BEA Union Investment Asian Bond and Currency Fund H Dis HKD

東亞聯豐亞洲債券及貨幣基金 H類 Dis 港元

HK0000081361

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

0.5%

Subscription Fee
As low as 0.5 %

For details, please refer to the iFund Account Fee Chart.

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.20%

HKD4,000.00Min. Subscription

HKD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

15:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+0.80%
3 mth
+1.23%
6 mth
+5.90%
1 yr
+8.72%
3 yr
+16.71%
5 yr
+36.52%

Analytical Figures (3 years)

Annualized Return
+5.29%
Annualized Volatility
+3.46%
Sharpe Ratio
+1.18

Fund Information

Fund Houses
BEA UNION INVESTMENT MANAGEMENT LIMITED
Launch Date
2011-05-31
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 2019-06-27)
USD 865,800,000
Management Fee
1.20%
Latest Dividend
HKD 0.058400 (2019-07-14)

Sector Leaders

    No Funds

Dealing Information

0.5%

Subscription Fee
As low as 0.5 %

For details, please refer to the iFund Account Fee Chart.

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.20%

HKD4,000.00Min. Subscription

HKD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

15:30

-

Dividend Records

Dividend DateDividend Records (HKD)
2019-07-140.058400
2019-06-160.058800
2019-05-140.058960
2019-04-140.057860
2019-03-140.057750
2019-02-140.051860
2019-01-140.048900
2018-12-160.049220
2018-11-140.050050
2018-10-140.050230
2018-09-160.048210
2018-08-140.047910
2018-07-150.048740
2018-06-140.051700
2018-05-140.052300
2018-04-150.052660
2018-03-140.052850
2018-02-140.053120
2018-01-140.053070
2017-12-140.053440
2017-11-140.053350
2017-10-150.053350
2017-09-140.052850
2017-08-140.052520
2017-07-160.052710
2017-06-140.053030
2017-05-140.052940
2017-04-170.053030
2017-03-140.052200
2017-02-140.051420
2017-01-150.051420
2016-12-140.052200
2016-11-140.052160
2016-10-160.052020
2016-09-140.051880
2016-08-140.050970
2016-07-140.050370
2016-06-140.050100
2016-05-150.048770
2016-04-140.047800
2016-03-140.047480
2016-02-140.047620
2016-01-140.052500
2015-12-140.052700
2015-11-150.050950
2015-10-140.051850
2015-09-140.053100
2015-08-160.053150
2015-07-140.053350
2015-06-140.053650
2015-05-140.053000
2015-04-140.048720
2015-03-150.048170
2015-02-150.043830
2015-01-140.054040
2014-12-140.054050
2014-11-160.054020
2014-10-140.054860
2014-09-140.054570
2014-08-140.054140
2014-07-140.053840
2014-06-150.053350
2014-05-140.052970
2014-04-140.049080
2014-03-160.049130
2014-02-160.050010
2014-01-140.049980
2013-12-150.050090
2013-11-140.049590
2013-10-140.049000
2013-09-150.049050
2013-08-140.048590
2013-07-140.050250
2013-06-160.050830
2013-05-140.050260
2013-04-150.050270
2013-04-140.050300
2013-03-140.049670
2013-02-140.050050
2013-01-140.049740
2012-12-160.046150
2012-11-140.044020
2012-10-140.043150
2012-09-160.042560
2012-08-140.041910
2012-07-150.042070
2012-06-140.041860
2012-05-140.051190
2012-04-150.044700
2012-03-140.042520
2012-02-140.040600
2012-01-150.034720
2011-12-140.042070
2011-11-140.034670
2011-10-160.036500
2011-09-140.037190
2011-08-140.034830
2011-07-140.039460

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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852
3896 3896

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