Hong Kong Authorized Unit Trusts |
Ping An of China Select Investment Fund Series - |
Ping An of China SIF - RMB Bond Fund |
• 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 Manager | Ping An of China Asset Management (Hong Kong) Co. Ltd. | |||||||||
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Inception date | 28/04/2011 | |||||||||
Fund size | RMB 520 million (30/09/2024) | |||||||||
Base currency | RMB | |||||||||
Unit price |
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Dealing frequency | Daily (1) | |||||||||
Dividend policy | Semi-annual basis for Class A (2), except the monthly distribution share classes |
Fund Objective |
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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 |
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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 | |
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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 | |
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ISIN Code | Class 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 Code | Class 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 Code | Class A RMB: LP68090801 ; Class A HKD: LP68180641 ; Class A USD: LP68180642 ; Class A (Accumulation) RMB ; Class A (Accumulation) HKD ; Class A (Accumulation) USD |
Lipper ID | Class 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) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fund Inception Date: 28/04/2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(3) 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 (%) | ||||||||||||||
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2010 | 2011* | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 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% | 58.80% |
* Since fund inception on 28 April 2011.
Class A HKD : Calendar Year Performance (%) | |||||||||||
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2010 | 2011 | 2012 | 2013* | 2014 | 2015 | 2016** | 2020 | 2021 | 2022 | 2023 | ITD |
N/A | N/A | N/A | 5.32% | 0.03% | -0.97% | 5.17% | 0.12% | 5.90% | -9.13% | 1.33% | -1.36% |
* 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 (%) | ||||||||||||||
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2010 | 2011 | 2012 | 2013* | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | ITD |
N/A | N/A | N/A | 5.25% | 0.10% | -1.01% | 0.94% | 13.24% | -1.96% | 3.84% | 9.31% | 5.29% | -9.21% | 1.28% | 30.49% |
* Since share class inception on 1 Mar 2013.
Note:
Class A (Accumulation) HKD : Calendar Year Performance (%) | ||||||
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2018 | 2019 | 2020 | 2021* | 2022 | 2023 | ITD |
N/A | N/A | N/A | 4.60% | -9.27% | 1.36% | -2.77% |
* Since share class inception on 1 Mar 2021.
Class A (Accumulation) USD : Calendar Year Performance (%) | ||||||
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2018 | 2019 | 2020 | 2021* | 2022 | 2023 | ITD |
N/A | N/A | N/A | 4.50% | -8.52% | 1.26% | -1.20% |
* Since share class inception on 1 Mar 2021.
Note:
Class A RMB : Cumulative Performance (%) | ||||||
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1 month | 3 months | 6 months | YTD | 1 year | 3 years | 5 years |
-0.48% | -0.50% | 0.97% | 1.97% | 3.05% | 5.83% | 11.21% |
Total return performance is based on NAV-to-NAV with dividend invested (if any), in RMB.
Class A HKD : Cumulative Performance (%) | ||||||
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1 month | 3 months | 6 months | YTD | 1 year | 3 years | 5 years |
-2.72% | 0.53% | 1.66% | 1.03% | 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 (%) | ||||||
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1 month | 3 months | 6 months | YTD | 1 year | 3 years | 5 years |
-2.65% | 1.15% | 2.31% | 1.61% | 5.52% | -5.44% | 9.68% |
Total return performance is based on NAV-to-NAV with dividend invested (if any), in USD.
Class A (Accumulation) HKD : Cumulative Performance (%) | ||||||
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1 month | 3 months | 6 months | YTD | 1 year | 3 years | 5 years |
-2.71% | 0.54% | 1.68% | 1.08% | 4.83% | -5.69% | N/A |
Class A (Accumulation) USD : Cumulative Performance (%) | ||||||
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1 month | 3 months | 6 months | YTD | 1 year | 3 years | 5 years |
-2.76% | 1.13% | 2.60% | 2.07% | 6.01% | -4.17% | 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.
Fund Manager Commentary |
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Sept Review The Fund delivered a return of -0.10% in September and a year-to-date return of 2.46% in RMB term^. In September, the onshore CNY yield curve ended largely unchanged as the People's Bank of China (PBOC) delivered a surprise rate cut of 20 basis points (bps), but guided to an increase in supply of government bonds to come to help stimulate the economy. In September, we have trimmed the Fund's duration for both onshore and offshore, and kept 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 Since 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 stimulus announcements in the following months, key event to watch will be October's Politburo meeting. Onshore yield volatility has been relatively high in the recent months as there is a strong debate in the market between rate cuts and weak economic data versus increased bond supply stemming from potential fiscal stimulus. 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 since the second half of 2023 have corroborated our view that the USD/RMB will be defended around the 7.3 level, and although in the month the CNY fixing has continued to weaken slightly against the dollar, but we believe that reflects the strength of USD more than the willingness of the Chinese government in devaluing the RMB. We maintain our view that the 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 exhibit a slight strengthening bias in the coming quarter due to seasonal factors such as repatriation flows from exporters buying RMB towards year-end, as such we are of the view that in the coming quarter USD/CNY will remain rangebound between 7.0-7.1. In the medium to long term, 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. |
Top Ten Holdings | |
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CHINA DEVELOPMENT BANK 2.35% A 06MAY2034 | 5.88% |
MTR CORP LTD 2.75% S/A 20SEP2034 | 3.87% |
EXPORT-IMPORT BANK OF CHINA 2.17% A 16AUG2034 CDC | 3.83% |
ZHONGSHENG GROUP HLDGS LTD 3.5% A 01AUG2027 | 3.82% |
NWD FINANCE BVI LTD 6.15% S/A PERP | 3.65% |
UBS AG/LONDON 3.55% A 27MAY2031 | 3.57% |
CHINA DEV BK 3.49% A 08NOV2041 CDC | 3.43% |
CITIGROUP GLOBAL MARKETS HLDGS INC 3.15% A 19MAR2029 | 2.99% |
ADANI GREEN ENERGY UP LTD/PRAYATNA DEVELOPERS PVT LTD/PARAMPUJYA SOLAR 6.7% S/A 12DEC2042 REGS | 2.90% |
INDIA CLEAN ENERGY HLDGS 4.5% S/A 18APR2027 REGS | 2.86% |
As of 30 September 2024
Documents | ||||
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1. | Explanatory Memorandum | View | ||
2. | Product Key Facts | View | ||
3. | Annual Report | View | ||
4. | Interim Report | View | ||
5. | Monthly Fund Fact Sheet | View |
Notices | |||
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1. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (10/10/2024) | View | |
2. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (10/2024) | View | |
3. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/09/2024) | View | |
4. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (09/2024) | View | |
5. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (13/08/2024) | View | |
6. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (08/2024) | View | |
7. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/07/2024) | View | |
8. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (07/2024) | View | |
9. | Dividend Notice to Unitholders - Semi-annual Distribution Unit Classes (12/06/2024) | View | |
10. | Fund Dividend Composition Information - Semi-annual Distribution Unit Classes (06/2024) | View | |
11. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/06/2024) | View | |
12. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (06/2024) | View | |
13. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (13/05/2024) | View | |
14. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (05/2024) | View | |
15. | Notice to Unitholders (03/05/2024) | View | |
16. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (12/04/2024) | View | |
17. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (04/2024) | View | |
18. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/03/2024) | View | |
19. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (03/2024) | View | |
20. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (14/02/2024) | View | |
21. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (02/2024) | View | |
22. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/01/2024) | View | |
23. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (01/2024) | View | |
24. | Dividend Notice to Unitholders - Semi-annual Distribution Unit Classes (12/12/2023) | View | |
25. | Fund Dividend Composition Information - Semi-annual Distribution Unit Classes (12/2023) | View | |
26. | Dividend Notice to Unitholders - Monthly Distribution Unit Classes (11/12/2023) | View | |
27. | Fund Dividend Composition Information - Monthly Distribution Unit Classes (12/2023) | View | |
28. | Dividend Notice to Unitholders (10/11/2023) | View | |
29. | Fund Dividend Composition Information (11/2023) | View | |
30. | Dividend Notice to Unitholders (13/10/2023) | View | |
31. | Fund Dividend Composition Information (10/2023) | View | |
32. | Dividend Notice to Unitholders (13/09/2023) | View | |
33. | Fund Dividend Composition Information (09/2023) | View | |
34. | Dividend Notice to Unitholders (14/08/2023) | View | |
35. | Fund Dividend Composition Information (08/2023) | View | |
36. | Notice to Unitholders (12/07/2023) | View | |
37. | Dividend Notice to Unitholders (23/06/2023) | View | |
38. | Fund Dividend Composition Information (06/2023) | View | |
39. | Notice to Unitholders (23/12/2022) | View | |
40. | Fund Dividend Composition Information (12/2022) | View | |
41. | Notice to Unitholders (01/12/2022) | View | |
42. | Supplemental Notice to Unitholders (10/11/2022) | View | |
43. | Notice to Unitholders (10/11/2022) | View | |
44. | Fund Dividend Composition Information (10/2022) | View | |
45. | Notice to Unitholders (18/08/2022) | View | |
46. | Dividend Notice to Unitholders (21/12/2021) | View | |
47. | Fund Dividend Composition Information (12/2021) | View | |
48. | Dividend Notice to Unitholders (24/06/2021) | View | |
49. | Fund Dividend Composition Information (06/2021) | View | |
50. | Notice to Unitholders (10/12/2020) | View | |
51. | Notice to Unitholders (06/11/2020) | View | |
52. | Notice to Unitholders (19/06/2020) | View | |
53. | 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.