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

14:00

2021-05-18

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+0.85%
3 mth
+0.95%
6 mth
+4.12%
1 yr
+15.73%
3 yr
+10.04%
5 yr
+24.13%

Analytical Figures (3 years)

Annualized Return
+3.24%
Annualized Volatility
+12.25%
Sharpe Ratio
+0.19

Fund Information

Fund Houses
BEA UNION INVESTMENT MANAGEMENT LIMITED
Launch Date
2008-08-27
Fund Manager
Pheona Tsang
Manager Start Date
Pheona Tsang (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 2021-05-11)
USD 857,070,000
Management Fee
1.20%
Latest Dividend
USD 0.066300 (2021-04-14)

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

14:00

2021-05-18

Dividend Records

Dividend DateDividend Records (USD)
2021-04-140.066300
2021-03-140.066150
2021-02-150.066720
2021-01-140.068300
2020-12-140.069530
2020-11-150.072390
2020-10-140.073850
2020-09-140.072680
2020-08-160.071810
2020-07-140.072630
2020-06-140.069780
2020-05-140.067100
2020-04-140.065640
2020-03-150.066310
2020-02-160.066510
2020-01-140.071040
2019-12-150.071200
2019-11-140.070890
2019-10-140.072240
2019-09-150.072660
2019-08-140.072980
2019-07-140.072350
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
2014-08-140.070000
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 income, capital gains and currency appreciation from an actively managed portfolio primarily investing in Asian debt securities.

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’s investment portfolio may fall in value and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.
2. Risks associated with debt securities
Interest rates – The Sub-Fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise.
Credit / Counterparty risk – The Sub-Fund is also exposed to the credit/default risk of issuers or guarantors of the debt securities that the Sub-Fund may invest in. If the issuer or guarantor 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 and may lead to loss of principal and interest.
Downgrading risk – The credit rating of a debt instrument or its issuer or guarantor may subsequently be downgraded. In the event of such downgrading, the value of the Sub-Fund may be adversely affected. The Manager may or may not be able to dispose of the debt securities that are being downgraded.
Below investment grade and non-rated securities – The Sub-Fund may invest in below investment grade or non-rated debt securities. Such debt securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than higherrated debt securities.
Volatility and liquidity risk – The debt securities in Asian market may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of such securities may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Sub-Fund may incur significant trading costs.
Sovereign debt risk – The Sub-Fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.
Valuation risk – Valuation of the Sub-Fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the Sub-Fund.
Credit rating risk – Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times. 3. Concentration risk / Asian market risk
The Sub-Fund’s investments are concentrated in Asia, which may have substantial exposure related to China. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
The value of the Sub-Fund may be more susceptible to economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event adversely affecting the Asian and/or China market.
4. Emerging market risk
The Sub-Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
5. Currency risk
Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund, i.e. US dollars. Also, a class of Units may be designated in a currency other than the base currency of the Sub-Fund. The net asset value of the Sub-Fund may be affected unfavourably by fluctuations in the exchange rate between these currencies and US dollars and by changes in exchange rate controls.
6. Derivative risk
Risks associated with derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a derivative instrument can result in a loss significantly greater than the amount invested in the derivative instrument by the Sub-Fund. Exposure to derivative instruments may lead to a higher risk of significant loss by the Sub-Fund.
The Sub-Fund may use derivative instruments for hedging purposes which may not achieve the intended purpose. In an adverse situation, the Sub-Fund’s use of derivative instruments may become ineffective in achieving hedging and may result in significant losses.
7. Effect of 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. 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. Any such distributions may result in an immediate reduction of the net asset value per Unit.
The distribution amount and net asset value of the currency hedged class units may be adversely affected by differences in the interest rates of the reference currency of the currency Hedged class units and the Sub-Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other nonhedged unit classes.
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.  The costs of the hedging transactions will be reflected in the net asset value of the currency hedged class units and therefore, an investor of such currency hedged class units will have to bear the associated hedging costs, which may be significant depending on prevailing market conditions.
If the counterparties of the instruments used for hedging purpose default, investors of the currency hedged class units may be exposed to currency exchange risk on an unhedged basis and may therefore suffer further losses.
While hedging strategies may protect investors in the currency hedged class units against a decrease in the value of the Sub-Fund’s base currency relative to the class currency of the currency hedged class units, it may also preclude investors from benefiting from an increase in the value of the Sub-Fund’s base currency.
9. RMB currency and conversion risks
RMB is currently not freely convertible and is subject to exchange controls and restrictions.
Non-RMB based (e.g. Hong Kong) investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ base currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the Sub-Fund.
Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.