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Risk Disclosure

Important information: The Fund invests mainly in green fixed income instruments predominantly issued in China. The Fund is subject to the key risks associated with debt securities, geographic concentration in Mainland China, green bonds, below investment grade securities, volatility and liquidity risk and RMB. The Fund may underperform funds that do not focus on green fixed income instruments, and may be more volatile than a fund with a more diverse portfolio.

The Fund is also exposed to risks relating to securities lending transactions, repurchase agreements and reverse repurchase agreements. The Fund's net derivative exposure may be up to 50% of the Sub-Fund's net asset value. The use of financial derivative instruments may involve additional risks. In respect of distributing share classes, the Sub-Fund may make distributions effectively out of capital. This would amount to a return or withdrawal of part of the amount of an investor's original investment, or from any capital gains attributable to that original investment. This may result in an immediate decrease in the NAV per share.

You should not make investment decision on the basis of this marketing material alone. Please read the Hong Kong Offering Documents for details and risk factors.

Investors are responsible for their investment decisions and should ensure that the intermediary has advised on Sub-Fund's suitability and consistency with their investment objective. If in doubt, please seek independent financial and professional advice.

Fund Information

Fund ManagerPing An of China Asset Management (Hong Kong) Co. Ltd
Fund Inception8/11/2019
Fund SizeUSD 91.7 million (29/12/2023)
Base CurrencyUSD
NAV (22/02/2024)

Class RE – USD – Unhedged (D) USD 82.36

Class RE – HKD – Unhedged (D) HKD 82.91

USD S R USD 92.42

USD AIN D USD 79.70

Dealing FrequencyDaily (Business Day in Luxembourg and Hong Kong)
Dividend PolicyDividends, if any, will be declared in June and/or December and distributed out of the net income of the Fund semi-annually. Dividends are only applicable to Distribution (D) Share Classes.

Fund Objective

The Fund aims to achieve absolute return from investment income and long term capital appreciation primarily from investing in international standard aligned green bonds (i.e. those which follow Green Bond Principles of the International Credit Market Association) issued by Greater China issuers with the aim to promote green financing, bring upon advancement in environmental friendly investments and social awareness in this region.

Fund Strategy

The Fund will invest at least 60% of its net assets in fixed income instruments predominantly issued by issuers including sovereigns, quasi-sovereigns, supranationals, financial institutions as well as corporates in Greater China, including in Mainland China on the China Interbank Bond Market (the "CIBM") via the Bond Connect and/or a Qualified Foreign Institutional Investor ("QFII"). Such fixed income securities shall include urban investment bonds, which are debt instruments issued by local government financing vehicles ("LGFVs") and traded in the PRC exchange-traded bond markets and inter-bank bond market. The Fund may also diversify its investment strategy by investing the rest of its net assets into other global markets that are consistent with the investment objective. The Fund will not invest in more than 60% of its net assets in Mainland China securities via a QFII.

 

At least 70% of the Fund's assets shall qualify as green fixed income instruments. Green fixed income instruments are those which follow Green Bond Principles of the International Credit Market Association. This includes those which are defined as "eligible green" by (i) Climate Bond Initiatives' (CBI) in accordance with the Climate Bonds Taxonomy and/or (ii) any equivalent green classification standard which uses in-depth evaluating methods and is made in-line with the Green Bond Principles, and takes into account industry specific criteria and on-going independent assessments that are aligned with international green standards. 

 

Green Bond Principles are voluntary process guidelines issued by the International Capital Market Association (ICMA) that recommend transparency and disclosure and promote integrity in the development of the green bond market by clarifying the approach for issuance of a green bond. The Green Bond Principles have the following four core components: (i) use of proceeds, (ii) process for project evaluation and selection, (iii) management of proceeds, and (iv) reporting. To align with these four core components of the Green Bond Principles, issuers of green bonds shall: (i) indicate that proceeds will be used to finance "green"/climate projects; (ii) have process to identify qualifying projects based on sound methodology and clear criteria; (iii) allocating proceeds to the identified projects and not to other general expenses/investments; (iv) report, at least annually, the status of the use of proceeds, the status of projects and the actual environmental impact. Any self-declared green bonds which do not fulfil the standards set by CBI and/or any equivalent green classification standard may not be included within the investable universe of the Fund.

 

The Fund may invest up to 40% of its net assets in debt securities that at the time of acquisition have a rating of BB+ or below (by Standard & Poor's or an equivalent international agency, which shall not include Mainland Chinese credit agencies) with the aim of achieving an overall Fund average rating of BBB- or above.

 

While there is no restriction on the duration of the securities in which the Fund may invest (i.e. such that the Fund may be invested into perpetual securities), the duration of fixed-income securities in which the Fund may invest will generally be between 2 and 5 years, whilst in the case of floating rate securities, the duration will be within 1 year.

 

During exceptional circumstances (e.g. market crash or major crisis), the Fund may hold all or a significant portion of its net assets in liquid assets, such as money market instruments and fixed deposits with a term to maturity not exceeding 12 months at credit institutions. There is no restriction concerning the currencies in which these liquid assets are denominated.

 

The Fund may use financial derivative instruments for investment, hedging and efficient portfolio management purposes.


General Information

Minimum Initial Investment Amount:Class RE Shares USD 10,000
Minimum Holding Amount:Class RE Shares USD 10,000
Minimum Subsequent Investment Amount:Class RE Shares USD 10,000
Minimum Redemption Amount:Class RE Shares USD 10,000
Subscription Fee:Nil
Switching Fee:Nil (Shareholders may request switching of their shares from one Class to the same Class of another Sub-Fund)
Redemption Fee:Nil
Management Fee:1.00%
Financial Year End:31 December
Management Company:Carne Global Fund Managers (Luxembourg) S.A.
Custodian & Administrator:HSBC Continental Europe, Luxembourg

Codes

ISIN CodesClass RE – USD – Unhedged (R) LU2069540941
Class RE – USD – Unhedged (D) LU2069541089
Class RE – HKD – Unhedged (R) LU2069542053
Class RE – HKD – Unhedged (D) LU2069542137
Class RE – CNH – Unhedged (R) LU2069565005
Class RE – CNH – Unhedged (D) LU2069565260
Class RE – CNH – Hedged (R) LU2069565344
Class RE – CNH – Hedged (D) LU2069565427
 
       

 

 - Dividend (ex-date)

Date

NAV (Class RE – USD – Unhedged (D))

22/02/2024
82.3631
21/02/2024
82.4710
20/02/2024
82.3452
19/02/2024
82.3088
16/02/2024
82.3822
15/02/2024
82.3178
14/02/2024
82.1919
09/02/2024
82.4829
08/02/2024
82.5657
07/02/2024
82.5750
 

Class RE – USD – Unhedged (D) Composition of the Dividend Payments

For the month of Payment DateDividend per shareDividend paid out of net distributable income ^Dividend paid out of capital
Dec-202319/01/20240.927289100.00% 0.00%
Jun-202321/07/20230.881675100.00% 0.00%

Warning: Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. Investors should read the relevant offering document (including the key facts statement) of the Fund for further details including the risk factors.

^ “Net distributable income” means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include net realised gains (if any) based on unaudited management accounts. However, "net distributable income" cannot include net unrealised gains. "Net distributable income" which is not declared and paid as dividends in a period of a financial year can be carried forward as net distributable income for the next period(s) within the same financial year. “Net distributable income" that has been accrued as at the end of a financial year and is declared and paid as dividends at the next distribution date immediately after that financial year end could be treated as "net distributable income" in respect of that financial year. However, "net distributable income" which has been accrued as at the end of a financial year but is not declared and paid as dividends at the next distribution date immediately after that financial year end should be included as "capital" for the next financial year. Where the Fund may pay dividend out of gross income while charging / paying all or part of the Fund's fees and expenses to / out of capital, the amount of fees and expenses that has been paid out of capital has to be deducted from the gross investment income in order to come up with the "net distributable income".

Documents

1.ProspectusView
2.Product Key FactsView
3.Annual ReportView
4.Semi-Annual ReportView
5.ESG PolicyView
6.Annual Green Impact ReportView
7.Monthly Fund Fact SheetView

Notices

1.Dividend Notice to Shareholders (22/12/2023) View
2.Fund Dividend Composition Information (12/2023) View
3.Notice (26/06/2023) View
4.Notice (30/05/2023) View

Information herein is based on sources we believe to be accurate and reliable as at the date it was made. We reserve the right to revise any information herein at any time without notice. No offer or solicitation to buy or sell securities and no investment advice or recommendation is made herein. In making investment decisions, investors should not rely solely on this material but should seek independent professional advice.

Investment involves risks, in particular, risks associated with investment in emerging and less developed markets. Past performance is not indicative of future performance. Investors should read the Hong Kong offering documents for further details, including the risk factors, before investing.

This material and website have not been reviewed by the Securities and Futures Commission of Hong Kong.

Issued by Ping An of China Asset Management (Hong Kong) Company Limited.

Ping An of China Asset Management (Hong Kong) Company Limited (Suite 2301, 23rd Floor, Two International Finance Centre 8 Finance Street, Central Hong Kong) is the Hong Kong Representative and is regulated by the Securities and Futures Commission of Hong Kong.