HSBC RIF SRI EURO BOND EUR Share Class A
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HSBC RIF SRI EURO BOND EUR Share Class A Monthly Report June 2021 This monthly report is not a marketing document and is exclusively reserved for unit holders and/or shareholders of the named product. Document only intended for professional investors as defined by MIFID Non contractual document Monthly Report HSBC RIF 30 June 2021 SRI EURO BOND EUR Share Class A Extra-financial data at 30/06/2021 ESG Rating Portfolio (99,71%) Investment Universe** (95,85%) (Coverage rate of rated companies, expressed as a percentage of net assets) ESG Rating (1) Coverage rate (1) ESG E S G Portfolio 5.93 6.28 6.03 5.95 99.71% Investment Universe (2) 5.57 5.32 6.03 5.80 95.85% (1) Source : HSBC Global Asset Management (France) (2) Bloomberg Barclays Euro Aggregate 500 MM Top holdings with the best ESG rating (3) Holdings ESG Weight NATURGY ENERGY GROUP SA 9.10 0.11% SYDNEY AIRPORT FINANCE CO PTY LTD 8.25 0.32% RED ELECTRICA CORPORACION SA 8.22 0.18% RELX PLC 8.08 0.25% NATIONAL GRID PLC 8.07 0.26% Top holdings with the worst ESG rating (3) Holdings ESG Weight COVESTRO AG 4.75 0.24% ERSTE GROUP BANK AG 5.06 0.91% DNB BANK ASA 5.29 1.72% MAGNA INTERNATIONAL INC 5.30 0.22% SIEMENS AG 5.30 0.32% (3) Scope of rated holdings excluding government bonds. We assign a rating: an Environmental Rating (E), a Social Rating (S), a Governance Rating (G), and finally an Overall Portfolio’s Rating (ESG). The scale of rating ranges from 0 to 10, 10 being the best rating. The overall rating is calculated based on the weight of the pillars E, S and G inherent in each sector according to our internal rating process. The overall portfolio's ESG rating is the weighted average of the ESG ratings by the weight of each rated issuer of the portfolio. ESG rating of the investment universe is the weighted average ESG ratings by the weight of each rated issuer of the investment universe. For more details on the portfolio, the methodologies used and the ESG approach, please refer to the transparency code by clicking here. https://services.assetmanagement.hsbc.fr/documents/Code_de_Transparence_HSBC_RIF.pdf https://services.assetmanagement.hsbc.fr/documents/Code_de_Transparence_HSBC_RIF.pdf Non contractual document Monthly Report HSBC RIF 30 June 2021 SRI EURO BOND EUR Share Class A Carbon Intensity Carbon Intensity (3) Coverage rate (4) Portfolio 150.7 50.98% Investment Universe (2) 118.0 24.58% (2) Bloomberg Barclays Euro Aggregate 500 MM (3) Carbon intensity expressed in tons of CO2/USD M of turnover. Source: TRUCOST, world leader in measuring companies' carbon footprint. Trucost is a supplier of extra-financial data related to environmental impacts and GHG emissions published by companies. (4) Source : HSBC Global Asset Management (France). Coverage rate of companies with carbon intensity, expressed as a percentage of net assets. Top holdings with lowest intensity carbon (5) Holdings Carbon Intensity Weight AVIVA PLC 0.4 0.39% SWISS REINSURANCE 0.5 0.55% SKANDINAVISKA ENSKILDA BANKEN 0.6 0.40% SWISS LIFE HOLDING 0.6 0.16% DNB BANK ASA 0.6 1.72% Top holdings with highest intensity carbon (5) Holdings Carbon Intensity Weight AIR PRODUCTS & CHEMICALS INC 3 050.8 0.16% ORIGIN ENERGY LIMITED 1 924.3 0.52% CRH PLC 1 302.1 0.15% LINDE AG 1 288.1 0.24% AUSNET SERVICES HOLDINGS PTY LTD 1 230.2 0.14% (5) Scope of covered holdings. The Carbon Intensity corresponds to the volume of CO2 emitted for 1 million dollars of turnover achieved. To calculate this intensity, we take into account not only the direct emissions related to the company's operations (Scope 1) but also those related to the supply of the necessary energy (Scope 2). Company Carbon Intensity (tons of CO2/USD M of turnover) = (Scope 1 + Scope 2) / USD M of turnover Scope 1: Greenhouse gas emissions generated from burning fossil fuels and production processes which are owned or controlled by the company Scope 2: Greenhouse gas emissions from consumption of energy by the company The overall carbon portfolio's intensity is the sum of the firm's carbon intensities multiplied by the amounts held in the portfolio divided by the sum of amounts held with carbon intensities. Carbon data is provided by Trucost, a leader in carbon and environmental risk and data analysis and a subsidiary of S&P Dow Jones Indices. Non contractual document Monthly Report HSBC RIF 30 June 2021 SRI EURO BOND EUR Share Class A Performance and risk analysis Fund Details Fund's performance Indices performances Total Asset over 1 year over 1 year EUR 290 407 121.18 103,5 104 Net asset value 103 (AC)(EUR) 1 822.67 (AD)(EUR) 1 106.91 103 102,5 Legal Form 102 102 SICAV regulated under French law 101,5 101 Classification 101 Bonds And Other Debt Securities In Euro 100 100,5 Investment horizon 100 99 3 years Base 100 Performances Base 100 Performances Benchmark for comparison only 99,5 98 Dividend Policy (AC): Accumulation Shares 30/06/20 30/08/20 30/10/20 30/12/20 28/02/21 30/04/21 30/06/21 30/06/20 30/08/20 30/10/20 30/12/20 28/02/21 30/04/21 30/06/21 (AD): Distribution Shares (1) (2) (3) *Start Date of Management (1) : EONIA OIS 12/03/2004 (2) : Bloomberg Barclays Euro Agg. 500 (3) : FTSE EGBI Net Cumulated performance 1 month 1 year 3 years 5 years 10 years 12/03/2004* Investment Objective Portfolio 0.41% 0.62% 6.46% 5.16% 41.33% 82.27% The aim is to seek long term capital growth by Bloomberg Barcl. Euro Agg.500MM** 0.39% 0.39% 7.94% 7.32% 47.40% 91.30% selecting mainly bonds issued by companies EONIA OIS -0.04% -0.48% -1.28% -1.99% -1.38% 15.85% or countries from an investment universe that FTSE EGBI 0.46% -0.21% 9.07% 7.22% 52.53% 90.84% meets socially responsible economic, **Benchmark for comparison only environmental, societal and governance criteria. Indicators & ratios (weekly) Management process 1 year 3 years 5 years 10 years 12/03/2004* Issuers are selected following a process Fund's volatility consisting of two independent and successive 2.38% 3.68% 3.31% 3.47% 3.51% stages: Sharpe ratio 0.45 0.68 0.42 1.03 0.74 - Creation of an SRI investment universe based on internal SRI analysis using a best-in- Net performance by calendar year class approach. 2021 2020 2019 2018 2017 2016 Corporate issues: within each business sector, we select chiefly companies whose conduct in Portfolio -2.23% 3.12% 5.80% -0.62% 0.71% 3.07% the field of Sustainable Development is above Benchmark** -2.31% 4.07% 6.00% 0.42% 0.67% 3.31% average. The selection process, as detailed in **for comparison only section 2.d of the transparency code, eliminates issuers ranked in the fourth and Net monthly performance by calendar year final quartile, and permits investment in only 2021 2020 2019 2018 2017 2016 eight issuers, capped at 10% of assets, ranked in the third quartile. On this basis, the January -0.48% 1.79% 1.01% -0.56% -1.37% 1.19% exclusion rate is over 40% at constant scope. February -1.54% 0.14% 0.02% 0.10% 0.95% 0.71% Government issues: we select chiefly March 0.13% -4.53% 1.63% 0.76% -0.46% 0.97% governments whose conduct in the field of April Sustainable Development is above average. -0.61% 1.78% 0.21% -0.24% 0.54% -0.50% The selection process detailed in section 2d of May -0.16% 0.14% 0.60% -0.71% 0.37% 0.62% the transparency code eliminates June 0.41% 1.01% 1.83% 0.23% -0.45% 1.57% governments with oekom ratings between C July 1.10% 1.56% -0.12% 0.36% 1.05% and D- from the investment universe, and limits investments in governments who earn a August -0.43% 1.73% -0.25% 0.70% -0.13% C+ rating. On this basis, the exclusion rate is September 0.87% -0.71% -0.29% -0.41% 0.06% over 30% at constant scope. October 0.79% -0.84% -0.12% 0.99% -1.57% - Active and rigorous fundamental financial November 0.41% -0.66% 0.01% 0.10% -1.55% management based on our internal research. December Use of decorrelated alpha sources to diversify 0.14% -0.68% 0.58% -0.59% 0.66% portfolios and maximise the information ratio. The performance figures relate to the past performance which should not be seen as an indication of The management approach is mostly bottom- future returns. The capital invested in the fund can increase or decrease and is not guaranted. Future up. Investment decisions are also influenced returns will depend, inter alia, on market conditions, fund manager’s skill, fund risk level and fees. by macroeconomic factors. Non contractual document Monthly Report HSBC RIF 30 June 2021 SRI EURO BOND EUR Share Class A Analysis of the investment strategy Top 10 Holdings Portfolio Duration History 1 BUND 4% 04/01/2037 2.67% Portfolio duration as at 30/06/2021: 7.57 8,000 2 BTP 1.25% 01/12/2026 2.22% 3 BTP 6% 01/05/2031 2.06% 7,800 4 BTP 3.5% 01/03/2030 1.73% 7,600 5 BTP 1.5% 01/06/2025 1.65% 7,400 6 BONOS 2.75% 31/10/2024 1.59% 7,200 BTP 5% 01/09/2040 7 1.55% 7,000 8 BONOS 4.7% 30/07/2041 1.52% 6,800 9 BONOS 1.95% 30/04/2026 1.38% 10 BONOS 1.95% 30/07/2030 1.28% Total 17.64% 30/06/20 30/08/20 30/10/20 30/12/20 28/02/21 30/04/21 30/06/21 Asset Type Portfolio Duration: Exposure by Maturity Fixed-rate Bond 99.90% 0,00 Portfolio duration: 7.58 Cash, other 0.10% 0,10 1 year : 0.05 Total 100.00% 3 years : 0.59 5 years : 1.41 Issuer Class Portfolio 7 years : 1.17 10 years : 1.10 Sovereign 39.51% 15 years : 1.33 Sub-Sovereign 7.71% 30 years : 1.91 Covered 3.02% Derivative Products: Regional Exposure Portfolio Structured Finance Products 0.00% Germany 3.24% Corporate 49.85% EURO BUXL 30 YR 09-21 EUREX 2.66% Cash, other -0.10% EURO BUND FUTURE 09-21 EUREX -0.71% Total 100.00% EURO BOBL 09-21 EUREX 1.29% Industry Sectors Portfolio Total 3.24% Supranationals In percentage of the Portfolio, derivative products' off-balance-sheet 4.15% commitment included.