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HSBC Frontier Markets Fund Quarterly Report

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HSBC Frontier Markets Fund Quarterly Report HSBC Frontier Markets Equity Quarterly report 2nd Quarter 2019 Investment products: ARE NOT A BANK ARE NOT ARE NOT ARE NOT MAY DEPOSIT OR FDIC INSURED BY GUARANTEED LOSE OBLIGATION OF INSURED ANY FEDERAL BY THE BANK VALUE THE BANK OR ANY GOVERNMENT OR ANY OF ITS OF ITS AFFILIATES AGENCY AFFILIATES All decisions regarding the tax implications of your investment(s) should be made in connection with your independent tax advisor. For institutional investor and financial advisor use only. HSBC Frontier Markets Fund: Quarterly report 2nd Quarter 2019 Quarterly market performance Top 5 performing countries (%) Bottom 5 performing countries (%) Absolute Contribution to Absolute Contribution to Country return reference index Country return reference Index Argentina 32.55 1.90 Pakistan (20.84) (0.06) Romania 20.50 0.82 Uruguay (10.81) (0.04) Kazakhstan 14.04 0.17 Sri Lanka (10.02) (0.07) Ivory Coast 11.32 0.01 Senegal (7.30) (0.04) Croatia 11.19 0.15 Nigeria (6.95) (0.28) Past performance is no guarantee of future results. Source: HSBC Global Asset Management – data as of June 30, 2019. The reference index is a customized MSCI Frontier Emerging Markets Capped index until May 31, 2014 and the customized MSCI Select Frontier & Emerging Markets Capped index thereafter. During the quarter, the MSCI Frontier Markets index was up Over the quarter, performance across countries was more 4.7% and our custom reference index, the MSCI Select positive than negative within the index. Argentina, Romania, Frontier & Emerging Markets capped index was up (4.6%, Kazakhstan, Ivory Coast, Croatia and Kuwait all produced USD). returns above 10% over 2Q. While, Pakistan, Uruguay and Sri Lanka were down by 10% or more. Within sectors, IT and In 2Q2019 EM markets paused for thought as hopes of a Energy were the best performing whilst Real Estate and progress in USA-China trade negotiations stalled with both Consumer Staples were the worst performing and only sectors sides blaming the other which was promptly followed by in negative territory. renewed contact between the two at the G20 summit, which appeared to go fairly smoothly though with low expectations for tangible progress. The Fed continued to pursue a more dovish tone of rate cuts, with consensus expectations weighted around 25bps and the ECB signalled the same which gave the markets a boost, improving the outlook for risk assets. For institutional investor and financial advisor use only. 2 HSBC Frontier Markets Fund: Quarterly report 2nd Quarter 2019 Quarterly market performance Since Apr May Jun Qtr YTD 1 yr 3 yrs 5 yrs Inception Class A without sales charge 2.91% -2.36% 4.42% 4.93% 16.00% 3.65% 5.46% 0.64% 6.59% Class A with Maximum sales charge -2.23% -7.24% -0.76% -0.31% 10.19% -1.54% 3.66% -0.38% 5.89% (5.00%) Class I 2.91% -2.35% 4.50% 5.01% 16.18% 3.99% 5.84% 0.99% 6.96% MSCI Frontier Markets Index 0.23% 2.25% 2.35% 4.90% 12.14% 5.23% 8.70% -0.40% 5.73% MSCI Select F&EM Capped Index 1.27% 1.77% 4.07% 4.77% 11.98% 7.57% 8.17% 0.65% 5.61% Past performance is no guarantee of future results. Source: HSBC Global Asset Management. The performance data is calculated in USD, on a bid to bid basis, net of fees, as of June 30, 2019. Returns relate to the AC and IC share classes, calculated after deduction of management fees and operating expenses, and returns longer than one year are annualized. The reference index is a customized MSCI Frontier Emerging Markets Capped Net index until May 31, 2014 and the customized MSCI Select Frontier & Emerging Markets Capped Net index thereafter. Index information is for illustrative purposes only. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain more current performance and other information, please call 1- 888-936-4722 or visit https://investorfunds.us.hsbc.com. Maximum sales charge: Class A: 5.00%; Class I: None. Expense Ratio (Gross/Net): Class A: 5.16% / 1.85%; Class I: 4.81% / 1.50%.1 Over the second quarter of 2019, the Fund delivered an overweight exposure to the UAE and Georgia and our absolute return of 5.68% (gross of fees) and outperformed its underweight in Morocco. custom reference index, the MSCI Select Frontier & Emerging Markets capped index, by 1.13%. Our stock selection within sectors contributed, in particular within Financials, followed by Industrial and energy. Offsetting Our stock selection within countries was positive, in Argentina, some of those gains was our overweight in Consumer Staples the UAE and Colombia. Our country allocation was positive and Healthcare. overall. Our overweight in Egypt and Kazakhstan and underweight to Qatar and Vietnam had a positive impact on relative, allocation performance. This was partially offset by our 1 Reflects the expense ratio as reported in the prospectus dated February 28, 2019. HSBC Global Asset Management (USA) Inc., the Fund’s investment adviser has entered into a contractual expense limitation agreement with the Fund under which it will limit total expenses of the Fund (excluding interest, tax, brokerage commissions, extraordinary expenses and estimated indirect expenses attributable to the Fund’s investments in investment companies) to an annual rate of: Class A: 1.85%, Class I: 1.50%. The expense limitation agreement is effective until March 1, 2020. For institutional investor and financial advisor use only. 3 HSBC Frontier Markets Fund: Quarterly report 2nd Quarter 2019 Key purchases and sales over the quarter During the quarter, we added five new positions in Alicorp in Peru, Kuwait Finance House, Qatar National Bank, Brac Bank in Bangladesh and SSI Group in the Philippines. We exited our holding in Vista Land and Lifescapes in the Philippines. Quarterly stock performance attribution (%) Average active Allocation Selection Relative Positive Country weight effect effect impact BANCO MACRO SA-B Argentina 1.51 0.79 0.01 0.80 INTL CONTAINER TERM SVCS INC Philippines 3.63 0.49 (0.04) 0.45 HALYK SAVINGS BANK-KAZAKHSTN Kazakhstan 2.19 0.36 0.03 0.39 YPF S.A.-D Argentina 1.26 0.29 (0.00) 0.29 VINHOMES JSC Vietnam (1.35) 0.27 0.00 0.27 Past performance is no guarantee of future results. Source: HSBC Global Asset Management – data as of June 30, 2019. Portfolio data is subject to change. Average active weight is the average of difference between the weight of security in the actively managed portfolio and its weight in the benchmark portfolio. Allocation effect measures the investment manager’s ability to effectively allocate their portfolio’s assets to various securities. Selection effect measures the investment manager’s ability to select securities within a given segment relative to a benchmark. Banco Macro: The Banks 1Q20129 results were Halyk Savings Bank: 1Q2019 showed strong generally well received boosted by the sale of Prisma. profitability. In addition, the bank, changed its dividend Although the bank’s loan book decelerated strongly as policy to a payout of between 50 to 100% of its credit demand in Argentina dropped the bank’s consolidated income. Management’s increased increased investment in government securities boosted interaction with investors as well as more detailed returns guidance and strategy has been positively received International Container Terminal (ICT) ICT rallied as YPF S.A: The development of the company’s shale gas the group reported 1Q2019 results which showed strong reserves are driving the positive returns on the stock as revenue growth (18% in 1Q2019), EBITDA up 25% yoy well as the 2019 end of year production output and net income to equity holders 77% yoy. The results estimates. YPF appears to be at the beginning of a were a confirmation of the investment thesis for strong growth period investors at an attractive valuation relative to the Vinhomes: The 1Q2019 results reflected a subdued company’s own history and its peers environment as profits dropped 35% yoy and the stock continued to drop over the quarter. The fund does not own this name and hence benefitted in terms of relative performance For institutional investor and financial advisor use only. 4 HSBC Frontier Markets Fund: Quarterly report 2nd Quarter 2019 Quarterly stock performance attribution (%) Average active Allocation Selection Relative Negative Country weight effect effect impact JUHAYNA FOOD INDUSTRIES Egypt 2.93 (0.76) 0.00 (0.76) VIETNAM TECHNOLOGICAL & COMM Vietnam 1.76 (0.48) 0.00 (0.48) GRUPO FINANCIERO GALICIA- Argentina (1.04) (0.37) 0.00 (0.37) KUWAIT FINANCE HOUSE Kuwait (2.97) (0.27) 0.01 (0.26) PUREGOLD PRICE CLUB INC Philippines 2.64 (0.24) 0.00 (0.24) Past performance is no guarantee of future results. Source: HSBC Global Asset Management – data as of June 30, 2019. Portfolio data is subject to change. Average active weight is the average of difference between the weight of security in the actively managed portfolio and its weight in the benchmark portfolio. Allocation effect measures the investment manager’s ability to effectively allocate their portfolio’s assets to various securities. Selection effect measures the investment manager’s ability to select securities within a given segment relative to a benchmark. Juhayna Food Industries: The 1Q2019 results Grupo Financiero Galicia: Although the stock rallied reflected a tough quarter due to the implementation of during the quarter. In our view, Galicia’s coverage ratio universal healthcare and the end of tax exemption for and lower government securities holding makes the some of the group’s subsidiaries.
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