative performance ()
1 mth 6 mths 1 yr 3 yrs 5 yrs Since Inception
Class A -09 -50 -60 -92 34 237
Class ADM -09 -50 -60 -92 34 245
Class AH -09 -50 -60 -90 - -31
Benchmark -10 -41 -50 -74 69 330
Calendar year performance ()
10 11 12 13 14 YTD
Class A 139 33 95 -86 43 -51
Class ADM 139 33 95 -86 43 -51
Class AH - -20^ 92 -86 44 -52
Benchmark 130 48 90 -73 41 -43^Since launch to year-end
FUND DETAILS
Subscription Method Cash
Benchmark HSBC Asian Local Bond with Government and Corporate Bonds Custom index
Min Initial Investment Class A USD 500
Min Subsequent Investment
Class A USD 50
Share Classt Class A Class ADM
Class AH
Share Class Inception Date Class A 05092007
Share Class Currency Class A USD
Fund Size USD 20296 M
Fund Dealing Frequency Daily
FUND FEES amp CHARGES
Initial Subscription Charge Max 3
Annual Management Fee Max 125
Annual Administration Fee Max 025
NET ASSET VALUE
Month End Class A USD 12367
CODES
Bloomberg Ticker Class A IOFALBU LX
ISIN Class A LU0315179829
Eastspring Investments - Asian Local Bond Fund
December 2015All data as at 30 November 2015 unless otherwise stated
bull The Fund invests in bonds which are subject to interest rate fluctuations liquidity and credit risks such as downgrade risk and the risk of issuer default The Fund may invest in non-investment gradehigh yieldnon-rated corporate and sovereign bonds which are more susceptible to credit risk bull The Fund may have greater exposure to bonds issued or guaranteed by non-investment grade countries and hence subject to higher credit default and concentration risks If any sovereign issuer defaults the Fund may suffer significant losses bull The Fund may invest substantially in bonds issued by emerging markets and hence subject to greater political tax economic foreign exchange liquidity volatility concentration and regulatory risks Such risks may increase if there is concentrated exposure in issuers of lower credit rating bull The Fund may offer currency hedged share classes which involve currency hedging transactions that may in extreme cases adversely affect the Funds NAV bull The Fund may at its discretion pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital resulting in higher distributable income Thus the Fund may effectively pay dividends out of capital Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that original investment which may result in an immediate reduction of the net asset value per shareunit The distributions including amounts and frequency are not guaranteed and are subject to the discretion of the Fund Past dividends declared are not a forecast or projection of future distributions bull The Fund may for efficient portfolio management andor hedging purposes have significant exposure to financial derivatives instruments which involve risks may be different and greater than the risks presented by traditional investments These risks include market management credit liquidity operational and leverage risks The Fund will also be exposed to credit risk of the counterparties with which it trades The use of such instruments may be ineffective in adverse market situations and may incur losses bull Under extreme market conditions and circumstances investors may lose the entire principal amount originally invested Investors should not make any investment decision solely based on this document and should read the Funds offering document for details
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Nov 2015年11月
All data as of 所有資料截至 30112015
AllianceBernstein - Global High Yield Portfolio聯博－環球高收益基金
Important Information 重要事項1 Invest in emerging markets is subject to higher volatility and higher risks (eg liquidity risk currency risk political risk regulatory risk and economic risk)投資於新興市場面對較高的波動性及較高的風險（例如流動性風險貨幣風險政治風險監管風險及經濟風險）
2 The portfolio may invest in non-investment grade debt securities (for example convertible securities mortgage or other asset-backed securities) of issuers in emerging market countries Suchinvestments may be subject to high volatility and involve significant risk including leverage risk market risk liquidity risk and the risk of issuer or counterparty default or insolvency which maypotentially result in a total loss of your investment in the portfolio本基金可投資於新興市場國家發行人的非投資級債務證券（例如可換股證券按揭或其他資產抵押證券）該等投資的波動性可能很大也可能涉及重大風險包括槓桿風險市場風險流動性風險發行人或對手方違約或無力償債風險等這些風險可能潛在導致你在本基金的投資全部虧損
3 Investment in the portfolio may also involve fixed-income securities risks illiquid assets risk country risk currency risk management risk and credit risks The value of the portfolio can be volatileand 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投資於本基金亦可能涉及固定收益證券風險不流通資產風險國家風險貨幣風險管理風險及信用風險基金價格可反覆波動並可在一段短時期內顯著下跌閣下於本基金的投資可能會價值全失
4 The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks In adverse situations the portfolios useof derivative instruments may become ineffective in hedging or efficient portfolio management and the portfolio may suffer significant losses本基金可使用衍生工具達到對沖及有效基金管理的目的這可能涉及額外風險在不利情況下本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的且本基金可能會遭受重大損失
5 Dividends may be paid from capital or effectively out of the capital of the Portfolio which may amount to a partial return or withdrawal of an investorrsquos original investment or from any capital gainsattributable to that original investment and result in an immediate decrease of the Net Asset Value per Share本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益由此即時減低每股資產淨值
6 Investors should not rely on this document alone to make investment decisions投資者不應只依賴本文件而作出投資決定
Portfolio Objective Strategy Key Features 基金目標 策略 特色The Portfolio seeks to produce high current income as well as overall total return by investing primarily in a portfolio of high yieldnon-investment grade debt securities of issuers located throughout the world including the US and emerging countries ThePortfolio invests in both US dollar and non-US dollar denominated securities The Investment Manager utilizes the investmentresearch of both its global fixed income and high yield teams
本基金投資於世界各地（包括美國和新興國家）發行者發行的非投資級高收益債券組合以尋求高額現收益及總回報本基金投資於以美元及非美元計值的證券投資經理利用其環球固定收益及高收益隊伍的投資研究
Portfolio Composition^ 投資組合配置^
Sector Allocation~
行業分佈~
High Yield 高收益 5569Emerging Markets -Hard Currency新興市場ndash強勢貨幣 875CMOs抵押擔保債務憑證 776Emerging Markets -Local Currency新興市場ndash當地貨幣 648Treasuries 國庫債券 632Corporates - InvestmentGrade公司債券ndash投資等級 506Preferred Stock 優先股 368Commercial Mortgage-Backed Securities商業按揭抵押證券 328Emerging Markets ndashQuasi-Sovereigns新興市場ndash準主權債 100Other 其它 198
Country Allocation 國家分佈United States 美國 6471United Kingdom 英國 460Brazil 巴西 446Luxembourg 盧森堡 292Turkey 土耳其 212France 法國 146Canada 加拿大 137Dominican Republic多明尼加共和國 134South Africa 南非 118Other 其它 1584
Net Currency Exposure 淨貨幣分佈US Dollar 美元 9832Dominican Peso多明尼加披索 060Indonesian Rupiah印尼盾 037Indian Rupee 印度盧比 031Uruguayan New Peso烏拉圭新披索 014Euro 歐元 010Australian Dollar 澳元 005Turkish Lira新土耳其里拉 004Swiss Franc 瑞士法郎 004Other 其它 003
Credit Quality^^ 信貸評級^^AAA 1034AA 066A 169BBB 1675BB 2804B 2308CCC ampBelow CCC 及以下 1344Not Rated 無評級 600
^ Holdings are expressed as a percentage of total investments and may vary over time投資組合配置比重以總投資比重之百分比表示可能隨時間而改變
~ Treasuries includes US Treasuries which are held as collateral against credit derivatives and Treasury futures which are used to manageduration國庫債券包括用作抵押信用衍生品的美國國庫債券和用作管理存續期的國庫債券期貨
^^ Highest of SampP Moodyrsquos and Fitch 選取標準普爾穆迪及惠譽當中最高評級作分類 Source SampP Moodyrsquos Fitch and AB
資料來源 標準普爾穆迪惠譽及 ABα Calculated from the net assets of the Portfolio 以基金淨資產計算1 As a percentage of purchase price for Classes A A2 AA and AT only
適用於 A 股 A2 股 AA 股及 AT 股之費用以認購價格之百分比計算2 As an annual percentage of average daily Net Asset Value 以每日平均資產淨值之年度百分比率計費用3 As a percentage of the lesser of the current Net Asset Value or original cost of the Shares being redeemed and based upon the duration
that such Shares are held佔所贖回股份的現行資產淨值及原始成本此兩個數字中較低者的有關百分率並視乎該等股份的持有時間而定
Profile 基金資料Domicile註冊地點 Luxembourg 盧森堡
Inception Date基金成立日
22091997（Class A ndash USD）（ A 股ndash美元 ）
Fiscal Year End財政年度終結 31 August（8 月 31 日）
Net Assets淨資產 $ 1744750 Million 百萬美元
SubscriptionRedemption認購贖回
Daily 每日
Base Currency基準貨幣 USD 美元
Reporting Currencies其他報價貨幣 EUR HKD 歐元港元
Currency HedgedShare Classesdagger
貨幣對冲股份類別dagger
AUD CAD EUR GBP NZDSGD澳元加元歐元英鎊紐西蘭元新加坡元
Average Duration (Years)平均存續期 (年)
412
Average Credit Quality
平均信貸質素 BB-
Initial Sales Charge1
首次認購費 1Up to 最多為 500（Class A A2 AA amp AT 股）
Management Fee2
管理費 2
First $5b 170α
Over $5b 150α
首 50 億美元 170α
超過 50 億美元部份 150α
Management CompanyFee2
管理公司費 2
010
Distribution Fee 2分銷費 2
每年 1 per annum(Class B B2 BA amp BT 股)
Contingent DeferredSales Charge3
或有遞延銷售費 3
3（Year 1 首年）2（Year 2 第 2 年）1（Year 3 第 3 年）0（Thereafter 3 年以後）（Class B B2 BA amp BT 股）
Total No Of Holdings總持股數量
1029
Portfolio ManagementTeam基金管理團隊
Douglas J PeeblesGershon Distenfeld CFAPaul J DeNoon
For fees applicable to other share classes please refer to the offeringdocuments for details有關其他股份類別的費用詳情請參閱基金銷售文件
Nov 2015年11月
All data as of 所有資料截至 30112015
Top Ten Credit and Emerging Market Securities十大信貸及新興市場證券
Holding 持股量Brazil Notas do Tesouro Nacl 100010117 - 10125 208Turkey Govt Bond 82071316 - 111616 113Ivory Coast Govt Intl Bond 575123132 088Turkey Govt Bond 107022416 058South Africa Govt Bond 82591517 048Petroleos de Venezuela 60051624 - 111526 043FNMA Connecticut Ave 5121112524 043Columbus Intl 737533021 041Dubai Holding 60020117 041Mestenio 85010220 041
Total 合共 724
Calendar Year Returns 年度回報
-10
0
10
20
2010 2011 2012 2013 2014 2015 YTD
2010 2011 2012 2013 2014 2015 YTD年初迄今
Class A ndash USDA 股ndash美元
156 02 163 51 16 -31
Cumulative Total Returns 總累積回報
1 Year（年）
3 Year（年）
5 Year（年）
10 Year（年）
SinceInception成立迄今
Class A ndash USDA 股ndash美元
-46 50 228 831 1672
Please refer to Profile section for Inception Date of Class A ndash USD請見基金資料有關 A 股 ndash 美元的成立日Source AB calculated on an NAV-to-NAV basis in US Dollars資料來源AB以資產淨值比資產淨值及美元計算
Past performance is no guarantee of future results Total returns provided by AB include thechange in net asset value and reinvestment of any distributions paid on Portfolio shares for theperiod shown but do not reflect sales charges The information on this page is for informationpurposes only and should not be construed as an offer to sell or solicitation of an offer to buyor a recommendation for the securities of the Portfolio過往的業績不保證將來的表現AB 所提供的總回報包括期內之資產淨值變化及股息或利息之再投資但是並不反映認購費本頁資訊僅作參閱之用不應被視作銷售或誘導讀者購買或推薦本基金之證券
dagger Currency-hedged share classes use hedging techniques in an attempt to reducemdashbut noteliminatemdashfluctuations between the investorrsquos holdings in a particular currency-hedged shareclass denominated in the investorrsquos investing currency and the portfoliorsquos base currency Thegoal is to deliver returns that track the portfoliorsquos base currency returns more closely Stand-alone currency symbols represent convenience pricing which offers the ability to purchase orredeem shares using the currency indicated which is then converted into the base currency ofthe portfolio using a market rate at the time of purchase or redemption Convenience pricinginvolves no currency hedging and does not seek to provide any protection from currencyfluctuationsdagger 對沖股份類別運用對沖技術嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動其目的是達致更接近以基準貨幣計算的回報單獨的貨幣符號代表其它報價貨幣類別即可用該貨幣買入或贖回基金然後依買進或贖回時的市場匯率兌換成基金基準貨幣此類報價貨幣並無貨幣對沖亦不提供對貨幣匯率波動的保護
NAV Yield amp Dividend Information (as of 30112015)dagger
資產淨值息率及股息資料（截至 2015 年 11 月 30 日）dagger
AT BT AA amp BA share classes below intend to declare and pay dividends Dividendamountdistribution rate is not guaranteed and may be paid from capital of thePortfolio (See Important Information 5)Annualized yield is calculated with the following formula monthly dividend ofthe month x 12 ex-dividend price of the month x 100 Positive distribution yielddoes not imply positive return The historical data provided below are forinformation purposes only and do not imply prospective yields of the Portfolio
AT BT AA 及 BA 股份類別旨在提供每月派息派息並無保證及可從資本中支付(注意重要事項 5)年度化息率按以下程式計算以當月份之派息 x 12 除息價格 x 100正派息率並不表示本基金將錄得正回報以下所提供的過往數據僅作參閱之用並不代表基金未來的年息率
NAV基金淨值
Yield息率
Dividend股息 Bloomberg ISIN
Class A ndash USDA 股ndash美元 413 625 00215 ACMHYAILX LU0081336892
Class AT ndash USDAT 股ndash美元 409 625 00213 ACGHYATLX LU0156897901
Class AT ndash HKDAT 股ndash港元 3172 625 01651 ABHYHATLX LU0417103578
Class AT ndash AUD(H)AT 股ndash澳元（對沖） 1447 817 00985 ABGATAHLX LU0511405911
Class AT ndash NZD(H)AT 股ndash紐西蘭元（對沖） 1323 862 00950 AGHATNHLX LU0805983789
Class AT ndash EUR(H)AT 股ndash歐元（對沖） 1433 574 00686 ACATEUHLX LU0448041581
Class AT ndash CAD(H)AT 股ndash加元（對沖） 1300 684 00741 ABGATCHLX LU0592507361
Class AT ndash GBP(H)AT 股ndash英鎊（對沖） 1440 660 00792 ABHYATGLX LU0689626256
Class AT ndash SGD(H)AT 股ndash新加坡元（對沖） 1302 743 00806 ABGATSHLX LU0592507528
Class AA ndash USDAA 股ndash美元 1266 864 00911 ACMATAALX LU1008669860
Class AA ndash HKDAA 股ndash港元 9818 863 07061 ABGHIAALX LU1069345681
Class AA ndash AUD(H)AA 股ndash澳元（對沖） 1258 1059 01110 ACMAAUHLX LU1008670108
Class AA ndash NZD(H)AA 股ndash紐西蘭元（對沖） 1255 1103 01154 ABGHYANLX LU1069345921
Class AA ndash EUR(H)AA 股ndash歐元（對沖） 1256 812 00850 ABAEURHLX LU1069345848
Class AA ndash CAD(H)AA 股ndash加元（對沖） 1248 924 00961 ABGHYCHLX LU1069346069
Class AA ndash GBP(H)AA 股ndash英鎊（對沖） 1252 899 00938 ABAGBPHLX LU1069345764
Class AA ndash SGD(H)AA 股ndash新加坡元（對沖） 1264 984 01037 ACMAASHLX LU1035779344
Class BT ndash USDBT 股ndash美元 416 511 00177 ACMGHYPLX LU0169910741
Class BT ndash HKDBT 股ndash港元 3226 510 01372 ABHYHBTLX LU0417105516
Class BT ndash AUD(H)BT 股ndash澳元（對沖） 1443 701 00843 ABGBTAHLX LU0511406059
Class BT ndash NZD(H)BT 股ndash紐西蘭元（對沖） 1331 747 00829 AGHBTNHLX LU0805983862
Class BT ndash EUR(H)BT 股ndash歐元（對沖） 1435 459 00549 ACBTEUHLX LU0448042043
Class BT ndash CAD(H)BT 股ndash加元（對沖） 1296 568 00613 ABHIBTCLX LU0625943492
Class BT ndash GBP(H)BT 股ndash英鎊（對沖） 1444 544 00655 ABHYBTGLX LU0689625365
Class BA ndash USDBA 股ndash美元 1241 881 00911 ACMATBALX LU1008669944
Class BA ndash AUD(H)BA 股ndash澳元（對沖） 1233 1076 01106 ACMBAAHLX LU1008670280
A Fitch Fund Quality Rating provides an in-depth assessment of a fundrsquos key attributes and consistency of longer-term returns relative to its peer group andor benchmarks Ratings are as follows fromhighest to lowest Excellent Strong Satisfactory Weak Inadequate Qualifying Past performance is no guarantee of future results 惠譽基金質素評價為基金主要特點及與同業及或基準相比能否貫徹取得長遠回報提供深入評估評級由最高至最低載列如下優秀強勁滿意疲弱不足保留過往表現並非未來業績的保證Investment in the Fund entails certain risks Investment returns and principal value of the Fund will fluctuate so that an investorrsquos shares when redeemed may be worth more or less than their originalcost Dividends are not paid for all share classes and are not guaranteed The Fund is meant as a vehicle for diversification and does not represent a complete investment program Returns denominatedin a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuationsThese and other risks are described in the Fundrsquos prospectusProspective investors should read the prospectus including risk factors carefully and discuss risk and the fundrsquos fees and charges with their financial adviser to determine if the investment is appropriatefor them投資於本基金須承擔若干風險投資於本基金的回報及本金值會有波動故投資者的股份在贖回時的價值可能高於或低於原來成本並非所有股份類別均可獲派息亦無派息保證本基金旨在作為分散投資的工具並非完整投資計劃以基金基準貨幣以外的貨幣所計價的回報可能受外匯波動有所增加或減少此等風險以及其他風險在本基金認購章程內有說明準投資者應細閱認購章程及其風險因素並與其理財顧問商討本基金的風險及各項費用以確定是否適合投資This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it Before investing investors should reviewthe fundrsquos full prospectus together with the fundrsquos Product Key Facts and the most recent financial statements Copies of these documents including the latest annual report and if issued thereafterthe latest semi-annual report may be obtained free of charge from wwwabglobalcomhk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士投資前投資者應審查基金的認購章程全文連同基金的產品資料概要以及最近期的財務報表這些文件的副本其中包括最近期的年度報告以及如果其後頒布者則為最近期的中期報告可瀏覽 wwwabglobalcomhk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取A portfolio of ACMBernstein AllianceBernstein is the trading name of this mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg while its legal name isACMBernsteinACMBernstein 旗下的一個投資組合聯博(AllianceBernstein) 是根據盧森堡法律組成的本互惠投資基金(fonds commun de placement) 的營業名稱法定名稱為 ACMBernsteinThis document is issued by AllianceBernstein Hong Kong Limited (聯博香港有限公司) and has not been reviewed by the Securities and Futures Commission此文件的發行者為聯博香港有限公司 (AllianceBernstein Hong Kong Limited) 及未經證監會審閱copy2015 AllianceBernstein LP The [AB] logo is a service mark of AllianceBernstein and AllianceBernsteinreg is a registered trademark used by permission of the owner AllianceBernstein LPcopy2015 AllianceBernstein LP [AB] 標誌為 AllianceBernstein 的服務標記而 AllianceBernsteinreg為註冊商標須獲得其擁有人 AllianceBernstein LP 的批准方可使用
Performance from 301110 - 301115
Investment objectiveTo seek a medium-term capital growth by investing in a selection of securities diversified both at geographic and sector level and at least two thirds of the assets in Latin American equities and Equity-linked Instruments
MSCI EM Latin America IndexBenchmark
November 2015
Cumulative performance3 months YTD 1 year 3 years 5 years 10 years
Portfolio -649 -3021 -3703 -4506 -5539 1371Benchmark -615 -2795 -3454 -4171 -4899 1872All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Calendar year performance2010 2011 2012 2013 2014
Portfolio 1655 -2404 753 -1365 -1485Benchmark 1466 -1935 866 -1336 -1230All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Sector breakdown
Geographical breakdown
Top 10 companiesFomento Economico Mexicano 607Grupo Financiero Banorte 593Itausa-Investimentos Itau 531America Movil 496Credicorp 430Suzano Papel e Celulose 369Banco Bradesco 356JBS 337Grupo Televisa 334Embraer 332
Risk indicators (over a 3-year period)Annualised volatility 2171Tracking error 258Information ratio -065Sharpe ratio -084Source of statistical information Amundi All statistical information calculations are based on NAV
Key dataFund manager Patrice LemonnierFund size USD 27388mnNAV per unit USD 31850Class A2UFund launch date 21 Feb 1994Fund currency USDUnit class Acc DisISIN code Acc Shs LU0823046494ISIN code Dis Shs LU0823046577Subscription fee 450 maxRedemption fee NoneSwitching fee 100 maxManagement fee 185 pa maxDealing date DailyOrders executed on forward pricingBloomberg ticker AFLAAUC LX
AFLAAUD LX
All information is as of 30 November 2015unless otherwise specifiedFor more information please visit us atwwwamundicomhkg
1 This is an equity fund2 Investing in this fund may expose investors to market liquidity volatility exchange and developing countries risks as well as to risk of small and medium companies Share price and currency volatility are
generally higher in developing markets The use of financial derivative instruments for hedging and efficient portfolio management purposes may lead to exposure to credit risk of the issuer3 The investment focus of the fund might give rise to increased risk over more diversified funds4 The value of the fund can be extremely volatile and could go down substantially within a short period of time It is possible that your investment value could suffer substantial loss5 The investment decision is yours but you 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 why including how
buying it would be consistent with your investment objective
The issuer of this document is Amundi Hong Kong Limited This document and the mentioned website have not been reviewed by the Securities and Futures Commission in Hong Kong (the SFC) Investors should not only base on this document alone to make investment decisions Investment involves risk The past performance information of the market manager and investments and any forecasts on the economy stock market bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of future performance Investment returns not denominated in HKD or USD is exposed to exchange rate fluctuations The value of an investment may go down or up The offering document(s) should be read for further details including the risk factors The fund(s) may use financial derivatives instruments as part of the investment strategy and invest in securities of emerging markets or smaller companies or fixed-income securities This involves significant risks and is usually more sensitive to price movements The volatility of fund prices may be relatively increased Issuers of fixed-income securities may default on its obligation and the fund(s) will not recover its investment Additional risk factors are described in the offering document(s) Investors are advised to be aware of any new risks that may have emerged in the prevailing market circumstances before subscribing the fund(s)
This document is not intended for citizens or residents of the United States of America or to any laquoUS Personraquo as this term is defined in SEC Regulation S under the US Securities Act of 1933 and in the Prospectus of the Fund
Effective 24 June 2011 Amundi Funds Latin America Equities has changed name to Amundi Funds Equity Latin America Effective 2 March 2010 CAAM Funds Latin America Equities has changed name to Amundi Funds Latin America Equities
Changes that may impact Fund performance Effective 12 February 2013 holdings of Hong Kong sharesholders in the AU Class of the Fund were automatically converted into share class A2U which replicated the fee and costs structure applied in AU Class at that time Prior to 12 February 2013 the performance of A2U share class of Amundi Funds Equity Latin America is that of AU share class of the Sub-Fund The AU share class is not authorized by the Commission in Hong Kong and not available to the public of Hong Kong Effective 24 June 2011 SGAM FundEquities Latin America (not a SFC authorised fund and not available to the public of Hong Kong) was merged into Amundi Funds Latin America Equities (renamed to Amundi Funds Equity Latin America as from 24 June 2011) Prior to 24 June 2011 the performance of the Sub-fund is that of Amundi Funds Latin America
Equity Latin AmericaAmundi Funds
Morningstar Overall RatingMorningstar Overall Rating 5Morningstar Overall Rating
Baring Eastern Europe Fund
As of 30112015
The Fund may subject to the risk of substantial capital losses arising from investment in emerging markets which may involve higher liquidity volatility currency political and regulatory risks than developed markets
The Fund may invest in derivatives for investment purposes which may expose the Fund to higher counterparty liquidity and volatility risks Such Investments may result in higher volatility or a significant loss in the Fundrsquos assets within a short period of time
Dividends may be paid out of capital gains at the discretion of the Managers which would effectively represent paying dividend out of capital This amounts to a return or withdrawal of part of an investorrsquos original investment or any capital gains attributable to that original investment Payment of dividends may result in an immediate reduction of the net asset value of the Fund
Investment ObjectivesInvestment Objectives 1Investment ObjectivesThe investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets
Fund DetailsFund Details 2Fund DetailsFund ManagerFund Manager Fund Manager Ghadir Abu Leil-CooperFund SizeFund Size Fund Size US$9122 MnFund Inception DateFund Inception Date Fund Inception Date 30091996Base CurrencyBase Currency Base Currency USDNAV PriceNAV Price NAV Price US$6379No of InvestmentsNo of Investments No of Investments 49Historic YieldHistoric Yield 3Historic Yield 18Modified Duration (Yrs)Modified Duration (Yrs) Modified Duration (Yrs) NAUnit AvailableUnit Available Unit Available IncomeAccumulationShare Class AvailableShare Class Available Share Class Available Class A Inc (USD EUR GBP) Class A
Acc (USD)UmbrellaUmbrella Umbrella Baring Global Umbrella FundMin investmentMin investment Min investment US$5000 euro3500 pound2500Initial chargeInitial charge Initial charge 500Management feeManagement fee Management fee 150 paEx Dividend DateEx Dividend Date Ex Dividend Date 1 MayDividend Paid ByDividend Paid By Dividend Paid By 30 JunBenchmark IndexBenchmark Index 6Benchmark Index MSCI Emerging Europe 1040 Index
Total Net Return
FundBenchmarkBenchmark 6Benchmark
Standard Deviation +212 +198
Alpha +19 -
Beta +10 -
Sharpe Ratio -06 -07
Tracking Error (Ex Post) +59 -
Fund Award NA
All fund information listed above relates to Class A - USD Inc
PerformancePerformance 4Performance (Cash Value of US$1000)
Benchmark IndexBenchmark Index 6Benchmark Index
Baring Eastern Europe Fund Class A - USD Inc
Cumulative PerformanceCumulative Performance 4Cumulative Performance
1-YrYTD 3-Yr 5-Yr 3-Yr pa 5-Yr pa
Class A - USD Inc -98-118-402-314-168-18BenchmarkBenchmark 6Benchmark -86-131-360-344-229-87
Calendar Year PerformanceCalendar Year Performance 4Calendar Year Performance
20132014 2012 2011 2010
Class A - USD Inc -337 -16 +251 -303 +109BenchmarkBenchmark 6Benchmark -295 -44 +274 -245 +180
Geographical AllocationGeographical Allocation 2Geographical Allocation
Sector AllocationSector Allocation 2Sector Allocation
Top InvestmentsTop Investments 2Top Investments
Country Sector
NA RussiaFinancialsSberbank
NA RussiaEnergyLukoil Oil Company
NA RussiaConsumer StaplesMagnit PJSC
NA RussiaEnergyNovaTek OAO
NA PolandFinancialsPZU Group SA
NA RussiaInformation TechnologyMailru Group
NA RussiaEnergyGazprom
NA TurkeyFinancialsAkbank TAS
NA HungaryFinancialsOTP Bank
NA RussiaInformation TechnologyYandex NV Class A
Fund Code Class A - USD Inc Class A - EUR Inc Class A - GBP Inc
IE0004852103IE0000805634ISIN IE00B4VQT291
BRGESEE IDBRGESEI IDBloomberg BREGEAB ID
6001305960000667Lipper 68029213
Cumulative Performance ()4
+128-18YTD +21
-18-1681-Yr -129
-157-3143-Yr -266
-263-4025-Yr -381
-55-1183-Yr pa -98
-59-985-Yr pa -92
Calendar Year Performance ()4
-249-3372014 -298
-58-162013 -38
+227+2512012 +196
-279-3032011 -300
+193+1092010 +155
NotesA full copy of the investment objective can be obtained from the Manager1
Unless otherwise stated all fund portfolio figures within this factsheet are as at the end of the month shown at the top of front page Country allocation is based on the classification of FTSE Eastern Europe Index Performance characteristics are based on US$ returns over a 3 year period Source Barings Northern Trust
2
The Historic Yield applies to Class A - USD It reflects distributions declared over the past twelve months as a percentage of the mid-market unit price as at the end of the month shown at the top of front page It does not include any preliminary charge and investors may be subject to tax on distributions A positive yield does not imply a positive return of the Fund Yields are not guaranteed
3
Performance Source ndash copy 2015 Morningstar Inc All Rights Reserved Data as at 30112015 investment return in denominated currency of the respective share class on a NAV per unit basis with gross income reinvested USHK dollar-based investors are therefore exposed to foreign exchange fluctuations Please note that the use of a benchmark index is for comparative purposes only The information contained herein (i) is proprietary to Morningstar andor its content providers (ii) may not be copied or distributed and (iii) is not warranted to be accurate complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information Past performance is no guarantee of future results
4
Morningstar overall rating as of 30112015 (Emerging Europe Equity Category)5
The benchmark was the Customised FTSE Eastern Europe Index from 1 January 2002 Then the benchmark became MSCI Emerging Europe 1040 Total Net Dividends Return from 1 May 2008
6
Important InformationPast performance is not a guide to future performance Investors should not only base on this material alone to make investment decisions Investment involves risks Please refer to the offering documents for the details of the Fund and all the risk factors
This document is issued by Baring Asset Management (Asia) Limited This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only Before investing in any product we recommend that recipients who are not professional investors contact their financial adviser
All relevant documents relating to the product such as reports and accounts and offering documents (which specify the particular risks associated with the product together with any specific restrictions applying and the basis of dealing) should be read The information in this document does not constitute investment tax legal or other advice or recommendation or an offer to sell or an invitation to apply for any product or service of Baring Asset Management
This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Baring Asset Management (Asia) Limited19F Edinburgh Tower15 Queens Road CentralHong Kong
CONTACT US +852 2841 1411
Calls may be recorded and monitored
wwwbaringscom
Investment Objective^
This Sub-Fund invests in a diversified portfolio consisting primarily of fixed incomedebt securities issued by Asian Entities or their subsidiaries This Sub-Fundrsquos portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed incomedebt securities that are rated as well as unrated
Performance Chart
60
90
120
150
Eastspring Investments - Asian Local Bond FundHSBC Asian Local Bond with Government and Corporate Bonds Custom index
Pric
e In
dexe
d
Sep-07 Feb-10 Aug-12 Feb-15 Nov-15
Performancer
Cumulative performance ()
1 mth 6 mths 1 yr 3 yrs 5 yrs Since Inception
Class A -09 -50 -60 -92 34 237
Class ADM -09 -50 -60 -92 34 245
Class AH -09 -50 -60 -90 - -31
Benchmark -10 -41 -50 -74 69 330
Calendar year performance ()
10 11 12 13 14 YTD
Class A 139 33 95 -86 43 -51
Class ADM 139 33 95 -86 43 -51
Class AH - -20^ 92 -86 44 -52
Benchmark 130 48 90 -73 41 -43^Since launch to year-end
FUND DETAILS
Subscription Method Cash
Benchmark HSBC Asian Local Bond with Government and Corporate Bonds Custom index
Min Initial Investment Class A USD 500
Min Subsequent Investment
Class A USD 50
Share Classt Class A Class ADM
Class AH
Share Class Inception Date Class A 05092007
Share Class Currency Class A USD
Fund Size USD 20296 M
Fund Dealing Frequency Daily
FUND FEES amp CHARGES
Initial Subscription Charge Max 3
Annual Management Fee Max 125
Annual Administration Fee Max 025
NET ASSET VALUE
Month End Class A USD 12367
CODES
Bloomberg Ticker Class A IOFALBU LX
ISIN Class A LU0315179829
Eastspring Investments - Asian Local Bond Fund
December 2015All data as at 30 November 2015 unless otherwise stated
bull The Fund invests in bonds which are subject to interest rate fluctuations liquidity and credit risks such as downgrade risk and the risk of issuer default The Fund may invest in non-investment gradehigh yieldnon-rated corporate and sovereign bonds which are more susceptible to credit risk bull The Fund may have greater exposure to bonds issued or guaranteed by non-investment grade countries and hence subject to higher credit default and concentration risks If any sovereign issuer defaults the Fund may suffer significant losses bull The Fund may invest substantially in bonds issued by emerging markets and hence subject to greater political tax economic foreign exchange liquidity volatility concentration and regulatory risks Such risks may increase if there is concentrated exposure in issuers of lower credit rating bull The Fund may offer currency hedged share classes which involve currency hedging transactions that may in extreme cases adversely affect the Funds NAV bull The Fund may at its discretion pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital resulting in higher distributable income Thus the Fund may effectively pay dividends out of capital Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that original investment which may result in an immediate reduction of the net asset value per shareunit The distributions including amounts and frequency are not guaranteed and are subject to the discretion of the Fund Past dividends declared are not a forecast or projection of future distributions bull The Fund may for efficient portfolio management andor hedging purposes have significant exposure to financial derivatives instruments which involve risks may be different and greater than the risks presented by traditional investments These risks include market management credit liquidity operational and leverage risks The Fund will also be exposed to credit risk of the counterparties with which it trades The use of such instruments may be ineffective in adverse market situations and may incur losses bull Under extreme market conditions and circumstances investors may lose the entire principal amount originally invested Investors should not make any investment decision solely based on this document and should read the Funds offering document for details
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Nov 2015年11月
All data as of 所有資料截至 30112015
Top Ten Credit and Emerging Market Securities十大信貸及新興市場證券
Holding 持股量Brazil Notas do Tesouro Nacl 100010117 - 10125 208Turkey Govt Bond 82071316 - 111616 113Ivory Coast Govt Intl Bond 575123132 088Turkey Govt Bond 107022416 058South Africa Govt Bond 82591517 048Petroleos de Venezuela 60051624 - 111526 043FNMA Connecticut Ave 5121112524 043Columbus Intl 737533021 041Dubai Holding 60020117 041Mestenio 85010220 041
Total 合共 724
Calendar Year Returns 年度回報
-10
0
10
20
2010 2011 2012 2013 2014 2015 YTD
2010 2011 2012 2013 2014 2015 YTD年初迄今
Class A ndash USDA 股ndash美元
156 02 163 51 16 -31
Cumulative Total Returns 總累積回報
1 Year（年）
3 Year（年）
5 Year（年）
10 Year（年）
SinceInception成立迄今
Class A ndash USDA 股ndash美元
-46 50 228 831 1672
Please refer to Profile section for Inception Date of Class A ndash USD請見基金資料有關 A 股 ndash 美元的成立日Source AB calculated on an NAV-to-NAV basis in US Dollars資料來源AB以資產淨值比資產淨值及美元計算
Past performance is no guarantee of future results Total returns provided by AB include thechange in net asset value and reinvestment of any distributions paid on Portfolio shares for theperiod shown but do not reflect sales charges The information on this page is for informationpurposes only and should not be construed as an offer to sell or solicitation of an offer to buyor a recommendation for the securities of the Portfolio過往的業績不保證將來的表現AB 所提供的總回報包括期內之資產淨值變化及股息或利息之再投資但是並不反映認購費本頁資訊僅作參閱之用不應被視作銷售或誘導讀者購買或推薦本基金之證券
dagger Currency-hedged share classes use hedging techniques in an attempt to reducemdashbut noteliminatemdashfluctuations between the investorrsquos holdings in a particular currency-hedged shareclass denominated in the investorrsquos investing currency and the portfoliorsquos base currency Thegoal is to deliver returns that track the portfoliorsquos base currency returns more closely Stand-alone currency symbols represent convenience pricing which offers the ability to purchase orredeem shares using the currency indicated which is then converted into the base currency ofthe portfolio using a market rate at the time of purchase or redemption Convenience pricinginvolves no currency hedging and does not seek to provide any protection from currencyfluctuationsdagger 對沖股份類別運用對沖技術嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動其目的是達致更接近以基準貨幣計算的回報單獨的貨幣符號代表其它報價貨幣類別即可用該貨幣買入或贖回基金然後依買進或贖回時的市場匯率兌換成基金基準貨幣此類報價貨幣並無貨幣對沖亦不提供對貨幣匯率波動的保護
NAV Yield amp Dividend Information (as of 30112015)dagger
資產淨值息率及股息資料（截至 2015 年 11 月 30 日）dagger
AT BT AA amp BA share classes below intend to declare and pay dividends Dividendamountdistribution rate is not guaranteed and may be paid from capital of thePortfolio (See Important Information 5)Annualized yield is calculated with the following formula monthly dividend ofthe month x 12 ex-dividend price of the month x 100 Positive distribution yielddoes not imply positive return The historical data provided below are forinformation purposes only and do not imply prospective yields of the Portfolio
AT BT AA 及 BA 股份類別旨在提供每月派息派息並無保證及可從資本中支付(注意重要事項 5)年度化息率按以下程式計算以當月份之派息 x 12 除息價格 x 100正派息率並不表示本基金將錄得正回報以下所提供的過往數據僅作參閱之用並不代表基金未來的年息率
NAV基金淨值
Yield息率
Dividend股息 Bloomberg ISIN
Class A ndash USDA 股ndash美元 413 625 00215 ACMHYAILX LU0081336892
Class AT ndash USDAT 股ndash美元 409 625 00213 ACGHYATLX LU0156897901
Class AT ndash HKDAT 股ndash港元 3172 625 01651 ABHYHATLX LU0417103578
Class AT ndash AUD(H)AT 股ndash澳元（對沖） 1447 817 00985 ABGATAHLX LU0511405911
Class AT ndash NZD(H)AT 股ndash紐西蘭元（對沖） 1323 862 00950 AGHATNHLX LU0805983789
Class AT ndash EUR(H)AT 股ndash歐元（對沖） 1433 574 00686 ACATEUHLX LU0448041581
Class AT ndash CAD(H)AT 股ndash加元（對沖） 1300 684 00741 ABGATCHLX LU0592507361
Class AT ndash GBP(H)AT 股ndash英鎊（對沖） 1440 660 00792 ABHYATGLX LU0689626256
Class AT ndash SGD(H)AT 股ndash新加坡元（對沖） 1302 743 00806 ABGATSHLX LU0592507528
Class AA ndash USDAA 股ndash美元 1266 864 00911 ACMATAALX LU1008669860
Class AA ndash HKDAA 股ndash港元 9818 863 07061 ABGHIAALX LU1069345681
Class AA ndash AUD(H)AA 股ndash澳元（對沖） 1258 1059 01110 ACMAAUHLX LU1008670108
Class AA ndash NZD(H)AA 股ndash紐西蘭元（對沖） 1255 1103 01154 ABGHYANLX LU1069345921
Class AA ndash EUR(H)AA 股ndash歐元（對沖） 1256 812 00850 ABAEURHLX LU1069345848
Class AA ndash CAD(H)AA 股ndash加元（對沖） 1248 924 00961 ABGHYCHLX LU1069346069
Class AA ndash GBP(H)AA 股ndash英鎊（對沖） 1252 899 00938 ABAGBPHLX LU1069345764
Class AA ndash SGD(H)AA 股ndash新加坡元（對沖） 1264 984 01037 ACMAASHLX LU1035779344
Class BT ndash USDBT 股ndash美元 416 511 00177 ACMGHYPLX LU0169910741
Class BT ndash HKDBT 股ndash港元 3226 510 01372 ABHYHBTLX LU0417105516
Class BT ndash AUD(H)BT 股ndash澳元（對沖） 1443 701 00843 ABGBTAHLX LU0511406059
Class BT ndash NZD(H)BT 股ndash紐西蘭元（對沖） 1331 747 00829 AGHBTNHLX LU0805983862
Class BT ndash EUR(H)BT 股ndash歐元（對沖） 1435 459 00549 ACBTEUHLX LU0448042043
Class BT ndash CAD(H)BT 股ndash加元（對沖） 1296 568 00613 ABHIBTCLX LU0625943492
Class BT ndash GBP(H)BT 股ndash英鎊（對沖） 1444 544 00655 ABHYBTGLX LU0689625365
Class BA ndash USDBA 股ndash美元 1241 881 00911 ACMATBALX LU1008669944
Class BA ndash AUD(H)BA 股ndash澳元（對沖） 1233 1076 01106 ACMBAAHLX LU1008670280
A Fitch Fund Quality Rating provides an in-depth assessment of a fundrsquos key attributes and consistency of longer-term returns relative to its peer group andor benchmarks Ratings are as follows fromhighest to lowest Excellent Strong Satisfactory Weak Inadequate Qualifying Past performance is no guarantee of future results 惠譽基金質素評價為基金主要特點及與同業及或基準相比能否貫徹取得長遠回報提供深入評估評級由最高至最低載列如下優秀強勁滿意疲弱不足保留過往表現並非未來業績的保證Investment in the Fund entails certain risks Investment returns and principal value of the Fund will fluctuate so that an investorrsquos shares when redeemed may be worth more or less than their originalcost Dividends are not paid for all share classes and are not guaranteed The Fund is meant as a vehicle for diversification and does not represent a complete investment program Returns denominatedin a currency other than the base currency of the fund may increase or decrease as a result of foreign exchange currency fluctuationsThese and other risks are described in the Fundrsquos prospectusProspective investors should read the prospectus including risk factors carefully and discuss risk and the fundrsquos fees and charges with their financial adviser to determine if the investment is appropriatefor them投資於本基金須承擔若干風險投資於本基金的回報及本金值會有波動故投資者的股份在贖回時的價值可能高於或低於原來成本並非所有股份類別均可獲派息亦無派息保證本基金旨在作為分散投資的工具並非完整投資計劃以基金基準貨幣以外的貨幣所計價的回報可能受外匯波動有所增加或減少此等風險以及其他風險在本基金認購章程內有說明準投資者應細閱認購章程及其風險因素並與其理財顧問商討本基金的風險及各項費用以確定是否適合投資This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it Before investing investors should reviewthe fundrsquos full prospectus together with the fundrsquos Product Key Facts and the most recent financial statements Copies of these documents including the latest annual report and if issued thereafterthe latest semi-annual report may be obtained free of charge from wwwabglobalcomhk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士投資前投資者應審查基金的認購章程全文連同基金的產品資料概要以及最近期的財務報表這些文件的副本其中包括最近期的年度報告以及如果其後頒布者則為最近期的中期報告可瀏覽 wwwabglobalcomhk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取A portfolio of ACMBernstein AllianceBernstein is the trading name of this mutual investment fund (fonds commun de placement) organized under the laws of Luxembourg while its legal name isACMBernsteinACMBernstein 旗下的一個投資組合聯博(AllianceBernstein) 是根據盧森堡法律組成的本互惠投資基金(fonds commun de placement) 的營業名稱法定名稱為 ACMBernsteinThis document is issued by AllianceBernstein Hong Kong Limited (聯博香港有限公司) and has not been reviewed by the Securities and Futures Commission此文件的發行者為聯博香港有限公司 (AllianceBernstein Hong Kong Limited) 及未經證監會審閱copy2015 AllianceBernstein LP The [AB] logo is a service mark of AllianceBernstein and AllianceBernsteinreg is a registered trademark used by permission of the owner AllianceBernstein LPcopy2015 AllianceBernstein LP [AB] 標誌為 AllianceBernstein 的服務標記而 AllianceBernsteinreg為註冊商標須獲得其擁有人 AllianceBernstein LP 的批准方可使用
Performance from 301110 - 301115
Investment objectiveTo seek a medium-term capital growth by investing in a selection of securities diversified both at geographic and sector level and at least two thirds of the assets in Latin American equities and Equity-linked Instruments
MSCI EM Latin America IndexBenchmark
November 2015
Cumulative performance3 months YTD 1 year 3 years 5 years 10 years
Portfolio -649 -3021 -3703 -4506 -5539 1371Benchmark -615 -2795 -3454 -4171 -4899 1872All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Calendar year performance2010 2011 2012 2013 2014
Portfolio 1655 -2404 753 -1365 -1485Benchmark 1466 -1935 866 -1336 -1230All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Sector breakdown
Geographical breakdown
Top 10 companiesFomento Economico Mexicano 607Grupo Financiero Banorte 593Itausa-Investimentos Itau 531America Movil 496Credicorp 430Suzano Papel e Celulose 369Banco Bradesco 356JBS 337Grupo Televisa 334Embraer 332
Risk indicators (over a 3-year period)Annualised volatility 2171Tracking error 258Information ratio -065Sharpe ratio -084Source of statistical information Amundi All statistical information calculations are based on NAV
Key dataFund manager Patrice LemonnierFund size USD 27388mnNAV per unit USD 31850Class A2UFund launch date 21 Feb 1994Fund currency USDUnit class Acc DisISIN code Acc Shs LU0823046494ISIN code Dis Shs LU0823046577Subscription fee 450 maxRedemption fee NoneSwitching fee 100 maxManagement fee 185 pa maxDealing date DailyOrders executed on forward pricingBloomberg ticker AFLAAUC LX
AFLAAUD LX
All information is as of 30 November 2015unless otherwise specifiedFor more information please visit us atwwwamundicomhkg
1 This is an equity fund2 Investing in this fund may expose investors to market liquidity volatility exchange and developing countries risks as well as to risk of small and medium companies Share price and currency volatility are
generally higher in developing markets The use of financial derivative instruments for hedging and efficient portfolio management purposes may lead to exposure to credit risk of the issuer3 The investment focus of the fund might give rise to increased risk over more diversified funds4 The value of the fund can be extremely volatile and could go down substantially within a short period of time It is possible that your investment value could suffer substantial loss5 The investment decision is yours but you 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 why including how
buying it would be consistent with your investment objective
The issuer of this document is Amundi Hong Kong Limited This document and the mentioned website have not been reviewed by the Securities and Futures Commission in Hong Kong (the SFC) Investors should not only base on this document alone to make investment decisions Investment involves risk The past performance information of the market manager and investments and any forecasts on the economy stock market bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of future performance Investment returns not denominated in HKD or USD is exposed to exchange rate fluctuations The value of an investment may go down or up The offering document(s) should be read for further details including the risk factors The fund(s) may use financial derivatives instruments as part of the investment strategy and invest in securities of emerging markets or smaller companies or fixed-income securities This involves significant risks and is usually more sensitive to price movements The volatility of fund prices may be relatively increased Issuers of fixed-income securities may default on its obligation and the fund(s) will not recover its investment Additional risk factors are described in the offering document(s) Investors are advised to be aware of any new risks that may have emerged in the prevailing market circumstances before subscribing the fund(s)
This document is not intended for citizens or residents of the United States of America or to any laquoUS Personraquo as this term is defined in SEC Regulation S under the US Securities Act of 1933 and in the Prospectus of the Fund
Effective 24 June 2011 Amundi Funds Latin America Equities has changed name to Amundi Funds Equity Latin America Effective 2 March 2010 CAAM Funds Latin America Equities has changed name to Amundi Funds Latin America Equities
Changes that may impact Fund performance Effective 12 February 2013 holdings of Hong Kong sharesholders in the AU Class of the Fund were automatically converted into share class A2U which replicated the fee and costs structure applied in AU Class at that time Prior to 12 February 2013 the performance of A2U share class of Amundi Funds Equity Latin America is that of AU share class of the Sub-Fund The AU share class is not authorized by the Commission in Hong Kong and not available to the public of Hong Kong Effective 24 June 2011 SGAM FundEquities Latin America (not a SFC authorised fund and not available to the public of Hong Kong) was merged into Amundi Funds Latin America Equities (renamed to Amundi Funds Equity Latin America as from 24 June 2011) Prior to 24 June 2011 the performance of the Sub-fund is that of Amundi Funds Latin America
Equity Latin AmericaAmundi Funds
Morningstar Overall RatingMorningstar Overall Rating 5Morningstar Overall Rating
Baring Eastern Europe Fund
As of 30112015
The Fund may subject to the risk of substantial capital losses arising from investment in emerging markets which may involve higher liquidity volatility currency political and regulatory risks than developed markets
The Fund may invest in derivatives for investment purposes which may expose the Fund to higher counterparty liquidity and volatility risks Such Investments may result in higher volatility or a significant loss in the Fundrsquos assets within a short period of time
Dividends may be paid out of capital gains at the discretion of the Managers which would effectively represent paying dividend out of capital This amounts to a return or withdrawal of part of an investorrsquos original investment or any capital gains attributable to that original investment Payment of dividends may result in an immediate reduction of the net asset value of the Fund
Investment ObjectivesInvestment Objectives 1Investment ObjectivesThe investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets
Fund DetailsFund Details 2Fund DetailsFund ManagerFund Manager Fund Manager Ghadir Abu Leil-CooperFund SizeFund Size Fund Size US$9122 MnFund Inception DateFund Inception Date Fund Inception Date 30091996Base CurrencyBase Currency Base Currency USDNAV PriceNAV Price NAV Price US$6379No of InvestmentsNo of Investments No of Investments 49Historic YieldHistoric Yield 3Historic Yield 18Modified Duration (Yrs)Modified Duration (Yrs) Modified Duration (Yrs) NAUnit AvailableUnit Available Unit Available IncomeAccumulationShare Class AvailableShare Class Available Share Class Available Class A Inc (USD EUR GBP) Class A
Acc (USD)UmbrellaUmbrella Umbrella Baring Global Umbrella FundMin investmentMin investment Min investment US$5000 euro3500 pound2500Initial chargeInitial charge Initial charge 500Management feeManagement fee Management fee 150 paEx Dividend DateEx Dividend Date Ex Dividend Date 1 MayDividend Paid ByDividend Paid By Dividend Paid By 30 JunBenchmark IndexBenchmark Index 6Benchmark Index MSCI Emerging Europe 1040 Index
Total Net Return
FundBenchmarkBenchmark 6Benchmark
Standard Deviation +212 +198
Alpha +19 -
Beta +10 -
Sharpe Ratio -06 -07
Tracking Error (Ex Post) +59 -
Fund Award NA
All fund information listed above relates to Class A - USD Inc
PerformancePerformance 4Performance (Cash Value of US$1000)
Benchmark IndexBenchmark Index 6Benchmark Index
Baring Eastern Europe Fund Class A - USD Inc
Cumulative PerformanceCumulative Performance 4Cumulative Performance
1-YrYTD 3-Yr 5-Yr 3-Yr pa 5-Yr pa
Class A - USD Inc -98-118-402-314-168-18BenchmarkBenchmark 6Benchmark -86-131-360-344-229-87
Calendar Year PerformanceCalendar Year Performance 4Calendar Year Performance
20132014 2012 2011 2010
Class A - USD Inc -337 -16 +251 -303 +109BenchmarkBenchmark 6Benchmark -295 -44 +274 -245 +180
Geographical AllocationGeographical Allocation 2Geographical Allocation
Sector AllocationSector Allocation 2Sector Allocation
Top InvestmentsTop Investments 2Top Investments
Country Sector
NA RussiaFinancialsSberbank
NA RussiaEnergyLukoil Oil Company
NA RussiaConsumer StaplesMagnit PJSC
NA RussiaEnergyNovaTek OAO
NA PolandFinancialsPZU Group SA
NA RussiaInformation TechnologyMailru Group
NA RussiaEnergyGazprom
NA TurkeyFinancialsAkbank TAS
NA HungaryFinancialsOTP Bank
NA RussiaInformation TechnologyYandex NV Class A
Fund Code Class A - USD Inc Class A - EUR Inc Class A - GBP Inc
IE0004852103IE0000805634ISIN IE00B4VQT291
BRGESEE IDBRGESEI IDBloomberg BREGEAB ID
6001305960000667Lipper 68029213
Cumulative Performance ()4
+128-18YTD +21
-18-1681-Yr -129
-157-3143-Yr -266
-263-4025-Yr -381
-55-1183-Yr pa -98
-59-985-Yr pa -92
Calendar Year Performance ()4
-249-3372014 -298
-58-162013 -38
+227+2512012 +196
-279-3032011 -300
+193+1092010 +155
NotesA full copy of the investment objective can be obtained from the Manager1
Unless otherwise stated all fund portfolio figures within this factsheet are as at the end of the month shown at the top of front page Country allocation is based on the classification of FTSE Eastern Europe Index Performance characteristics are based on US$ returns over a 3 year period Source Barings Northern Trust
2
The Historic Yield applies to Class A - USD It reflects distributions declared over the past twelve months as a percentage of the mid-market unit price as at the end of the month shown at the top of front page It does not include any preliminary charge and investors may be subject to tax on distributions A positive yield does not imply a positive return of the Fund Yields are not guaranteed
3
Performance Source ndash copy 2015 Morningstar Inc All Rights Reserved Data as at 30112015 investment return in denominated currency of the respective share class on a NAV per unit basis with gross income reinvested USHK dollar-based investors are therefore exposed to foreign exchange fluctuations Please note that the use of a benchmark index is for comparative purposes only The information contained herein (i) is proprietary to Morningstar andor its content providers (ii) may not be copied or distributed and (iii) is not warranted to be accurate complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information Past performance is no guarantee of future results
4
Morningstar overall rating as of 30112015 (Emerging Europe Equity Category)5
The benchmark was the Customised FTSE Eastern Europe Index from 1 January 2002 Then the benchmark became MSCI Emerging Europe 1040 Total Net Dividends Return from 1 May 2008
6
Important InformationPast performance is not a guide to future performance Investors should not only base on this material alone to make investment decisions Investment involves risks Please refer to the offering documents for the details of the Fund and all the risk factors
This document is issued by Baring Asset Management (Asia) Limited This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only Before investing in any product we recommend that recipients who are not professional investors contact their financial adviser
All relevant documents relating to the product such as reports and accounts and offering documents (which specify the particular risks associated with the product together with any specific restrictions applying and the basis of dealing) should be read The information in this document does not constitute investment tax legal or other advice or recommendation or an offer to sell or an invitation to apply for any product or service of Baring Asset Management
This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Baring Asset Management (Asia) Limited19F Edinburgh Tower15 Queens Road CentralHong Kong
CONTACT US +852 2841 1411
Calls may be recorded and monitored
wwwbaringscom
Investment Objective^
This Sub-Fund invests in a diversified portfolio consisting primarily of fixed incomedebt securities issued by Asian Entities or their subsidiaries This Sub-Fundrsquos portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed incomedebt securities that are rated as well as unrated
Performance Chart
60
90
120
150
Eastspring Investments - Asian Local Bond FundHSBC Asian Local Bond with Government and Corporate Bonds Custom index
Pric
e In
dexe
d
Sep-07 Feb-10 Aug-12 Feb-15 Nov-15
Performancer
Cumulative performance ()
1 mth 6 mths 1 yr 3 yrs 5 yrs Since Inception
Class A -09 -50 -60 -92 34 237
Class ADM -09 -50 -60 -92 34 245
Class AH -09 -50 -60 -90 - -31
Benchmark -10 -41 -50 -74 69 330
Calendar year performance ()
10 11 12 13 14 YTD
Class A 139 33 95 -86 43 -51
Class ADM 139 33 95 -86 43 -51
Class AH - -20^ 92 -86 44 -52
Benchmark 130 48 90 -73 41 -43^Since launch to year-end
FUND DETAILS
Subscription Method Cash
Benchmark HSBC Asian Local Bond with Government and Corporate Bonds Custom index
Min Initial Investment Class A USD 500
Min Subsequent Investment
Class A USD 50
Share Classt Class A Class ADM
Class AH
Share Class Inception Date Class A 05092007
Share Class Currency Class A USD
Fund Size USD 20296 M
Fund Dealing Frequency Daily
FUND FEES amp CHARGES
Initial Subscription Charge Max 3
Annual Management Fee Max 125
Annual Administration Fee Max 025
NET ASSET VALUE
Month End Class A USD 12367
CODES
Bloomberg Ticker Class A IOFALBU LX
ISIN Class A LU0315179829
Eastspring Investments - Asian Local Bond Fund
December 2015All data as at 30 November 2015 unless otherwise stated
bull The Fund invests in bonds which are subject to interest rate fluctuations liquidity and credit risks such as downgrade risk and the risk of issuer default The Fund may invest in non-investment gradehigh yieldnon-rated corporate and sovereign bonds which are more susceptible to credit risk bull The Fund may have greater exposure to bonds issued or guaranteed by non-investment grade countries and hence subject to higher credit default and concentration risks If any sovereign issuer defaults the Fund may suffer significant losses bull The Fund may invest substantially in bonds issued by emerging markets and hence subject to greater political tax economic foreign exchange liquidity volatility concentration and regulatory risks Such risks may increase if there is concentrated exposure in issuers of lower credit rating bull The Fund may offer currency hedged share classes which involve currency hedging transactions that may in extreme cases adversely affect the Funds NAV bull The Fund may at its discretion pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital resulting in higher distributable income Thus the Fund may effectively pay dividends out of capital Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that original investment which may result in an immediate reduction of the net asset value per shareunit The distributions including amounts and frequency are not guaranteed and are subject to the discretion of the Fund Past dividends declared are not a forecast or projection of future distributions bull The Fund may for efficient portfolio management andor hedging purposes have significant exposure to financial derivatives instruments which involve risks may be different and greater than the risks presented by traditional investments These risks include market management credit liquidity operational and leverage risks The Fund will also be exposed to credit risk of the counterparties with which it trades The use of such instruments may be ineffective in adverse market situations and may incur losses bull Under extreme market conditions and circumstances investors may lose the entire principal amount originally invested Investors should not make any investment decision solely based on this document and should read the Funds offering document for details
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Performance from 301110 - 301115
Investment objectiveTo seek a medium-term capital growth by investing in a selection of securities diversified both at geographic and sector level and at least two thirds of the assets in Latin American equities and Equity-linked Instruments
MSCI EM Latin America IndexBenchmark
November 2015
Cumulative performance3 months YTD 1 year 3 years 5 years 10 years
Portfolio -649 -3021 -3703 -4506 -5539 1371Benchmark -615 -2795 -3454 -4171 -4899 1872All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Calendar year performance2010 2011 2012 2013 2014
Portfolio 1655 -2404 753 -1365 -1485Benchmark 1466 -1935 866 -1336 -1230All performance figures are calculated in USD based on NAV to NAV with dividend reinvested
Sector breakdown
Geographical breakdown
Top 10 companiesFomento Economico Mexicano 607Grupo Financiero Banorte 593Itausa-Investimentos Itau 531America Movil 496Credicorp 430Suzano Papel e Celulose 369Banco Bradesco 356JBS 337Grupo Televisa 334Embraer 332
Risk indicators (over a 3-year period)Annualised volatility 2171Tracking error 258Information ratio -065Sharpe ratio -084Source of statistical information Amundi All statistical information calculations are based on NAV
Key dataFund manager Patrice LemonnierFund size USD 27388mnNAV per unit USD 31850Class A2UFund launch date 21 Feb 1994Fund currency USDUnit class Acc DisISIN code Acc Shs LU0823046494ISIN code Dis Shs LU0823046577Subscription fee 450 maxRedemption fee NoneSwitching fee 100 maxManagement fee 185 pa maxDealing date DailyOrders executed on forward pricingBloomberg ticker AFLAAUC LX
AFLAAUD LX
All information is as of 30 November 2015unless otherwise specifiedFor more information please visit us atwwwamundicomhkg
1 This is an equity fund2 Investing in this fund may expose investors to market liquidity volatility exchange and developing countries risks as well as to risk of small and medium companies Share price and currency volatility are
generally higher in developing markets The use of financial derivative instruments for hedging and efficient portfolio management purposes may lead to exposure to credit risk of the issuer3 The investment focus of the fund might give rise to increased risk over more diversified funds4 The value of the fund can be extremely volatile and could go down substantially within a short period of time It is possible that your investment value could suffer substantial loss5 The investment decision is yours but you 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 why including how
buying it would be consistent with your investment objective
The issuer of this document is Amundi Hong Kong Limited This document and the mentioned website have not been reviewed by the Securities and Futures Commission in Hong Kong (the SFC) Investors should not only base on this document alone to make investment decisions Investment involves risk The past performance information of the market manager and investments and any forecasts on the economy stock market bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of future performance Investment returns not denominated in HKD or USD is exposed to exchange rate fluctuations The value of an investment may go down or up The offering document(s) should be read for further details including the risk factors The fund(s) may use financial derivatives instruments as part of the investment strategy and invest in securities of emerging markets or smaller companies or fixed-income securities This involves significant risks and is usually more sensitive to price movements The volatility of fund prices may be relatively increased Issuers of fixed-income securities may default on its obligation and the fund(s) will not recover its investment Additional risk factors are described in the offering document(s) Investors are advised to be aware of any new risks that may have emerged in the prevailing market circumstances before subscribing the fund(s)
This document is not intended for citizens or residents of the United States of America or to any laquoUS Personraquo as this term is defined in SEC Regulation S under the US Securities Act of 1933 and in the Prospectus of the Fund
Effective 24 June 2011 Amundi Funds Latin America Equities has changed name to Amundi Funds Equity Latin America Effective 2 March 2010 CAAM Funds Latin America Equities has changed name to Amundi Funds Latin America Equities
Changes that may impact Fund performance Effective 12 February 2013 holdings of Hong Kong sharesholders in the AU Class of the Fund were automatically converted into share class A2U which replicated the fee and costs structure applied in AU Class at that time Prior to 12 February 2013 the performance of A2U share class of Amundi Funds Equity Latin America is that of AU share class of the Sub-Fund The AU share class is not authorized by the Commission in Hong Kong and not available to the public of Hong Kong Effective 24 June 2011 SGAM FundEquities Latin America (not a SFC authorised fund and not available to the public of Hong Kong) was merged into Amundi Funds Latin America Equities (renamed to Amundi Funds Equity Latin America as from 24 June 2011) Prior to 24 June 2011 the performance of the Sub-fund is that of Amundi Funds Latin America
Equity Latin AmericaAmundi Funds
Morningstar Overall RatingMorningstar Overall Rating 5Morningstar Overall Rating
Baring Eastern Europe Fund
As of 30112015
The Fund may subject to the risk of substantial capital losses arising from investment in emerging markets which may involve higher liquidity volatility currency political and regulatory risks than developed markets
The Fund may invest in derivatives for investment purposes which may expose the Fund to higher counterparty liquidity and volatility risks Such Investments may result in higher volatility or a significant loss in the Fundrsquos assets within a short period of time
Dividends may be paid out of capital gains at the discretion of the Managers which would effectively represent paying dividend out of capital This amounts to a return or withdrawal of part of an investorrsquos original investment or any capital gains attributable to that original investment Payment of dividends may result in an immediate reduction of the net asset value of the Fund
Investment ObjectivesInvestment Objectives 1Investment ObjectivesThe investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets
Fund DetailsFund Details 2Fund DetailsFund ManagerFund Manager Fund Manager Ghadir Abu Leil-CooperFund SizeFund Size Fund Size US$9122 MnFund Inception DateFund Inception Date Fund Inception Date 30091996Base CurrencyBase Currency Base Currency USDNAV PriceNAV Price NAV Price US$6379No of InvestmentsNo of Investments No of Investments 49Historic YieldHistoric Yield 3Historic Yield 18Modified Duration (Yrs)Modified Duration (Yrs) Modified Duration (Yrs) NAUnit AvailableUnit Available Unit Available IncomeAccumulationShare Class AvailableShare Class Available Share Class Available Class A Inc (USD EUR GBP) Class A
Acc (USD)UmbrellaUmbrella Umbrella Baring Global Umbrella FundMin investmentMin investment Min investment US$5000 euro3500 pound2500Initial chargeInitial charge Initial charge 500Management feeManagement fee Management fee 150 paEx Dividend DateEx Dividend Date Ex Dividend Date 1 MayDividend Paid ByDividend Paid By Dividend Paid By 30 JunBenchmark IndexBenchmark Index 6Benchmark Index MSCI Emerging Europe 1040 Index
Total Net Return
FundBenchmarkBenchmark 6Benchmark
Standard Deviation +212 +198
Alpha +19 -
Beta +10 -
Sharpe Ratio -06 -07
Tracking Error (Ex Post) +59 -
Fund Award NA
All fund information listed above relates to Class A - USD Inc
PerformancePerformance 4Performance (Cash Value of US$1000)
Benchmark IndexBenchmark Index 6Benchmark Index
Baring Eastern Europe Fund Class A - USD Inc
Cumulative PerformanceCumulative Performance 4Cumulative Performance
1-YrYTD 3-Yr 5-Yr 3-Yr pa 5-Yr pa
Class A - USD Inc -98-118-402-314-168-18BenchmarkBenchmark 6Benchmark -86-131-360-344-229-87
Calendar Year PerformanceCalendar Year Performance 4Calendar Year Performance
20132014 2012 2011 2010
Class A - USD Inc -337 -16 +251 -303 +109BenchmarkBenchmark 6Benchmark -295 -44 +274 -245 +180
Geographical AllocationGeographical Allocation 2Geographical Allocation
Sector AllocationSector Allocation 2Sector Allocation
Top InvestmentsTop Investments 2Top Investments
Country Sector
NA RussiaFinancialsSberbank
NA RussiaEnergyLukoil Oil Company
NA RussiaConsumer StaplesMagnit PJSC
NA RussiaEnergyNovaTek OAO
NA PolandFinancialsPZU Group SA
NA RussiaInformation TechnologyMailru Group
NA RussiaEnergyGazprom
NA TurkeyFinancialsAkbank TAS
NA HungaryFinancialsOTP Bank
NA RussiaInformation TechnologyYandex NV Class A
Fund Code Class A - USD Inc Class A - EUR Inc Class A - GBP Inc
IE0004852103IE0000805634ISIN IE00B4VQT291
BRGESEE IDBRGESEI IDBloomberg BREGEAB ID
6001305960000667Lipper 68029213
Cumulative Performance ()4
+128-18YTD +21
-18-1681-Yr -129
-157-3143-Yr -266
-263-4025-Yr -381
-55-1183-Yr pa -98
-59-985-Yr pa -92
Calendar Year Performance ()4
-249-3372014 -298
-58-162013 -38
+227+2512012 +196
-279-3032011 -300
+193+1092010 +155
NotesA full copy of the investment objective can be obtained from the Manager1
Unless otherwise stated all fund portfolio figures within this factsheet are as at the end of the month shown at the top of front page Country allocation is based on the classification of FTSE Eastern Europe Index Performance characteristics are based on US$ returns over a 3 year period Source Barings Northern Trust
2
The Historic Yield applies to Class A - USD It reflects distributions declared over the past twelve months as a percentage of the mid-market unit price as at the end of the month shown at the top of front page It does not include any preliminary charge and investors may be subject to tax on distributions A positive yield does not imply a positive return of the Fund Yields are not guaranteed
3
Performance Source ndash copy 2015 Morningstar Inc All Rights Reserved Data as at 30112015 investment return in denominated currency of the respective share class on a NAV per unit basis with gross income reinvested USHK dollar-based investors are therefore exposed to foreign exchange fluctuations Please note that the use of a benchmark index is for comparative purposes only The information contained herein (i) is proprietary to Morningstar andor its content providers (ii) may not be copied or distributed and (iii) is not warranted to be accurate complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information Past performance is no guarantee of future results
4
Morningstar overall rating as of 30112015 (Emerging Europe Equity Category)5
The benchmark was the Customised FTSE Eastern Europe Index from 1 January 2002 Then the benchmark became MSCI Emerging Europe 1040 Total Net Dividends Return from 1 May 2008
6
Important InformationPast performance is not a guide to future performance Investors should not only base on this material alone to make investment decisions Investment involves risks Please refer to the offering documents for the details of the Fund and all the risk factors
This document is issued by Baring Asset Management (Asia) Limited This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only Before investing in any product we recommend that recipients who are not professional investors contact their financial adviser
All relevant documents relating to the product such as reports and accounts and offering documents (which specify the particular risks associated with the product together with any specific restrictions applying and the basis of dealing) should be read The information in this document does not constitute investment tax legal or other advice or recommendation or an offer to sell or an invitation to apply for any product or service of Baring Asset Management
This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Baring Asset Management (Asia) Limited19F Edinburgh Tower15 Queens Road CentralHong Kong
CONTACT US +852 2841 1411
Calls may be recorded and monitored
wwwbaringscom
Investment Objective^
This Sub-Fund invests in a diversified portfolio consisting primarily of fixed incomedebt securities issued by Asian Entities or their subsidiaries This Sub-Fundrsquos portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed incomedebt securities that are rated as well as unrated
Performance Chart
60
90
120
150
Eastspring Investments - Asian Local Bond FundHSBC Asian Local Bond with Government and Corporate Bonds Custom index
Pric
e In
dexe
d
Sep-07 Feb-10 Aug-12 Feb-15 Nov-15
Performancer
Cumulative performance ()
1 mth 6 mths 1 yr 3 yrs 5 yrs Since Inception
Class A -09 -50 -60 -92 34 237
Class ADM -09 -50 -60 -92 34 245
Class AH -09 -50 -60 -90 - -31
Benchmark -10 -41 -50 -74 69 330
Calendar year performance ()
10 11 12 13 14 YTD
Class A 139 33 95 -86 43 -51
Class ADM 139 33 95 -86 43 -51
Class AH - -20^ 92 -86 44 -52
Benchmark 130 48 90 -73 41 -43^Since launch to year-end
FUND DETAILS
Subscription Method Cash
Benchmark HSBC Asian Local Bond with Government and Corporate Bonds Custom index
Min Initial Investment Class A USD 500
Min Subsequent Investment
Class A USD 50
Share Classt Class A Class ADM
Class AH
Share Class Inception Date Class A 05092007
Share Class Currency Class A USD
Fund Size USD 20296 M
Fund Dealing Frequency Daily
FUND FEES amp CHARGES
Initial Subscription Charge Max 3
Annual Management Fee Max 125
Annual Administration Fee Max 025
NET ASSET VALUE
Month End Class A USD 12367
CODES
Bloomberg Ticker Class A IOFALBU LX
ISIN Class A LU0315179829
Eastspring Investments - Asian Local Bond Fund
December 2015All data as at 30 November 2015 unless otherwise stated
bull The Fund invests in bonds which are subject to interest rate fluctuations liquidity and credit risks such as downgrade risk and the risk of issuer default The Fund may invest in non-investment gradehigh yieldnon-rated corporate and sovereign bonds which are more susceptible to credit risk bull The Fund may have greater exposure to bonds issued or guaranteed by non-investment grade countries and hence subject to higher credit default and concentration risks If any sovereign issuer defaults the Fund may suffer significant losses bull The Fund may invest substantially in bonds issued by emerging markets and hence subject to greater political tax economic foreign exchange liquidity volatility concentration and regulatory risks Such risks may increase if there is concentrated exposure in issuers of lower credit rating bull The Fund may offer currency hedged share classes which involve currency hedging transactions that may in extreme cases adversely affect the Funds NAV bull The Fund may at its discretion pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital resulting in higher distributable income Thus the Fund may effectively pay dividends out of capital Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that original investment which may result in an immediate reduction of the net asset value per shareunit The distributions including amounts and frequency are not guaranteed and are subject to the discretion of the Fund Past dividends declared are not a forecast or projection of future distributions bull The Fund may for efficient portfolio management andor hedging purposes have significant exposure to financial derivatives instruments which involve risks may be different and greater than the risks presented by traditional investments These risks include market management credit liquidity operational and leverage risks The Fund will also be exposed to credit risk of the counterparties with which it trades The use of such instruments may be ineffective in adverse market situations and may incur losses bull Under extreme market conditions and circumstances investors may lose the entire principal amount originally invested Investors should not make any investment decision solely based on this document and should read the Funds offering document for details
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Morningstar Overall RatingMorningstar Overall Rating 5Morningstar Overall Rating
Baring Eastern Europe Fund
As of 30112015
The Fund may subject to the risk of substantial capital losses arising from investment in emerging markets which may involve higher liquidity volatility currency political and regulatory risks than developed markets
The Fund may invest in derivatives for investment purposes which may expose the Fund to higher counterparty liquidity and volatility risks Such Investments may result in higher volatility or a significant loss in the Fundrsquos assets within a short period of time
Dividends may be paid out of capital gains at the discretion of the Managers which would effectively represent paying dividend out of capital This amounts to a return or withdrawal of part of an investorrsquos original investment or any capital gains attributable to that original investment Payment of dividends may result in an immediate reduction of the net asset value of the Fund
Investment ObjectivesInvestment Objectives 1Investment ObjectivesThe investment objective of the Fund is to achieve long-term capital appreciation through investment in a diversified portfolio of securities of issuers located in or with a significant exposure to the emerging markets of Europe Investors should be aware of the additional risks associated with funds which invest in emerging and developing markets
Fund DetailsFund Details 2Fund DetailsFund ManagerFund Manager Fund Manager Ghadir Abu Leil-CooperFund SizeFund Size Fund Size US$9122 MnFund Inception DateFund Inception Date Fund Inception Date 30091996Base CurrencyBase Currency Base Currency USDNAV PriceNAV Price NAV Price US$6379No of InvestmentsNo of Investments No of Investments 49Historic YieldHistoric Yield 3Historic Yield 18Modified Duration (Yrs)Modified Duration (Yrs) Modified Duration (Yrs) NAUnit AvailableUnit Available Unit Available IncomeAccumulationShare Class AvailableShare Class Available Share Class Available Class A Inc (USD EUR GBP) Class A
Acc (USD)UmbrellaUmbrella Umbrella Baring Global Umbrella FundMin investmentMin investment Min investment US$5000 euro3500 pound2500Initial chargeInitial charge Initial charge 500Management feeManagement fee Management fee 150 paEx Dividend DateEx Dividend Date Ex Dividend Date 1 MayDividend Paid ByDividend Paid By Dividend Paid By 30 JunBenchmark IndexBenchmark Index 6Benchmark Index MSCI Emerging Europe 1040 Index
Total Net Return
FundBenchmarkBenchmark 6Benchmark
Standard Deviation +212 +198
Alpha +19 -
Beta +10 -
Sharpe Ratio -06 -07
Tracking Error (Ex Post) +59 -
Fund Award NA
All fund information listed above relates to Class A - USD Inc
PerformancePerformance 4Performance (Cash Value of US$1000)
Benchmark IndexBenchmark Index 6Benchmark Index
Baring Eastern Europe Fund Class A - USD Inc
Cumulative PerformanceCumulative Performance 4Cumulative Performance
1-YrYTD 3-Yr 5-Yr 3-Yr pa 5-Yr pa
Class A - USD Inc -98-118-402-314-168-18BenchmarkBenchmark 6Benchmark -86-131-360-344-229-87
Calendar Year PerformanceCalendar Year Performance 4Calendar Year Performance
20132014 2012 2011 2010
Class A - USD Inc -337 -16 +251 -303 +109BenchmarkBenchmark 6Benchmark -295 -44 +274 -245 +180
Geographical AllocationGeographical Allocation 2Geographical Allocation
Sector AllocationSector Allocation 2Sector Allocation
Top InvestmentsTop Investments 2Top Investments
Country Sector
NA RussiaFinancialsSberbank
NA RussiaEnergyLukoil Oil Company
NA RussiaConsumer StaplesMagnit PJSC
NA RussiaEnergyNovaTek OAO
NA PolandFinancialsPZU Group SA
NA RussiaInformation TechnologyMailru Group
NA RussiaEnergyGazprom
NA TurkeyFinancialsAkbank TAS
NA HungaryFinancialsOTP Bank
NA RussiaInformation TechnologyYandex NV Class A
Fund Code Class A - USD Inc Class A - EUR Inc Class A - GBP Inc
IE0004852103IE0000805634ISIN IE00B4VQT291
BRGESEE IDBRGESEI IDBloomberg BREGEAB ID
6001305960000667Lipper 68029213
Cumulative Performance ()4
+128-18YTD +21
-18-1681-Yr -129
-157-3143-Yr -266
-263-4025-Yr -381
-55-1183-Yr pa -98
-59-985-Yr pa -92
Calendar Year Performance ()4
-249-3372014 -298
-58-162013 -38
+227+2512012 +196
-279-3032011 -300
+193+1092010 +155
NotesA full copy of the investment objective can be obtained from the Manager1
Unless otherwise stated all fund portfolio figures within this factsheet are as at the end of the month shown at the top of front page Country allocation is based on the classification of FTSE Eastern Europe Index Performance characteristics are based on US$ returns over a 3 year period Source Barings Northern Trust
2
The Historic Yield applies to Class A - USD It reflects distributions declared over the past twelve months as a percentage of the mid-market unit price as at the end of the month shown at the top of front page It does not include any preliminary charge and investors may be subject to tax on distributions A positive yield does not imply a positive return of the Fund Yields are not guaranteed
3
Performance Source ndash copy 2015 Morningstar Inc All Rights Reserved Data as at 30112015 investment return in denominated currency of the respective share class on a NAV per unit basis with gross income reinvested USHK dollar-based investors are therefore exposed to foreign exchange fluctuations Please note that the use of a benchmark index is for comparative purposes only The information contained herein (i) is proprietary to Morningstar andor its content providers (ii) may not be copied or distributed and (iii) is not warranted to be accurate complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information Past performance is no guarantee of future results
4
Morningstar overall rating as of 30112015 (Emerging Europe Equity Category)5
The benchmark was the Customised FTSE Eastern Europe Index from 1 January 2002 Then the benchmark became MSCI Emerging Europe 1040 Total Net Dividends Return from 1 May 2008
6
Important InformationPast performance is not a guide to future performance Investors should not only base on this material alone to make investment decisions Investment involves risks Please refer to the offering documents for the details of the Fund and all the risk factors
This document is issued by Baring Asset Management (Asia) Limited This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only Before investing in any product we recommend that recipients who are not professional investors contact their financial adviser
All relevant documents relating to the product such as reports and accounts and offering documents (which specify the particular risks associated with the product together with any specific restrictions applying and the basis of dealing) should be read The information in this document does not constitute investment tax legal or other advice or recommendation or an offer to sell or an invitation to apply for any product or service of Baring Asset Management
This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Baring Asset Management (Asia) Limited19F Edinburgh Tower15 Queens Road CentralHong Kong
CONTACT US +852 2841 1411
Calls may be recorded and monitored
wwwbaringscom
Investment Objective^
This Sub-Fund invests in a diversified portfolio consisting primarily of fixed incomedebt securities issued by Asian Entities or their subsidiaries This Sub-Fundrsquos portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed incomedebt securities that are rated as well as unrated
Performance Chart
60
90
120
150
Eastspring Investments - Asian Local Bond FundHSBC Asian Local Bond with Government and Corporate Bonds Custom index
Pric
e In
dexe
d
Sep-07 Feb-10 Aug-12 Feb-15 Nov-15
Performancer
Cumulative performance ()
1 mth 6 mths 1 yr 3 yrs 5 yrs Since Inception
Class A -09 -50 -60 -92 34 237
Class ADM -09 -50 -60 -92 34 245
Class AH -09 -50 -60 -90 - -31
Benchmark -10 -41 -50 -74 69 330
Calendar year performance ()
10 11 12 13 14 YTD
Class A 139 33 95 -86 43 -51
Class ADM 139 33 95 -86 43 -51
Class AH - -20^ 92 -86 44 -52
Benchmark 130 48 90 -73 41 -43^Since launch to year-end
FUND DETAILS
Subscription Method Cash
Benchmark HSBC Asian Local Bond with Government and Corporate Bonds Custom index
Min Initial Investment Class A USD 500
Min Subsequent Investment
Class A USD 50
Share Classt Class A Class ADM
Class AH
Share Class Inception Date Class A 05092007
Share Class Currency Class A USD
Fund Size USD 20296 M
Fund Dealing Frequency Daily
FUND FEES amp CHARGES
Initial Subscription Charge Max 3
Annual Management Fee Max 125
Annual Administration Fee Max 025
NET ASSET VALUE
Month End Class A USD 12367
CODES
Bloomberg Ticker Class A IOFALBU LX
ISIN Class A LU0315179829
Eastspring Investments - Asian Local Bond Fund
December 2015All data as at 30 November 2015 unless otherwise stated
bull The Fund invests in bonds which are subject to interest rate fluctuations liquidity and credit risks such as downgrade risk and the risk of issuer default The Fund may invest in non-investment gradehigh yieldnon-rated corporate and sovereign bonds which are more susceptible to credit risk bull The Fund may have greater exposure to bonds issued or guaranteed by non-investment grade countries and hence subject to higher credit default and concentration risks If any sovereign issuer defaults the Fund may suffer significant losses bull The Fund may invest substantially in bonds issued by emerging markets and hence subject to greater political tax economic foreign exchange liquidity volatility concentration and regulatory risks Such risks may increase if there is concentrated exposure in issuers of lower credit rating bull The Fund may offer currency hedged share classes which involve currency hedging transactions that may in extreme cases adversely affect the Funds NAV bull The Fund may at its discretion pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital resulting in higher distributable income Thus the Fund may effectively pay dividends out of capital Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that original investment which may result in an immediate reduction of the net asset value per shareunit The distributions including amounts and frequency are not guaranteed and are subject to the discretion of the Fund Past dividends declared are not a forecast or projection of future distributions bull The Fund may for efficient portfolio management andor hedging purposes have significant exposure to financial derivatives instruments which involve risks may be different and greater than the risks presented by traditional investments These risks include market management credit liquidity operational and leverage risks The Fund will also be exposed to credit risk of the counterparties with which it trades The use of such instruments may be ineffective in adverse market situations and may incur losses bull Under extreme market conditions and circumstances investors may lose the entire principal amount originally invested Investors should not make any investment decision solely based on this document and should read the Funds offering document for details
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Fund Code Class A - USD Inc Class A - EUR Inc Class A - GBP Inc
IE0004852103IE0000805634ISIN IE00B4VQT291
BRGESEE IDBRGESEI IDBloomberg BREGEAB ID
6001305960000667Lipper 68029213
Cumulative Performance ()4
+128-18YTD +21
-18-1681-Yr -129
-157-3143-Yr -266
-263-4025-Yr -381
-55-1183-Yr pa -98
-59-985-Yr pa -92
Calendar Year Performance ()4
-249-3372014 -298
-58-162013 -38
+227+2512012 +196
-279-3032011 -300
+193+1092010 +155
NotesA full copy of the investment objective can be obtained from the Manager1
Unless otherwise stated all fund portfolio figures within this factsheet are as at the end of the month shown at the top of front page Country allocation is based on the classification of FTSE Eastern Europe Index Performance characteristics are based on US$ returns over a 3 year period Source Barings Northern Trust
2
The Historic Yield applies to Class A - USD It reflects distributions declared over the past twelve months as a percentage of the mid-market unit price as at the end of the month shown at the top of front page It does not include any preliminary charge and investors may be subject to tax on distributions A positive yield does not imply a positive return of the Fund Yields are not guaranteed
3
Performance Source ndash copy 2015 Morningstar Inc All Rights Reserved Data as at 30112015 investment return in denominated currency of the respective share class on a NAV per unit basis with gross income reinvested USHK dollar-based investors are therefore exposed to foreign exchange fluctuations Please note that the use of a benchmark index is for comparative purposes only The information contained herein (i) is proprietary to Morningstar andor its content providers (ii) may not be copied or distributed and (iii) is not warranted to be accurate complete or timely Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information Past performance is no guarantee of future results
4
Morningstar overall rating as of 30112015 (Emerging Europe Equity Category)5
The benchmark was the Customised FTSE Eastern Europe Index from 1 January 2002 Then the benchmark became MSCI Emerging Europe 1040 Total Net Dividends Return from 1 May 2008
6
Important InformationPast performance is not a guide to future performance Investors should not only base on this material alone to make investment decisions Investment involves risks Please refer to the offering documents for the details of the Fund and all the risk factors
This document is issued by Baring Asset Management (Asia) Limited This is not an offer to sell or an invitation to apply for any product or service of Baring Asset Management and is by way of information only Before investing in any product we recommend that recipients who are not professional investors contact their financial adviser
All relevant documents relating to the product such as reports and accounts and offering documents (which specify the particular risks associated with the product together with any specific restrictions applying and the basis of dealing) should be read The information in this document does not constitute investment tax legal or other advice or recommendation or an offer to sell or an invitation to apply for any product or service of Baring Asset Management
This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Baring Asset Management (Asia) Limited19F Edinburgh Tower15 Queens Road CentralHong Kong
CONTACT US +852 2841 1411
Calls may be recorded and monitored
wwwbaringscom
Investment Objective^
This Sub-Fund invests in a diversified portfolio consisting primarily of fixed incomedebt securities issued by Asian Entities or their subsidiaries This Sub-Fundrsquos portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed incomedebt securities that are rated as well as unrated
Performance Chart
60
90
120
150
Eastspring Investments - Asian Local Bond FundHSBC Asian Local Bond with Government and Corporate Bonds Custom index
Pric
e In
dexe
d
Sep-07 Feb-10 Aug-12 Feb-15 Nov-15
Performancer
Cumulative performance ()
1 mth 6 mths 1 yr 3 yrs 5 yrs Since Inception
Class A -09 -50 -60 -92 34 237
Class ADM -09 -50 -60 -92 34 245
Class AH -09 -50 -60 -90 - -31
Benchmark -10 -41 -50 -74 69 330
Calendar year performance ()
10 11 12 13 14 YTD
Class A 139 33 95 -86 43 -51
Class ADM 139 33 95 -86 43 -51
Class AH - -20^ 92 -86 44 -52
Benchmark 130 48 90 -73 41 -43^Since launch to year-end
FUND DETAILS
Subscription Method Cash
Benchmark HSBC Asian Local Bond with Government and Corporate Bonds Custom index
Min Initial Investment Class A USD 500
Min Subsequent Investment
Class A USD 50
Share Classt Class A Class ADM
Class AH
Share Class Inception Date Class A 05092007
Share Class Currency Class A USD
Fund Size USD 20296 M
Fund Dealing Frequency Daily
FUND FEES amp CHARGES
Initial Subscription Charge Max 3
Annual Management Fee Max 125
Annual Administration Fee Max 025
NET ASSET VALUE
Month End Class A USD 12367
CODES
Bloomberg Ticker Class A IOFALBU LX
ISIN Class A LU0315179829
Eastspring Investments - Asian Local Bond Fund
December 2015All data as at 30 November 2015 unless otherwise stated
bull The Fund invests in bonds which are subject to interest rate fluctuations liquidity and credit risks such as downgrade risk and the risk of issuer default The Fund may invest in non-investment gradehigh yieldnon-rated corporate and sovereign bonds which are more susceptible to credit risk bull The Fund may have greater exposure to bonds issued or guaranteed by non-investment grade countries and hence subject to higher credit default and concentration risks If any sovereign issuer defaults the Fund may suffer significant losses bull The Fund may invest substantially in bonds issued by emerging markets and hence subject to greater political tax economic foreign exchange liquidity volatility concentration and regulatory risks Such risks may increase if there is concentrated exposure in issuers of lower credit rating bull The Fund may offer currency hedged share classes which involve currency hedging transactions that may in extreme cases adversely affect the Funds NAV bull The Fund may at its discretion pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital resulting in higher distributable income Thus the Fund may effectively pay dividends out of capital Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that original investment which may result in an immediate reduction of the net asset value per shareunit The distributions including amounts and frequency are not guaranteed and are subject to the discretion of the Fund Past dividends declared are not a forecast or projection of future distributions bull The Fund may for efficient portfolio management andor hedging purposes have significant exposure to financial derivatives instruments which involve risks may be different and greater than the risks presented by traditional investments These risks include market management credit liquidity operational and leverage risks The Fund will also be exposed to credit risk of the counterparties with which it trades The use of such instruments may be ineffective in adverse market situations and may incur losses bull Under extreme market conditions and circumstances investors may lose the entire principal amount originally invested Investors should not make any investment decision solely based on this document and should read the Funds offering document for details
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Investment Objective^
This Sub-Fund invests in a diversified portfolio consisting primarily of fixed incomedebt securities issued by Asian Entities or their subsidiaries This Sub-Fundrsquos portfolio primarily consists of securities denominated in the various Asian currencies and aims to maximize total returns through investing in fixed incomedebt securities that are rated as well as unrated
Performance Chart
60
90
120
150
Eastspring Investments - Asian Local Bond FundHSBC Asian Local Bond with Government and Corporate Bonds Custom index
Pric
e In
dexe
d
Sep-07 Feb-10 Aug-12 Feb-15 Nov-15
Performancer
Cumulative performance ()
1 mth 6 mths 1 yr 3 yrs 5 yrs Since Inception
Class A -09 -50 -60 -92 34 237
Class ADM -09 -50 -60 -92 34 245
Class AH -09 -50 -60 -90 - -31
Benchmark -10 -41 -50 -74 69 330
Calendar year performance ()
10 11 12 13 14 YTD
Class A 139 33 95 -86 43 -51
Class ADM 139 33 95 -86 43 -51
Class AH - -20^ 92 -86 44 -52
Benchmark 130 48 90 -73 41 -43^Since launch to year-end
FUND DETAILS
Subscription Method Cash
Benchmark HSBC Asian Local Bond with Government and Corporate Bonds Custom index
Min Initial Investment Class A USD 500
Min Subsequent Investment
Class A USD 50
Share Classt Class A Class ADM
Class AH
Share Class Inception Date Class A 05092007
Share Class Currency Class A USD
Fund Size USD 20296 M
Fund Dealing Frequency Daily
FUND FEES amp CHARGES
Initial Subscription Charge Max 3
Annual Management Fee Max 125
Annual Administration Fee Max 025
NET ASSET VALUE
Month End Class A USD 12367
CODES
Bloomberg Ticker Class A IOFALBU LX
ISIN Class A LU0315179829
Eastspring Investments - Asian Local Bond Fund
December 2015All data as at 30 November 2015 unless otherwise stated
bull The Fund invests in bonds which are subject to interest rate fluctuations liquidity and credit risks such as downgrade risk and the risk of issuer default The Fund may invest in non-investment gradehigh yieldnon-rated corporate and sovereign bonds which are more susceptible to credit risk bull The Fund may have greater exposure to bonds issued or guaranteed by non-investment grade countries and hence subject to higher credit default and concentration risks If any sovereign issuer defaults the Fund may suffer significant losses bull The Fund may invest substantially in bonds issued by emerging markets and hence subject to greater political tax economic foreign exchange liquidity volatility concentration and regulatory risks Such risks may increase if there is concentrated exposure in issuers of lower credit rating bull The Fund may offer currency hedged share classes which involve currency hedging transactions that may in extreme cases adversely affect the Funds NAV bull The Fund may at its discretion pay dividends out of capital or gross income while charging all or part of its fees and expenses to its capital resulting in higher distributable income Thus the Fund may effectively pay dividends out of capital Payment of dividends out of capital (effective or not) amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that original investment which may result in an immediate reduction of the net asset value per shareunit The distributions including amounts and frequency are not guaranteed and are subject to the discretion of the Fund Past dividends declared are not a forecast or projection of future distributions bull The Fund may for efficient portfolio management andor hedging purposes have significant exposure to financial derivatives instruments which involve risks may be different and greater than the risks presented by traditional investments These risks include market management credit liquidity operational and leverage risks The Fund will also be exposed to credit risk of the counterparties with which it trades The use of such instruments may be ineffective in adverse market situations and may incur losses bull Under extreme market conditions and circumstances investors may lose the entire principal amount originally invested Investors should not make any investment decision solely based on this document and should read the Funds offering document for details
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Sector Allocation
Government 694 Banks 75 Diversified finance 42 Real estate management amp development 38 Real estate investment trusts (reits) 24 Government agency 13 Diversified telecom 11 Transport infrastructure 11 Electric utilities 09 Others 83
Country Allocation
South Korea 181 Singapore 155 Indonesia 141 Malaysia 113 India 95 Thailand 94 Philippines 93 Hong Kong 35 China 27 Others 66
mdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashmdashInvestment Manager - Eastspring Investments (Singapore) Limited
NotestDistributions are at the discretion of the Directors and there is no guarantee that any distribution will be made and if distributions are made such distributions are not in any way a forecast indication or projection of the future or likely performancedistribution of the Fund Share Class AH refers to HKD currency Share Class ANDM refers to NZD currency Share Class AADQ and AADM refer to AUD currency rShare Class returns are computed based on NAV-NAV with net income reinvested if any Share Class A Class A (hedged) ADM amp ADQ returns are in USD Share Class AH and AH (hedged) returns are in HKD Share Class AADM (hedged) and AADQ (hedged) returns are in AUD Share Class ANDM (hedged) returns are in NZD Share Class AJ returns are in JPY Benchmark returns are in USD and its since inception return is based on the inception date of Share Class A Inception Dates Class ADM - 02062009 Class AH - 15062011Fund returns are based on Class A and computed based on NAV-NAV with net income reinvested if any Both the fund and benchmark returns are in USD++Credit ratings by SampPMoodysFitch Note The rating chart shows the Top 9 ratings in terms of weightings^The credit rating by Standard amp Poors (or comparable rating by Moodys Investor Service or Fitch)
DisclaimerAll data are from Eastspring Investments (Singapore) LimitedThe Fund is a sub-fund of the Eastspring Investments (the ldquoSICAVrdquo) an open-ended investment company with variable capital (socieacuteteacute dinvestissement agrave capital variable) registered in the Grand Duchy of Luxembourg on the official list of collective investment undertakings pursuant to part I of the Luxembourg law of 17 December 2010 relating to undertakings for collective investment (the ldquo2010 Lawrdquo) and the Directive 200965EC of the European Parliament and of the Council of 13 July 2009 (the ldquoUCITS Directiverdquo) The SICAV has appointed Eastspring Investments (Hong Kong) Limited (rdquoEastspring Investments Hong Kongrdquo) as its Hong Kong Representative
This information is not an offer or solicitation of an offer for the purchase of investment units in the Fund An offering document in relation to the Fund is available and may be obtained through Eastspring Investments Hong Kong or any of its appointed distributors All applications for units in the Fund must be made on the application forms accompanying the offering document Potential investors should read the offering document (including the risk factors stated therein in details and the risk factors in particular those associated with investments in emerging markets if applicable) before deciding whether to subscribe for or purchase units in the Fund An investment in units of the Fund is subject to investment risks including the possible loss of the principal amount invested Past performance is not necessarily a guide to the future or likely performance of the Fund The value of the units in the Fund and any income accruing to the units if any may fall or rise USHK dollar-based investors are exposed to currency fluctuations where the Fund is denominated in currencies other than USHK dollar The information contained herein does not have any regard to the specific investment objective(s) financial situation or the particular needs of any person Potential investors may wish to seek advice from a financial adviser before purchasing units in the Fund In the event that potential investors choose not to seek advice from a financial adviser they should consider whether the Fund is a suitable investment for them
Eastspring Investments Hong Kong is an ultimately wholly owned subsidiary of Prudential plc of the United Kingdom Eastspring Investments Hong Kong and Prudential plc are not affiliated in any manner with Prudential Financial Inc a company whose principal place of business is in the United States of AmericaThis factsheet has not been reviewed by the SFC Issued by Eastspring Investments (Hong Kong) Limited
Contact InformationEastspring Investments (Hong Kong) Limited 13F One International Finance Centre 1 Harbour View Street Central Hong Kong Tel (852) 2868 5330 Fax (852) 2868 3137 wwweastspringcomhk
Top 10 Holdings
THAILAND GOVT 03875 06132019 21
PHILIPPINE GOVT 02125 05232018 15
THAILAND GOVT 03650 12172021 15
THAILAND GOVT 03625 06162023 14
INDONESIA GOVERNMENT 8375000 03152024 14
KOREA TREASURY BOND 2250000 06102025 14
KOREA TREASURY BOND 2000000 12102017 13
KOREA TREASURY BOND 2000000 09102020 12
INDONESIA GOVERNMENT 8375000 03152034 11
SINGAPORE GOVERNMENT 2875000 09012030 11
Credit Rating++
BBB-Baa3BBB- 149
AA-Aa3AA- 99
AAAAaaAAA 92
A-A3A- 86
AAAa2AA 81
BBBBaa2BBB 71
AA2A 59
BB+Ba1BB+ 22
BBB+Baa1BBB+ 17
OTHERS 324
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
This material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (ldquoSFCrdquo) Investors are reminded of concentration risks and volatility associated with sector funds Investment involves risks Past performance is not indicative of future performance Please refer to the Fidelity Prospectus for Hong Kong Investors for further details (including the risk factors) If investment returns are not denominated in HKD or USD USHK dollar-based investors will be exposed to exchange rate fluctuations Fidelity Fidelity International the Fidelity International logo and F symbol are trademarks of FIL Limited 本文件由富達基金(香港)有限公司發行本文件未經證券及期貨事務監察委員會審核投資者應注意行業投資所帶來的風險投資涉及風險基金過去的表現並不表示將來亦會有類似的業績詳情請細閱富達香港投資者認購章程(包括風險因素)若投資收益並非以港元或美元計算以美元港元作出投資的投資者需承受匯率波動的風險「富達」FidelityFidelity InternationalFidelity International標誌及F標誌均為FIL Limited的商標
YTD 6 Months 1 Year 3 Years 5 Years Since Launch 年初至今 6個月 1年 3年 5年 自推出以來
Fund 基金 -48 -137 -64 21 -08 6304
Index 指數 -60 -160 -75 68 92 3452
Total Return Index Return 基金總回報 指數總回報
2010 211 194
2011 -181 -148
2012 194 220
2013 45 38
2014 -26 32
Largest Holdings 持有量最多之公司或債券AIA GROUP LTD 64INDUSTRIAL amp COML BK CHINA 54TAIWAN SEMICONDUCTR MFG CO LTD 50TENCENT HLDGS LTD 47CHINA MOBILE LTD 36SAMSUNG ELECTRONICS CO LTD 35HDFC BANK LTD 31UNITED OVERSEAS BANK LTD 27HOUSING DEV FINANCE CORP LTD 25SUN PHARMACEUTICAL IND LTD 24Total 總和 393
As of 截至 31102015
Source Fidelity NAV to NAV in US Dollar with dividends re-invested資料來源富達以資產淨值及美元計算並假設股息盈利再作投資Index is for comparative purpose only 指數只用作為比較用途dagger Morningstar Inc All Rights Reserved Morningstar Ratingtrade as of
31102015Morningstar版權所有晨星星號評級數據截至31102015
^ Acc represents share class with dividends accumulatedAcc 代表股息累積的股份
In general fluctuation in the performance of emerging markets is normally higher as it tends to be more volatile than other developed markets新興市場比一般已發展市場較波動因而其表現亦較為反覆
Fidelity Funds - South East Asia Fund富 達 基 金 ﹣東 南 亞 基 金
Geographical Breakdowns 國家投資分佈CHINA 中國 325INDIA 印度 150HONG KONG 香港 149SOUTH KOREA 南韓 116TAIWAN 台灣 110SINGAPORE 新加坡 38PHILIPPINES 菲律賓 37INDONESIA 印尼 31OTHER 其他 38CASH 現金 06
Industry Breakdowns 行業投資分佈FINANCIALS 金融 371INFORMATION TECHNOLOGY 資訊科技 212CONSUMER DISCRETIONARY 非必需消費品 83INDUSTRIALS 工業 77HEALTH CARE 健康護理 73CONSUMER STAPLES 主要消費品 68TELECOMMUNICATION SERVICES 電訊服務 60ENERGY 能源 37OTHER 其他 13CASH 現金 06
Fund 基金
Index 指數
HHH Morningstar RatingTM
dagger
晨星星號評級
1090 1094 1098 1002 1006 1010 10140
100
200
300
400
500
600
700
800
900
Volatility Measures 波幅衡量
Volatility measures are not calculated for funds which are less than 3 years old成立不足三年的基金之波幅不會被計算Relative Volatility - Calculated by comparing the standard deviation of a fundrsquos monthly returns to that of the appropriate index Values greater than 1 show that fund returns have been more divergent than the index whereas values of less than 1 show them to have been less divergent 相對波幅mdash計算方法為將基金每月回報的標準差與適用指數的標準運作比較若計算所得值大過１表示基金回報較指數回報的波動為大若小於１則表示基金回報較指數回報的波動為小
Relative Volatility 相對波幅 101
Beta 097R2 092
sDue to rounding the total may not be equal to 100 由於進位數關係總額可能並不相等於100
Investment Objective 投資目標The fund invests principally in equity securities quoted on stock exchanges in the Pacific Basin excluding Japan The fund may invest its net assets directly in China A and B Shares本基金首要投資於在太平洋盤地 (日本除外) 證券交易所掛牌的股票證券基金可把其淨資產直接投資於中國A股及B股
Index 指數The index for performance until Sept 94 was a custom MSCI Index the Combinded Pacific (F) ex Jpn plus Australia and New Zealand Index until 280215 was the MSCI AC Far East ex Jpn (N) Index Thereafter is MSCI AC Asia ex-Japan (Net) Index截至1994年9月基金表現以特定摩根史丹利指數ndash綜合太平洋(自由)(日本除外包括澳洲與新西蘭)指數為比較指數其後至2015年2月28日期間以摩根史丹利綜合遠東(日本除外)(淨額)指數為比較指數其後以摩根史丹利綜合亞洲(日本除外)(淨額)指數為比較指數
Fund Details 基金資料 Fund Manager 基金經理 Dhananjay Phadnis
Reference Currency USD 美元
報價貨幣
Share Launch Launch ISIN Class Date Price Code 股份類別 推出日期 推出價 基金代碼
A Share-USD 011090 US$0956 LU0048597586A股-美元 (美元)A Share-EUR 160204 EUR196 LU0069452877A股-歐元 (歐元)A-Acc^-USD 250906 US$10 LU0261947096A股-累積-美元 (美元)A-Acc^-EUR 250906 EUR10 LU0261946445A股-累積-歐元 (歐元)
Unit NAV 單位資產淨值 A Share-USD (A股-美元) US$660 (美元)
Fund Size 基金資產 US$2066m (百萬美元)
Sales Charge 認購費 525
Annual Management Fee 15
每年管理費
Bloomberg Ticker 彭博代碼 FIDLSEI LX
Fidelity Fund Code 富達基金代號 A Share-USD (A股-美元) 1031 A Share-EUR (A股-歐元) 1178 A-Acc^-USD (A股-累積-美元) 1122 A-Acc^-EUR (A股-累積-歐元) 1123
Fund Performance (A Share-USD) 基金表現 (A股-美元)
nThis fund invests principally in Pacific Basin (excluding Japan) equity securitiesnThe fund is subject to investment equities foreign currency risks and risks of
investing in emerging markets specific to the South East Asia market and the PRC market The fund may invest in China A shares directly through the Qualified Foreign Institutional Investor (ldquoQFIIrdquo) scheme and may incur losses due to limited investment opportunities illiquidity of the China A shares market andor delay or disruption in execution of trades or in settlement of trades The fund may invest in equity linked notes which may subject to the default risk of the structurer of the note The fund may invest in certain eligible China A Shares via the Stock Connect which may be subject to clearing risk settlement risk restrictions on selling imposed by front-end monitoring nominee arrangements in holding China A Shares and regulatory risk
nThis fund can invest in derivative instruments which may involve additional risks (For example leverage may cause greater volatility)
nInvestors may suffer substantial loss of their investments in the fundnInvestor 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
n本基金首要投資於太平洋盤地(日本除外)股票證券
n基金可能涉及投資股票外幣風險及投資於新興市場東南亞及中國市場的特定風險基金可透過合格境外機構投資者(QFII)計劃直接投資於中國A股並可能因投資機會有限而引致虧損中國A股市場欠流通及或交易執行或交易結算延遲或中斷基金可投資於股票掛鈎票據須承受建構票據的一方的違約風險基金可透過滬港通投資於若干合資格的中國A股可能須面對結算風險交收風險透過前端監察限制賣盤持有中國A股的名義持有人安排及監管風險
n本基金可投資於可能包含額外風險的衍生工具(例如槓桿效應可能導致波動擴大)
n您在本基金的投資有可能大幅虧損
n投資者應該參閱此等基金之認購章程內的資料(包括潛在風險)而不應只根據這文件內的資料而作出投資
FidelityInvestor Hotline 富達投資熱線(852) 2629 2629
wwwfidelitycomhk
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
首域中國增長基金
Fund Name 基金月報
Report Name 2015年10月31日
Date ndash 本基金投資於在中國擁有資產又或其收入乃來自中國的企業所發行的證券 ndash 本基金投資於新興市場股票涉及的風險可能高於投資於已發展市場的風險包括價格急劇波動流動性風險及貨幣風險本基金的價值的波動性可能會較大原因是本基金承受
單一國家的法律政治及經濟狀況風險投資於中國使本基金承受額外風險包括匯回資金的風險及稅務政策的不明朗因素投資者有可能損失所有的投資 ndash 閣下不應單憑本文件作出投資決定除非推介本基金的中介機構認為該投資適合您並已詳細解釋它如何符合您的投資目標否則 閣下不應作出相關投資決定
此基金乃首域環球傘子基金有限公司 (愛爾蘭註冊) 之子基金 第一類 (美元 - 累積) 及第二類 (美元 - 累積) 乃基金之非派息類別股份兩類股份的表現乃根據美元總回報 (非派息) 計算第二類 (美元 - 累積) 基金的成立日期為1992年5月20日現已停止認購 上述指標由成立日至2002年5月31日期間為MSCI金龍指數而自2002年6月1日起為MSCI中國指數 + 累積代表股息累積的股份類別
理柏香港基金年獎乃根據基金2014年終之表現頒發 分配的百分比均被調整至一個小數位百分比相加的總和可能不等於100
如此資料中沒有特別聲名所有數據截至2015年10月31日投資涉及風險過往表現並非日後表現的指引詳情請參閱有關基金銷售文件包括風險因素本文件資料來自首域投資 (「首域」)認為可靠的來源而且在發表本文件時為準確的資料首域並無就有關資料的中肯準確或完整作出明確或隱含的聲明或保證首域其任何聯營公司任何董事主管人員或僱員概不就任何因使用本文件而直接或間接引致的損失承擔任何責任本文件並不構成投資建議亦不應採用作為任何投資決策的基礎以及當作為建議任何投資未得首域事先同意不得修改及∕或複製本文件所載全部或部份資料此文件乃由首域投資(香港)有限公司編製並未經香港證監會審閱首域投資及首域盈信亞洲是首域投資（香港）有限公司的商業名稱首域盈信亞洲是首域投資旗下的亞太區股票基金投資團隊此網頁(wwwfirststateinvestmentscom) 之內容未經香港證監會審閱
wwwfirststateinvestmentscom
投資目標及策略 本基金主要投資於在中華人民共和國香港台灣美國或經合發組織成員國受監管市場上市買賣或交易的證券發行該等證券的企業必須在中國擁有資產又或其收入乃來自中國
累積表現 - 以美元計算 ()
3個月 年初至今 1年 3年 5年 自成立日 第一類 (美元 - 累積) -50 -38 -57 192 127 10846 第二類 (美元 - 累積) -50 -40 -59 186 118 16100 指標 -55 -31 -05 164 63 3220
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
年度表現 - 以美元計算 ()
2014 2013 2012 2011 2010 第一類 (美元 - 累積) -28 214 193 -147 131 第二類 (美元 - 累積) -30 212 190 -148 130 指標 83 40 231 -182 48
資料來源 理柏及首域投資資產淨值對資產淨值計算(美元總回報)
現有股份類別
股份類別+ 成立日期 每股資產淨值 基金代碼 美元 - 累積 1999年8月17日 11846美元 IE0008368742
基金資料 基金總值 44151美元(百萬) 持股數量 44 交易日 每個工作天 最低首次投資額 1500美元 其後最低投資額 1000美元 管理年費 20 首次認購費 50
資產分配 ()
股票 紅籌 233 民企股 232 中國H股 209 香港 108 中國A股 79 台灣 73 美國上市 53 中國B股 08 流動資金 06
行業 資訊科技 238 金融 228 非必需消費品 130 健康護理 92 基本消費品 92 公共事業 79 多種行業 46 工業 37 能源 31 材料 12 其他 10 流動資金 06
十大持股 ()
股票名稱 行業 中國太平保險 (金融) 64 新奧能源 (公共事業) 54 台達電子 (資訊科技) 54 百度 (資訊科技) 53 招商銀行 (金融) 51 中國蒙牛乳業 (基本消費品) 49 騰訊控股 (資訊科技) 46 First State China A Shares (多種行業) 46 萬科企業 H (金融) 44 石藥集團 (健康護理) 38
-20
-10
0
10
20
30
40
50
60
增長比率
()
首域中國增長基金 第一類 (美元 - 累積)
MSCI 中國
102012 102013 102014 102015
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
First State China Growth Fund
Fund Name Monthly Fund Factsheet
Report Name 31 October 2015
Date ndash The Fund invests in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China ndash 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 value of the Fund may be
more volatile as the Fund is exposed to the legal political and economic conditions of a single country Investing in China exposes the Fund to additional risks including repatriation risk and uncertainty of taxation policies It is possible that the entire value of your investment could be lost
ndash You should not base your investment decision solely on this document You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc Class I (USD-Acc) and Class II (USD-Acc) are the non-dividend distributing class of the fund The performance quoted are based on USD total return (non-dividend distributing) of the respective class Class II (USD-Acc) shares was launched on 20 May 1992 and has been closed for subscription The benchmark displayed is the MSCI Golden Dragon Index until 31 May 2002 and the MSCI China Index from 1 June 2002 onwards + Acc represents share class with dividends accumulated
The Lipper Fund Award is based on the performance as at year end 2014 Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100
Unless otherwise specified all information contained in this document is as at 31 October 2015 Investment involves risks past performance is not a guide to future performance Refer to the offering documents of the respective funds for details including risk factors The information contained within this document has been obtained from sources that First State Investments (FSI) believes to be reliable and accurate at the time of issue but no representation or warranty expressed or implied is made as to the fairness accuracy or completeness of the information Neither FSI nor any of its associates nor any director officer or employee accepts any liability whatsoever for any loss arising directly or indirectly from any use of this It does not constitute investment advice and should not be used as the basis of any investment decision nor should it be treated as a recommendation for any investment The information in this document may not be edited andor reproduced in whole or in part without the prior consent of FSI This document is issued by First State Investments (Hong Kong) Limited and has not been reviewed by the Securities and Futures Commission in Hong Kong First State Investments and First State Stewart Asia are business names of First State Investments (Hong Kong) Limited First State Stewart Asia is a team within First State Investments that manages a range of Asia Pacific equity funds The Securities and Futures Commission has not reviewed the contents of wwwfirststateinvestmentscom
wwwfirststateinvestmentscom
Investment objective amp strategy The Fund invests primarily in securities issued by companies with either assets in or revenues derived from the Peoples Republic of China that are listed traded or dealt in on regulated markets in China Hong Kong Taiwan the US or in a member state of the OECD
Cumulative performance in USD ()
3mths YTD 1yr 3yrs 5yrs Since
inception Class I (USD - Acc) -50 -38 -57 192 127 10846 Class II (USD - Acc) -50 -40 -59 186 118 16100 Benchmark -55 -31 -05 164 63 3220
Source Lipper amp FSI Nav-Nav (USD total return)
Calendar year performance in USD ()
2014 2013 2012 2011 2010 Class I (USD - Acc) -28 214 193 -147 131 Class II (USD - Acc) -30 212 190 -148 130 Benchmark 83 40 231 -182 48
Source Lipper amp FSI Nav-Nav (USD total return)
Available share classes
Share class+ Inception date Navper share ISIN code USD - Acc 17 Aug 1999 US$11846 IE0008368742
Fund information Total fund size US$44151mn Number of holdings 44 Dealing Daily Minimum initial investment US$1500 Minimum subsequent investment US$1000 Management fee 20 pa Initial charge 50
Asset allocation ()
Share Red Chips 233 P Chip 232 China H Shares 209 Hong Kong 108 China A Shares 79 Taiwan 73 US Listed 53 China B Shares 08 Liquidity 06
Sector Info Tech 238 Financials 228 Consumer Discret 130 Health Care 92 Consumer Staples 92 Utilities 79 Multiple sectors 46 Industrials 37 Energy 31 Materials 12 Others 10 Liquidity 06
Top 10 holdings ()
Stock name Sector China Taiping Insurance (Financials) 64 ENN Energy Holdings (Utilities) 54 Delta Electronics (Info Tech) 54 Baidu (Info Tech) 53 China Merchants Bank (Financials) 51 China Mengniu Dairy (Consumer Staples) 49 Tencent Holdings (Info Tech) 46 First State China A Shares (Multiple sectors) 46 China Vanke H (Financials) 44 CSPC Pharmaceutical Group Ltd (Health Care) 38
-20
-10
0
10
20
30
40
50
60
Perc
enta
ge g
row
th (
)
First State China Growth Fund Class I (USD - Acc)MSCI China Index
102012 102013 102014 102015
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Important information
2012 1 2013The Fund () 296 -4011 Calculated since the launch of the Fund as at 8 March 20122 Measured as of 30 Nov 2015
1 Mth 3 Mths 1 Yr Since LaunchThe Fund () -016 -012 524 1187Last update 30 Nov 2015The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Guotai Junan Assets (Asia) Limited08 Mar 2012Hong KongBOCI-Prudential Trustee LimitedBank of China (Hong Kong) LimitedBank of China LimitedErnst amp Young
Class A - Performance Since Launch
327
Class A - Fund Facts
2014
058
Investment Objective
Domicile
961The investment objective of the Fund is to maximize income whilemaintaining prospects for capital appreciation by directly investing inChinarsquos onshore securities markets
ManagerInception Date
Trustee amp RegistrarCustodian
Guotai Junan Great Dragon China Fixed Income FundMonthly Report - 30 Nov 2015
Guotai Junan Great Dragon China Fixed Income Fund is the Sub-Fund of Guotai Junan Great Dragon RMB Funds The Fund is an investment fund and there is no guarantee of repayment ofprincipalThe Fund invests primarily in securities related to the onshore China market and may bear additional concentration risk Investing in the onshore China market involves emerging markets riskincluding political economic legal legislation regulatory taxation and liquidity risk
The Fund is subject to the issuersrsquo credit risk from its investment of RMB-denominated debt securities These securities are generally unsecured debts without any collateral Therefore the Fund asan unsecured creditor is completely subject to its counterparty creditinsolvency riskThe RMB-denominated debt securities market is in the developing stage and its trading volume is lower than the developed markets Therefore the Fund is subject to liquidity risk or highertransaction cost and may suffer losses when trading these instruments
The Fund invests through RQFII and is subject to the applicable laws and regulations that implemented by the Chinese authorities These regulations are new in nature and its applicability dependson the interpretation of the relevant Chinese authorities Any change in rules may impose a negative impact on the investments to the fund investorsRMB is not currently freely convertible and is subject to the current foreign exchange restrictions or controls Investors may be negatively affected due to the exchange rate changes between RMBand other currencies
PRC Sub-CustodianAuditor
The Fund invests in bonds and is subject to the interest rate risk of the bonds The Chinese governmentrsquos macroeconomic policy will have important impacts in Mainland Chinarsquos capital markets
The local PRC rating process may lack transparency and the rating standards may be significantly different from that adopted by internationally recognised credit rating agencies
Unless the intermediary who sells funds to you has explained to you with respect to your financial situation investment experience and objectives that the Fund is suitable for you otherwise youshould not invest in the FundInvestors should not make investment decisions based on the information provided in this document but should read the Explanatory Memorandum for further details including the risk factors
Credit rating of the Fundrsquos investment may subject to downgrade risk and being reduced to non-investment grade The Fund manager may or may not dispose the downgraded securities If the Fundcontinues to hold such securities it will face additional risk of loss In addition some fund investments of RMB-denominated debt securities may not have been rated or be below investment gradesthese bonds will bear greater risk
2015 2Class A - Calendar Year Performance
Y-T-D6 Mths327
3579
1113 Guotai Junan Great Dragon China Fixed Income Fund - A hellip
Ernst amp Young DailyRenminbi
NAV RMB 10725 Source Guotai Junan Assets (Asia) LimitedBloomberg Code GJGCHFI HK Equity Last update 30 Nov 2015ISIN Code HK0000099413 The performance is measured in NAV-to-NAV in fund currency with net income re-investment
Top Ten Holdings Credit Rating Min Initial Subscription RMB 10000 EXIMCH 52393 040217 Policy Bond 1594 AAA 1405Min Subsequent Subscription RMB 1000 ADBCH 477 051517 Policy Bond 1416 AA- 8595Min Holding RMB 10000 SDBC 52462 040817 Policy Bond 1273Min Redemption Amount RMB 10000 ADBCH 52 032717 Policy Bond 797Subscription Fee Up to 5 EXIMCH 493 030317 Policy Bond 795Annual Management Fee 12 per annum EXIMCH 456 061017 Policy Bond 782 Sector Allocation Redemption Fee SINOPC 426 060117 Corp Bond (LT) 777 Less than 12 months 2 EXIMCH 487 051917 Policy Bond 473 12 months or more but 1 SDBC 38934 011016 Policy Bond 466 less than 24 months ADBCH 555 040321 Policy Bond 34124 months or more Waived Asset Class
Policy BondCorp Bond (LT)
Contact Corp BondMs Kathy Yuen CashPhone (852) 2509 7746Fax (852) 2509 7784 Average YTM 318
Average Duration 129
Disclaimer
Macro Economy Activity in Chinarsquos manufacturing activity still lost its momentum in October Chinarsquos official PMI came in at 498 in October suggesting manufacturing activity contracted for a thirdstraight month Meanwhile the Caixin China PMI rose to 483 in October above the final reading of 472 in September which is the lowest reading since March 2009 In general the softness inChinarsquos manufacturing sector remains requiring more policy recalibration At the same time the inflation pressure kept easing due to the weakening macro-economic environment in China ChinarsquosCPI rose 13 in October from a year earlier compared with 16 in September Itrsquos also below the market consensus of a 15 rise Chinarsquos PPI slid 59 in October from a year earlier slightlyworse than the market consensus of a 58 drop and equal to the 59 decline in September It already declined for 44 months in a row and implied a sign of continued slack in the worldrsquos secondlargest economy The PBOC has cut benchmark interest rate six times since November last year and repeatedly reduced bankrsquos reserve requirement ratio in order to stimulate Chinarsquos economyFund Operation The Fund maintained to overweigh low-duration and higher credit rating debt securities The fund will pay more attention to longer-tenor interest rate bonds (eg 5-year) and creditbonds in order to catch the benefit from the steep yield curve in onshore market and the carry tradesFuture Ideas We would closely monitor the possible US Fed rate hike in December 2015 the Euro-zone ultra- loose monetary policy and the economic fundamental as well as the liquidity situationin China Low duration and high quality debt securities will be our core holding during current macro environment
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes it
1092307
Market Outlook and Investment StrategySource Bloomberg Guotai Junan Assets (Asia)Limited
Redemption fee will be waived for investors who subscribed throughnominee account
The information and data contained in this document is for reference only and does not constitute investment advice or an offer to sell or a solicitation of an offer to buy any security investmentproduct or service
Rating of the issue issuer guarantor Based on therating by PRC internationally recognised credit ratingagencies
YTM and Duration039
8562
Class A - Subscription and Redemption
Dividend Policy
Base CurrencySemi-annually (if any) in June andDecember each year
Dealing FrequencyAuditor
4919
3643
777
307
160
155
039
Financial
Govt
Energy
Utilities
Industrial
Consumer Discretion
Cash
-11357
Mar
-12
May
-12
Jul-1
2
Sep-
12
Nov
-12
Jan-
13
Mar
-13
May
-13
Jul-1
3
Sep-
13
Nov
-13
Jan-
14
Mar
-14
May
-14
Jul-1
4
Sep-
14
Nov
-14
Jan-
15
Mar
-15
May
-15
Jul-1
5
Sep-
15
Nov
-15
This document is issued by Guotai Junan Assets (Asia) Limited and has not been reviewed by the Securities and Futures Commission27F Low Block Grand Millennium Plaza 181 Queenrsquos Road Central Hong Kong Tel (852) 2509 7740 Fax (852) 2509 7784 Web-site wwwgtjacomhk
Certain data in this document has been obtained from third parties Guotai Junan Assets (Asia) Limited has taken its best endeavour to ensure the accuracy of such data and in good faith believes itis reliable and however does not guarantee the accuracy of such dataInvestment involves risk The prices of units may go up as well as down Past performance is not indicative of future performance Please refer to the Explanatory Memorandum for details includingrisk factors
product or service
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Invesco Continental European Small Cap EquityFund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund is an investment fund investing in small companies throughout Europe but excluding the United Kingdom- Investors should note the risk of investing in smaller companies risk of investing in Europe equities risk concentration risk of investing in small companies throughout Europe investmentrisk and risk of eurozone crisis associated with the investment
- If investors invest in share classes denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted backinto the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- The value of the product can be volatile and could go down substantially within a short period of time- The investment decision is yours but you should not invest unless the intermediary who sells this product to you has advised you that this product is suitable for you and has explainedwhy including how investing in it would be consistent with your investment objectives
- Investors should not base their investment decision on this material alone
Objectives and investment strategyThe objective of this Fund is to achieve long-term capitalgrowth by investing in small companies throughout Europebut excluding the United Kingdom For the full objectives andinvestment policy please consult the current prospectus
Key facts
Erik EsselinkAtlantaManaged fund sinceJuly 2008
Fund LaunchA (USD)-AD Shares 13193
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (USD Hgd)-Acc Shares USD 1253A (USD)-AD Shares USD 19497
12 Month Price HighA (USD Hgd)-Acc Shares USD 1306 (150415)A (USD)-AD Shares USD 21481 (180515)
12 Month Price LowA (USD Hgd)-Acc Shares USD 990 (161214)A (USD)-AD Shares USD 17709 (150115)
Fund SizeUSD 70096 mn
Minimum InvestmentUSD 1500
Initial Charge500
Annual Management Fee200
Settlement DateAny business day
Reference IndexEuromoney Smaller Europe ex UK Index-PR
Morningstar RatingtradeAAA
Quarterly fund commentaryInternational equity markets including Europe dropped in the third quarter of 2015 While Greece proved to be more of ashort term distraction in the early summer of 2015 the market has taken fright at a number of other developments mainlyoutside of Europe such as slowing growth in China falling commodity prices and the lack of a rise in US interest rateConcerns over the global growth outlook weighed on investorsrsquo sentiment producing one of the most volatile periods sincethe global financial crisis Despite the severe reaction of European equities to developments in emerging markets themacroeconomic backdrop remained resilient in Europe Leading economic indicators such as the Eurozone PurchasingManagers Indices (PMIs) which measure the expected levels of activity in different sectors (manufacturing services retail)were among the strongest seen over the past four years Measures of economic confidence (such as IFO surveys in Germanyand the European Commissionrsquos Economic Confidence Index) also rose over the period beating expectations Bank lendingsurveys in Europe also remained positive so did the money supply indicators underpinning the positive activity momentumWe do not have a particular defensive or cyclical tilt in the fund We invest in any company which we believe has soundfundamentals and good prospects for share price appreciation over the longer term As at the end of September financialsstood as the largest overweight sector relative to the Euromoney Smaller Europe ex-UK index and technology the biggestunderweight sector
Indexed performance
Invesco Continental European Small Cap Equity Fund (A (USD)-AD Shares) Index
1110 1111 1112 1113 1114 111540
60
80
100
120
140
160
180
200
Cumulative performance
YTD 1 year 3 years 5 years
A (USD Hgd)-Acc Shares 1990 1911 - -A (USD)-AD Shares 476 145 4817 6411Index 698 368 4052 3196
Calendar year performance
2010 2011 2012 2013 2014
A (USD Hgd)-Acc Shares - - - - 450A (USD)-AD Shares 2805 -2574 3809 5024 -933Index 1134 -2617 1877 3691 -944The calendar year performance of year 2014 for the A (USD Hgd)-Acc Shares represents performance from inception dateof the share class (08102014) to 31 December 2014 which is not a full year return
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Invesco Continental European Small Cap Equity Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Top 10 holdings (total holdings 77)
Holding Sector Market
Hibernia REIT Financials Ireland 35Origin Enterprises Consumer Staples Ireland 29Europcar Industrials France 28Grandvision Consumer Discretionary Netherlands 27Eurazeo Financials France 27LISI Industrials France 26Van Lanschot Financials Netherlands 26Arcadis Industrials Netherlands 26Air France-KLM Industrials France 26MTU Aero Engines Industrials Germany 25
ReferencesIVRS CodeA (USD Hgd)-Acc Shares 385A (USD)-AD Shares 302
Bloomberg CodeA (USD Hgd)-Acc Shares INVCEAU IDA (USD)-AD Shares INVEUDA ID
ISIN CodeA (USD Hgd)-Acc Shares IE00BQ70TL81A (USD)-AD Shares IE0003708116
Geographical weightings
France 280Netherlands 198Italy 142Ireland 122Germany 79Portugal 46Denmark 40Austria 20Others 64Cash 09
Sector weightings
Financials 249Consumer Discretionary 210Industrials 209Consumer Staples 121Health Care 83Information Technology 39Energy 35Materials 31Others 12Cash 09
3 year characteristics
A (USD)-AD Shares
Volatility 1571Peer Group Volatility 1278Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past 3years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Europe ex-UK SmallMid-Cap Sector by Morningstar
Important InformationThe 12 month highlow price figure calculation is taking the complete last 12 month into account including non-pricing days The first day of the calculation period might be anon-pricing day with the highest or lowest valid price in the last 12 month On non-pricing days the price of the previous pricing-day is utilised to calculate the 12 monthhighlow price figure Investment involves risks Past performance is not indicative of future performance Investors should read the relevant prospectus for details including therisk factors and product features This material has not been reviewed by the Securities and Futures Commission and is issued by Invesco Asset Management Asia Limited Allfund performance data are sourced from copy2015 Morningstar Other information are sourced from Invesco Where securities are mentioned in this document they do notnecessarily represent a specific portfolio holding and do not constitute a recommendation to purchase or sell A decision to invest in shares of a fund must be based on the mostup to date legal offering documents The distribution and the offering of funds in certain jurisdictions may be restricted by law Persons into whose possession this document maycome are required to inform themselves about and to comply with any relevant restrictions This does not constitute an offer or solicitation by anyone in any jurisdiction in whichsuch an offer is not authorised or to any person to whom it is unlawful to make such an offer or solicitation Persons interested in acquiring funds should inform themselves as to(i) the legal requirements in the countries of their nationality residence ordinary residence or domicile (ii) any foreign exchange controls and (iii) any relevant tax consequencesThe fund is not offered for sale in any jurisdiction in which the fund is not authorised to be publicly sold The fund is available only in jurisdictions where its promotion and sale ispermitted copy2015 Morningstar Inc All rights reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied ordistributed and (3) is provided for reference purposes only Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of thisinformation Asset allocation data is derived by Morningstar using full holdings data provided by Invesco Morningstar Licensed Tools and Content powered by Interactive DataManaged Solutions
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Invesco Emerging Markets Bond Fund30 November 2015
-1-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
Important Information- The Fund invests primarily in debt securities of issuers in emerging market countries which may be listed or traded elsewhere- Investors should note the risk of investing in developing markets risk of investing in securities denominated in emerging market currencies concentration risk of investing in debt securities
and loan instruments of issuers in emerging market countries and investment risk associated with the investment- If investors invest in share class denominateddealt in a different currency than the base currency due to fluctuations in currency markets returns to investors when converted back into
the currency in which the investor subscribes and redeems may be different to the return calculated by reference to the base currency- Investors should note following risks associated with the investment of the Fund a) Credit risk - Investment in bonds or other fixed income securities (including non-investment grade debt
securities and unrated debt securities) are subject to the risk that issuers not make payments on interest and principal of such securities An issuer suffering from an adverse change in itsfinancial condition could lower the quality of a security leading to greater price volatility on that security A security having a low credit rating (eg non-investment grade bonds) may alsooffset such securityrsquos liquidity making it more difficult to sell As the Fund may invest in non-investment grade bonds it is more susceptible to these problems and the value of suchsecurities may be more volatile This may in turn have an adverse effect on the net asset value of the Fund In the event of a bankruptcy or other default of the issuer the Fund mayexperience both delays in liquidating the underlying securities and loses including a possible decline in value of the underlying securities during the period when the Fund seeks to enforceits rights thereto Securities which were investment grade at the time of acquisition may be downgraded The risk of any such downgrading will vary over time The Fundrsquos investmentpolicy does not specifically require the Fund to sell such securities if they should fall below investment grade b) Risk of investing in high yield bonds - The Fund may invest in high yieldbonds which involve substantial risk High yield bonds are regarded as being predominately speculative as to the issuerrsquos ability to make payments of principal and interest Issuers of highyield bonds may be highly leveraged and may not have available to them more traditional methods of financing An economic recession may adversely affect an issuerrsquos financial conditionand the market value of high yield bonds issued by such entity c) Interest rate risk - The bonds or fixed income securities that the Fund invests in may fall in value if the interest rateschange Longer term debt securities are usually more sensitive to interest rate changes
- Financial derivative instruments may be used for efficient portfolio management purposes or to attempt to hedge or reduce the overall risk of its investments Should the InvestmentAdviserrsquos expectations in employing techniques and financial derivative instruments for efficient portfolio management and hedging purposes be incorrect or ineffective the Fund maysuffer a substantial loss having an adverse effect on the net asset value of the shares Since financial derivative instruments may be geared instruments their use may result in greaterfluctuations of the net asset value of the Fund
- For certain share class(es) the Fund may at its discretion pay dividend out of the capital or pay dividend out of gross income while chargingpaying all or part of the Fundrsquos fees andexpenses out of the capital of the Fund resulting in an increase in distributable income for the payment of dividends by the Fund and therefore the Fund may effectively pay dividend outof capital Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any capital gains attributable to that originalinvestment Such distributions may result in an immediate reduction in the net asset value per share of such share class(es)
- The value of the Fund can be volatile and could go down substantially- Investors should not base their investment decision on this material alone and must refer to the Hong Kong offering documents of the Fund for further details (including risk factors)
before investing
Objectives and investment strategyThe Fund intends to achieve a high level of income togetherwith long term capital growth The Fund intends to achieveits objective by investing primarily in debt securities ofissuers in emerging market countries which may be listed ortraded elsewhere For the full objectives and investmentpolicy please consult the current prospectus
Key facts
Joseph PorteraAtlantaManaged fund sinceSeptember 2013
Rashique RahmanAtlantaManaged fund sinceAugust 2015
Co-Fund Manager
Jorge OrdonezAtlantaManaged fund sinceAugust 2015
Fund LaunchA (USD)-FixMD Shares 30704
Legal StatusMutual Fund - Irish Unit Trust authorised as UCITS
Share class currency USD
Current NAVA (AUD Hgd Plus)MD-GI Shares AUD 935A (CAD Hgd Plus)MD-GI Shares CAD 935A (EUR Hgd)-AD Shares EUR 985A (EUR Hgd)-Acc Shares EUR 3146A (EUR Hgd)-MD Shares EUR 1568A (HKD)-MD Shares HKD 9840A (NZD Hgd Plus)MD-GI Shares NZD 937A (USD)-FixMD Shares USD 1973A (USD)-SD Shares USD 2126
Quarterly fund commentaryEmerging market (EM) bonds delivered a negative return over the quarter Returns were negative across all emergingmarket regions with the exception of Europe Chinarsquos economic slowdown and yuan devaluation pressured the globaleconomy and markets in the third quarter Trade slumped commodity prices and emerging markets equities and bonds fellin value the US dollar strengthened while US treasuries rallied Markets with higher sensitivities to commodity marketsdependence on trade with China and weak balance sheets underperformed in the quarter Sub Saharan commodityproducers oil exporters in Latin America were represented heavily in this category Russia despite its oil relianceoutperformed as an improving current account corporate deleveraging and reduction in Ukraine tensions droveperformance Ukraine gained on better than expected debt restructuring Brazil lagged on a combination of poor macro-economic performance and higher political risks We expect volatility levels to remain elevated going into the fourth quarteras uncertainty around the timing of the US Federal Reserversquos decision on hiking interest rates health of the US economy andChinarsquos economic slowdown impedes confidence in risk assets
Indexed performance
Invesco Emerging Markets Bond Fund (A (USD)-FixMD Shares) Index
1110 1111 1112 1113 1114 111580
90
100
110
120
130
140
Cumulative performance
YTD 1 year 3 years 5 years
A (AUD Hgd Plus)MD-GI Shares 507 275 - -A (CAD Hgd Plus)MD-GI Shares 357 114 - -A (EUR Hgd)-AD Shares 282 030 - -A (EUR Hgd)-Acc Shares 284 032 268 2716A (EUR Hgd)-MD Shares 279 024 261 -A (HKD)-MD Shares 315 064 346 -A (NZD Hgd Plus)MD-GI Shares 624 396 - -A (USD)-FixMD Shares 325 072 349 2809A (USD)-SD Shares 320 068 347 2809Index 261 024 519 3107
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Invesco Emerging Markets Bond Fund30 November 2015
-2-Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Source copy 2015 Morningstar NAV to NAV gross income re-invested in share class currency
ReferencesIVRS CodeA (AUD Hgd Plus)MD-GI Shares 781A (CAD Hgd Plus)MD-GI Shares 782A (EUR Hgd)-AD Shares 780A (EUR Hgd)-Acc Shares 736A (EUR Hgd)-MD Shares 727A (HKD)-MD Shares 725A (NZD Hgd Plus)MD-GI Shares 783A (USD)-FixMD Shares 726A (USD)-SD Shares 706
Bloomberg CodeA (AUD Hgd Plus)MD-GI Shares IEMAMAH IDA (CAD Hgd Plus)MD-GI Shares IEMAMCH IDA (EUR Hgd)-AD Shares IEMADEH IDA (EUR Hgd)-Acc Shares INVEMAE IDA (EUR Hgd)-MD Shares IEMAEHM IDA (HKD)-MD Shares IEMADHK IDA (NZD Hgd Plus)MD-GI Shares IEMAMNH IDA (USD)-FixMD Shares INVEMAM IDA (USD)-SD Shares INVEMDI ID
ISIN CodeA (AUD Hgd Plus)MD-GI Shares IE00BMMV7N66A (CAD Hgd Plus)MD-GI Shares IE00BMMV7P80A (EUR Hgd)-AD Shares IE00BMMV7700A (EUR Hgd)-Acc Shares IE00B01VQC58A (EUR Hgd)-MD Shares IE00B4N7YF84A (HKD)-MD Shares IE00B4V2DR00A (NZD Hgd Plus)MD-GI Shares IE00BMMV7Q97A (USD)-FixMD Shares IE00B01VQ362A (USD)-SD Shares IE0001673817
12 Month Price HighA (AUD Hgd Plus)MD-GIShares
AUD 979 (280415)
A (CAD Hgd Plus)MD-GIShares
CAD 979 (011214)
A (EUR Hgd)-AD Shares EUR 999 (270415)A (EUR Hgd)-AccShares
EUR 3190 (270415)
A (EUR Hgd)-MD Shares EUR 1631 (270415)A (HKD)-MD Shares HKD 10212 (280415)A (NZD Hgd Plus)MD-GIShares
NZD 980 (270415)
A (USD)-FixMD Shares USD 2062 (270415)A (USD)-SD Shares USD 2202 (280415)
12 Month Price LowA (AUD Hgd Plus)MD-GIShares
AUD 904 (011015)
A (CAD Hgd Plus)MD-GIShares
CAD 905 (250815)
A (EUR Hgd)-AD Shares EUR 929 (171214)A (EUR Hgd)-AccShares
EUR 2967 (171214)
A (EUR Hgd)-MD Shares EUR 1515 (250815)A (HKD)-MD Shares HKD 9495 (250815)A (NZD Hgd Plus)MD-GIShares
NZD 906 (011015)
A (USD)-FixMD Shares USD 1911 (250815)A (USD)-SD Shares USD 2031 (250815)
Fund SizeUSD 24564 mn
Minimum InvestmentUSD 1500
Initial Charge500
Calendar year performance
2010 2011 2012 2013 2014
A (AUD Hgd Plus)MD-GIShares
- - - - -200
A (CAD Hgd Plus)MD-GI Shares - - - - -257A (EUR Hgd)-AD Shares - - - - -293A (EUR Hgd)-Acc Shares 1407 454 1906 -668 581A (EUR Hgd)-MD Shares -019 451 1892 -670 585A (HKD)-MD Shares - -120 1912 -637 590A (NZD Hgd Plus)MD-GI Shares - - - - -163A (USD)-FixMD Shares 1435 419 1940 -640 588A (USD)-SD Shares 1435 418 1946 -640 589Index 1224 735 1744 -525 743The calendar year performance of year 2011 for the A (HKD)-MD Shares represents performance from inceptiondate of the share class (772011) to 31 December 2011 which is not a full year returnThe calendar year performance of year 2010 for the A (EUR Hgd)-MD Shares represents performance frominception date of the share classes (08122010) to 31 December 2010 which is not a full year return Thecalendar year performance of year 2014 for the A (EUR Hgd) - AD Shares A (AUD Hgd Plus) MD-GI Shares A (CADHgd Plus) MD-GI Shares and A (NZD Hgd Plus) MD-GI Shares classes represents performance from inception date ofthe share classes (20082014) to 31 December 2014 which is not a full year return
Top 10 holdings (total holdings 102)
Holding Market
Mexico Government International Bond 3600 Jan 30 25 Mexico 48Russian Foreign Bond 4875 Sep 16 23 Russia 47Dominican Republic International Bond 5500 Jan 27 25 Dominican Republic 30Kazakhstan Government International Bond 3875 Oct 14 24 Kazakhstan 28Argentina Bonds 7000 Apr 17 17 Argentina 25Peruvian Government International Bond 7350 Jul 21 25 Peru 17South Africa Government International Bond 4665 Jan 17 24 South Africa 17Venezuela Government International 700 120118 Venezuela 15Pertamina Persero 4300 May 20 23 Indonesia 15Croatia Government International Bond Croatia 14
Geographical weightings
Mexico 92Russia 64Brazil 48Argentina 47Kazakhstan 42Ukraine 34Turkey 33Croatia 33Others 482Cash 125
Credit ratings
average rating BB
AA 04A 104BBB 384BB 179B 107CCC and Below 95Not Rated 02Cash and FX 125
Sector weightings
Quasi and Foreign Government 603Corporate 273Cash 125
Duration distribution
Average 54
Under 3 years 1973-4 years 774-5 years 625-6 years 916+ years 573
3 year characteristics
A (USD)-FixMD Shares
Volatility 742Peer Group Volatility 689The current yield of a bond fund is the average current yield of underlying bonds in gross in the portfolio Currentyield of an individual bond refers to the annual interest divided by the market price of a bond The figure is not thedividend yield received by the investors and is subject to change from time to time Average Duration in Years refersto the weighted average maturity of the cash flows in the underlying bonds where the present values of the cashflow serve the weights The greater the duration the greater its percentage price sensitivity to changes in interestrates Volatility is measured by the standard deviation of the fund based on its annual rates of return over the past3 years in base currency of the fund Peer Group Volatility refers to the volatility of the offshore and internationalfunds which are categorized under Global Emerging Markets Bond Sector by Morningstar
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Invesco Emerging Markets Bond Fund30 November 2015
-3-
Page1 Profile = [Page1Profile]Page2 Profile = [Page2Profile]Page3 Profile = [Page3Profile]
ISIN = [ISIN]Fund Reg Loc = [Locale]DeskNet Job ID = Not in Data to Tag
Language Code = [LC]Country Code = [CC]Invesco Asset Management Asia Ltd 景順投資管理亞洲有限公司 41F Citibank Tower 3 Garden Road Central Hong Kong
Invesco Funds Hotline (852) 3191 8282 Invesco Distributors Hotline (852) 3191 8000Fax (852) 3128 6500 Email investorserviceshkginvescocom Website wwwinvescocomhk 20
1510
(AP1
035)
Annual Management Fee100
Settlement DateAny business day
Reference IndexJP Morgan EMBI Global Diversified
Morningstar RatingtradeAAAA
Yield
Gross Current Yield 587Gross Redemption Yield 679
Important Information
As of 7 August 2015 the fund objectives and investment strategy has been changed The 12 month highlow price figure calculation is taking the complete last 12 month intoaccount including non-pricing days The first day of the calculation period might be a non-pricing day with the highest or lowest valid price in the last 12 month On non-pricingdays the price of the previous pricing-day is utilised to calculate the 12 month highlow price figure In light of the overall decrease in yields amid the risk aversion environmentthe emerging markets portfolios have generated lower income which over time have eroded the funds ability to continue to pay out a distribution at current levels Effective withend-October 2010 dividend payments Invesco has decreased the fixed yield distributions Investors of the A-MD Share Class will receive the fixed yield distribution The calculationbasis of the fixed distribution yield- On an annual basis the Investment Adviser of the Fund will calculate the appropriate yield based on the securities held within the portfolio andthis yield will then be used to calculate the distribution amount on a monthly basis Investors should note that while the yield will be fixed the distribution rate may vary frommonth to month The yield will be re-set on at least an annual basis based on current market conditions The generation of income has a higher priority than capital growth in thecontext of the A-MD Share Class The fixed distribution yield will be paid in monthly instalments but is not guaranteed However shareholders should note that the actualdistribution rate they receive may vary from month to month and the yield may be re-set at any time without prior notice by the investment manager at its absolute discretiondue to market conditions It is important to note that the annualised dividend payout of the Share Class does not represent the annualised yield generating from the underlyingassets of the Fund Besides the anticipated yield may be different to the actual distribution rate due to the fluctuation of Net Asset Value In the event that in any accountingperiod there is insufficient income to pay both the fixed distribution and the fees and expenses due to the Manager the fees and expenses due to the Manager may be chargedagainst capital of the A-MD Share Class in the Fund Any fees and expenses charged in this manner will in the normal course of events be deducted from the Net Asset Value perfixed distribution share on the relevant ex-dividend date Investors should note that while any payment of fees or expenses due to the Manager in the manner outlined above willhelp ensure investors continue to receive the relevant fixed distribution it will also result in capital erosion and consequently constrain further capital growth in respect of suchshares It is also important to understand that a positive distribution yield does not imply a positive return Investment involves risks Past performance is not indicative of futureperformance Investors should read the relevant prospectus for details including the risk factors and product features This material has not been reviewed by the Securities andFutures Commission and is issued by Invesco Asset Management Asia Limited All fund performance data are sourced from copy2015 Morningstar Other information are sourcedfrom Invesco Where securities are mentioned in this document they do not necessarily represent a specific portfolio holding and do not constitute a recommendation to purchaseor sell A decision to invest in shares of a fund must be based on the most up to date legal offering documents The distribution and the offering of funds in certain jurisdictionsmay be restricted by law Persons into whose possession this document may come are required to inform themselves about and to comply with any relevant restrictions Thisdoes not constitute an offer or solicitation by anyone in any jurisdiction in which such an offer is not authorised or to any person to whom it is unlawful to make such an offer orsolicitation Persons interested in acquiring funds should inform themselves as to (i) the legal requirements in the countries of their nationality residence ordinary residence ordomicile (ii) any foreign exchange controls and (iii) any relevant tax consequences The fund is not offered for sale in any jurisdiction in which the fund is not authorised to bepublicly sold The fund is available only in jurisdictions where its promotion and sale is permitted copy2015 Morningstar Inc All rights reserved The information contained herein(1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is provided for reference purposes only Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information Asset allocation data is derived by Morningstar using full holdings dataprovided by Invesco Morningstar Licensed Tools and Content powered by Interactive Data Managed Solutions
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Asset Management Company of the Year Asia3)
Long-Only EquityFund Manager4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan ASEAN Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan ASEAN(acc) - USD
MSCI South East AsiaNet Index1)
(Since 010101)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch Launch date
(acc) - USD Class -23 -173 -96 +16 +12610 070783Benchmark (in USD)1) -26 -210 -148 -08 -
(acc) - AUD (hedged) Class -23 -163 - - -88 281212(acc) - HKD Class -23 -174 - - -165 040213(acc) - RMB (hedged) Class -21 -150 - - -175 210714
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +359 -115 +250 -15 +50 -152Benchmark (in USD)1) +323 -63 +225 -47 +63 -187
(acc) - AUD (hedged) Class - - - -01 +64 -142(acc) - HKD Class - - - -62 +50 -152(acc) - RMB (hedged) Class - - - - -49 -132
PORTFOLIO ANALYSIS
Singapore 312Thailand 199Indonesia 191Malaysia 144Philippines 83Net Liquidity 55Vietnam 15
34 Utilities38 Others55 Net Liquidity58 Energy60 Consumer Staples72 Consumer Discretionary106 Telecommunication Services135 Industrials442 Financials
By countryregion By sector
top Five holdings (as at end October 2015)
Holding Sector Countryregion Singapore Telecommunications Limited Telecommunication Services Singapore 55United Overseas Bank Ltd (Singapore) Financials Singapore 52DBS Group Holdings Ltd Financials Singapore 51Oversea-Chinese Banking Corporation Limited Financials Singapore 38PT Bank Central Asia Tbk Financials Indonesia 37
bull The Fund invests primarily in securities with significant assets in or significant earnings derived from one or more of the countries comprising the ASEAN The Fund will have limited RMB denominated underlying investments
bull The Fund is therefore exposed to currency emerging markets liquidity equity risks and for currency hedged classes risks associated with the hedging and class currency For RMB hedged class risks associated with the RMB currency and currency hedged classes risks RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government There can be no assurance that RMB will not be subject to devaluation at some point The Manager may under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee pay redemption monies andor distributions in USD
bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request Since launch to end of year for fund classes incepted in that year It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) The AUDCADEURGBPNZDRMBSGD Hedged Classes are not recommended for investors whose base currency of investment is not in the aforesaid currencies 1)Dividends reinvested after deduction of withholding tax Prior to 010101 customised benchmark (calculated by JP Morgan Asset Management and comprises MSCI Singapore Free Thailand Philippines Malaysia and Indonesia Net rebalanced according to MSCIrsquos market weights on a monthly basis) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Asset Triple A Investment Awards 2013 reflecting performance of previous calendar yearThe investment returns are calculated in denominated currency For fundsclasses denominated in foreign currencies USHK dollar-based investors are therefore exposed to fluctuations in the currency exchange rate Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo enable investors to participate in a managed portfolio consisting primarily of securities with significant assets in or significant earnings derived from one or more of the countries comprising the Association of South East Asian Nations
portFolio inFormation ((acc) - USD Class)
Fund manager Pauline NgSarinee SernsukskulChangqi Ong Singapore
Total fund size (m) USD 15163
Denominated currency and NAV per unit (acc) - USD Class USD 9980 (acc) - AUD (hedged) Class AUD 912 (acc) - HKD Class HKD 835 (acc) - RMB (hedged) Class CNY 825
12 month NAV
High Low
USD 12355 (240415) USD 9333 (290915)
Current charge
InitialRedemptionManagement fee
50 of NAV 0
15 pa
SEDOLISIN code B40VS06HK0000055555
Bloomberg code JFASEAI HK
statistiCal analysis ((acc) - USD Class)
3 years 5 yearsSince
launch2)
Correlation 099 098 -
Alpha 015 004 -
Beta 096 098 -
Annualised volatility 1324 1614 2694
Sharpe ratio - 001 -
Annualised tracking error 218 332 -
Average annual return -329 032 839
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Asset Management Company of the Year Asia3)
OUTSTANDING ACHIEVERIndia Equity Fund4)
Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
JPMorgan India Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
1000 900
700 600
400 300
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan India (acc)- USD
MSCI India 1040 NetIndex1)
(Since 010610)
Cumulative perFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -50 -59 +168 +42 +22189Benchmark1) -47 -138 +95 -63 +8331
Calendar year perFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +272 -333 +246 -71 +303 -25Benchmark1) +216 -370 +263 -41 +248 -84
PORTFOLIO ANALYSIS
03 Utilities11 Consumer Staples27 Energy45 Net Liquidity94 Health Care94 Industrials116 Information Technology132 Consumer Discretionary139 Materials339 Financials
top Five holdings (as at end October 2015)
Holding Sector Countryregion Housing Development Finance Corporation Limited Financials India 95Infosys Limited Information Technology India 92HDFC Bank Limited Financials India 83Sun Pharmaceutical Industries Limited Health Care India 57Kotak Mahindra Bank Limited Financials India 50
bull The Fund invests primarily in securities linked to the Indian economy bull The Fund is therefore exposed to emerging markets liquidity currency and equity risks bull The Fund has exposure to the Indian FII market via an Indian FII license Investors will be subject to the associated regulatory and diversification risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of star rating Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Dividends reinvested after deduction of withholding tax Prior to 010610 MSCI India Net Prior to 010803 Bombay SE National 100 Price (Price change only dividends not taken into account) 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Asset Triple A Asset Servicing Investor and Fund Management Awards 2015 reflecting performance of previous calendar year 4)Issued by the Benchmark Fund of the Year Awards 2010 reflecting performance as of end-October 2010
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
investment objeCtiveTo provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy These include but are not restricted to securities traded on the stockmarkets of India and the rest of the sub-continent
portFolio inFormation
Fund manager Rukhshad ShroffRajendra Nair Hong Kong
Launch date 231189
Total fund size (m) USD 10148
Denominated currency and NAV per unit USD 23115
12 month NAV
High Low
USD 27524 (030315) USD 22072 (070915)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code 6472078MU0129U00005
Bloomberg code JFINPCI MP
statistiCal analysis
3 years 5 yearsSince
launch2)
Correlation 098 098 078
Alpha 018 017 055
Beta 105 095 072
Annualised volatility 2000 2346 2947
Sharpe ratio 026 003 032
Annualised tracking error 451 428 2051
Average annual return 531 082 1283
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Korea Equity Fund(5 Years)3)
Morningstar Analyst RatingTM Risk
1 2 3 4 5
Unit Trust RangeDecember 2015
Unless stated otherwise all information as at the last valuation date of the previous month Source JP Morgan Asset ManagementThomson Reuters Datastream (NAV to NAV in denominated currency with income reinvested) Source of ratings Morningstar Inc Risk ratings (if any) are based on JP Morgan Asset Managementrsquos assessment of relative risk by asset class and historical volatility of the fund where applicable The risk ratings are reviewed annually or as appropriate and for reference only Investors are advised to consult our Investment Advisers before investing Any overweight in any investment holding exceeding the limit set out in the Investment Restrictions was due to market movements and will be rectified shortly Top ten holdings is available upon request It should be noted that due to the difference of the fund domiciles the valuation points used by Unit Trust range and SICAV range of funds for fair valuation (where applied) may vary For details please refer to the respective offering document(s) 1)Price change only dividends not taken into account 2)With the exception of the ldquoAverage annual returnrdquo figure all data are calculated from the month end after inception 3)Issued by the Lipper Fund Awards Hong Kong 2011 reflecting performance as of previous calendar year
Investment involves risk Past performance is not indicative of future performance Please refer to the offering document(s) for details including the risk factorsThis document has not been reviewed by the SFC Issued by JPMorgan Funds (Asia) Limited
JPMorgan Korea Fund
For more information please contact your bank financial adviser or visit
wwwjpmorganamcomhk
PERFORMANCE FROM 311202 TO 301115 (in denominated currency)
700 600
500 400
300 200
100 0
REBA
SED
CHANGE
03 04 05 06 07 08 09 10 11 12 13 14 15
JPMorgan Korea(acc) - USD
Korea CompositeStock Price Index1)
CumulatIve PerFormanCe (in denominated currency)
1 month 1 year 3 years 5 years Since launch
(acc) - USD Class -32 -53 -49 -70 +3467Benchmark1) -34 -38 -36 +47 +1026
Calendar year PerFormanCe (in denominated currency)
2010 2011 2012 2013 2014 2015YTD
(acc) - USD Class +324 -214 +192 +52 -124 -38Benchmark1) +251 -123 +177 +22 -86 -13
PORTFOLIO ANALYSIS
25 It Software amp Services25 Manufacturing32 Net Liquidity42 Foods amp Beverages70 Electricity amp Gas73 Transport amp Storage89 Distribution Industry93 Others104 Chemicals120 Electrical amp Electronic Equipment136 Services193 Finance
toP FIve holdIngs (as at end October 2015)
Holding Sector Countryregion Samsung Electronics Co Ltd Electrical amp Electronic Equipment Korea 102Korea Electric Power Corporation Electricity amp Gas Korea 42Shinhan Financial Group Co Ltd Finance Korea 35KCC Corporation Chemicals Korea 33DGB Financial Group Co Ltd Finance Korea 29
bull The Fund invests primarily in companies whose shares are listed on the Korea Stock Exchange or traded on the Korean over-the-counter market bull The Fund is therefore subject to diversification technology related companies liquidity currency and equity risks bull Investors may be subject to substantial losses bull Investors should not solely rely on this document to make any investment decision
Investment objeCtIveTo provide long-term capital appreciation through investment primarily in companies whose shares are traded on the Korea Stock Exchange or the Korean over-the-counter market
PortFolIo InFormatIon
Fund manager John ChoDavid Choi Hong Kong
Launch date 111291
Total fund size (m) USD 3068
Denominated currency and NAV per unit USD 4390
12 month NAV
High Low
USD 5204 (270415) USD 3894 (240815)
Current charge
Initial Redemption Management fee
50 of NAV 0
15 pa
SEDOLISIN code B427YN7HK0000055712
Bloomberg code JFKORTI HK
statIstICal analysIs
3 years 5 yearsSince
launch2)
Correlation 096 097 087
Alpha -002 -018 033
Beta 103 106 081
Annualised volatility 1481 2123 3330
Sharpe ratio - - 010
Annualised tracking error 430 529 1782
Average annual return -166 -143 644
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Investment Objective and Strategy 投資目標及策略
To achieve long term capital appreciation by investing primarily in MainlandChina capital markets The fund seeks to achieve its investment objective byinvesting primarily (ie not less than 70 of its net assets) in companies listedon the A-Share markets of the Shanghai Stock Exchange andor the ShenzhenStock Exchange
基金旨在著重投資於中國內地資本市場以達致長期資本增長基金將透過主要投資（即其淨資產的 70）於在上海證券交易所及或深圳證券交易所 A 股市場上市的公司尋求達致其投資目標
Fund Information 基金資料
Investment Manager投資管理人
Manulife Asset Management (Hong Kong) Limited宏利資產管理（香港）有限公司
Launch Date (YYYYMMDD)發行日期 20101108
Launch Price (per share)發行價格 (每股) USD1000
Base Currency基礎貨幣 USD 美元
Fund Size基金規模 USD11306 million 百萬
Initial Charge初始收費
Up to 5 of the NAV per Participating Share每參與股的資產淨值之最多 5
Redemption Charge贖回費
03 of the redemption proceeds Newsubscriptions from 6112012 to 1112013 aresubject to a redemption charge of 53 of theredemption proceeds until 1542013贖回所得款項之 03由 2012 年 11 月 6 日至2013 年 1 月 11 日的新認購將須繳付相當於贖回所得款項 53的贖回費直至 2013 年 4 月 15 日屆滿
Switching Charge轉換費
No switching is allowed不准轉換
Management Fee管理費
175 per annum of the NAV of the fund每年基金資產淨值的 175
Performance Fee業績表現費 Nil 不適用
Minimum Initial Investment最低初始投資額 HKD20000
Minimum Subsequent Investment最低其後投資額 HKD1000
Net Asset Value (NAV) Per Share每股資產淨值 USD97426
Past 12-Month Dividends過去十二個月派息(USD per share 每股)
Dividend Amount派息額NA 不適用
Ex-Dividend Date除息日(YYYYMMDD)NA 不適用
Fund Risk Level 基金風險級別 Medium to High 中至高
Calendar Year Performance
年度表現
Fund 基金 Benchmark 基準指數 2014 2013 2012 2011 2010
China A Segregated Portfolio中國 A 股獨立資產組合 3833 -257 -010 -1816 -829
CSI 300 Index ^^滬深 300 指數^^ 4799 -496 865 -2133 -934
Cumulative Performance 累積表現
Fund 基金 Benchmark 基準指數
YTD年初至今
3 mths三個月
1 yr一年
3 yrs三年
5 yrs五年
Since FundLaunch
基金成立至今China A Segregated Portfolio中國 A 股獨立資產組合 -359 -819 3502 4414 NA -257
CSI 300 Index ^^滬深 300 指數^^ -179 -898 3634 5474 NA 706
5-Year Cumulative Performance
五年累積表現
Pric
e In
dexe
d 價
格指
數化
10-12
11-03
11-06
11-09
11-12
12-03
12-06
12-09
12-12
13-03
13-06
13-09
13-12
14-03
14-06
14-09
14-12
15-03
15-06
15-09
557085100115130145160175
-45-30-1501530456075
C
hange 轉
變百
分比
Year Month 年 月China A Segregated Portfolio 中國 A 股獨立資產組合CSI 300 Index ^^ 滬深 300 指數^^
Top 10 Holdings 基金十大持股
Ping An Insurance (Group) Company of China Ltd 中國平安 474China Merchants Bank Co Ltd 招商銀行 446Huatai Securities Co Ltd 華泰證券 319Shanghai Pudong Development Bank Co Ltd 浦發銀行 317China Minsheng Banking Corp Ltd 民生銀行 283Bank of Communications Co Ltd 交通銀行 243Zhengzhou Yutong Bus Co Ltd 宇通客車 226Tus-Sound Environmental Resources Co Ltd 桑德環境 214China International Travel Service Corporation Limited 中國國旅 209Heilongjiang Agriculture Co Ltd 黑龍江北大荒農業 207
Geographical Breakdown^
地區分布^Sector Breakdown^
類別分布^
China中國 9935 065 Liquidity
流動資金Liquidity流動資金 065 125 Energy
能源 448 Health Care
醫療保健 510 Utilities
公用事業 584 Materials
原材料 601 Consumer Staples
日常消費品 692 Information Technology
資訊技術 1330 Consumer Discretionary
非日常生活消費品 2576 Industrials
工業 3070 Financials
金融
Source Manulife Asset Management (HK) Limited and Morningstar NAV to NAV in base currency with dividends reinvested copy Morningstar Inc All Rights Reserved TheMorningstar sourced information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed and (3) is not warrantedto be accurate complete or timely Neither Morningstar nor Manulife and its affiliates are responsible for any damages or losses arising from any use of this information 資料來源宏利資產管理（香港）有限公司及晨星資產淨值對資產淨值以基礎貨幣計算股息再投資copy Morningstar Inc版權所有本文件內晨星所提供的資料(1) 為晨星及 或其內容提供者的專屬資料(2) 不可複製或轉載及(3) 並未就其準確性完整性及時間性作出保證晨星及宏利( 及其聯繫公司) 均不負責任何因使用該等資料而引致的損害及損失 The risk level is represented by the Manulife Risk Meter as explained in the Monthly Performance Report 風險級別乃根據基金業績月報之宏利風險指標 Performance of the inception year is calculated from its launch date to the inception year end 成立年份之業績將由成立日起至該年年底計算^^ The benchmark was changed from 70 CSI 300 Index + 30 MSCI Zhonghua Index to the current one in February 2011 於 2011 年 2 月基準指數由 70滬深 300
指數+ 30摩根士丹利中華指數更改至現時之指數 The chart shows the cumulative performance from the launch date to the information as of date 圖表所顯示為由成立日至資料截至日之累積表現^ Due to rounding the total may not be equal to 100 A negative percentage if any represents a short position in the portfolio for hedgingcash flow management
purposes Please refer to offering document of the Fund for details 數字經修整後總計可能並不相等於 100負數百分比（如有）代表投資組合為了對沖或現金流管理而持有短倉有關詳情請參閱本基金之銷售文件
This fund invests in emerging markets and a single geographic region which may involve interest rate liquidity volatility regulatory political concentration and RMB currencyrisks Investment by using a QFII quota may expose the fund to QFII risks Investors may expose to a high risk of capital loss 本基金投資於新興市場及單一地區可能涉及利率流動性波動性規管政治集中性及人民幣貨幣風險沒有保證人民幣不貶值透過 QFII 額度投資使本基金承受 QFII 風險投資者可能承受高度的資本虧損風險
Manulife Advanced Fund SPC 宏利盈進基金 SPC (Share Class AA AA 類股份)
China A Segregated Portfolio
中國 A 股獨立資產組合 10Information as of 資料截至 20151031 Oct 2015
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
1 2 3 4 5
Low低
Low toMedium低至中
Medium中
Medium toHigh中至高
High高
12 3 4
5Low低
High高
Description of the Manulife Risk Meter 有關宏利風險指標The risk level is represented by the Manulife Risk Meter a 5-level riskcontinuum from 1 to 5 which signifies the risk profile of the fund Themore sensitive a fund is to the change of market conditions the morevolatile it is and therefore the higher its risk level is indicated by theManulife Risk Meter Likewise a fund less sensitive to market conditionchanges has lower volatility and is therefore regarded as bearing lowerrisk on the Manulife Risk MeterEach risk level reflects the corresponding risk profile as follows
風險水平由一個具有五個級別的宏利風險指標表示以表示基金的風險程度當宏利風險指標內所標示的風險級別愈高就代表該基金對市場狀況的轉變愈敏感波幅愈大相反當宏利風險指標內所標示的風險級別愈低該基金對市場狀況的轉變愈不敏感波幅愈小每個風險級別反映對應的風險程度如下
Risk Meter 風險指標
RemarksThe 5 risk levels in the Manulife Risk Meter are determined on the basis of anumber of factors relating to the underlying investments of funds including thetypes of asset classes and their respective target weightings the breadth andgeography of diversification the historical volatility and capitalisation of therelevant markets investment strategy and the presence of any guaranteedinvestment returnsPlease note that the volatility and the risk level of a fund may change over timeand the future market volatility may not follow the historical volatility Thecomposition of the underlying investments of each fund may be different fromthat of the referenced market index The Manulife Risk Meter and the risk levelof each fund will be at least reviewed semi-annuallyWhile a fund of a higher risk level may be more volatile the lowest risk leveldoes not mean risk-free
註解宏利風險指標內五個風險級別的釐定乃基於多項因素包括基金旗下資產類別及其相應的目標比重投資項目的覆蓋範圍及地域分布有關市場過往的波幅及資本總額投資策略和基金有否提供回報保證請注意基金的波幅及風險級別或會因時不同將來波幅未必跟隨過往幅度每隻基金的旗下實際投資項目成分與相關市場指數或有不同宏利風險指標及每隻基金的風險級別將會最少每半年檢討一次較高風險級別的基金之波幅可能較大而最低風險級別並非代表沒有風險
The 5-level risk categorization is provided by Manulife Asset Management (Hong Kong) LimitedInformation in this description of the Manulife Risk Meter and the risk level of each fund are for reference only and should not be regarded as investment adviceon an offer to sell or a solicitation for an offer to purchase any financial products and services Neither should such information be regarded as a substitutefor professional adviceThe risk levels of the fund provided in this publication may be different from the risk ratings provided by the bank(s) or intermediaries Please refer to the relevantrisk ratings provided by the bank(s) or intermediaries through which you take out the fund(s)五級風險分類由宏利資產管理（香港）有限公司提供上述宏利風險指標之概述資料及每隻基金的風險級別只供參考不應被視為投資意見建議或游說買賣任何金融產品及服務有關資料亦不應被視為代替任何專業的意見本刊物所提供的基金的風險級別可能與銀行或中介人所提供的不同請參考協助您購買基金的銀行或中介人所提供的有關基金風險評級
Fund prices may go down as well as up Past performance information presented are not indicative of future performance基金價格可跌亦可升過往業績數據並非未來業績的指標This material has not been reviewed by the SFC證監會並未有審閱此文件Issued by Manulife Asset Management (Hong Kong) Limited由宏利資產管理（香港）有限公司刊發
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
wwwbnpparibas-ipcomhk
30102015
PARVEST EQUITY RUSSIA OPPORTUNITIES
bull The fund seeks to increase the value of its assets over the medium term by investing mainly in equities andor equity equivalent securities issued by companies that have their registeredoffice or conduct a significant proportion of their business in Russiabull The fund may use financial derivative instruments extensively for investment andor hedging purposes which may involve material additional risks for example counterparty default riskor insolvency volatility risk liquidity risk leverage risk and valuation risk and may expose the fund to significant lossesbull The fund has significant exposure to emerging markets and a single country (Russia) and is likely to be subject to a greater concentration risk and higher volatility than a more diversifiedinvestment Emerging markets may have higher legal regulatory and political riskbull The management company may at its discretion pay dividends out of the capital of the fund Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquosoriginal investment or from any capital gains attributable to that original investment Any distributions involving payment of dividends out of the fundrsquos capital may result in an immediatereduction of the net asset value per sharebull Investors should not solely rely on this document to make any investment decision Please refer to the Hong Kong offering document for further information (including the risk factors)about the fund
The Fund seeks to increase the value of its assets over the mediumterm by investing in shares issued by Russian companies andorcompanies operating in this country It is actively managed andas such may invest in securities that are not included in the indexwhich is MSCI Russia 1040 (NR)
INVESTMENT STRATEGY
Nationality LuxembourgManagement Company BNP PARIBAS INVESTMENT
PARTNERS LUXEMBOURGBenchmark MSCI Russia 1040 (NR)Subscription fee max 3Redemption fee max 0Conversion fee max 150Base currency (of share class) US Dollar
CHARACTERISTICS
151413121110
130
120
110
100
90
80
70
60
50
BenchmarkFund
70246478
PERFORMANCE (NAV TO NAV DIVIDEND REINVESTED in USD)Over 5 years
Classic Classic DistriISIN LU0265268689 LU0265268762Bloomberg PRUSICC LX PRUSICD LXAnnual management fee 175 175
OCR 224At 301114
224At 301114
Dividend frequency - -Last dividend payout date - 20042015Dividend payout - 238
FUND DETAILS
All data and performance are as of that date unless otherwise stated
12
NAV (Capitalisation) 5869NAV (Distribution) 484712M NAV max (Capitalisation - 180515) 681212M NAV min (Capitalisation - 161214) 4190Last dividend (Distribution - 200415) 238Total net assets of the Fund (mln) 8645
KEY FIGURES - USD - CLASSIC
1 month 3 months 1 year 3 years 5 yearsSince
Inception(210208)
USD Fund 700 -081 -1246 -2204 -2976 -4139Benchmark 603 -193 -1640 -2976 -3522 -4726
EUR Fund 812 -079 -071 -855 -1163 -2152Benchmark 714 -191 -518 -1760 -1849 -2939
CUMULATIVE PERFORMANCES AS OF 30102015 (Net)
YTD 2014 2013 2012 2011 2010USD Fund 1652 -4001 643 1820 -2891 2860
Benchmark 1069 -3924 -184 1437 -2366 2866EUR Fund 2831 -3187 157 1639 -2653 3754
Benchmark 2189 -3100 -632 1261 -2111 3759
ANNUAL PERFORMANCES AS OF 30102015 (Net)
Past performance is not indicative of future performance Source BNP Paribas Investment Partners (net of fees) NAV-to-NAV withdividends reinvested The performance quoted in the material belongs to Classic - Capitalisation share class All information of ldquoClassicrdquomentioned in this document refers to Classic-Capitalisation share class
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
wwwbnpparibas-ipcomhk
The Russian equity market declined in the third quarter mainly due to a slide in the oil price The fund outperformed itsbenchmark which was largely due to positions in exporters A ruble weakening that came with the decline in the oil pricehad a positive impact on exportersrsquo ability to pay high single digit or even double digit dividends The oil price continues tobe the key source of uncertainty and volatility for the Russian market However we believe that Russian equities could findsupport within the next 3-6 months Normally the current account surplus in Q4 is higher than in Q3 due to seasonal factorssuch as a hike in gas export and a decline in touristsrsquo number going abroad Additionally this year the government willlikely avoid the usual significant spike in federal budget spending in Q4 which normally puts pressure on ruble in November-December These factors should help ruble appreciate in the near term Finally it is also probable that the Central Bank ofRussia will continue cutting rates on the back of lower inflation expectations
MANAGEMENT COMMENT as of 30092015
Fund BenchVolatility () 2351 2643Alpha () 143 -Beta 083 -Information ratio 033 -Sharpe ratio -035 -043Tracking error () 950 -3 years earnings growth () 644 -PBook value 171 -PE ratio 580 -ROE () 2272 -
RISK ANALYSIS
Period 3 years Frequency monthly
Asset name SectorMAGNIT 661 Consumer StaplesSURGUTNEFTEGAZ 631 EnergyMOBILE TELESYSTEMS OJSC 581 Telecom ServicesOGK-4 (RUB) 571 UtilitiesSBERBANK 544 FinanceTATNEFTPFDUSD 480 EnergyMEGAFON-GDR-WI 478 Telecom ServicesMOSCOW EXCHANGE MICEX-RTS OAO 323 462 FinanceLUKOIL OAO 443 EnergyNORILSK NICKEL MMC (USD) 376 MaterialsNumber of holdings in the portfolio 34
PORTFOLIOS MAIN HOLDINGS
Source of data BNP Paribas Securities Services
Sources for non fixed income funds BNP Paribas Investment Partners and Morningstar Sources for fixed income funds BNP Paribas Investment Partners Morningstar Fitch Moodys andStandard amp Poorsbull Investment involves risks Please refer to the offering document for further information (including the risk factors) about the fundbull This material is issued by BNP Paribas Investment Partners Asia Limited a member of BNP Paribas Investment Partners The material has not been reviewed by the Securities and FuturesCommissionThis material is produced for information purposes only and does not constitute as such an offer to invest in the funds mentioned herein or an investment advice Opinions included in this material constitute the judgment of BNP Paribas Investment Partners AsiaLimited at the time specified and may be subject to change without notice BNP Paribas Investment Partners Asia Limited is not obliged to update or alter the information or opinions contained within this material Investors should consult their own professionaladvisors in respect of investment legal accounting domicile and tax advice prior to investing in the funds in order to make an independent determination of the suitability of the consequences of an investment Given the economic and market risks there can beno assurance that the funds will achieve their investment objectives Investors may not get back the amount they originally investedHotline 2533 0088 Address 30F Three Exchange Square Central Hong Kong
22
of the portfolio compared with the indexEnergy
Materials
Finance
Telecom Services
Consumer Staples
Utilities
Industrials
Not classified
2958
2054
1560
1279
878
807
308
156 156
308
364
01
-097
-277
693
-1157
SECTOR EXPOSURE ()
Source of data BNP Paribas Securities Services
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
US High Yield Bond Fund
Your Global Investment Authority Global Investor Series plc SOLUTION CREDIT | AS OF 30 NOV 2015
bull The Fund may invest primarily in high yield fixed income instrumentsbull Investments in fixed income securities are subject to interest rate credit and downgrade risksbull Investments in high yield securities may entail greater risk than higher-rated securitiesbull The Fund may invest extensively in financial derivative instruments which may involve additional risks (eg market counterparty liquidity volatility and
leverage risks)bull Investments involve risks and your investment may suffer significant lossesbull Investors should not rely solely on this material and should read the offering document of the Fund for further details including the risk factors
Class EAccumulation and Income Shares
Fund DescriptionThe US High Yield Bond Fund seeks tomaximise total return and limit risk The fundinvests at least two-thirds of its assets in adiversified portfolio of US high yield bondsrated lower than Baa by Moodyrsquos or BBB bySampP with a maximum of 30 of its assets insecurities rated lower than BThis fund offers compelling diversificationbenefits and the opportunity to gain exposureto different sectors of the economyThe fund employs PIMCOrsquos fundamentalresearch process including top-downeconomic views bottom-up security selectionand extensive global resources
Key FactsAccumulation Income
Bloomberg Ticker PIMHYBD PIMHYINISIN IE00B11XZ871 IE00B193MN38Sedol B11XZ87 B193MN3CUSIP G70974624 G70974681Valoren 2502197 2637859WKN A0KD2U A0KDVQInception Date 31032006 31072006Distribution ndash Quarterlysup1Unified Management Fee 145 pa 145 paFund Type UCITSPortfolio Manager Andrew R JessopTotal Net Assets 20 (USD in Billions)
sup1 This share class aims to pay dividend on a quarterly basisDividend payout is not guaranteed
Performance (Net of Fees)
50
100
150
200
111511131111110911070306
mdash Fund mdash Benchmark
Chart shows performance from the first month-end rebased to 100 for the EAcc USD class
Fund Statistics
Effective Duration (yrs)sup2 379
Benchmark Duration (yrs)sup2 377
Effective Duration (yrs)sup3 448
Benchmark Duration (yrs)⁴ 440
Current Yield ()⁵ 620
Estimated Yield to Maturity ()⁵ 707
Annualised Distribution Yield⁶ 463
Average Coupon () 640
Effective Maturity (yrs) 575
Average Credit Quality BA-
Performance (Net of Fees) 3 Mos 6 Mos 1 Yr 3 Yrs 5 Yrs SI
Class E Acc () -188 -449 -218 263 493 477
Class E Inc () -195 -451 -221 261 492 493
Benchmark () -215 -593 -310 302 571 mdash
Calendar Year (Net of Fees) 2006 2007 2008 2009 2010 2011 2012 2013 2014 YTD
Class E Acc () 600 301 -2627 3688 1401 299 1377 514 258 -114
Class E Inc () 618 296 -2638 3683 1392 306 1375 514 256 -122
Benchmark () 929 319 -2331 4606 1426 540 1458 631 349 -197
Since launch date to the end of launch yearPast performance is not necessarily indicative of future performance Benchmark Performance represents the followingMay 28 1998 to March 31 2015 - (BofA Merrill Lynch US High Yield BB-B Rated Constrained Index ) April 1 2015onwards - (BofA Merrill Lynch US High Yield Constrained Index) All periods longer than one year are annualised SI isthe performance since inception Performance shown is on a NAV-to-NAV basis in the denominated currency and arenet of fees and other expenses and include reinvestment of dividends as applicable
Top 10 Holdings ( Market Value)
ORTHO-CLINICAL DIAGNOSTICS SR UNSEC144 09
GARDNER DENVER SR UNSEC 144A 09
LLOYDS BANKING GROUP PLC JR SUB 07
ALTICE SA SR UNSEC 144A 05
HD SUPPLY INC SR UNSEC 04
ACCUDYNE INDUSTRIES SR UNSEC 144A 04
CPG INTERNATIONAL INC SR UNSEC 144A 04
HCA INC SR UNSEC GLBL 04VALEANT PHARMACEUTICALS SR UNSEC144A 04
SIGNODE INDUSTRIAL GROUP SR UNSEC144A 04
Top 10 holdings as of 30092015 excluding derivatives
Sector Allocation ( Market Value)
1209060300
0Government Related
0Mortgage
2Invest Grade Credit
88High Yield Credit
3Non-US Developed
0Emerging Markets
0MuniOther⁷
7Net Other Short DurationInstruments
For questions regarding the PIMCOFunds Global Investor Series plcplease call +852 3971 7100
Visit our website for a fullmenu of products and services atpimcocomhk
This website has not been reviewed by the Securities andFutures Commission
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
US High Yield Bond Fund AS OF 30 NOV 2015
Country Exposure by Currency of Settlement (Duration Weighted Exposure)
1209060300
976United States
11United Kingdom
04Spain
04European Union
03Luxembourg
01Germany
01France
Europe represents European Union instruments that cannot beseparated by specific country
Top 10 Industries ( Market Value)
151050
84Healthcare
76Media Cable
51Pharmaceuticals
48Technology
45Wireless
45Banks
40Independent EampP
38Gaming
34Food amp Beverage
33Building Materials
Maturity ( Market Value)
806040200
9lt1Year
61-3 Years
183-5 Years
655-10 Years
210-20 Years
020+ Years
Duration ( Duration Weighted Exposure)
806040200
0lt1 Year
71-3 Years
553-5 Years
375-10 Years
110-20 Years
020+ Years
About the BenchmarkThe BofA Merrill Lynch US High Yield ConstrainedIndex tracks the performance of US dollardenominated below investment grade ratedcorporate debt publically issued in the US domesticmarket To qualify for inclusion in the indexsecurities must have a below investment graderating (based on an average of Moodyrsquos SampP andFitch) and an investment grade rated country of risk(based on an average of Moodyrsquos SampP and Fitchforeign currency long term sovereign debt ratings)
Unless otherwise stated in the prospectus or in therelevant key investor information document theFund is not managed against a particularbenchmark or index and any reference to aparticular benchmark or index in this factsheet ismade solely for risk or performance comparisonpurposes
ManagerPIMCO Global Advisors (Ireland) Limited
Investment AdvisorPacific Investment Management Company LLC
About PIMCOFounded in 1971 PIMCO is a leading global investmentmanagement firm offering a wide range of innovativesolutions across asset classes We manage the retirementand other assets of millions of people worldwide and areadvisors and asset managers to institutional investors suchas insurance companies central banks corporations andcharities around the globe Our goal is to provide attractivereturns while maintaining a strong culture of riskmanagement and long-term discipline
Hong KongPIMCO Asia LimitedSuite 220122nd Floor Two International Finance CentreNo 8 Finance Street CentralHong Kong852 3650 7700
pimcocom
sup2 PIMCO duration calculation that adjusts the durations of credit securities to account for the potential that in the eventof default investors will receive the recovery amount prior to the maturity of the security sup3 PIMCO duration calculationwith no adjustment on credit securities ⁴ Benchmark provider duration methodology ⁵ Yields reported gross of feesthe deduction of which will reduce the yield ⁶ Annualised distribution yield= ( Dividend Rate 4 ) NAV on ex-dividendday Annualised Distribution Yield is as of 30092015 Dividend is not guaranteed A positive distribution yield doesnot imply a positive return ⁷ Where permitted by the investment guidelines stated in the portfolios offering documentsldquootherrdquo may include exposure to convertibles preferred common stock equity-related securities and Yankee bondsMorningstar ratings are shown for funds with 4 or 5 star ratings only Other share classes ratings are either lower orunavailable A rating is not a recommendation to buy sell or hold a fund Copyright copy 2015 Morningstar Ltd AllRights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2)may not be copied or distributed and (3) is not warranted to be accurate complete or timely Neither Morningstar norits content providers are responsible for any damages or losses arising from any use of this information Investmentinvolves risk Past performance is not a guarantee or a reliable indicator of future results and no guarantee is beingmade that similar returns will be achieved in the future Investment returns not denominated in USHK dollar willexpose USHK dollar-based investors to exchange rate fluctuations The Funds typically offer different share classeswhich are subject to different fees and expenses (which may affect performance) have different minimum investmentrequirements and are entitled to different services In an environment where interest rates may trend upward risingrates will negatively impact most bond funds and fixed income securities held by a fund are likely to descrease in valueBond funds and individual bonds with a longer duration (a measure of the expected life of a security) tend to be moresensitive to changes in interest rates usually making them more volatile than securities with shorter durations PIMCOFunds Global Investors Series plc is an umbrella type open-ended investment company with variable capital and isincorporated with limited liability under the laws of Ireland with registered number 276928 Investors should considerthe investment objectives risks charges and expenses of this fund carefully before investing This and other informationare contained in the fundrsquos prospectus which may be obtained at wwwpimcocom or by contacting the Hong KongRepresentative or your fund distributor andor financial advisor This document is issued by PIMCO Asia Limited and hasnot been reviewed by the Securities and Futures Commission No part of this publication may be reproduced in anyform or referred to in any other publication without express written permission Unified management fee is a singlefixed Management Fee out of which the fees of the Investment Advisers the Administrator and Custodian shall be paidand certain other expenses including the fees of Paying Agents (and other local representatives) in jurisdictions wherethe Funds are registered PIMCO and YOUR GLOBAL INVESTMENT AUTHORITY are trademarks or registeredtrademarks of Allianz Asset Management of America LP and Pacific Investment Management Company LLCrespectively in the United States and throughout the world Copyright 2015 PIMCO
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
風險披露
基金經理 中國平安資產管理（香港）基金經理名稱 麥劍豪成立日 2011年4月28日資產規模 38937人民幣（百萬）
每單位10122人民幣每單位9577港幣
每單位資產淨值（Ａ類美元）
每單位資產淨值（Ａ類人民幣）每單位資產淨值（Ａ類港元）
每單位950美元每
上次派息（Ａ類港元） 每單位152港元上次派息（Ａ類美元） 每單位015美元
上次派息（Ａ類人民幣） 單位155人民幣 (1)
基礎貨幣 人民幣交易頻率 每日 (2) 最低投資額 人民幣10000元（首次）人民幣10000元（額外）
港元10000元（首次）港元10000元（額外）美元1000元（首次）美元1000元（額外）
認購費 最高為 5轉換費 1 (4)
管理費 每年1 股息分派政策 每半年分派股息一次 (3) 財政年度終結日 6月30日受託人 中銀國際英國保誠信託有限公司ISIN代號 彭博代號 HK0000079084 PARRMBA HK
(2) 基金可於任何「營業日」交易(1) 除息日2015年6月15日
(4)(3)
基金資料
2015年11月
基金經理
投資風險中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo）主要投資於人民幣收益工具此等可能會貶值因此閣下於本基金的投資或會蒙受損失基金價格可反覆波動並可在一段短時期內顯著下跌在最壞情況下基金價值或會大幅地少於您的投資金額在極端的情況下您投資的金額可能會變成沒有價值此基金乃投資產品並不相等於銀行存款概無保證將償還本金本基金不保證會派發股息投資決定應由閣下自行作出除非中介人於銷售該產品時已向閣下解釋經考慮閣下的財務情況投資經驗及目標後認為該產品是適合閣下否則閣下不應投資在該基金投資者不應僅根據此資料而作出投資決定閣下應仔細參閱本基金之銷售文件（包括風險因素及收費表）以獲取進一步資料人民幣貨幣風險人民幣不可自由兌換並受外匯管制政策及資金調出中國大陸境外限制的規管概不保證人民幣不會貶值交易對手的信貸風險本基金須承受其可能投資的人民幣收益工具dagger及銀行存款的發行人信貸無償債能力的風險本基金所投資的人民幣收益工具可能有或可能沒有投資級別本基金作為其交易對手的無抵押債權人將完全承受該等交易對手的信貸無償債能力的風險利率風險利率上升可能會對本基金所持的人民幣收益工具價值造成不利影響如本基金在到期前出售人民幣收益工具本基金將會蒙受投資損失有限的投資工具風險現時可供本基金投資的於中國大陸境外發行或分銷的人民幣收益工具數目有限如可供本基金投資的人民幣收益工具不足本基金可以銀行存款方式持有重大部份資產這或會對本基金的回報及表現造成不利影響資金周轉風險就在中國大陸境外發行或上市的人民幣收益工具而言可能缺乏活躍的二手市場基金經理可能需要以折讓變賣該投資以應付贖回要求人民幣收益工具的買價和賣價的差價可能很大本基金可能因此而承擔重大的交易及變現成本並可能在出售該等投資時招致虧損從資本中作出分派的風險基金經理目前的意向是從淨收入（收入扣除開支）中作出分派基金經理可酌情決定(1) 從基金的資本中支付分派 或 (2)從總收入中支付分派而同時從基金的資本中支取支付基金全部或部分費用及開支單位持有人應注意從資本中或實際上從資本金額中支付分派相當於退還或提取單位持有人部分原有投資額或任何歸屬於該原有投資額的資本增值任何涉及從基金的資本中支付分派或實際上從基金的資本中支付分派可導致每單位資產淨值即時減少基金經理可在獲得證監會事先批准後及向單位持有人發出不少於一個月的事先通知後修改分派政策dagger有關人民幣收益工具之定義請詳閱本基金的銷售文件
基金單位可以進行轉換惟須受說明書內的限制所規限並且子基金的人民幣計價單位與子基金或其他子基金（如有）以另一貨幣計價的單位之間不獲准進行轉換
現時為6月及12月按基金經理酌情決定以及不保證任何最低派息金額
基金表現
總回報表現根據資產淨值對資產淨值包括股息（如有）再投資計算人民幣自基金成立日2011年4月28日港元及美元自成立日2013年3月1日
由於A類人民幣為子基金的基礎貨幣被選為最合適的代表單位類別
投資目標及策略
產品特點
中國平安精選人民幣債券基金尋求透過主要投資於人民幣計價定息或浮息債務證券以提供包含利息收入和資本增長的總回報子基金主要投資於由政府半政府組織財務機構跨國組織及其他法團在中國大陸境外發行或分銷的人民幣計價債務工具基金經理透過積極管理人民幣收益工具附帶的主要風險例如存續期年期結構行業分配產品選擇及信貸評級以取得投資回報
基金將由不同到期日和信貸質素的人民幣收益工具及銀行存款組成以及投資組合中的每一種工具均會根據廣泛的內部及外部基本因素研究來選擇
基金不會投資於任何衍生工具或結構性存款或產品 基金為投資者提供不同貨幣類別包括人民幣港元和美元
人民幣港元美元
人民幣港元美元
-384745493 1677283--532 683003--525 688010
中國平安精選人民幣債券基金 - A類人民幣
一個月 三個月 六個月 一年 年初至今
2014 20112012 基金成立至今2013
以10
0為基數
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
十大持有證券
回顧國際貨幣基金組織（IMF）正式宣佈將人民幣納入特別特別提款權 (SDR) 籃子權重為1092僅次於美元 (4173) 和歐元 (3093)早在11月初IMF總裁就已經公開表示支持人民幣ldquo入藍rdquo因此此結果對市場來說是預期之內中國官方製造業PMI從上月的498跌至本月的496為2012年以來的新低表明中國經濟依然疲弱
11月點心債市場持續反彈滙豐點心債指數分別錄得036價格回報及072總回報按月比較基準高收益債的平均收益率收窄52個基點至642整體投資級債券平均收益率按月持平為41同時香港離岸人民幣政府債收益率放寬3個基點至354
本月離岸人民幣債券一級市場的發行量大規模為175億元其中有140億來自財政部人民銀行美元兌人民幣的匯率定盤價本月下跌074而美元兌離岸人民幣下跌175
展望人民幣被納入SDR對人民幣為長期利好因素這也是人民幣國際化進程的重要一步但短期來說其對人民幣債券需求的影響十分有限投資人民幣資產將是循序漸進的儘管未來市場對人民幣的需求可能增加但考慮到國內經濟低迷貨幣政策持續寬鬆預計離岸人民幣貶值風險仍會增加
只有境內債券市場持續提供發行人有利的資金水平否則離岸人民幣企業債的供應將繼續偏低雖然這情況將支持離岸人民幣二級市場的需求但缺乏新供應會帶來再投資風險我們將持續關注市場動態並作出適當調整
註點心債券即離岸人民幣債券
本月報所提供資料截至2015年11月30日
資產分佈
2015年11月
基金經理
中國平安精選投資基金系列－中國平安精選人民幣債券基金（ldquo本基金rdquo)已獲香港證券及期貨事務監察委員會「證監會」認可（證監會認可不代表證監會對本基金給予官方推薦或背書亦不代表其對本基金的商業價值或其表現作出保證此並不指本基金適合所有投資者亦不指本基金對任何特定投資者或類別投資者的適合性作出背書）本文件部分資料是取自中國平安資產管理（香港）有限公司（ldquo中國平安資產管理（香港）rdquo）相信可靠的來源所編寫就由外界提供的資料（如披露）中國平安資產管理（香港）相信是準確及完整的本文件僅供參考之用並非投資要約投資涉及風險投資者不應單憑本文件而作出投資決定過去表現不代表將來表現基金價格可升可跌有可能令投資者損失部分或全部投資本金本文件由中國平安資產管理（香港）刊發並未經證監會審核
每月評論
FUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
定期存款 129
定息債務工具9413
現金 456
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Risk Disclosure
Investment Objective and Strategy
Fund Performance
RMB
(2) The Fund will have dealing on any Business Day(1) Ex-Dividend Date 15 June 2015
(3)
Fund manager Ping An of China Asset Management (Hong Kong)Fund managerrsquos name Nixon MAKInception date 28 April 2011Fund size RMB 38937 millionUnit price (Class A RMB) RMB 10122 per unitUnit price (Class A HKD) HKD 9577 per unitUnit price (Class A USD) USD 950 per unit
Last dividend payout (Class A HKD) HKD 152 per unitLast dividend payout (Class A USD) USD 015 per unit
Last dividend payout (Class A RMB) RMB 155 per unit
Base currency RMBDealing frequency Daily (2)
(1)
Min investment amount RMB 10000 (initial) RMB 10000 (additional)HKD 10000 (initial) HKD 10000 (additional)USD 1000 (initial) USD 1000 (additional)
Subscription fee Up to 5Switching fee 1 (4)
Management fee 1 paDividend policy Semi-annual basis (3)
Financial year end 30 JuneTrustee BOCI-Prudential Trustee LimitedISIN Bloomberg code HK0000079084 PARRMBA HK
Fund Data
Ping An of China SIF - RMB Bond FundNovember 2015
Since fund inception on 28 April 2011 for RMB 1 March 2013 for HKD and USD
Manager
1 year YTD6 months3 months1 month
Currently June and December Dividend distribution is subject to the managerrsquos discretion and there is no guarantee on any minimum dividend payment amount
Total return performance is based on NAV-to-NAV with dividend reinvested (if any)
083 395 231 392 474 -066 427 -127 -041 140 -063 428 -125 -032 145
HKDUSD
RMBHKDUSD
2011 Since Inception2014-384
20122013745493 1677283
--532 683003--525 688010
Investment Risk Ping An of China SIF ndash RMB Bond Fund (the ldquoFundrdquo) principally invest in RMB denominated income instruments which may fall in value and therefore your investment in the Fund may suffer loss The price of the Fund can be volatile and can go down substantially within a short period of time In the worst case scenario the value of the Fund may be worth substantially less than the original amount you have invested and in an extreme case could be worth nothingThe Fund is an investment product and is NOT equivalent to bank deposits therefore there is no guarantee in respect of repayment of principalThere is no guaranteed dividend paymentThe investment decision is yours You should not invest in the Fund unless the intermediary who sells it to you has explained to you that the product is suitable for you having regard to your financial situation investment experience and investment objectives Investors should not only base their decision on this material alone The investor should refer to the Fundrsquos explanatory memorandum (including the risk factors and charges stated therein) to get further detailsRMB Currency Risk RMB is not a freely convertible currency and is subject to foreign exchange control policies and restrictions on the repatriation of funds out of mainland China There is no guarantee that RMB will not depreciateCredit Risk of Counterparties The Fund is exposed to the creditinsolvency risk of the issuers of the RMB Income Instrumentsdagger and bank deposits RMB Income Instruments that the Fund invests in may or may not be of investment grade The Fund is fully exposed to the creditinsolvency risk of its counterpar-ties as an unsecured creditor Interest Rate Risk An increase in interest rates may adversely affect the value of the RMB Income Instruments held by the Fund causing the Fund to suffer a loss in its investments if it disposes of the RMB Income Instruments before their maturityRisk of Limited Pool of Investments The quantity of RMB Income Instruments issued or distributed outside mainland China that is available to the Fund is currently limited The Fund may hold a significant portion of assets in bank deposits if there are insufficient RMB Income Instruments for the Fund to invest in This may adversely affect the Fundrsquos return and performanceLiquidity Risk For RMB Income Instruments issued or listed outside mainland China there may not be an active secondary market The Manager may have to liquidate such investments at a discount to meet redemption requests The bid and offer spread of the price of RMB Income Instruments may be large so the Fund may incur significant trading and realization costs and may suffer losses when selling such investmentsRisks associated with distributions out of capital It is the current intention of the Manager to make distributions out of the net income (the income net expenses) However at the Managerrsquos discretion distributions may be paid (1) out of capital of the Fund or (2) out of gross income while charging paying all or part of the Fundrsquos fees and expenses to out of capital of the Fund Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholderrsquos original investment or from any capital gains attributable to that original investment Any distributions involving payment of distributions out of the Fundrsquos capital or payment of distributions effectively out of the Fundrsquos capital may result in an immediate reduction of the Net Asset Value per Unit The Manager may amend the distribution policy subject to SFCrsquos prior approval and by not giving less than one monthrsquos prior notice to Unitholdersdagger For the definition of RMB Income Instruments please refer to the Explanatory Memorandum of the Fund
(4) Switching of Units is subject to the limitations as set out in the Explanatory Memorandum and that no switching is allowed to be made between Units denominated in RMB of the Sub-Fund and Units denominated in another currency of the Sub-Fund or other Sub-Funds (if any)
Ping An of China SIF-RMB Bond Fund (the ldquoFundrdquo) seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating rate debt securities issued or distributed outside of mainland China RMB denominated debt instruments may include issuers from government quasi-government organizations financial institutions multinational organizations and other corporations The Fund is seeking to achieve investment returns through active management of the risks associated with RMB Income Instruments such as duration credit rating selection and sector allocation
bull The Fund consists of RMB Income Instruments of different maturities and credit quality and bank deposits and each instrument will be selected based on extensive in-house and external fundamental research
bull The Fund does not invest in any derivatives or structured deposits or products
bull The Fund provides different share classes for investors including RMB HKD and USD
Product Features
Reba
sed
to 1
00 Ping An of China SIF RMB Bond Fund ndash Class A RMB
Class A RMB is selected as the most appropriate representative unit class as it is denominated in the Sub-Fundrsquos base currency
94
98
102
106
110
118
114
0411 11110711 0312 0712 1112 0313 0713 1113 0314 0315 1115071511140714
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Top Ten HoldingsFUTURE LAND DEVELOPMENT HLDGS LTD 975 SA 23APR2016 832TIMES PROPERTY HLDGS LTD 10375 SA 16JUL2017 625GOLDEN WHEEL TIANDI HLDGS CO LTD 1125 SA 25APR2016 595UNICAN LTD 58 SA 30MAY2017 567NEW WORLD CHINA LAND LTD 55 SA 06FEB2018 565HAIKOU MEILAN INTL AIRPORT INVESTMENT LTD 725 SA 18JUN2018 509MODERN LAND CHINA CO LTD 11 SA 22JAN2017 508INTL OFFSHORE TWO PTE LTD 75 SA 01APR2018 508361 DEGREES INTL LTD 75 SA 12SEP2017 394UNIVERSAL NUMBER ONE CO 57 Q 30JAN2017 384
ReviewThe IMF officially announced its decision to include RMB in the Special Drawing Rights (SDR) basket assigning a 1092 weight to RMB in the new basket and making the currency have the third largest weight after the USD (4173) and Euro (3093) The decision was largely anticipated by the market after the IMF chief publicly voiced its support for its inclusion early November Chinarsquos official manufacturing PMI in November dropped to 496 down from at 498 last month This is the lowest reading since 2012 and is a clear indicator of the weak economic environment in China
For the Dim Sum bond market it continued to rebound in November The HSBC Dim Sum Bond Index has reported a price return and a total return of 036 and 072 in the past month On a month-over-month basis benchmark high-yield average yield has tightened by 52bps to 642 while overall investment grade average yield was flat MoM at 41 At the same time CNH government bond yield has widened by 3bps to 354 over the month
There was heavy primary issuance in the CNH space this month with RMB 175bn of new issues mostly coming from the Ministry of Financersquos RMB 14bn jumbo issuance PBOC USD-CNY fixing ended the month with 074 depreciation while the USD-CNH depreciated 175 by the end of November
OutlookWe believe that the SDR inclusion is a long term positive for RMB and a major step for the internationalization of the currency We expect the inclusion will only have limited short term impact on the demand for RMB bonds as flows into RMB-denominated assets will only be gradual Despite a potential uplift in demand for RMB in the future we see an increasing risk of CNH depreciation as monetary policies remain loose given the weak economic conditions
As long as the onshore bond market continues to provide favorable funding levels to issuers we expect offshore RMB corporate bond supply to remain low While these conditions will support the demand in the CNH secondary market it poses reinvestment risks given the lack of new supply We will continue to monitor the ongoing market dynamics to make the appropriate adjustments
Note CNH is the currency symbol for offshore RMB
Information provided in this factsheet was as of 30 November 2015
Asset Allocation
Term Deposit129
Fixed Rate DebtInstruments
9413Cash 456
Monthly Commentary
Ping An of China SIF - RMB Bond FundNovember 2015
Manager
Ping An of China SIF ndash RMB Bond Fund (ldquothe Fundrdquo) a sub-fund of Ping An of China Select Investment Fund Series has been authorized by the Securities and Futures Commission in Hong Kong (ldquoSFCrdquo) (SFC authorization is not an official recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors) Certain information contained in this fact sheet is obtained and prepared from sources which Ping An of China Asset Management (HK) Co Ltd (ldquoPAAMCrdquo) believes to be reliable For information sourced externally (as disclosed) PAAMC believes that such information is accurate and complete This fact sheet is for your information and reference only and does not constitute an offer Investment involves risks Investors should not only base investment decisions on this material alone The past performance is not indicative of future performance The price of the Fund may rise or fall and investors may lose some or all of their investment This material is issued by PAAMC and has not been reviewed by the SFC
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
As at 截至 30112015
施羅德另類投資方略 - 施羅德貴金屬基金 A類股份 累積單位
Schroder AS - Gold amp Precious Metals Fund A Acc
Important Information 重要事項The fund authorized as a ldquoFutures and Options Fundrdquo will invest principally in commodity futures andor options and will not invest in commodity contracts other than commodity futures contracts
The fund may use derivatives extensively for investment purposes Derivatives exposure may involve higher counterparty risk and over-the-counter transaction risks Transactions in futures can be leveraged or geared so that a relatively small market movement may have a proportionately larger impact which may work for or against the fund Investments in commodity-linked derivatives may subject the fund to greater volatility than instruments in traditional securities
l
The fund invests in concentrated regionsector and subjects to higher level of risks than a fund investing in a more diversified portfoliostrategyl
The fund may hold relative few investments and subject to significant lossesl
You should not make any investment decision solely based on this document Please read the relevant offering document carefully for further fund details including risk factors基金獲認可為「期貨及期權基金」基金將主要投資於商品期貨及或期權但除商品期貨合約外將不會投資於商品合約
基金可為投資目的而大量運用金融衍生工具運用金融衍生工具可涉及較高的對手方和場外交易市場交易風險期貨交易可以槓杆方式運作因此相對較小的市場變動也可能造成比例上較大程度的影響繼而對基金有利或不利投資於商品掛鈎衍生工具與傳統證券工具相比可能使基金承受更大的價格波幅
l
基金投資於集中地區行業會承受較投資於採用較多元化的投資組合策略的基金為高的風險l
基金可能持有相對較少種類的投資而蒙受重大損失l
閣下不應僅倚賴本文件而作出任何投資決定請詳閱有關銷售文件以得悉基金之詳情包括風險因素
Key Information 基金資料
USD543 (美元)Unit NAV 單位資產淨值
HiLo (Past 12 mths)最高最低 (過去十二個月)
USD757543 (美元)
-2310Annualised Return (3 yrs)年度回報率 (3年)
Annualised Volatility (3 yrs)年均相對波幅 (3年)
1976
Beta (3 yrs) 貝他 (3年) 083
-120Sharpe Ratio (3 yrs)夏普比率 (3年)
500Initial Charge up to 首次認購費上限
150 paManagement Fee 管理年費
Fund Manager 基金經理 James Luke amp Mark Lacey
0708Launch Date 推出日期
USD8802 (美元)Fund Size 資產值 (million百萬元)
Accumulation (累積)Unit Available 單位類別
3009Financial Year End財政年度結算日
932Schroders InvestLink Code「施羅德資訊通」編號
SAGMAAD LXBloomberg Ticker 彭博代碼
ISIN CODE ISIN號碼 LU0371156497
Investment Objective 投資目標
The Funds investment objective is to generate growth in the long term through investment in gold and precious metal related commodity instruments as well as the equities of those companies involved in precious metal related industries globally本基金的投資目標是透過投資於與黃金及貴金屬商品有關的工具以及全球各地參與貴金屬相關工業的公司股本以
產生長期的增值
Cumulative Performance 累積表現 ()
-1956 -1956 -828 -828 -2061 -2061 -5452 -5452 -4911 -4911 -4570 -4570Fund 基金
YTD年初至今
3 Mths3個月 1年
1 Yr3年
3 Yrs5年
5 Yrs自設立日起
Since Launch
()
Fund 基金
Fund基金
Annual Return基金總回報 ()
-702 -7022014
-3570 -35702013
-183 -1832012
-017 -0172011
1520 15202010
Schroder Alternative Solutions is referred to as Schroder ASSource Schroders NAV-NAV in USD with net income re-invested The Fund size quoted includes all classes of the Fund Investment involves risks Past performance is not indicative of future performance Please refer to the relevant offering documents for fund details including risk factors This material including the website is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC The Fund is authorised under Chapter 84A of the SFCs Code on Unit Trusts and Mutual Funds as a ldquoFutures and Options Fundrdquo but such authorisation does not imply official recommendationsup1Effective 03052011 the fund name of Schroder Alternative Solutions Gold and Metals Fund has been changed to Schroder Alternative Solutions Gold and Precious Metals Fund and its investment objective has also been changed (previous objective To generate growth in the long term through investment in gold and metal related commodity instruments globally)資料來源 施羅德投資基金表現以資產淨值價(美元)計算收益再投資本基金之資產值已涵蓋其所有類別投資涉及風險過往表現未必可作日後業績的準則詳情（包括風險因素）請參閱有關銷售文件本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱本基金根據證監會的《單位信託及互惠基金守則》第84A章獲認可為「期貨及期權基金」但該認可並不表示證監會作出官方推薦sup1自03052011日起施羅德金屬基金之名稱已改為施羅德貴金屬基金 其投資目標亦同時更改( 前投資目標主要透過投資於全球與黃金及金屬商品有關的工具以產生長期的增值)
Current Portfolio Exposure 目前基金的投資 ()
Precious Metals 貴金屬 9885
Cash 現金 115
Top Holdings 主要投資 ()
Gold 9869
Platinum 016
Asset Type (Exposure) 資產分佈(以風險計算) ()
Futures 期貨 3573
ETFs 交易所買賣基金 3572
Equity 股票 2741
Cash 現金 115
wwwschroderscomhk
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Franklin Templeton Investment Funds
Templeton Global Bond Fund
Global Fixed Income
31102015
Fund Fact Sheet
E-Mail Web
fti-hkfranklintempletoncom wwwfranklintempletoncomhk
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
Risk Considerations
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
The Fund may invest in non-investment grade debt securities and as a result may be subject to liquidity and counterparty
default risks
The Funds value may be affected by exchange control regulations and changes in exchange rates
The Fund may invest extensively in financial derivative instruments for hedging purposes as well as investment purposes
which may expose the Fund to the potential for significant losses and as a result may be subject to counterparty and volatility
risk
The Fund may at its discretion pay dividend out of the capital of the Fund
Payment of dividends out of capital amounts to a return or withdrawal of part of an investorrsquos original investment or from any
capital gains attributable to that original investment
Any distributions involving payment of dividends out of the Fundrsquos capital or payment of dividends effectively out of the
Fundrsquos capital (as the case may be) may result in an immediate reduction of the net asset value per share
This investment involves risks which may result in loss of part or entire amount of your investment
Before you decide to invest you should make sure the intermediary has explained to you that the Fund is suitable to you
Investors should not only base on this marketing material alone to make investment decisions
Performance
Performance over 5 Years in Share Class Currency ()
Templeton Global Bond Fund A(Mdis) USD JP Morgan Global Government Bond Index
Fund Overview
Base Currency for Fund USD
Total Net Assets (USD) 27932 Millions
Fund Inception Date 28021991
Number of Holdings 251
Benchmark JP Morgan Global
Government Bond Index
Morningstar Categorytrade Global Bond
80
100
120
140
1010 0411 1011 0412 1012 0413 1013 0414 1014 0415 1015
Summary of Investment Objective
The Fund aims to maximise total investment return
consisting of a combination of interest income capital
appreciation and currency gains by investing principally in
a portfolio of fixed or floating rate debt securities and debt
obligations issued by government or government-related
issuers worldwide
Performance in Share Class Currency ()
Cumulative
3 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Since Incept
A(Mdis) USD -291 -434 -680 075 1196 9954 41917
Benchmark in USD 126 -162 -242 -653 -042 4632 28777
Fund Management
Michael Hasenstab PhD United States
Sonal Desai PhD United States
Calendar Year Performance in Share Class Currency ()
2014 2013 2012 2011 2010
A(Mdis) USD 115 121 1635 -314 1166
Benchmark in USD 067 -450 130 722 642
Ratings - A(Mdis) USD
Overall Morningstar Ratingtrade
Fund Measures
Average Credit Quality BBB+
Average Duration -012 Years
Average Weighted Maturity 213 Years
Yield to Maturity 479
Standard Deviation (5 Yrs) 819
Top Holdings ( of Total)
Security Name
Government of Mexico 800 121715 283
Government of Hungary senior note 6375 32921 278
Government of Poland Strip 12516 270
Government of Ireland senior bond 540 31325 236
Korea Monetary Stabilization Bond senior note 246
80216
223
Government of Malaysia senior note 3394 31517 204
Korea Treasury Bond senior note 275 121015 170
Nota Do Tesouro Nacional 1000 10117 170
Korea Monetary Stabilization Bond senior note 207
120216
168
Government of Mexico 725 121516 161
Asset Allocation
Fixed Income 8966
Cash amp Cash Equivalents 1034
Share Class Information
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(Mdis) USD 28021991 USD 1948 139 500 075 030 NA 15102015 00620 LU0029871042
A(acc) EUR-H1 10042007 EUR 2013 139 500 075 030 NA NA NA LU0294219869
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100
Templeton Global Bond Fund 31102015
For the source and calculation basis of Fund information please refer to the Explanatory Notes section
copy 2015 Franklin Templeton Investments All rights reserved
wwwfranklintempletoncomhk
Share Class Information (continued)
Fees Dividends Fund Identifiers
Share Class Incept Date NAV TER ()
Max Sales
Charge ()
Mgmt
Fee ()
Max Maint
Charge ()
Max Serv
Charge ()
Last Paid
Date
Last Paid
Amount ISIN
A(acc) HKD 29012010 HKD 1229 139 500 075 030 NA NA NA LU0476943880
A(acc) USD 28042006 USD 2777 139 500 075 030 NA NA NA LU0252652382
A(Mdis) AUD-H1 30092010 AUD 1126 140 500 075 030 NA 15102015 00370 LU0536402570
A(Mdis) EUR 09092002 EUR 1774 139 500 075 030 NA 15102015 00550 LU0152981543
A(Mdis) EUR-H1 16062008 EUR 1258 138 500 075 030 NA 15102015 00390 LU0366770310
A(Mdis) GBP-H1 03092007 GBP 1004 140 500 075 030 NA 15102015 00330 LU0316492692
A(Mdis) HKD 29012010 HKD 1055 139 500 075 030 NA 15102015 00340 LU0476943617
A(Mdis) SGD-H1 16062008 SGD 1203 140 500 075 030 NA 15102015 00390 LU0366777323
B(Mdis) USD 14052001 USD 2016 289 NA 075 075 106 15102015 00640 LU0128533279
Composition of Fund
Templeton Global Bond Fund JP Morgan Global Government Bond Index
Geographic
of Total
Mexico 2000 000
South Korea 1699 000
Malaysia 1017 000
Poland 864 000
Brazil 765 000
Hungary 587 000
Indonesia 540 000
Ukraine 404 000
ST Cash and Cash Equivalents 875 000
Others 1249 10000
Currency
of Total
US Dollar 9558 4047
Mexican Peso 2046 000
South Korean Won 1696 000
Malaysian Ringgit 1468 000
Polish Zloty 864 000
Brazilian Real 765 000
Indian Rupee 603 000
Japanese Yen -3110 2148
EURO -5270 2692
Others 1381 1113
Important Information
Unless stated otherwise all information is as of the publishing date of this document Source Franklin Templeton Investments
Franklin Templeton Investments (Asia) Limited is the issuer of this document This document is neither an offer nor solicitation to purchase shares of the fund applications for shares may only be
made on forms of application available with the Offering Documents Investments are subject to investment risks fund value may go up as well as down and past performance is not an indicator
nor a guarantee of future performance The investment returns are denominated in fund currency Investors investing in funds denominated in non-local currency should be aware of the risk of
exchange rate fluctuations that may cause a loss of principal Investors should read carefully the Offering Documents (including the section Risk Considerations) for the relevant risks associated
with the investment in the fund before investing Distribution of this document may be restricted in certain jurisdictions This document does not constitute the distribution of any information or the
making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such
an offer or solicitation This document has not been reviewed by the Securities and Futures Commission of Hong Kong
Explanatory Notes
Performance Performance information is based on the stated share class only in Fund Currency NAV to NAV taking into account of dividend reinvestments and capital gain or loss
Morningstar Categorytrade Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be
copied or distributed and (3) is provided for reference purposes only Past performance is no guarantee of future results
Fund Management In the case of portfolio managers who are CFA Charterholders CFAreg and Chartered Financial Analystreg are trademarks owned by CFA Institute
Ratings Copyright copy Morningstar Inc All Rights Reserved The information contained herein (1) is proprietary to Morningstar andor its content providers (2) may not be copied or distributed
and (3) is provided for reference purposes only Past performance is no guarantee of future results
Top Holdings These securities do not represent all of the securities purchased sold or recommended for clients and the reader should not assume that investment in the securities listed was
or will be profitable The portfolio manager for the Fund reserves the right to withhold release of information with respect to holdings that would otherwise be included in the top holdings list
Average Credit Quality The average credit quality (ACQ) rating may change over time The portfolio itself has not been rated by an independent rating agency The letter rating which may be
based on bond ratings from different agencies is provided to indicate the average credit rating of the portfoliorsquos underlying bonds and generally ranges from AAA (highest) to D (lowest) The ACQ
is determined by assigning a sequential integer to all credit ratings AAA to D taking a simple asset-weighted average of debt holdings by market value and rounding to the nearest rating The
risk of default increases as a bondrsquos rating decreases so the ACQ provided is not a statistical measurement of the portfoliorsquos default risk because a simple weighted average does not measure
the increasing level of risk from lower rated bonds The ACQ is provided for informational purposes only Derivative positions and unrated securities are not reflected in the ACQ
Asset AllocationComposition of Fund Due to rounding the sum of portfolio may not equal 100