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HSBC Global Investment Funds EQUITY Monthly report 31 August 2021 | Share class IC

Share Class Details Investment objective Key metrics The Fund aims to provide long term capital growth and income by investing in a portfolio of NAV per Share EUR 23.27 Turkish shares. Performance 1 month 8.88% Volatility 3 years 34.87% Investment strategy Fund facts UCITS V compliant Yes In normal market conditions, the Fund will primarily invest in shares (or securities similar to shares) of companies of any size, that are based in, or carry out most of their business in Turkey. Dividend treatment Accumulating See the Prospectus for a full description of the investment objectives and derivative usage. Dealing frequency Daily Valuation Time 17:00 Luxembourg Main risks Share Class Base Currency EUR Domicile Luxembourg • The Fund's unit value can go up as well as down, and any capital invested in the Fund may be at risk. Inception date 13 May 2008 • The value of investible securities can change over time due to a wide variety of factors, Fund Size EUR 43,197,303 including but not limited to: political and economic news, government policy, changes in Reference 100% BIST 100 demographics, cultures and populations, natural or human-caused disasters etc. benchmark • The Fund may invest in Emerging Markets, these markets are less established, and often Managers Emin Yigit Onat more volatile, than developed markets and involve higher risks, particularly market, liquidity and currency risks. Fees and expenses Minimum Initial USD 1,000,000 Investment Fund Reference benchmark Performance Ongoing Charge Figure¹ 1.174% 120 Management fee 0.875% 110 Codes 100 ISIN LU0213961922 90 Bloomberg ticker HSHTRIA LX 80 ¹Ongoing Charges Figure, is based on expenses 70 over a year. The figure includes annual

100 on starting date 60 management charge but not the transaction Return index rebased to 50 costs. Such figures may vary from time to time. 08/16 08/17 08/18 08/19 08/20 08/21

Past performance is not an indicator of future returns. The figures are calculated in the share class base currency, dividend reinvested, net of fees. Reference Performance Benchmark: BIST100 since 1 Jan 2020. Prior to that the benchmark was MSCI Turkey 10/40 Net from 31 Dec 2014 to 31 Dec 2019. Prior to that the benchmark was MSCI Turkey Gross. Source: HSBC Asset Management, data as at 31 August 2021 HSBC Global Investment Funds TURKEY EQUITY Monthly report 31 August 2021 | Share class IC

Performance (%) YTD 1 month 3 months 6 months 1 year 3 years ann 5 years ann IC -1.00 8.88 13.47 -0.92 33.02 13.95 -0.14 Reference benchmark -4.98 7.53 9.68 -5.77 26.11 8.43 -7.51

31/08/2020- 31/08/2019- 31/08/2018- 31/08/2017- 31/08/2016- Rolling Performance (%) 31/08/2021 31/08/2020 31/08/2019 31/08/2018 31/08/2017 IC 33.02 -14.44 30.01 -45.67 23.55 Reference benchmark 26.11 -18.88 24.63 -54.70 17.20

Reference Reference Characteristics Fund benchmark 3-Year Risk Measures IC benchmark No. of holdings ex cash 43 100 Volatility 34.87% 34.91% Average Market Cap (EUR) 3,363,142,143 104,863,000,000 Information ratio 1.57 -- Beta 0.99 --

Sector Allocation (%)

Materials 22.42 20.96 Industrials 20.76 19.91 Consumer Discretionary 17.09 9.93 Financials 16.94 20.19 Consumer Staples 11.32 12.94 Energy 6.30 3.68 Communication Services 2.97 6.57 Health Care 0.91 1.15 Utilities 0.00 2.02 Real Estate 0.00 1.60 Information Technology 0.00 1.05 1.29 Cash & Others 0.00 Fund Reference benchmark

Past performance is not an indicator of future returns. The figures are calculated in the share class base currency, dividend reinvested, net of fees. Source: HSBC Asset Management, data as at 31 August 2021 HSBC Global Investment Funds TURKEY EQUITY Monthly report 31 August 2021 | Share class IC

Top 10 Holdings Sector Weight (%) EREGLI DEMIR VE CELIK FABRIK Materials 9.06 KARABUK DEMIR-CL D Materials 8.46 TURK SISE VE CAM FABRIKALARI Industrials 7.90 TURKIYE GARANTI BANKASI Financials 7.80 TOFAS TURK OTOMOBIL FABRIKA Energy 5.64 TUPRAS-TURKIYE PETROL RAFINE Consumer Discretionary 4.63 COCA-COLA ICECEK AS Consumer Staples 4.27 BIRLESIK MAGAZALAR AS Industrials 4.20 FORD OTOMOTIV SANAYI AS Consumer Staples 3.83 PEGASUS HAVA TASIMACILIGI AS Industrials 3.36

Source: HSBC Asset Management, data as at 31 August 2021 HSBC Global Investment Funds TURKEY EQUITY Monthly report 31 August 2021 | Share class IC

Monthly performance commentary

MSCI Turkey Index was up 9.8%, outperforming MSCI EM Index which was up only 2.4%. The Lira gained 1.9% against the basket (0.5 EUR + 0.5 USD). We saw short end bond yields ease by 0.3pp to 18.4%, while long remained largely unchanged at 16.8%.

Looking at the sector breakdown, Financials and Utilities outperformed while Materials and Real Estate lagged.

Among Overweight positions; Tofas (+81bps) Sisecam (+50bps) contributed, Kardemir (-46bps) Pegasus (-21bps) dragged.

Among Underweight positions; Sasa (+17bps) (+10bps) contributed, BIM (-19bps) Enka (-17bps) dragged

Outlook Turkish equities traded higher in August amid a stronger TRL and market gaining confidence on stron 2Q21 financial results.Moving forward, the impact of vaccinations on new COVID19 cases and will be closely followed by the market. We remain invested in companies with strong earnings outlook, cash generation ability and financial visibility.

The stocks mentioned are for illustrative purposes only and are not investment advice, investments have risks. Source: HSBC Asset Management, data as at 31 August 2021 HSBC Global Investment Funds TURKEY EQUITY Monthly report 31 August 2021 | Share class IC

Follow us on: Risk Disclosure HSBC Asset Management • The Fund may be concentrated in a limited number of securities, economic sectors and/or countries and as a result, may be more volatile and have a greater risk of loss than more broadly diversified funds. HSBC Asset Management (Bermuda) • Derivatives may be used by the Fund, and these can behave unexpectedly. The pricing and Limited Telephone: +441 299 6644 volatility of many derivatives may diverge from strictly reflecting the pricing or volatility of Email: [email protected] their underlying reference(s), instrument or asset. Website: assetmanagement.hsbc.bm • Investment Leverage occurs when the economic exposure is greater than the amount invested, such as when derivatives are used. A Fund that employs leverage may experience greater gains and/or losses due to the amplification effect from a movement in the price of the reference source. • Further information on the Fund's potential risks can be found in the Key Investor Information Glossary Document and Prospectus.

Index Disclaimer Borsa does not benchmark in accordance with this Agreement, shall state that does not sponsor, guarantee or provide surety for the use of the Index/Indices by the Licensee, nor does it guarantee the sequence, accuracy and/or the entirety of the data used in calculating the Index. nor can it be held responsible for any loss or damage to the Licensee or to third parties arising from any faults, failures, delays, omissions, inaccuracy in data transmission or stopping of data dissemination due to any reasons, for any errors, omissions, delays and/or negligence in the calculation and/or dissemination of the Indices, or for the use of the Indices as benchmark for collective investment instruments. Source: HSBC Asset Management, data as at 31 August 2021 HSBC Global Investment Funds TURKEY EQUITY Monthly report 31 August 2021 | Share class IC

Important Information HSBC Global Asset Management (Bermuda) Limited (“AMBM”) of 37 Front Street, Hamilton, Bermuda, is a wholly owned subsidiary of HSBC Bank Bermuda Limited (the “Bank”). AMBM and the Bank are licensed to conduct investment business by the Bermuda Monetary Authority. Funds managed by AMBM are offered by Prospectus only in those jurisdictions where they are permitted by law. Persons are required to inform themselves and observe any relevant restrictions. AMBM makes no representation as to the suitability of the funds for investors. Investors should be aware that performance returns are affected by market fluctuations. Investing entails risks, including possible loss of principal. Past performance is no guarantee of future performance. Investors should note that the use of derivatives and investments involving a currency other than their own will create foreign exchange exposure, which involves special risks. It is the aim of the Company to preserve capital and, where applicable, to maintain a stable net asset value per share; these aims are not guaranteed. Additionally, investors should consider their investment objectives, whether or not they can assume these risks and should undertake their own appropriate professional advice. Expressions of opinion contained herein are subject to change without notice. For investors investing via a nominee service provider, the nominee service provider will process the transaction and route all settlement proceeds to you, which may extend the settlement period. Please contact your investment advisor/introducing agent, or in the absence of those the nominee provider directly, to confirm the settlement period. Issued by HSBC Global Asset Management(Bermuda) Limited Licensed to conduct investment business by the Bermuda Monetary Authority © Copyright HSBC Global Asset Management (Bermuda) Limited 2021. All Rights Reserved. Further information can be found in the prospectus.

Source: HSBC Asset Management, data as at 31 August 2021