Barings Developed and Emerging Markets High Yield Bond Fund A MDis AUD (Hedged)

霸菱成熟及新興市場高收益債券基金 A類 MDis 澳元 (對沖)

IE00B881PF08

Risk Rating: Level 4

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

1.00%

HKD4,000.00Min. Subscription

AUD / HKD / EUR / GBP / USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+0.60%
3 mth
+1.52%
6 mth
+2.05%
1 yr
+5.78%
3 yr
+16.79%
5 yr
+19.37%

Analytical Figures (3 years)

Annualized Return
+5.31%
Annualized Volatility
+10.17%
Sharpe Ratio
+0.01

Fund Information

Fund Houses
Baring Asset Management (Asia) Limited
Launch Date
2012-07-15
Fund Manager
Ece Ugurtas
Manager Start Date
Ece Ugurtas (Start Date: 2007-09-13)
Geographical Focus
Global
Asset Class/ Sector
Fixed Income - High yield
Risk Rating
Risk Level 4

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 2019-11-14)
CHF 542,276,424.94
Management Fee
1.00%
Latest Dividend
AUD 0.051300 (2019-10-31)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.00%

HKD4,000.00Min. Subscription

AUD / HKD / EUR / GBP / USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

-

Dividend Records

Dividend DateDividend Records (AUD)
2019-10-310.051300
2019-09-300.051300
2019-09-010.051500
2019-07-310.051900
2019-06-300.051900
2019-06-030.051250
2019-05-010.052200
2019-04-300.052150
2019-03-310.051450
2019-02-280.051300
2019-01-310.050550
2019-01-010.049150
2018-12-020.050350
2018-10-310.051600
2018-09-300.052700
2018-09-020.052550
2018-07-310.052600
2018-07-010.052100
2018-05-310.052550
2018-04-300.053200
2018-04-020.053200
2018-02-280.053900
2018-01-310.054700
2018-01-010.054600
2017-11-300.054750
2017-10-310.055200
2017-10-010.055200
2017-08-310.054750
2017-07-310.048160
2017-07-020.047770
2017-05-310.047950
2017-05-010.047680
2017-04-020.047290
2017-02-280.047550
2017-01-310.047070
2017-01-020.046810
2016-11-300.045980
2016-10-310.046500
2016-10-020.053100
2016-08-310.053300
2016-08-010.052550
2016-06-300.051450
2016-05-310.051650
2016-05-020.051650
2016-03-310.050700
2016-02-290.049300
2016-01-310.049700
2016-01-030.050350
2015-11-300.051350
2015-11-010.057030
2015-09-300.055790
2015-08-310.057520
2015-08-030.059200
2015-06-300.060120
2015-06-010.061370
2015-04-300.061420
2015-03-310.060720
2015-03-010.056450
2015-02-010.055250
2015-01-010.055050
2014-11-300.050410
2014-11-020.056740
2014-09-300.058420
2014-08-310.058590
2014-07-310.061190
2014-06-300.061820
2014-06-020.064070
2014-04-300.063640
2014-03-310.063590
2014-03-020.063860
2014-02-020.063210
2014-01-010.051980
2013-12-010.051890
2013-10-310.051760
2013-09-300.050820
2013-09-010.050240
2013-07-310.050630
2013-06-300.051060
2013-06-030.054680
2013-04-300.054310
2013-04-010.044680
2013-02-280.052380
2013-01-310.057180
2013-01-010.056210
2012-12-020.053570
2012-10-310.059860
2012-09-300.052490
2012-09-020.034640

Investment Objective

The investment objective of the Fund is to produce a high level of current yield in US dollar terms, commensurate with an acceptable level of risk as determined by the Manager in its reasonable discretion. Any capital appreciation will be incidental.

Nature and Extent of Risks

Investment involves risks. Please refer to the offering document for details including the risk factors.
1. Investment risk
- The Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer losses. The Fund is an investment fund and is not in the nature of a bank deposit. There is no guarantee of repayment of principal.
2. Risks associated with sub-investment grade securities
- The Fund may invest in sub-investment grade securities or unrated. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities.
3. Credit risk
- The Fund is exposed to the credit/default risk of issuers of debt securities that the Fund may invest in.
4. Interest rate risk
- Investment in the 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.
5. Volatility and liquidity risk
- The debt instruments in which the Fund invests may not be traded on an active secondary market. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Fund may incur significant trading costs.
6. Downgrading risk
- The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Fund may be adversely affected. The Investment Manager may or may not be able to dispose of the debt instruments that are being downgraded.
7. Sovereign debt risk
- The 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 Fund to participate in restructuring such debts. The Fund may suffer significant losses when there is a default of sovereign debt issuers.
8. Valuation risk
- Valuation of the 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 Fund.
9. Credit rating risk
- Credit ratings assigned by rating agencies are also subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.
10. Emerging market investment risk
- The Fund may invest in securities of issuers operating in emerging markets. Investing in emerging markets 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.
11. Investment in specific countries or region
- The Fund’s investments may be concentrated in specific countries or regions. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
- The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the specific country or region market.
- In light of ongoing concerns on the sovereign debt risk of certain countries within the Eurozone, the Fund’s investments in the region may be subject to higher volatility, liquidity, currency and default risks. Any adverse events, such as credit downgrade of a sovereign or exit of EU members from the Eurozone, may have a negative impact on the value of the Fund.
12. Risks associated with derivatives
- The Fund may have exposure to derivatives for investment purposes or for efficient portfolio management. Risks associated with derivatives include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the derivative by the Fund. Exposure to derivatives may lead to a high risk of significant loss by the Fund.
- Furthermore, there is no guarantee that the Fund’s use of derivatives for hedging will be entirely effective and in adverse situations, where the use of derivatives becomes ineffective, the Fund may suffer significant loss.
13. Liquidity risk
- Market liquidity in the emerging markets may be lower than the more developed markets so that the purchase and sale of holding may take longer. The Fund may also encounter difficulties in disposing of securities or derivatives at their fair market price.
14. Counterparty risk
- Counterparty risk is the risk that an organization does not pay out on a bond or other trade or transaction when it is supposed to. If a counterparty fails to honour its obligations in a timely manner and the Fund is delayed or prevented from exercising its rights with respect to the investments in its portfolio, it may experience a decline in the value of its position, lose income and/or incur costs associated with asserting its rights.
15. Risks of investing convertible bonds
- Convertible bonds are a hybrid between debt and equity, permitting holders to convert into shares in the company issuing the bond at a specified future date. As such, convertibles will be exposed to equity movement and greater volatility than straight bond investments. Investments in convertible bonds are subject to the same interest rate risk, credit risk, liquidity risk and prepayment risk associated with comparable straight bond investments.
16. Currency risk
- The underlying investments of the Fund may be denominated in currencies other than the base currency of the Fund. Also, a class of units of the Fund may be designated in a currency other than the base currency of the Fund. The net asset value of the Fund may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
17. Charges deducted from capital/risks relating to distribution
- Some or all of the management fee and other fees and expenses of the Fund may be paid out of capital. Payment of fees and expenses in such manner would result in an increase in distributable income and in the event the Fund pays a dividend having charged fees and expenses to capital, this would effectively amount to paying dividends out of capital.
- The Manager may also distribute such part of any capital gains less realised and unrealised capital losses as, in its opinion, is appropriate to maintain a satisfactory level of distribution.
- The payment of distributions out of unrealised capital gains or the payment of distributions effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of unrealised capital gains or payment effectively out of the Fund’s capital (as the case may be) may result in an immediate reduction of the Fund’s net asset value per unit.
- The distribution amount and net asset value of the hedged class may be adversely affected by differences in the interest rates of the reference currency of the hedged class and the 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 non-hedged classes.

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