sg flag glossaryonpage3 - fundsupermart.com · fund size us$1,184m max. sales charge - cash (on net...

Fidelity Funds - China High Yield Fund30 Jun 2020

Fund Details

Fund Manager

Reference Currency USD

Fund Size US$1,255m

Max. Sales Charge - Cash(On Net Investment Amount)

3.50%

Annual Management Fee 1.20%

Subscription Information Cash: All share classes

Investment ObjectiveThis fund seeks a high level of current income by investing primarily in high-yielding, sub-investment grade or non-rated debt securities of issuers that have their head office or exercisea majority of their activity in the Greater China region (including China, Hong Kong, Taiwan,and Macau). This region includes certain countries considered to be emerging markets. Thisfund will suit those investors seeking high income and who are prepared to accept the risksassociated with this type of investment. The type of debt securities in which the fund willprimarily invest will be subject to high risk and will not be required to meet a minimum creditrating standard. Not all securities will be rated for creditworthiness by an internationallyrecognized rating agency. The fund may invest its net assets directly in onshore China fixedincome securities listed or traded on Eligible Markets in China. The manager is not restricted inhis choice of companies either by market sector or industry, and will choose investmentslargely determined by the availability of attractive investment opportunities.

Fund Performance (rebased to 100)

Fund A-ACC-USD

Performance is shown for the last 5 years (or since launch forfunds launched within that period), rebased to 100.

Performance (%)

YTD(cum)

1mth(cum)

3mth(cum)

6mth(cum)

1yr(cum)

3yr(ann)

5yr(ann)

SinceLaunch(ann)

A-ACC-USD -0.9 3.7 12.8 -0.9 1.1 3.0 - 5.4

With 3% sales charge -3.9 0.6 9.4 -3.9 -1.9 2.0 - 4.7

A-MINCOME(G)-USD (hedged) -0.9 3.7 12.7 -0.9 1.1 3.0 - 5.6


A-MINCOME(G)-SGD (H) -1.4 3.6 12.6 -1.4 0.3 2.3 - 5.0


A-HMDIST(G)-AUD (hedged) -1.8 3.7 12.6 -1.8 -0.3 2.3 - 5.4


Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Returns areannualised for periods greater than 1 year. Please refer to "Share Class Details & Codes" for the launchdates of the respective share classes.

Top 10 Holdings (%)Fund

STUDIO CITY 7.25% 2/11/24 RGS 1.82

YUZHOU PPT 7.375% 01/13/26 RGS 1.82

CHINA SCE 7.375% 04/09/24 REGS 1.77

FORTUNE STA 6.75% 07/02/23 RGS 1.28

YUZHOU PPTYS 8.3% 05/27/25 RGS 1.28

REDSUN PROPE 9.7% 04/16/23 RGS 1.26

MELCO RES 5.375% 12/04/29 RGS 1.25

ZHENRO PP 10.25%/VAR PERP RGS 1.21

SINO-OCE III 4.9%/VAR PERP RGS 1.13

WYNN MACA 5.125% 12/15/29 RGS 1.10

Top 5 Issuers (%)

(YUZHOU) Yuzhou Properties Co Ltd 4.68

(KAISAG) Kaisa Group Holdings Ltd 4.39

(EVERRE) China Evergrande Group 3.75

(FOSUNI) Fortune Star Bvi Ltd 3.55

(CHINSC) China Sce Property Hldgs 3.37

Geographic Exposure (%)

Fund■ China 66.60■ Hong Kong 5.12■ Macao 4.51■ Indonesia 4.05■ India 3.56■ Sri Lanka 1.25■ Ireland 1.10■ Japan 0.92■ Mongolia 0.77■ Philippines 0.71■ Others 2.69■ Cash 8.72

Sector Exposure (%)

Fund■ Property 55.08■ Consumer Cyclical 8.76■ Quasi / Sov / Supra / Agncy 5.17■ Banks & Brokers 4.55■ Basic Industry 3.89■ Utility 2.04■ Communications 1.94■ Capital Goods 1.85■ Energy 1.37■ Industrial Other 1.37■ Others 5.26■ Cash 8.72

Bond

29799_Jun20.pdf


Measures(A-ACC-USD) Fund

Annualised Volatility (3 years) (%) 9.89

Sharpe Ratio (3 years) 0.13

Yield to Maturity (%) 10.35

Running Yield (%) 8.17

Effective Duration 3.1

Average Credit Rating (Linear) BB-

Asset Type – Investment grade credit (ex-treasury) (%)

5.17

Asset Type – High yield bond (%) 78.82

Share Class Details & CodesShare Class Launch Date NAV Bloomberg Ticker ISIN

A-ACC-USD 30 Nov 15 12.7292 FFCHAAU LX LU1313547462

A-MINCOME(G)-USD (hedged) 29 Jan 16 9.1374 FCAMIUH LX LU1345481698

A-MINCOME(G)-SGD (H) 29 Jan 16 0.8888 FCAMISH LX LU1345482076

A-HMDIST(G)-AUD (hedged) 29 Jan 16 9.1113 FCAMDAH LX LU1345482316

A-MINC(G): monthly distributing share class (from gross investment income and from capital on occasion soto maintain a stable payment). Distribution amount not guaranteed. (H): Share class is hedged to therespective base currency.

Calendar Year Performance (%)2015 2016 2017 2018 2019

A-ACC-USD - 11.4 7.5 -5.1 12.9

With 3% sales charge - 8.0 4.2 -8.0 9.5

A-MINCOME(G)-USD (hedged) - - 7.2 -5.1 12.9

With 3% sales charge - - 4.0 -7.9 9.5

A-MINCOME(G)-SGD (H) - - 6.7 -5.8 12.3


A-HMDIST(G)-AUD (hedged) - - 7.7 -5.3 11.7


Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Sales charge may belevied by the distributor at its discretion. The stated returns will be reduced by the corresponding salescharge amount being levied by the distributor.

Currency Exposure (%)Fund

USD 95.01

CNY 3.36

HKD 0.85

AUD 0.11

SEK 0.16

Other 0.52

Rounding Adjustment -0.01

Total 100.00

Credit Rating Exposure (%)Fund

AAA/Aaa 0.00

AA/Aa 0.44

A 2.51

BBB/Baa 3.43

BB/Ba 28.28

B 48.72

CCC and Below 1.94

Other 5.96

Cash 8.72

Total 100.00

www.fidelity.com.sg

29799_Jun20.pdf


Definition of TermsAnnualised Volatility is a measure of how variable returns for a fund or comparative market index have been around their historical average. Two funds may produce the same returnover a period. The fund whose monthly returns have varied less will have a lower annualised volatility and will be considered to have achieved its returns with less risk.

Sharpe Ratio is a measure of a fund's risk adjusted performance taking into account the return on a risk-free investment. The ratio allows an investor to assess whether the fund isgenerating adequate returns for the level of risk it is taking. The higher the ratio, the better the risk-adjusted performance has been. If the ratio is negative, the fund has returned lessthan the risk-free rate.

Yield to Maturity is the internal rate of return earned on a bond, assuming that the bond will be held until maturity and all coupon and principal payments will be made. It is anestimation of future return, as the rate at which coupon payments can be reinvested when received is unknown.

Running Yield describes the income investors get from their portfolio as a percentage of market value of the securities (incorporating the effect of derivatives) and does not includethe impact of fees. It should not be relied on as a measure of expected fund return. The running yield does not reflect the total return over the life of the bond and takes no accountof reinvestment risk or the fact that bonds usually mature at par value.

Duration is a measure of sensitivity of the fund value to changes in interest rates and includes all investments in the fund including derivatives. It takes into account that expected cashflows will fluctuate as interest rates change and affect a bond's price.

Average Credit Rating is the weighted average of all the bond credit ratings in the fund. It takes into account all investments in the fund including derivatives. This measure gives anidea of how risky the fund’s bonds are overall: the lower the average credit rating, the riskier the fund. With a Linear weighted average the weight assigned to each issue is equal toits market value weight.

Exposure as a percentage of TNA (excluding derivatives). For each bond in the fund, Fidelity looks at the rating given by three rating agencies (S&P, Moody’s and Fitch) and appliesthe worst of the two best ratings (commonly known as the Basel method). The AAA/Aaa rating is the highest and indicates the borrower has the lowest probability of defaulting onits debt. The table above is a categorisation of the fund’s individual bonds into their credit ratings. If any derivatives are being used to adjust the credit quality of the fund, these arereflected in the Average Credit Rating under the “Measures” section.

Top issuers table: credit derivatives relating to any specific issuer are included, but derivatives relating to government bonds and to bond indices are excluded. Geographicexposure basis is domicile of issuer. The credit rating table excludes derivatives. Currency exposure is after hedging.

FIL Investment Management (Singapore) Limited [FIMSL] (Co. Reg. No.: 199006300E) is a responsible entity for the fund in Singapore.Prospectus of the fund is available from FIMSL or its distributors upon request. Potential investors should read the prospectus beforeinvesting. All views expressed and references to specific securities are included for illustration only, and should not be construed as anoffer or recommendation. This document is for information only and does not have regard to the specific investment objectives, financialsituation and particular needs of the person who may receive it. Potential investor should seek advice from a financial adviser beforeinvesting. If that potential investor chooses not to seek advice from a financial adviser, he should consider whether the fund is suitablefor him. Past performance of the fund is not indicative of the future performance. Prices can go up and down. The value of the shares ofthe fund and the income accruing to them may fall or rise. Investors investing in a fund denominated in a non-local currency should beaware of exchange rate risk. The fund is not available to US citizens, residents or greencard holders. This advertisement has not beenreviewed by the Monetary Authority of Singapore. Fidelity, Fidelity International, and the Fidelity International logo and F symbol aretrademarks of FIL Limited.

www.fidelity.com.sg

29799_Jun20.pdf

SG_Flag_GlossaryOnPage3

Bryan Collins

Peter Khan

Tae Ho Ryu

Terrence Pang


Fund Details

Fund Manager

Bryan CollinsPeter KhanTae Ho RyuTerrence Pang

Reference Currency USD

Fund Size US$1,255m

Max. Sales Charge - Cash(On Net Investment Amount)

3.50%

Annual Management Fee 1.20%

Subscription Information Cash: All share classes

Investment ObjectiveThis fund seeks a high level of current income by investing primarily in high-yielding, sub-investment grade or non-rated debt securities of issuers that have their head office or exercisea majority of their activity in the Greater China region (including China, Hong Kong, Taiwan,and Macau). This region includes certain countries considered to be emerging markets. Thisfund will suit those investors seeking high income and who are prepared to accept the risksassociated with this type of investment. The type of debt securities in which the fund willprimarily invest will be subject to high risk and will not be required to meet a minimum creditrating standard. Not all securities will be rated for creditworthiness by an internationallyrecognized rating agency. The fund may invest its net assets directly in onshore China fixedincome securities listed or traded on Eligible Markets in China. The manager is not restricted inhis choice of companies either by market sector or industry, and will choose investmentslargely determined by the availability of attractive investment opportunities.

Fund Performance (rebased to 100)

Fund A-ACC-USD

Performance is shown for the last 5 years (or since launch forfunds launched within that period), rebased to 100.

Performance (%)

YTD(cum)

1mth(cum)

3mth(cum)

6mth(cum)

1yr(cum)

3yr(ann)

5yr(ann)

SinceLaunch(ann)

A-ACC-USD -0.9 3.7 12.8 -0.9 1.1 3.0 - 5.4


A-MINCOME(G)-USD (hedged) -0.9 3.7 12.7 -0.9 1.1 3.0 - 5.6


A-MINCOME(G)-SGD (H) -1.4 3.6 12.6 -1.4 0.3 2.3 - 5.0


A-HMDIST(G)-AUD (hedged) -1.8 3.7 12.6 -1.8 -0.3 2.3 - 5.4


Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Returns areannualised for periods greater than 1 year. Please refer to "Share Class Details & Codes" for the launchdates of the respective share classes.

Top 10 Holdings (%)Fund

STUDIO CITY 7.25% 2/11/24 RGS 1.82

YUZHOU PPT 7.375% 01/13/26 RGS 1.82

CHINA SCE 7.375% 04/09/24 REGS 1.77

FORTUNE STA 6.75% 07/02/23 RGS 1.28

YUZHOU PPTYS 8.3% 05/27/25 RGS 1.28

REDSUN PROPE 9.7% 04/16/23 RGS 1.26

MELCO RES 5.375% 12/04/29 RGS 1.25

ZHENRO PP 10.25%/VAR PERP RGS 1.21

SINO-OCE III 4.9%/VAR PERP RGS 1.13

WYNN MACA 5.125% 12/15/29 RGS 1.10

Top 5 Issuers (%)(YUZHOU) Yuzhou Properties Co Ltd 4.68

(KAISAG) Kaisa Group Holdings Ltd 4.39

(EVERRE) China Evergrande Group 3.75

(FOSUNI) Fortune Star Bvi Ltd 3.55

(CHINSC) China Sce Property Hldgs 3.37

Geographic Exposure (%)

Fund■ China 66.60■ Hong Kong 5.12■ Macao 4.51■ Indonesia 4.05■ India 3.56■ Sri Lanka 1.25■ Ireland 1.10■ Japan 0.92■ Mongolia 0.77■ Philippines 0.71■ Others 2.69■ Cash 8.72

Sector Exposure (%)

Fund■ Property 55.08■ Consumer Cyclical 8.76■ Quasi / Sov / Supra / Agncy 5.17■ Banks & Brokers 4.55■ Basic Industry 3.89■ Utility 2.04■ Communications 1.94■ Capital Goods 1.85■ Energy 1.37■ Industrial Other 1.37■ Others 5.26■ Cash 8.72

Bond

29799_Jun20.pdf


Measures(A-ACC-USD) Fund

Annualised Volatility (3 years) (%) 9.89

Sharpe Ratio (3 years) 0.13

Yield to Maturity (%) 10.35

Running Yield (%) 8.17

Effective Duration 3.1

Average Credit Rating (Linear) BB-

Asset Type – Investment grade credit (ex-treasury) (%)

5.17

Asset Type – High yield bond (%) 78.82

Share Class Details & CodesShare Class Launch Date NAV Bloomberg Ticker ISIN

A-ACC-USD 30 Nov 15 12.7292 FFCHAAU LX LU1313547462

A-MINCOME(G)-USD (hedged) 29 Jan 16 9.1374 FCAMIUH LX LU1345481698

A-MINCOME(G)-SGD (H) 29 Jan 16 0.8888 FCAMISH LX LU1345482076

A-HMDIST(G)-AUD (hedged) 29 Jan 16 9.1113 FCAMDAH LX LU1345482316

A-MINC(G): monthly distributing share class (from gross investment income and from capital on occasion soto maintain a stable payment). Distribution amount not guaranteed. (H): Share class is hedged to therespective base currency.

Calendar Year Performance (%)2015 2016 2017 2018 2019

A-ACC-USD - 11.4 7.5 -5.1 12.9

With 3% sales charge - 8.0 4.2 -8.0 9.5

A-MINCOME(G)-USD (hedged) - - 7.2 -5.1 12.9


A-MINCOME(G)-SGD (H) - - 6.7 -5.8 12.3


A-HMDIST(G)-AUD (hedged) - - 7.7 -5.3 11.7


Source: Fidelity, NAV-NAV basis, in the respective currencies with dividends re-invested. Sales charge may belevied by the distributor at its discretion. The stated returns will be reduced by the corresponding salescharge amount being levied by the distributor.

Currency Exposure (%)Fund

USD 95.01

CNY 3.36

HKD 0.85

AUD 0.11

SEK 0.16

Other 0.52

Rounding Adjustment -0.01

Total 100.00

Credit Rating Exposure (%)Fund

AAA/Aaa 0.00

AA/Aa 0.44

A 2.51

BBB/Baa 3.43

BB/Ba 28.28

B 48.72

CCC and Below 1.94

Other 5.96

Cash 8.72

Total 100.00

www.fidelity.com.sg

29799_Jun20.pdf


Definition of TermsAnnualised Volatility is a measure of how variable returns for a fund or comparative market index have been around their historical average. Two funds may produce the same returnover a period. The fund whose monthly returns have varied less will have a lower annualised volatility and will be considered to have achieved its returns with less risk.

Sharpe Ratio is a measure of a fund's risk adjusted performance taking into account the return on a risk-free investment. The ratio allows an investor to assess whether the fund isgenerating adequate returns for the level of risk it is taking. The higher the ratio, the better the risk-adjusted performance has been. If the ratio is negative, the fund has returned lessthan the risk-free rate.

Yield to Maturity is the internal rate of return earned on a bond, assuming that the bond will be held until maturity and all coupon and principal payments will be made. It is anestimation of future return, as the rate at which coupon payments can be reinvested when received is unknown.

Running Yield describes the income investors get from their portfolio as a percentage of market value of the securities (incorporating the effect of derivatives) and does not includethe impact of fees. It should not be relied on as a measure of expected fund return. The running yield does not reflect the total return over the life of the bond and takes no accountof reinvestment risk or the fact that bonds usually mature at par value.

Duration is a measure of sensitivity of the fund value to changes in interest rates and includes all investments in the fund including derivatives. It takes into account that expected cashflows will fluctuate as interest rates change and affect a bond's price.

Average Credit Rating is the weighted average of all the bond credit ratings in the fund. It takes into account all investments in the fund including derivatives. This measure gives anidea of how risky the fund’s bonds are overall: the lower the average credit rating, the riskier the fund. With a Linear weighted average the weight assigned to each issue is equal toits market value weight.

Exposure as a percentage of TNA (excluding derivatives). For each bond in the fund, Fidelity looks at the rating given by three rating agencies (S&P, Moody’s and Fitch) and appliesthe worst of the two best ratings (commonly known as the Basel method). The AAA/Aaa rating is the highest and indicates the borrower has the lowest probability of defaulting onits debt. The table above is a categorisation of the fund’s individual bonds into their credit ratings. If any derivatives are being used to adjust the credit quality of the fund, these arereflected in the Average Credit Rating under the “Measures” section.

Top issuers table: credit derivatives relating to any specific issuer are included, but derivatives relating to government bonds and to bond indices are excluded. Geographicexposure basis is domicile of issuer. The credit rating table excludes derivatives. Currency exposure is after hedging.

FIL Investment Management (Singapore) Limited [FIMSL] (Co. Reg. No.: 199006300E) is a responsible entity for the fund in Singapore.Prospectus of the fund is available from FIMSL or its distributors upon request. Potential investors should read the prospectus beforeinvesting. All views expressed and references to specific securities are included for illustration only, and should not be construed as anoffer or recommendation. This document is for information only and does not have regard to the specific investment objectives, financialsituation and particular needs of the person who may receive it. Potential investor should seek advice from a financial adviser beforeinvesting. If that potential investor chooses not to seek advice from a financial adviser, he should consider whether the fund is suitablefor him. Past performance of the fund is not indicative of the future performance. Prices can go up and down. The value of the shares ofthe fund and the income accruing to them may fall or rise. Investors investing in a fund denominated in a non-local currency should beaware of exchange rate risk. The fund is not available to US citizens, residents or greencard holders. This advertisement has not beenreviewed by the Monetary Authority of Singapore. Fidelity, Fidelity International, and the Fidelity International logo and F symbol aretrademarks of FIL Limited.

www.fidelity.com.sg

29799_Jun20.pdf

sg flag glossaryonpage3 - fundsupermart.com · fund size us$1,184m max. sales charge - cash (on net...

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