BEA Union Investment Asian Bond and Currency Fund A Dis USD

東亞聯豐亞洲債券及貨幣基金 A類 Dis 美元

HK0000065216

Risk Rating: Level 3

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating three (3) or four (4), these are mainly aimed at providing income and capital appreciation to investors by investing primarily in balanced portfolio, including high yield bonds and global equities etc. For more details, please refer to the Due Diligence section under the Procedures page.

Non-dealing Hours

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.20%

HKD4,000.00Min. Subscription

USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

15:30

2019-12-24

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
-0.36%
3 mth
+0.84%
6 mth
+2.23%
1 yr
+9.08%
3 yr
+15.08%
5 yr
+35.85%

Analytical Figures (3 years)

Annualized Return
+4.79%
Annualized Volatility
+3.23%
Sharpe Ratio
+1.04

Fund Information

Fund Houses
BEA UNION INVESTMENT MANAGEMENT LIMITED
Launch Date
2008-08-27
Fund Manager
Pheona Tsang
Manager Start Date
2012-03-01
Geographical Focus
Asia
Asset Class/ Sector
Fixed Income - Hybrid
Risk Rating
Risk Level 3

iFund risk rating methodology is a qualitative and quantitative assessment of a single fund’s geographic and asset class focus, investment style and any potential risk factors, as measured from one (1) (lowest risk) to six (6) (highest risk). For the funds with risk rating three (3) or four (4), these are mainly aimed at providing income and capital appreciation to investors by investing primarily in balanced portfolio, including high yield bonds and global equities etc. For more details, please refer to the Due Diligence section under the Procedures page.

Fund AUM(As of 2019-11-28)
USD 926,170,000
Management Fee
1.20%
Latest Dividend
USD 0.070900 (2019-11-14)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.20%

HKD4,000.00Min. Subscription

USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

15:30

2019-12-24

Dividend Records

Dividend DateDividend Records (USD)
2019-11-140.070900
2019-10-140.072200
2019-09-150.072700
2019-08-140.073000
2019-07-140.072400
2019-06-160.072770
2019-05-140.072980
2019-04-140.071560
2019-03-140.071450
2019-02-140.064330
2019-01-140.060680
2018-12-160.060960
2018-11-140.062100
2018-10-140.062150
2018-09-160.059680
2018-08-140.059280
2018-07-150.060290
2018-06-140.063980
2018-05-140.064670
2018-04-150.065300
2018-03-140.065680
2018-02-140.066000
2018-01-140.065950
2017-12-140.066460
2017-11-140.066320
2017-10-150.066140
2017-09-140.065680
2017-08-140.065310
2017-07-160.065630
2017-06-140.066180
2017-05-140.066140
2017-04-170.066320
2017-03-140.065310
2017-02-140.064400
2017-01-150.064350
2016-12-140.065360
2016-11-140.065270
2016-10-160.065080
2016-09-140.064950
2016-08-140.063800
2016-07-140.062930
2016-06-140.062700
2016-05-150.061050
2016-04-140.059630
2016-03-140.059220
2016-02-140.059680
2016-01-140.065700
2015-12-140.066050
2015-11-150.063800
2015-10-140.064950
2015-09-140.066550
2015-08-160.066550
2015-07-140.066850
2015-06-140.067200
2015-05-140.066350
2015-04-140.061000
2015-03-150.060360
2015-02-150.054880
2015-01-140.067650
2014-12-140.067650
2014-11-160.067500
2014-10-140.068700
2014-09-140.068410
2014-08-140.067810
2014-07-140.067420
2014-06-150.066810
2014-05-140.066200
2014-04-140.061470
2014-03-160.061460
2014-02-160.062670
2014-01-140.062580
2013-12-150.062760
2013-11-140.062110
2013-10-140.061360
2013-09-150.061420
2013-08-140.060880
2013-07-140.062850
2013-06-160.063640
2013-05-140.062860
2013-04-150.062920
2013-04-140.062900
2013-03-140.062130
2013-02-140.062660
2013-01-140.062340
2012-12-160.057760
2012-11-140.055220
2012-10-140.054130
2012-09-160.053390
2012-08-140.052630
2012-07-150.052650
2012-06-140.052340
2012-05-140.063960
2012-04-150.055880
2012-03-140.053140
2012-02-140.050790
2012-01-150.043350
2011-12-140.052430
2011-11-140.043210
2011-10-160.045500
2011-09-140.046210
2011-08-140.043330
2011-07-140.049120
2011-06-140.061930
2011-05-150.057730
2011-04-140.151690
2011-01-160.136750
2010-10-140.123060
2010-07-140.098430
2010-04-140.097550
2010-01-140.139750
2009-10-140.105120
2009-07-140.117880
2009-04-140.134720
2009-01-140.113640
2008-10-140.026930

Investment Objective

The investment objective of the Sub-Fund is to seek regular interest income, capital gains and currency appreciation from an actively managed portfolio of debt securities denominated in Asian or other currencies and primarily issued by Asian government or corporate entities (“Asian Debt”).

Nature and Extent of Risks

Investment involves risks. Please refer to the Explanatory Memorandum for details including the risk factors.
1. Investment risk
The Sub-Fund is an investment fund. The Sub-Fund’s investment portfolio may fall in value and therefore your investment in the Sub-Fund may suffer losses.
2. Interest rates, credit and downgrading risk
The Sub-Fund invests directly in debt securities, which are susceptible to interest rate changes and may experience significant price volatility. Any fluctuation in interest rates may have a direct effect on the income received by the Sub-Fund and its capital value.
If the issuer of any of the securities in which the Sub-Fund invests defaults or suffers insolvency or other financial difficulties, the value of such Sub-Fund will be adversely affected.
Investment grade securities invested by the Sub-Fund may be subject to the risk of being downgraded to below investment grade securities. In the event of downgrading in the credit ratings of a security or an issuer relating to a security, the Sub-Fund’s investment value in such security may be adversely affected.
3. Below investment grade and non-rated securities risk
The Sub-Fund may invest in below investment grade or non-rated debt securities.
Such debt securities are generally subject to more risk and volatility than higher-rated securities because of reduced credit worthiness, liquidity and greater chance of default and can thereby expose the Sub-Fund to losses.
4. Emerging markets risk
As the Sub-Fund will invest principally in debt securities issued by Asian issuers, the Sub-Fund may be subject to risks associated with investments in emerging markets. Investments in emerging markets tend to be more volatile than developed markets and may lead to higher level of risks due to, among other factors, greater political, tax, economic, foreign exchange, liquidity and regulatory risks.
5. Currency risk
The Sub-Fund is denominated in US dollars although it may be invested in whole or in part in assets quoted in other currencies. The performance of the Sub-Fund will therefore be affected by movements in the exchange rate between the currencies in which the assets are held and US dollars.
6. Derivative risk
The Sub-Fund may invest in financial futures contracts and currency forward contracts. Investments in these instruments generally involve higher risks, which may result in a significant loss to the Sub-Fund. These risks include:
credit and counterparty risk, i.e. risk of default or insolvency of the issuers or counterparties of the instruments;
liquidity risk - if there is no active market for the instruments, in extreme market conditions, the Sub-Fund may have difficulty in selling the instruments or may be forced to sell at a substantial discount to market value;
volatility risk, i.e. risk of higher fluctuation in value of the instruments and thus that of the Sub-Fund.
7. Risks associated with distribution out of capital
The Manager may at its discretion make distributions from income and/or capital in respect of the distributing classes of the Sub-Fund. Investors should note that the distributions paid out of capital amount to a return or withdrawal of part of the unitholder’s original investment or from any capital gains attributable to that original investment. Such distribution may result in an immediate reduction of the Net Asset
Value per Unit.
8. Currency hedging risk
Adverse exchange rate fluctuations between the base currency of the Sub-Fund and the class currency of the currency hedged class units may result in a decrease in return and/or loss of capital for unitholders. Over-hedged or under-hedged positions may arise and there can be no assurance that these currency hedged class units will be hedged at all times or that the Manager will be successful in employing the hedge.
9. Risks associated with RMB classes of units
Investors may invest in RMB classes of units. It should be noted that the RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies of the Chinese government. The Chinese government’s policies on exchange control and repatriation restrictions are subject to change and the investors’ investment in the RMB classes of units may be adversely affected.
There is also no assurance that the RMB will not be subject to devaluation. Where the hedging transactions become ineffective, any devaluation of the RMB could adversely affect the value of investors’ investments in the RMB classes of units.
If investors are non RMB-based (e.g. Hong Kong) investors and convert other currencies into RMB so as to invest in the RMB classes of units and subsequently convert the RMB realisation proceeds and/or dividend payment (if any) back into other currencies, they may incur currency conversion costs and may suffer a loss if RMB depreciates against such other currencies.
When calculating the value of the RMB classes of units, reference to the CNH rate (i.e. the exchange rate for the offshore RMB market in Hong Kong) rather than the CNY rate (i.e. the exchange rate for the onshore RMB market) will be made and the value of the RMB classes of units thus calculated will be affected by fluctuations in the CNH rate. While CNH and CNY represent the same currency, they are traded in different and separate markets which operate independently. As such, CNH does not necessary have the same exchange rate and may not move in the same direction as CNY.
In respect of the hedged RMB classes of units, the Manager may attempt to hedge the base currency of the Sub-Fund and/or other currencies of non-RMB-denominated underlying investments of the Sub-Fund back to RMB. If the counterparties of the instruments used for hedging purpose default, investors of the hedged RMB classes of units may be exposed to RMB currency exchange risk on an unhedged basis and may therefore suffer further losses.
Furthermore, there is no guarantee that the hedging strategy will be effective and you may still be subject to the RMB currency exchange risk which may apply to the nonhedged RMB classes.
Whilst the hedging strategy may protect investors against a decline in the value of the Sub-Fund’s base currency and/or other currencies of non-RMB-denominated underlying investments relative to RMB, investors will not benefit from any potential gain in the value of the hedged RMB classes of units if the Sub-Fund’s base currency and/or other currencies of non-RMB-denominated underlying investments of the Sub-Fund rise against RMB.
The PRC government’s imposition of restrictions on the repatriation of RMB out of China may limit the depth of the RMB market outside the PRC and make it impossible for the Sub-Fund to hold sufficient amounts of RMB outside the PRC to meet realization requests and/or pay dividends in RMB. In particular, the Sub-Fund may not be able to get sufficient amounts of RMB in a timely manner to meet realisation requests of the RMB classes of units and/or pay dividends (if any) if all or a substantial portion of its underlying investments are non-RMB denominated.
Even if the Sub-Fund aims to pay realisation proceeds and/or dividends to investors of the RMB classes of units in RMB, investors may not receive RMB upon realisation of their investments or receive dividend payments in RMB under extreme market conditions when there is not sufficient RMB for currency conversion. Under such circumstances, the Manager may pay realisation proceeds and/or dividends in USD. There is also a risk that payment of investors’ realisation proceeds and/or dividends in RMB may be delayed when there is not sufficient RMB for currency conversion for settlement of the realisation proceeds and dividends. In any event, realisation proceeds will be paid within one calendar month of the relevant Dealing Day or (if later) receipt of a properly documented request for realisation of units.

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