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HSBC Global Funds ICAV Semi-Annual Report and Unaudited Financial Statements

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HSBC Global Funds ICAV Semi-Annual Report and Unaudited Financial Statements HSBC Global Funds ICAV Semi-Annual Report and Unaudited Financial Statements For the period ended 30 June 2020 HSBC GLOBAL FUNDS ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle with segregated liability between Sub-Funds with registration number C173463) HSBC Global Funds ICAV - US Government Bond Index Fund HSBC Global Funds ICAV - Global Government Bond Index Fund HSBC Global Funds ICAV - Global Corporate Bond Index Fund HSBC Global Funds ICAV - Global Aggregate Bond Index Fund HSBC Global Funds ICAV - Global Equity Index Fund HSBC Global Funds ICAV - Multi Factor Worldwide Equity Fund HSBC Global Funds ICAV - US Equity Index Fund HSBC Global Funds ICAV - Global Emerging Markets Government Bond Index Fund HSBC Global Funds ICAV - China Government Local Bond Index Fund Semi-Annual Report and Unaudited Financial Statements For the period ended 30 June 2020 Additional notes for Hong Kong residents in relation to HSBC Global Funds ICAV: The following sub-funds of HSBC Global Funds ICAV referred to in this document are not authorised in Hong Kong and not available to the public in Hong Kong during the financial report period of this report: US Government Bond Index Fund Multi Factor Worldwide Equity Fund No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter. Table of Contents General Information…………………………………………………………………………………………………..1 Director’s Report……………………………………………………………………………………………………...2 Investment Manager’s Report……………………………………………………………………………………….7 Statement of Financial Position…………………………………………………………………………………....19 Statement of Comprehensive Income……………………………………………………………………………..25 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares………..30 Statement of Cash Flows…………………………………………………………………………………………...35 Notes to the Financial Statements…………………………………………………………………………………42 Schedule of Investments and Portfolio Changes ………………………………………………………………158 Other Additional Disclosures ……………………………………………………………………………………..396 General Information Registered office Secretary of the ICAV 25/28 North Wall Quay Goodbody Secretarial Limited IFSC 25/28 North Wall Quay Dublin 1 IFSC Ireland Dublin 1 Ireland Directors Cleo Bensignor Independent Auditor Peter Blessing* KPMG Julien Coquet (resigned 10 January 2020) 1 Harbourmaster Place Eimear Cowhey* IFSC Anthony Jeffs Dublin 1 * Independent Non-executive director Ireland Management Company and Global Distributor Paying Agent – Switzerland HSBC Investment Funds (Luxembourg) S.A. HSBC Private Bank (Suisse) SA 16, Boulevard d’Avranches Quai des Bergues 9 - 17 L-1160 Luxembourg P.O. Box 2888 Grand Duchy of Luxembourg CH 1211 Geneva 1 Switzerland Investment Manager HSBC Global Asset Management (UK) Limited 8 Canada Square London E14 5HQ United Kingdom Depositary HSBC France, Dublin Branch 1 Grand Canal Square Grand Canal Harbour Dublin 2 Ireland Administrator HSBC Securities Services (Ireland) DAC 1 Grand Canal Square Grand Canal Harbour Dublin 2 Ireland Legal Adviser as to Irish Law A&L Goodbody 25/28 North Wall Quay IFSC Dublin 1 Ireland 1 Director’s Report The Directors present their report for HSBC Global Funds ICAV (the “ICAV”), along with the semi-annual report and unaudited financial statements for the period ended 30 June 2020. Principal activities, business review & future prospects The ICAV was incorporated as an open-ended umbrella type Irish collective asset-management vehicle with limited liability and segregated liability between Sub-Funds to carry on business under the Irish Collective Asset-management Vehicles Act 2015 (the “ICAV Act”) on 28 November 2017 with registration number C173463. The ICAV is authorised by the Central Bank of Ireland as an ICAV pursuant to Part 2, Chapter 1 of the ICAV Act, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”). The ICAV is structured as an umbrella fund and may comprise of several portfolios of assets. The share capital of the ICAV may be divided into different classes of shares (“Shares”) with one or more classes representing a separate Sub-Fund comprising a separate pool of assets and which pursues its investment objective through separate investment policies. As at the date of this report the ICAV comprised of 20 Sub-Funds. Fixed Income Sub-Funds HSBC Global Funds ICAV - Euro Corporate Bond Index Fund HSBC Global Funds ICAV - Euro Government Bond Index Fund HSBC Global Funds ICAV - Global Aggregate Bond Index Fund HSBC Global Funds ICAV - Global Corporate Bond Index Fund HSBC Global Funds ICAV - Global Government Bond Index Fund HSBC Global Funds ICAV - Global Securitised Bond Index Fund HSBC Global Funds ICAV - US Corporate Bond Index Fund HSBC Global Funds ICAV - US Government Bond Index Fund HSBC Global Funds ICAV - Global Emerging Market Government Local Bond Index Fund HSBC Global Funds ICAV - Global Emerging Market Government Bond Index Fund HSBC Global Funds ICAV - China Government Local Bond Index Fund Equity Sub-Funds HSBC Global Funds ICAV - Asia Equity Index Fund HSBC Global Funds ICAV - Asia (ex Japan) Equity Index Fund HSBC Global Funds ICAV - Global Emerging Markets Equity Index Fund HSBC Global Funds ICAV - Europe ex UK Equity Index Fund HSBC Global Funds ICAV - Eurozone Equity Index Fund HSBC Global Funds ICAV - Global Equity Index Fund HSBC Global Funds ICAV - US Equity Index Fund HSBC Global Funds ICAV - Japan Equity Index Fund HSBC Global Funds ICAV - Multi Factor Worldwide Equity Fund The assets of each Sub-Fund will be invested separately on behalf of the Sub-Fund in accordance with the investment objective and policies of each Sub-Fund. As at 30 June 2020, 9 Sub-Funds had launched, namely, HSBC Global Funds ICAV - US Government Bond Index Fund, HSBC Global Funds ICAV - Global Government Bond Index Fund, HSBC Global Funds ICAV - Global Corporate Bond Index Fund, HSBC Global Funds ICAV - Global Aggregate Bond Index Fund, HSBC Global Funds ICAV - Global Equity Index Fund, HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund, HSBC Global Funds ICAV – US Equity Index Fund, HSBC Global Funds ICAV – Global Emerging Markets Government Bond Index Fund and HSBC Global Funds ICAV – China Government Local Bond Index Fund (the “Sub-Funds”) on 18 April 2018, 3 May 2018, 17 May 2018, 14 November 2018, 24 April 2019, 14 May 2019, 15 October 2019, 17 October 2019 and 28 October 2019 respectively and the ICAV had in issue eighty classes of Shares in the Sub-Funds. A detailed business review is outlined in the Investment Manager’s Report on pages 7 to 18. 2 Director’s Report (continued) Principal risks and uncertainties Investment in the ICAV carries with it a degree of risk including, but not limited to, the risks referred to in the prospectus of the ICAV dated 24 May 2019 and its Supplements (the “Prospectus”) and as described in Note 7 of this financial statements including price risk, credit risk and liquidity risk. Results and dividends The results for the financial period are shown in the Statement of Comprehensive Income on page 25. The Board of Directors may declare at its discretion, dividends in respect of each distribution share class of each Sub-Fund. Dividend distributions during the financial period are set out in Note 12 of this financial statements. Directors The Directors of the ICAV are detailed on page 1. Directors’ and ICAV Secretary’s interests None of the Directors nor the ICAV Secretary or their respective families held any interest, beneficial or otherwise, in the share capital of the ICAV during or at the end of the financial period. The Board of Directors are not aware of any contracts or arrangements of any significance in relation to the business of the ICAV in which the Directors had any interest at any time during the period ended 30 June 2020, other than those described in Note 10, ‘Related Parties’. Accounting Records The measures taken by the Directors to secure compliance with the ICAV’s obligation to keep adequate accounting records are the use of appropriate systems and procedures and the employment of competent service providers. The accounting records are kept at HSBC Securities Services (Ireland) DAC, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland. Withdrawal of the UK from the EU Following the UK Government’s notification to the European Union (EU) of its intention to leave the Union (“Brexit”), on 23 January 2020, the UK Government enacted the European Union (Withdrawal Agreement) Act 2020 (WAA). The WAA implemented the withdrawal agreement into UK law. The EU also ratified the withdrawal agreement in accordance with its procedures, with the European Parliament consenting to the Withdrawal Agreement on 29 January 2020. As part of the Withdrawal Agreement, the UK and the EU agreed a Transition Period in order to provide continuity and certainty. During this time, the UK will generally continue to apply EU law as it does now. UK domiciled UCITS will continue to be referred to as UCITS and enjoy the rights conferred by the UCITS Directive during the Transition Period. EU UCITS will continue to use their cross-border passporting rights to
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