ENG|繁體

Risk Disclosure

Ping An of China SIF – RMB Bond Fund (the "Fund") principally invests in RMB denominated Income Instruments (as defined below).

The value of the Fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or the entirety of your investment could be lost.  The Fund is an investment product and is not equivalent to bank deposits. There is no guarantee in respect of repayment of principal. 

The Fund may invest in (i) debt securities rated below investment grade or unrated; (ii) debt securities issued or guaranteed by governments or authorities; (iii) debt instruments with loss-absorption features which are subject to the risk of being written down or converted to shares upon the occurrence of trigger events resulting in a significant or total reduction in value; (iv) urban investment bonds issued by Chinese local government financing vehicles; and (v) asset-based securities, all of which are typically subject to higher default, volatility and liquidity risks.  The Fund is also subject to other risk associated with debt securities (e.g. credit/counterparty, interest rate, credit rating and downgrading, valuation, credit rating agency, convertible bond and dim sum bond market risks).

The Fund's investments are concentrated in RMB Income Instruments (as defined below) and in China which is an emerging market. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio, and more susceptible to adverse event affecting the Chinese markets. Investing in emerging markets may involve increased risks, such as liquidity, currency, political, economic, legal, taxation, settlement and custody risks and higher volatility. The Fund is also subject to RMB currency and conversion risks and China tax risks.

The Fund may use derivatives for hedging or investment purposes.  Use of derivatives may expose the Fund to significant losses.

There is no guaranteed dividend payment. Distributions may be paid out of capital which amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investments and may result in an immediate reduction of the NAV per unit.

The investment decision is yours. You should not base your investment decision on this material alone. Please refer to the Fund's explanatory memorandum and product key facts statement (including the risk factors and charges stated therein) for further details.

For the definition of RMB Income Instruments, please refer to the Explanatory Memorandum of the Fund.

Fund Information

Fund ManagerPing An of China Asset Management (Hong Kong) Co. Ltd.
Inception date28/04/2011
Fund sizeRMB 523.0 million (29/02/2024)
Base currencyRMB
Unit price
Class A RMB
106.28 per unit
Class A (monthly distribution)
RMB 98.05 per unit
Class A HKD
92.60 per unit
Class A (Accumulation)
HKD 95.73 per unit
Class A (monthly distribution)
HKD 97.16 per unit
Class A USD
8.78 per unit
Class A (Accumulation)
USD 9.62 per unit
Class A (monthly distribution)
USD 9.66 per unit
Dealing frequencyDaily (1)
Dividend policySemi-annual basis for Class A (2), except the monthly distribution share classes

Fund Objective

Ping An of China SIF-RMB Bond Fund (the "Fund") seeks to provide total return comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating income instruments.

Fund Strategy

The Manager seeks to achieve investment returns through active management of the major risks associated with RMB Income Instruments: duration, term structure, sector allocation, product selection and credit rating where applicable.

The Manager will construct the portfolio to take advantage of the expected change in the general level of RMB interest rates based on expectations of global and China's macroeconomic cycle, fiscal policy and monetary policy. The portfolio will consist of RMB denominated Income Instruments of different maturities and credit quality and bank deposits, and each instrument in the portfolio will be selected based on extensive in-house and external fundamental research.


General Information

Minimum investment:Class A RMB: RMB10,000
Class A HKD: HKD10,000
Class A USD: USD1,000
Class A GBP: GBP1,000
Class A EUR: EUR1,000
Class A AUD: AUD1,000
Class A RMB (monthly distribution): RMB10,000
Class A HKD (monthly distribution): HKD10,000
Class A USD (monthly distribution): USD1,000
Class A (Accumulation) RMB: RMB10,000
Class A (Accumulation) HKD: HKD10,000
Class A (Accumulation) USD: USD1,000
Class A (Accumulation) GBP: GBP1,000
Class A (Accumulation) EUR: EUR1,000
Class A (Accumulation) AUD: AUD1,000
Minimum holding:Aggregate minimum value of Units held:
Class A RMB: RMB10,000
Class A HKD: HKD10,000
Class A USD: USD1,000
Class A GBP: GBP1,000
Class A EUR: EUR1,000
Class A AUD: AUD1,000
Class A RMB (monthly distribution): RMB10,000
Class A HKD (monthly distribution): HKD10,000
Class A USD (monthly distribution): USD1,000
Class A (Accumulation) RMB: RMB10,000
Class A (Accumulation) HKD: HKD10,000
Class A (Accumulation) USD: USD1,000
Class A (Accumulation) GBP: GBP1,000
Class A (Accumulation) EUR: EUR1,000
Class A (Accumulation) AUD: AUD1,000
Minimum redemption:Aggregate minimum value of Units held:
Class A RMB: RMB10,000
Class A HKD: HKD10,000
Class A USD: USD1,000
Class A GBP: GBP1,000
Class A EUR: EUR1,000
Class A AUD: AUD1,000
Class A RMB (monthly distribution): RMB10,000
Class A HKD (monthly distribution): HKD10,000
Class A USD (monthly distribution): USD1,000
Class A (Accumulation) RMB: RMB10,000
Class A (Accumulation) HKD: HKD10,000
Class A (Accumulation) USD: USD1,000
Class A (Accumulation) GBP: GBP1,000
Class A (Accumulation) EUR: EUR1,000
Class A (Accumulation) AUD: AUD1,000
Subscription fee:Up to 5%
Switching fee:1% (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).)
Management fee:1% p.a.
Financial year end:30 June
Trustee:BOCI-Prudential Trustee Limited

Codes

ISIN CodeClass A RMB: HK0000079084 ;
Class A HKD: HK0000096476 ;
Class A USD: HK0000096484 ;
Class A GBP: HK0000907995 ;
Class A EUR: HK0000908001 ;
Class A AUD: HK0000908019 ;
Class A RMB (monthly distribution): HK0000943230 ;
Class A HKD (monthly distribution): HK0000943248 ;
Class A USD (monthly distribution): HK0000943255 ;
Class A (Accumulation) RMB: HK0000688108 ;
Class A (Accumulation) HKD: HK0000688116 ;
Class A (Accumulation) USD: HK0000688124 ;
Class A (Accumulation) GBP: HK0000908027 ;
Class A (Accumulation) EUR: HK0000908035 ;
Class A (Accumulation) AUD: HK0000908043
Bloomberg CodeClass A RMB: PARRMBA HK ;
Class A HKD: PARAHKD HK ;
Class A USD: PARAUSD HK ;
Class A GBP: PINRMAG HK ;
Class A EUR: PINGAER HK ;
Class A AUD: PINRMAA HK ;
Class A RMB (monthly distribution): PINSARM HK ;
Class A HKD (monthly distribution): PINSAHK HK ;
Class A USD (monthly distribution): PINSGAU HK ;
Class A (Accumulation) RMB: PICSBAC HK ;
Class A (Accumulation) HKD: PARAAHK HK ;
Class A (Accumulation) USD: PARAAUS HK ;
Class A (Accumulation) GBP: PINRAAG HK ;
Class A (Accumulation) EUR: PINCHAE HK ;
Class A (Accumulation) AUD: PINCHSA HK
Reuters CodeClass A RMB: LP68090801 ;
Class A HKD: LP68180641 ;
Class A USD: LP68180642 ;
Class A (Accumulation) RMB ;
Class A (Accumulation) HKD ;
Class A (Accumulation) USD
Lipper IDClass A RMB: 68090801 ;
Class A HKD: 68180641 ;
Class A USD: 68180642 ;
Class A (Accumulation) RMB ;
Class A (Accumulation) HKD ;
Class A (Accumulation) USD

Dividend Record (3)

Fund Inception Date: 28/04/2011

Record DateEx-DatePayment DateDividend Distribution (per unit)
Class A
RMB
Class A
HKD
Class A
USD
Class A
RMB
(monthly distribution)
Class A
HKD
(monthly distribution)
Class A
USD
(monthly distribution)
15/04/2024 16/04/2024 23/04/2024 N/A N/A N/A 0.37 0.36 0.04
15/03/2024 18/03/2024 25/03/2024 N/A N/A N/A 0.37 0.37 0.04
15/02/2024 16/02/2024 23/02/2024 N/A N/A N/A 0.37 0.37 0.04
15/01/2024 16/01/2024 23/01/2024 N/A N/A N/A 0.37 0.37 0.04
15/12/2023 18/12/2023 27/12/2023 0.74 0.65 0.06 0.37 0.37 0.04
15/11/2023 16/11/2023 23/11/2023 N/A N/A N/A 0.37 0.36 0.04
16/10/2023 17/10/2023 25/10/2023 N/A N/A N/A 0.37 0.37 0.04
15/09/2023 18/09/2023 25/09/2023 N/A N/A N/A 0.37 0.37 0.04
15/08/2023 16/08/2023 23/08/2023 N/A N/A N/A 0.37 0.38 0.04
28/06/2023 29/06/2023 07/07/2023 2.40 2.65 0.27 N/A N/A N/A
28/12/2021 29/12/2021 07/01/2022 1.21 0.81 0.11 N/A N/A N/A
24/06/2021 25/06/2021 08/07/2021 1.21 0.49 0.14 N/A N/A N/A
17/12/2020 18/12/2020 08/01/2021 1.51 N/A 0.14 N/A N/A N/A
24/06/2020 26/06/2020 03/07/2020 1.18 N/A 0.10 N/A N/A N/A
27/12/2019 30/12/2019 09/01/2020 1.60 N/A 0.14 N/A N/A N/A
24/06/2019 25/06/2019 05/07/2019 3.24 N/A 0.23 N/A N/A N/A
28/12/2018 31/12/2018 21/01/2019 1.00 N/A 0.09 N/A N/A N/A
08/06/2018 11/06/2018 06/07/2018 1.60 N/A 0.15 N/A N/A N/A
14/12/2017 15/12/2017 12/01/2018 2.40 N/A 0.22 N/A N/A N/A
09/06/2017 12/06/2017 05/07/2017 1.70 N/A 0.15 N/A N/A N/A
15/12/2016 16/12/2016 13/01/2017 2.40 N/A 0.21 N/A N/A N/A
10/06/2016 13/06/2016 07/07/2016 1.60 1.48 0.15 N/A N/A N/A
16/12/2015 17/12/2015 13/01/2016 2.30 2.14 0.21 N/A N/A N/A
12/06/2015 15/06/2015 09/07/2015 1.55 1.52 0.15 N/A N/A N/A
11/12/2014 12/12/2014 07/01/2015 2.30 2.26 0.22 N/A N/A N/A
13/06/2014 16/06/2014 10/07/2014 2.20 2.15 0.21 N/A N/A N/A
12/12/2013 13/12/2013 08/01/2014 1.80 1.81 0.18 N/A N/A N/A
13/06/2013 14/06/2013 10/07/2013 2.45 3.10 0.40 N/A N/A N/A
13/12/2012 14/12/2012 09/01/2013 1.10 N/A N/A N/A N/A N/A
14/06/2012 15/06/2012 10/07/2012 1.80 N/A N/A N/A N/A N/A
14/12/2011 15/12/2011 09/01/2012 1.00 N/A N/A N/A N/A N/A

Distribution figures represent past distributions declared and paid for by the fund. There is no guarantee that any distributions will be declared in the future, or that if declared, the amount of any distribution will remain constant or increase over time.

For details of the Dividend Composition Information, please refer to the Fund Dividend Composition Information Notice posted on Documents & Notices section of this website.

       

 - Dividend (ex-date)


Class A RMB : Calendar Year Performance (%)

20102011*201220132014201520162017201820192020202120222023 ITD
NA-3.84%7.45%4.93%2.83%4.56%6.98%5.86%3.57%5.03%2.29%2.68%-0.68%3.94% 57.41%

* Since fund inception on 28 April 2011.

Class A HKD : Calendar Year Performance (%)

2010201120122013*201420152016**2020202120222023 ITD
N/AN/AN/A5.32%0.03%-0.97%5.17%0.12%5.90%-9.13%1.33% -2.86%

* Since share class inception on 1 Mar 2013.
** Performance data of Class A HKD in 2016 was as of 28 September 2016, as the share class was fully redeemed on 28 September 2016; the share class was reactivated on 29 December 2020 with a NAV of HKD 100.

Class A USD : Calendar Year Performance (%)

2010201120122013*2014201520162017201820192020202120222023 ITD
N/AN/AN/A5.25%0.10%-1.01%0.94%13.24%-1.96%3.84%9.31%5.29%-9.21%1.28% 27.40%

* Since share class inception on 1 Mar 2013.

Note:

  • Past performance information is not indicative of future performance. Investors may not get back the full amount invested
  • The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested
  • These figures show by how much the Sub-Fund increased or decreased in value during the calendar year being shown. Performance data has been calculated in RMB including ongoing charges and excluding subscription fee and redemption fee you might have to pay
  • Where no past performance is shown there was insufficient data available in that year to provide performance

Class A (Accumulation) HKD : Calendar Year Performance (%)

2018201920202021*2022 ITD
N/AN/AN/A4.60%-9.27% -4.27%

* Since share class inception on 1 Mar 2021.

Class A (Accumulation) USD : Calendar Year Performance (%)

2018201920202021*2022 ITD
N/AN/AN/A4.50%-8.52% -3.80%

* Since share class inception on 1 Mar 2021.

Note:

  • Past performance information is not indicative of future performance. Investors may not get back the full amount invested
  • The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested
  • These figures show by how much the Sub-Fund increased or decreased in value during the calendar year being shown. Performance data has been calculated in RMB including ongoing charges and excluding subscription fee and redemption fee you might have to pay
  • Where no past performance is shown there was insufficient data available in that year to provide performance

Class A RMB : Cumulative Performance (%)

1 month 3 months 6 months YTD 1 year 3 years 5 years
0.20% 0.80% 2.28% 1.07% 2.62% 6.17% 12.09%

Total return performance is based on NAV-to-NAV with dividend invested (if any), in RMB.

Class A HKD : Cumulative Performance (%)

1 month 3 months 6 months YTD 1 year 3 years 5 years
0.23% -0.16% 3.30% -0.50% N/A N/A N/A

Total return performance is based on NAV-to-NAV with dividend invested (if any), in HKD.

Class A USD : Cumulative Performance (%)

1 month 3 months 6 months YTD 1 year 3 years 5 years
0.11% -0.34% 3.14% -0.79% -2.11% -5.12% 4.24%

Total return performance is based on NAV-to-NAV with dividend invested (if any), in USD.


Class A (Accumulation) HKD : Cumulative Performance (%)

1 month 3 months 6 months YTD 1 year 3 years 5 years
N/A N/A N/A N/A N/A N/A N/A

Class A (Accumulation) USD : Cumulative Performance (%)

1 month 3 months 6 months YTD 1 year 3 years 5 years
N/A N/A N/A N/A N/A N/A N/A


Note:
The performance quoted represents past performance of the Fund. Investment return and principal value of an investment will fluctuate so that an investor's units, when sold or redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance quoted. Past performance may not be repeated and is no guide for future returns.


Date

NAV/Unit (RMB)

Dividend payout (ex-date)

23/04/2024106.280.00
22/04/2024106.220.00
19/04/2024106.220.00
18/04/2024106.260.00
17/04/2024106.240.00
16/04/2024106.260.00
15/04/2024106.270.00
12/04/2024106.260.00
11/04/2024106.210.00
10/04/2024106.180.00

Fund Manager Commentary

February Review

The Fund delivered a return of 0.30% in February and a year-to-date return of 0.71% in RMB term^.
In February the rates yields traded consistently downward under the market's realization of China's monetary easing measures coupled with lackluster economic data. The whole yield curve shifted downward during the month.
During the month, we have kept the Fund's duration and core carry holdings stable. Our holdings are well diversified in terms of industries and regions, with the majority in the investment grade space and underweight in the real estate and local government financing vehicle (LGFV) sectors.

Outlook

CSince 2024, there has been a sustained decline in government bond yields as the market gradually recognizes that there is still room for monetary easing in China and economic data remains unimpressive. It is evident that policies play a significant role in shaping China's macroeconomic landscape.
Our view since Q2 2023 is that China's real interest rates are still relatively high, and rate cuts, especially deposit rates and lending rates, would continue to materialize in 2024. It is not because monetary policy is the most effective of all, but the easiest and the fastest, which can be followed by fiscal policy and structural reform, which we expect more stimuli announcement in the following months.
RMB bonds will definitely continue to benefit from the introduction and implementation of policies, especially from a volatility-adjusted angle compared to the fixed income markets of other developed countries.
The market movements throughout the second half of 2023 have corroborated our view that the USD/RMB will be defended around the 7.3 level. We maintain our view that the People's Bank of China (PBOC) would like the Renminbi rate to reflect movements with two-way fluctuations based on overall economic trends, rather than being used as an intervening tool to prop up exports with further substantial depreciation. We think the Renminbi will fluctuate range-bound before the National People's Congress in March, and then the direction of international geopolitics and domestic economics will be the main deciding factors of the Renminbi for the rest of this year.

Note: CNH is the currency symbol for offshore RMB. Offshore RMB bonds are also known as dim sum bonds. 

^ Based on Class A RMB.
Fund Allocation: Fund allocations are a percentage of investments in asset categories (i.e. net assets attributable to unitholders) as of the end of the period. The asset category of the Fund is based on its predominant investments under normal market conditions. The Fund may shift allocations among asset classes at any time without prior notice. "Others" consist of other payables and receivables (except interest receivable) as of the end of the period. A temporary negative position may be due to unsettled trade activity and operational expenses. Percentage may not equal 100% due to rounding. 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.


Top Ten Holdings

STATE POWER INVESTMENT CORP LTD 3.64% A 16MAR2027 SHCH2.04%
STANDARD CHARTERED BANK 4.18% A 01APR20252.00%
CHINA CONSTRUCTION BANK 4.2% A 14SEP2030 CDC2.00%
BANK OF CHINA LTD 4.2% A 21SEP2030 CDC2.00%
INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 4.2% A 24SEP2030 CDC2.00%
DBS BK CHINA LTD 3.25% A 21MAR20262.00%
BEIJING STATE-OWNED CAPITAL OPERATION & MANAGEMENT CO LTD 3.33% A 30MAR2025 SHCH1.99%
HKCG FINANCE LTD 3.74% A 28MAR20251.99%
CHARTER STYLE INTL LTD 5.8% S/A 15SEP20241.99%
NATIONAL AUSTRALIA BANK LTD 3.62% A 01APR20251.99%

As of 29 February 2024

Documents

1.Explanatory MemorandumView
2.Product Key FactsView
3.Annual ReportView
4.Interim ReportView
5.Monthly Fund Fact SheetView

Notices

1.Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/04/2024) View
2.Fund Dividend Composition Information - Monthly Distribution Unit Classes (04/2024) View
3.Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/03/2024) View
4.Fund Dividend Composition Information - Monthly Distribution Unit Classes (03/2024) View
5.Dividend Notice to Unitholders - Monthly Distribution Unit Classes (14/02/2024) View
6.Fund Dividend Composition Information - Monthly Distribution Unit Classes (02/2024) View
7.Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/01/2024) View
8.Fund Dividend Composition Information - Monthly Distribution Unit Classes (01/2024) View
9.Dividend Notice to Unitholders - Semi-annual Distribution Unit Classes (12/12/2023) View
10.Fund Dividend Composition Information - Semi-annual Distribution Unit Classes (12/2023) View
11.Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/12/2023) View
12.Fund Dividend Composition Information - Monthly Distribution Unit Classes (12/2023) View
13.Dividend Notice to Unitholders (10/11/2023) View
14.Fund Dividend Composition Information (11/2023) View
15.Dividend Notice to Unitholders (13/10/2023) View
16.Fund Dividend Composition Information (10/2023) View
17.Dividend Notice to Unitholders (13/09/2023) View
18.Fund Dividend Composition Information (09/2023) View
19.Dividend Notice to Unitholders (14/08/2023) View
20.Fund Dividend Composition Information (08/2023) View
21.Notice to Unitholders (12/07/2023) View
22.Dividend Notice to Unitholders (23/06/2023) View
23.Fund Dividend Composition Information (06/2023) View
24.Notice to Unitholders (23/12/2022) View
25.Fund Dividend Composition Information (12/2022) View
26.Notice to Unitholders (01/12/2022) View
27.Supplemental Notice to Unitholders (10/11/2022) View
28.Notice to Unitholders (10/11/2022) View
29.Fund Dividend Composition Information (10/2022) View
30.Notice to Unitholders (18/08/2022) View
31.Dividend Notice to Unitholders (21/12/2021) View
32.Fund Dividend Composition Information (12/2021) View
33.Dividend Notice to Unitholders (24/06/2021) View
34.Fund Dividend Composition Information (06/2021) View
35.Notice to Unitholders (10/12/2020) View
36.Notice to Unitholders (06/11/2020) View
37.Notice to Unitholders (19/06/2020) View
38.Notice to Unitholders (29/11/2019) View

(1) The Fund will have dealing on any Business Day.
(2) Currently June and December. Dividend distribution is subject to the manager's discretion, and there is no guarantee on any minimum dividend payment amount.

Ping An of China SIF – RMB Bond Fund (the “Fund”), a sub-fund of Ping An of China Select Investment Fund Series, has been authorized by the Securities and Futures Commission of Hong Kong (“SFC”) (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 (Hong Kong) Co. Ltd (“PAAMC”) 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.