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Product Brochure Eng Upd V3 Jun07

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Product Brochure Eng Upd V3 Jun07 IMPORTANT RISK WARNINGS/FUND INFORMATION FOR INVESTORS (Capitalised terms used herein but not otherwise defined will have the same meanings as defined in the Explanatory Memorandum of the Hang Seng Investment Series (the “Series”) and the Term Sheet of the Fund) • Hang Seng Ping An Asian Income Fund (“the Fund”) invests primarily in a balanced portfolio consisting of equity and debt securities issued in the debt and securities markets in the Asia Pacific region (excluding Japan). • Hang Seng Investment Management, as the Manager, has delegated its investment management duties in relation to debt securities to the Sub-investment Manager, and will rely on the Sub-investment Manager’s expertise and systems for the Fund’s investments in debt securities only. Any disruption in the communication with or assistance from the Sub-investment Manager or a loss of service of the Sub-investment Manager or any of its key personnel may adversely affect the operations of the Fund. • The asset allocation of the Fund is determined by the Manager and depends on the views of the Manager and the Sub-investment Manager on fundamental economic and market conditions and investment trends across the globe, the dynamic asset allocation may not achieve the desired results under all circumstances and market conditions. The investments of the Fund may be periodically rebalanced and therefore the Fund may incur greater transaction costs than a fund with static allocation strategy. • The Fund is also subject to investment risks, equity market risks, risks associated with investing in fixed income instruments, general risks of investments associated with an emerging market, concentration risk and currency and exchange rate control risk. • The Fund invests in the China market and is subject to the relevant risks, including general risks of investments associated with investments in the PRC and RMB currency and conversion risks. • The Manager may at its discretion (i) pay distribution out of the capital or (ii) pay distribution out of gross income while charging/ paying all or part of the Fund’s fees and expenses to/ out of the capital of the Fund (resulting in an increase in distributable income for the payment of distribution by the Fund), and thereby effectively pay distributions out of the capital of the Fund. Payment of distributions out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investments. Any such distributions may result in an immediate reduction of the Net Asset Value per Unit. • Investments involve risks and investors may lose substantial part of their investment in the Fund. Investors should not only base on this material alone to make investment decisions, but should read the Fund’s Term Sheet, Product Key Facts Statements and the Explanatory Memorandum of the Series (including the full text of the risk factors stated therein) (collectively “Offering Documents”) in detail. If investors have any doubts about the contents of this leaflet or about the Offering Documents, they should consult their investment adviser and obtain independent professional advice. Hang Seng Ping An Asian Income Fund Embrace Multi-income Opportunities in Asia through Tactical Investment in Equities and Bonds EQUITY BOND Why Invest in an Asia Balanced Portfolio? Prospects for Fast Recovery from COVID-19 with Attractive Valuations in Asia GDP Growth1 2019 2020 2021 P/E1 Current 2021 Year End Estimate Estimate China 6.0% 2.3% 8.0% Asia 28.0x 17.6x South Korea 2.0% -1.0% 2.8% US 30.9x 22.2x Taiwan 3.0% 3.1% 3.7% Global 31.5x 19.9x US 2.2% -3.5% 3.2% Europe 49.0x 17.4x Eurozone 1.3% -6.6% 3.9% Higher Yields and More Income Options in Asian Equity and Bond Markets No. of Stocks with Dividend Yield >3% in MSCI AC World Index2 233 131 108 59 Asia Pacific Europe US Japan (ex Japan) Yields in Major Bond Markets2 Asian Dollar Investment Grade 2.1% US Investment Grade 1.4% European Investment Grade 0.1% Asian Dollar High Yield 6.7% 7.2% US High Yield 4.3% European High Yield 3.3% Balanced Portfolio Offers More Stable Return with Lower Risk than Equity Portfolio Past 10 Years Performance of Asia Pacific Balanced and Equity Portfolios3 220 Net Return Asia Pac Asia Pac 180 Performance Balanced Equity 10 years annualised return 6.6% 7.0% 140 10 years annualised volatility 10.1% 16.8% Max drawdown in 100 2015 -14.2% -25.5% Max drawdown in 2020 -20.1% -32.2% 60 2/2011 2/2013 2/2015 2/2017 2/2019 2/2021 Asia Pac Balanced Asia Pac Equity 1. Source: OECD, IMF(for Taiwan GDP growth forecast figure), Bloomberg, Hang Seng Investment Management, as of 28 February 2021. 2. Source: Bloomberg, Hang Seng Investment Management, as of 28 February 2021. 3. The above information, extracted from market data, is provided for reference only. Source: Bloomberg, Hang Seng Investment Management, as of 28 February 2021. Asia Pac Balanced: 50% MSCI AC Asia Pacific ex Japan Net Total Return Index and 50% JPMorgan Asia Credit Composite Total Return Index, Asia Pac Equity: MSCI AC Asia Pacific ex Japan Net Total Return Index. For any questions, please check with Hang Seng Investment Management. Why Invest in the Fund? All-weather Total Return Strategy • Actively seeking total return and balancing between growth and income • Looking for attractive equity and bond opportunities from 10+ Asia Pacific (excluding Japan) markets Active and Dynamic Asset Allocation • Based on the views of Hang Seng Investment Management (Manager) and Ping An of China Asset Management (Hong Kong) (Sub-investment Manager), the Manager would optimise the allocation between equities and bonds for the best interest of shareholders • Dynamic allocation between equities and bonds Attractive and Stable Income • HKD and USD income classes available (intends to pay monthly distributions) with around 4% annualised dividend yield (dividend yield is not guaranteed and may be paid out of capital)4 • Stabilising income distribution with the goal of striving for total return Investment Breakdown of the Fund 5 Bond Equity Sub-investment Manager: Ping An of Manager: Hang Seng Investment Management China Asset Management (Hong Kong) Equity Bond Total China 24.8% 18.4% 43.2% Australia 8.1% 1.3% 9.4% Taiwan 8.2% 0.0% 8.2% Hong Kong 4.5% 3.3% 7.8% Geographical South Korea 6.9% 0.0% 6.9% Breakdown India 1.7% 3.9% 5.6% Indonesia 0.8% 2.5% 3.3% Singapore 2.2% 0.9% 3.1% Other Countries 1.7% 9.3% 11.0% Cash and Others 1.5% Total 58.9% 39.6% 100.0% Equity Bond Total Information Technology 15.2% 0.0% 15.2% Consumer Discretionary 8.8% 5.5% 14.3% Real Estate 1.7% 12.1% 13.8% Financials 8.1% 2.6% 10.7% Sector Materials 7.1% 2.9% 10.0% Breakdown Communication Services 6.8% 1.7% 8.5% Energy 1.8% 5.6% 7.4% Industrials 3.1% 3.6% 6.7% Other Sectors 6.3% 5.6% 11.9% Cash and Others 1.5% Total 58.9% 39.6% 100.0% 4. Source: Hang Seng Investment Management, Class I USD Income Units as of 28 February 2021. Class I is the class with the longest track records and was launched on 10 August 2020. It is subject to different charges and expenses from other Classes. It is not available for subscription by retail investors and is provided for reference only. While the Manager currently intends to declare monthly distributions for all distribution classes, there can be no guarantee if any distribution will be declared at all. No prospective dividend yield has been indicated for the Fund. For HKD and USD income classes, Annualised Dividend Yield = [(The latest amount of dividend distributed ÷ ex-dividend unit price) +1]12– 1. Investors should be aware that any capital gain/loss in respect of the relevant Unit of the Fund is not included in the calculation of annualised dividend yield, which therefore does not represent the total return (if any) that may be realised by unitholders. A positive annualised dividend yield does not imply a positive return. The annualised dividend yield shown is for your information and reference only and is not indicative of any future dividend yield. The Manager may at its discretion (i) pay distributions out of the capital or (ii) pay distributions out of gross income while charging/paying all or part of the Fund’s fees and expenses to/out of the capital of the Fund (resulting in an increase in distributable income for the payment of distribution by the Fund), and thereby effectively pay distributions out of the capital of the Fund. Payment of distribution out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the Net Asset Value per Unit. Please refer to the Offering Documents for the details of, among other things, the distribution policy of the Fund. 5. Source: Hang Seng Investment Management, as of 28 February 2021. Bond Credit Rating Top 5 Equity Holdings6 Top 5 Bond Holdings6 Breakdown6,7 Equity Region Weight Bond Region Weight Credit Rating Weight Taiwan Semiconductor Taiwan 3.2% GOHL Capital Ltd Malaysia 1.6% Manufacturing - ADR 4.25% 24 Jan 2027 A 2.1% Tencent Holdings China 3.1% Geely Automobile China 1.5% Var Perp BBB 18.0% Alibaba Group - ADR China 2.5% Sepco Virgin Ltd Ser China 1.5% Var Perp BB 11.4% Samsung Electronics South Korea 2.3% Elect Global Inv Ltd Hong Kong 1.4% 4.85% Perp B 5.9% BHP Group Australia 2.0% China State Con Fin China 1.4% III Var Unrated 2.2% 6, 8 Performance Since Fund Launch (Class I USD Units) Net Return Performance Fund Index 120 YTD 2.8% 2.1% 110 3 Months 7.2% 5.8% 100 6 Months 11.2% 11.0% Since Launch 11.4% 12.2% 90 8/2020 9/2020 10/2020 11/2020 12/2020 1/2021 2/2021 Since Launch to 8.3% 9.9% Fund Index 2020 Year-end Key Information of the Fund Aims to provide income and long term capital growth through investing primarily Investment Objective in a balanced portfolio consisting of equity and debt securities issued in the debt and securities markets in the Asia Pacific region (excluding Japan).
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