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HSBC GIF GEM Equity Volatility Focused 31 March 2017 USD Institutional Share Class (IC) Monthly Report

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HSBC GIF GEM Equity Volatility Focused 31 March 2017 USD Institutional Share Class (IC) Monthly Report HSBC GIF GEM Equity Volatility Focused 31 March 2017 USD Institutional Share Class (IC) Monthly Report Fund Objective Fund Details The aim to provide capital growth and income on your investment over time. Fund domicile The fund invests in normal market conditions a minimum of 90% of its net assets in equities and equity UCITS IV Luxembourg SICAV equivalent securities of companies which are domiciled in, based in, or carry out the larger part of their business activities in Emerging Markets. The fund may invest the remaining assets in financial derivative Benchmark instruments and/or temporarily in fixed income securities, money market instruments, cash instruments and cash. MSCI Emerging Markets Net The fund aims for a lower portfolio volatility relative to that of the MSCI Emerging Markets Index through Fund size (USD million) portfolio construction. The fund uses portfolio optimisation to lower overall portfolio volatility by selecting a 13.02 combination of lower volatility stocks and higher volatility stocks that are less correlated and thereby diversifying the portfolio. The fund may rely on market research and quantitative analysis to estimate individual Inception date stock volatility and intra-stock correlation as part of its portfolio optimisation process. 13/05/2016 The fund is actively managed and does not track a benchmark. Consideration may be given to a reference benchmark when selecting investments. The reference benchmark for the fund is MSCI Emerging Markets Net Liquidity Daily index. Performance (%) Ongoing charge* 1.05% 120 Minimum initial investment US$ 1,000,000 or equivalent ISIN code IC: LU1236621055 Bloomberg ticker HSGEVIC 110 (Rebased to 100 on 13 May 2016) 13 May on 100 to (Rebased 100 Note: Performance figures will only be published once the Fund has achieved a twelve months track record. 31/03/2012 31/03/2013 31/03/2014 31/03/2015 31/03/2016 Rolling time to to to to to 31/03/2013 31/03/2014 31/03/2015 31/03/2016 31/03/2017 * The ongoing charges figure shown here is HSBC GIF GEM Equity Volatility Focused N/A N/A N/A N/A N/A an estimate of the charges as the share 90 class has not been priced for a full financial year. 31 March 2017 1M 3M 6M 1Y 3Y ann. SI The ongoing charges figure (OCF), which is HSBC GIF GEM Equity Volatility Focused 2.47% 12.13% 6.24% N/A N/A 18.71% broadly equivalent to the previous Total Benchmark 2.52% 11.44% 6.80% N/A N/A 22.95% Expense Ratio, provides a measure of what it costs to invest in a fund on an ongoing basis. The OCF is made up of the Annual Management Charge (AMC) and other Calendar years / YTD 2017 YTD 2016 2015 2014 2013 2012 80 operating costs. Other operating costs HSBC GIF GEM Equity Volatility Focused N/A N/A N/A N/A N/A N/A include the costs for other services paid for Benchmark N/A N/A N/A N/A N/A N/A by the fund, such as the fees paid to the Jul 16 trustee (or depository), custodian, auditor Oct 16 Oct Jun 16 Jun Nov 16 Nov 16 Dec Sep 16Sep Aug 16 May 16 and regulator. Past performance is not a reliable indicator for future performance. Returns are shown net of fees. Further fees (if applicable) are not considered in the statement and will have a negative effect on the investment performance. The figures are calculated in USD, and changes in the rate of currency exchange may affect the value of your investment. All return periods longer than 1 year are annualised. Performance returns are based on a NAV per unit basis, net of fees, with gross income reinvested. Source: HSBC GlobalHSBC Asset GIF Management. GEM Equity Benchmark Volatility source: Focused Rimes. IC MSCI Emerging Markets Net Data as at 31 March 2017 For professional clients only HSBC GIF GEM Equity Volatility Focused 31 March 2017 USD Institutional Share Class (IC) Monthly Report Market Review Emerging markets continued to rise in March supported by the Federal Reserve’s dovish outlook following a 25bp rate hike. Fund Review Exposure to Mexico supported performance as that market rallied following a rate hike by the central bank and gains in the Peso. Key contributors included Arca Continental benefiting from Coca-Cola’s acquisition of AdeS, a soy based beverage brand from Uniliver, and Walmart de Mexico on increasing capital spending to open and remodel stores. Offsetting some of those gains was selection in China, namely Hengan International which declined after FY16 earnings lagged estimates. Exposure to Brazilian utilities company, AES Tiete also detracted on weak 4Q16 results. Outlook Emerging markets continue to offer attractive investment opportunities, based on the outlook for company profits. Economic indicators have been improving and we expect equity earnings to pick up as better macro data supports the corporate environment, and equity investors may be nefit from both earnings growth and valuation multiple expansion (re-rating). In the short-term, we expect market volatility to continue on concerns about future Fed tightening, the potential for increased trade protectionism under the Trump administration, the rate of economic transition in China. Our portfolio aims to invest in quality companies with an attractive combination of profitability and valuation. These stocks are combined with an aim to deliver a portfolio with lower volatility. HSBC GIF GEM Equity Volatility Focused 31 March 2017 USD Institutional Share Class (IC) Monthly Report Top 10 Holdings Sector Weight Top 5 and Bottom 5 Relative Weight (%) Samsung Electronics Co Ltd Information Technology 2.4 Polski Koncern Naftowy Orlen 2.2 Polski Koncern Naftowy Orlen Energy 2.4 Krung Thai Bank Pub Co Ltd 2.1 Hon Hai Precision Industry Information Technology 2.3 Ncsoft Corp 2.0 Agricultural Bank Of China Financials 2.3 Dp World Ltd 2.0 Netease Inc Information Technology 2.3 Bank Of Communications Co 2.0 China Construction Bank Financials 2.2 Tencent Holdings Ltd -3.7 Bank Of Communications Co Financials 2.2 Alibaba Group Holding Ltd -2.8 Industrial & Commercial Bk Of China Financials 2.2 Samsung Electronics Co Ltd -2.3 Ncsoft Corp Information Technology 2.1 Naspers Ltd -1.7 Krung Thai Bank Pub Co Ltd Financials 2.1 Taiwan Semiconductor Co Ltd -1.5 Total 22.4 Sector Weightings (%) Relative Sector Weightings (%) 8.0 Financials (24.0) 6.0 3.6 3.4 4.0 Information Technology (18.7) 2.0 1.5 2.0 1.1 0.1 Consumer Staples (10.6) 0.0 Energy (9.3) -2.0 -1.9 -4.0 -2.4 -2.6 Industrials (9.1) -3.9 -6.0 Consumer Discretionary (8.4) -8.0 -6.1 Telecommunication Services (6.8) Energy Utilities Utilities (4.4) Materials Financials Industrials Real Estate Real Materials (3.6) Health Care Services Cash & Others (5.2) Consumer Staples Telecommunication Information Technology Information Consumer Discretionary Country Weightings (%) Top 5 and Bottom 5 Country Relative Weightings (%) 8.0 China (21.2) 6.0 4.3 Korea (16.1) 3.6 4.0 2.8 Taiwan (12.8) 2.2 1.8 2.0 India (11.6) 0.0 Mexico (8.0) -2.0 Thailand (4.5) -2.1 -2.4 Hungary (3.9) -4.0 -4.3 -6.0 -4.7 Brazil (3.4) -5.7 Poland (2.4) -8.0 United Arab Emirates (2.1) Other (10.3) India Brazil Egypt China Russia Mexico Hungary Cash & Others (3.7) Thailand Malaysia South Africa Data as at 31 March 2017 Source: HSBC Global Asset Management. HSBC GIF GEM Equity Volatility Focused 31 March 2017 USD Institutional Share Class (IC) Monthly Report Relative Weight (%) Portfolio Management Nick Timberlake – Head of Equities Nick Timberlake is Head of Equities in the UK and has been working in the investment industry since 1991. He joined HSBC in 2005 and has been instrumental in building a world-class global emerging market equity team. In addition to the core global emerging market capability, the team also manages emerging market assets across BRIC, Russia, EMEA, and Frontier Market equity strategies. In 2011 Nick's role broadened to take responsibility for the teams managing all active equity capabilities in the UK including Global, European, UK, Eafe and various themed strategies. Prior to HSBC, Nick worked for F&C Asset Management. He holds an MA (Hons) in Geography and Economics from the University of Dundee and is a Member of the CFA Institute and CFA Society of the UK. Fund Information Maximum initial charge Settlement date Management company Up to 5.54% Trade day + 4 business days HSBC Investment Funds (Luxembourg) S.A. Redemption fees ISIN Code Investment adviser None IC: LU1236621055 HSBC Global Asset Management (UK) Limited Depositary bank HSBC Bank Plc, Luxembourg Branch Risks It is important to remember that the value of investments can go down as well as up and you may not get back the amount originally invested. Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. Samll and mid cap markets are occasionally affected by a temporary lack of liquidity; they may be subject to greater fluctuations than large cap market and be more difficult for the fund manager to buy or sell. For a full list of risks, please refer to the prospectus and Key Investor Information Documents. Benchmark Benchmark is the MSCI Emerging Markets Net, for comparison purposes only as the fund has no official benchmark.
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