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.

On HolidayiMonth PlaniMonth Plan

Dealing Information

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

14:00

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
-1.30%
3 mth
-0.78%
6 mth
-0.30%
1 yr
+5.97%
3 yr
+8.50%
5 yr
+16.72%

Analytical Figures (3 years)

Annualized Return
+2.76%
Annualized Volatility
+12.19%
Sharpe Ratio
+0.24

Fund Information

Fund Houses
BEA UNION INVESTMENT MANAGEMENT LIMITED
Launch Date
2011-05-31
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 2021-07-21)
USD 731,610,000
Management Fee
1.20%
Latest Dividend
HKD 0.050450 (2021-07-14)

Sector Leaders

    No Funds

Dealing Information

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

14:00

-

Dividend Records

Dividend DateDividend Records (HKD)
2021-07-140.050450
2021-06-140.050500
2021-05-160.052450
2021-04-140.052970
2021-03-140.052810
2021-02-150.053280
2021-01-140.054490
2020-12-140.055520
2020-11-150.057750
2020-10-140.058980
2020-09-140.058040
2020-08-160.057340
2020-07-140.057970
2020-06-140.055720
2020-05-140.053590
2020-04-140.052680
2020-03-150.053020
2020-02-160.053360
2020-01-140.057250
2019-12-150.057450
2019-11-140.057250
2019-10-140.058280
2019-09-150.058590
2019-08-140.058700
2019-07-140.058430
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
2014-08-140.050000
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 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.