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Risk Disclosure

Important information: The Fund mainly invests in below investment grade debt securities issued in Mainland China. The Fund is subject to the key risks associated with debt securities, geographic concentration in Mainland China, below investment grade securities, volatility and liquidity and RMB. Below investment grade securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal than higher rated debt securities.

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 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 26.4 million (29/12/2023)
Base CurrencyUSD
NAV (22/02/2024)

Class RE – USD – Unhedged (D) USD 66.17

Class RE – HKD – Unhedged (D) HKD 66.61

USD S R USD 73.63

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 by primarily investing in high yield securities issued by or linked to sovereign, sovereign agencies and/or companies having their main operations in Greater China.

Fund Strategy

The Fund will invest at least 60% of its net assets in debt securities (including, amongst others, bonds, convertible bonds, high yield corporate bonds, corporate debt and notes giving exposure to loans) issued by or linked to sovereign and/or sovereign agencies in Greater China or companies having their main operations in Greater China. The Fund may invest up to 100% of its net asset 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). 

The Fund may invest in debt securities on the China Interbank Bond Market (CIBM) via the Bond Connect. Such debt 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.
 

"Private strategy" refers to lending instruments, transferable securities, bonds which are issued via private placements by financial institutions and/or corporations to a select group of investors. However, these instruments are also tradeable and could be traded in the public and secondary markets by financial institutions and/or corporations over-the-counter.

While there is no restriction on the duration of the securities in which the Fund may invest, the duration of fixed-income securities in which the Fund may invest will generally be between 3 and 6 years.

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:1.00%
Switching Fee:0.2% (Shareholders may request switching of their shares from one Class to the same Class of another Sub-Fund)
Redemption Fee:0.60%
Management Fee:2.00%
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) LU2069525553
Class RE – USD – Unhedged (D) LU2069525637
Class RE – HKD – Unhedged (R) LU2069526528
Class RE – HKD – Unhedged (D) LU2069526791
Class RE – CNH – Unhedged (R) LU2069560386
Class RE – CNH – Unhedged (D) LU2069560469
Class RE – CNH – Hedged (R) LU2069560543
Class RE – CNH – Hedged (D) LU2069560626
 
       

 

 - Dividend (ex-date)

Date

NAV (Class RE – USD – Unhedged (D))

22/02/2024
66.1726
21/02/2024
66.1432
20/02/2024
66.0943
19/02/2024
66.0566
16/02/2024
66.0898
15/02/2024
66.0431
14/02/2024
65.9444
09/02/2024
66.0414
08/02/2024
65.9691
07/02/2024
65.9100
 

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
No results found

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.Monthly Fund Fact SheetView

Notices

1.Notice (26/06/2023) View
2.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.