Barings Global Multi Asset Income Fund Class A Dis RMB (Hedged)

霸菱環球多元收益基金 A類 Dis 人民幣 對沖

HK0000245719

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

1.25%

HKD4,000.00Min. Subscription

HKD / RMB / 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
+0.89%
3 mth
+1.90%
6 mth
+3.48%
1 yr
+6.89%
3 yr
+23.96%
5 yr
-

Analytical Figures (3 years)

Annualized Return
+7.42%
Annualized Volatility
+9.55%
Sharpe Ratio
+0.38

Fund Information

Fund Houses
Baring Asset Management (Asia) Limited (Baring Global Funds)
Launch Date
2015-05-06
Fund Manager
Sonja Laud (nee Schemmann)
Manager Start Date
2015-05-10
Geographical Focus
Global
Asset Class/ Sector
Balanced - Equity biased
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 2019-11-12)
USD 33,720,239.85
Management Fee
1.25%
Latest Dividend
RMB 0.029800 (2019-10-31)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.25%

HKD4,000.00Min. Subscription

HKD / RMB / USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

-

Dividend Records

Dividend DateDividend Records (RMB)
2019-10-310.029800
2019-10-010.030500
2019-09-010.031100
2019-07-310.026700
2019-07-010.027100
2019-06-020.027400
2019-05-010.026700
2019-04-300.026700
2019-03-310.026600
2019-02-280.029000
2019-01-310.027200
2019-01-010.026100
2018-12-020.030600
2018-10-310.034400
2018-10-010.037000
2018-09-020.028500
2018-07-310.028200
2018-07-020.034400
2018-05-310.035700
2018-05-010.036000
2018-04-020.038200
2018-02-280.039100
2018-01-310.040700
2018-01-010.039400
2017-11-300.040300
2017-10-310.039500
2017-10-020.038800
2017-09-070.037800
2017-08-310.037800
2017-07-310.041400
2017-07-020.045000
2017-05-310.054700
2017-05-010.045000
2017-04-020.048800
2017-02-280.049000
2017-01-310.074400
2017-01-020.077600
2016-11-300.046600
2016-10-310.045400
2016-10-020.048600
2016-08-310.035100
2016-07-310.037500
2016-07-030.034900
2016-05-310.038100
2016-05-020.038100
2016-03-310.037100
2016-02-290.054200
2016-01-310.065700
2016-01-030.060500
2015-11-300.053700
2015-11-010.050600
2015-10-010.055400
2015-08-310.053000
2015-08-020.048800
2015-07-010.048000
2015-05-310.048500

Investment Objective

The Fund seeks primarily to generate income, and in addition to provide medium to longer term capital growth, primarily through investing in a diversified portfolio of equities, other listed securities, debt securities and cash. Investors should note that the Fund will invest in multiple asset classes with no formal limits on investment in asset classes, sectors or regions.

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 is an investment fund and is not in the nature of a bank deposit. 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. There is no guarantee of repayment of principal.
2. Risks of investment in equities and equity-related securities
The Fund’s investment in equity and equity-related securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
The Fund may invest in equity-related securities which are subject to counterparty and liquidity risks. Further, investment in equity-related securities may lead to dilution of performance of the Fund when compared to other funds which invest directly in similar underlying assets due to fees embedded in certain equity-related securities. These risks may adversely affect the net asset value of the Fund.
The stock of small-capitalisation and mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general. Risks include economic risks, such as lack of product depth, limited geographical diversification, increased sensitivity to the business cycle and organisational risk, such as concentration of management and shareholders and key-person dependence. Shares in smaller companies can be more difficult to buy and sell, resulting in less flexibility, and sometimes higher costs, in implementing investment decisions.
Securities exchanges typically have the right to suspend or limit trading in any instrument traded on that exchange. Governments or the regulators may also implement policies that may affect the financial markets. A suspension could render it impossible for the Manager or an underlying fund manager to liquidate positions and thereby expose the Fund to losses and may have a negative impact on the Fund.
3. Risks relating to debt securities
The Fund may invest in debt securities (including RMB denominated debt securities issued or distributed outside of China) which are subject to liquidity, counterparty, interest rate and credit risks.
Investment in the Fund is subject to interest rate risk. The value of debt securities generally increases when interest rates decreases. An increase in interest rates will generally reduce the value of the debt securities, which may lead to a decrease in the net asset value of the Fund.
The Fund may be exposed to the credit/default risk of issuers of the debt securities that the Fund may invest in. There can be no assurance that the issuers or guarantor, if any, of debt securities or other instruments will not be subject to credit difficulties, leading to either the downgrading of such securities or instruments, or to the loss of some or all of the sums invested in such securities or instruments or payments due on such securities or instruments.
In the event of a downgrading in the credit rating of debt securities or instruments or the issuers of debt securities or instruments, the value of the Fund will be adversely impacted. The Manager may or may not be able to dispose of the securities or instruments that are being downgraded.
4. Risks associated with sub-investment grade or unrated securities
The Fund may invest in sub-investment grade and/or unrated debt securities, which are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities, including the possibility of default or bankruptcy of the issuers of such securities, especially during periods of economic uncertainty or change. If the issuer of securities defaults, or such securities cannot be realised, or perform badly, the Fund’s investment in such securities or instruments may be adversely affected, which may in turn negatively affect the Fund’s net asset value, and investors may suffer substantial losses.
5. Emerging market investment risk
The Fund may invest in securities of issuers operating in or domiciled in emerging markets. Investing in emerging markets may involve increased risks and special considerations not typically associated with investment in more developed markets, including liquidity risks, increased political risk, economic risks, legal and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility. Currency conversion and repatriation of investment income, capital and proceeds of sale by the Fund may be limited or require government consent. Such risks could affect adversely the value of the Funds’ investments and the net asset value of the Fund.
High market volatility and potential settlement difficulties in certain markets may result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the net asset value of the Fund.
6. Liquidity risk
Market liquidity in emerging markets may be lower than more developed markets so that the purchase and sale of investments may take longer. Some of the Fund’s investments (such as equity related securities) may be also subject to liquidity risk. The Fund may encounter difficulties in disposing of securities or derivatives at an advantageous time or price. As a result, this may have adverse impact on the net asset value of the Fund.
The debt securities in certain markets may be subject to higher volatility and lower liquidity when compared to more developed markets. 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.The settlement periods in certain markets may be longer than in others which may affect portfolio liquidity.
7. Risks associated with derivatives
The Fund may have exposure to derivatives for investment purposes or for hedging purposes. The 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 derivatives can result in a loss significantly greater than the amount invested in such derivatives 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.
8. Counterparty risk
Counterparty risk is the risk that an organization does not pay out on a debt security, equity related security, derivative 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 which may ultimately lead to a fall in the net asset value of the Fund.
9. Valuation risk
Valuation of the Fund’s investments may involve uncertainties and judgmental determinations. As such, the value of debt securities and/or derivatives that the Fund invests in may be subject to the risk of mispricing or improper valuation. If valuation is proven to be incorrect, this will affect the net asset value calculation of the Fund.
10. Risks of investing in other funds
The Fund may invest in other funds and therefore will be subject to the risks associated with the underlying funds. The Fund does not have control of the investments of the underlying funds and there is no assurance that the investment objective and strategy of the underlying funds will be successfully achieved which may have a negative impact to the net asset value of the Fund.
The underlying funds in which the Fund may invest may not be regulated by the SFC. In addition to the expenses and charges charged by the Fund, investors should note that there may be additional fees involved when investing into these underlying funds, including fees and expenses charged by investment manager of these underlying funds as well as fees payable by the Fund during its subscription to or redemption from these underlying funds. Furthermore, there can be no assurance that 1) the underlying funds will always be able to meet redemption requests as and when made; and 2) investment objective will be successfully achieved despite the due diligence and monitoring procedures undertaken by the Manager. These factors may have adverse impact on the Fund.
11. Investment Trust and REITs related risk
The Fund may invest in investment trusts, including Real Estate Investment Trusts (“REIT”), which may not necessarily be authorized by the SFC. Such investments may involve a high level of risk as their underlying investments may be relatively illiquid and this may affect the ability of the investment trust to vary its investment portfolio or liquidate part of its assets in response to change in economic conditions, international securities markets, foreign exchange rates, interest rates, real estate market or other condition. Investment trusts may have limited financial resources, may trade less frequently and in a limited volume and may be subject to more abrupt or erratic price movements than other securities. There is no guarantee that the market prices of shares in investment trusts will fully reflect their underlying net asset value. A decrease in the price of an investment trust may have a negative impact on the net asset value of the Fund.
The distribution policy or dividend payout of the Fund may not reflect the dividend policy or dividend payout of the underlying investment trusts.
12. Risks of investing in convertible bonds
The Fund may invest in debt securities convertible into equities which 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 also subject to the same interest rate risk, credit risk, liquidity risk and prepayment risk associated with comparable straight bond investments.
13. Commodity based risk
The value of commodities and the companies involved can be significantly affected (both negatively and positively) by world events, trade controls, worldwide competition, political and economic conditions, international energy conservation, the success of exploration projects, tax and other government regulations. Where the value of commodities falls, the value of the Fund may be adversely impacted.
14. Currency risk
The Fund’s assets and liabilities may be denominated in currencies different from the base currency of the Fund. The Fund may be affected favourably or unfavourably by exchange control regulations or changes in the exchange rates between the base currency of the Fund and other currencies. A unit class may be designated in a currency other than the base currency of the Fund. Changes in the exchange rate between the base currency and such designated currency may lead to a depreciation of the value of such units as expressed in the designated currency.
15. RMB currency risk and RMB classes related risk
RMB is currently not a freely convertible currency. The supply of RMB and the conversion of foreign currency into RMB are subject to exchange control policies and restrictions imposed by the Chinese authorities; therefore, currency conversion is subject to availability of RMB at the relevant time. 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. In case sizable redemption requests for the RMB classes are received, the Manager has the absolute discretion to delay any payment of redemption requests from the RMB classes where it determines that there is not sufficient RMB for currency conversion by the Fund for settlement purpose. In any event, the delay of such payment will not exceed one calendar month after the relevant Redemption Day and upon receipt of all required documentation and information.
When calculating the value of the RMB classes, the offshore RMB in Hong Kong (the “CNH”) will be used. The CNH rate may be at a premium or discount to the exchange rate for onshore RMB in China (the “CNY”) and there may be significant bid and offer spreads. While CNH and CNY represent the same currency, they are traded in different and separate markets which operate independently and at different rates.The fluctuation in the CNH/CNY exchange rate and any divergence between CNH and CNY may adversely impact the value of the RMB classes and investors.
Investments in RMB classes are subject to RMB currency risks. There can be no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB classes of the Fund and investors may suffer losses. Non-RMB based (e.g. Hong Kong) investors are exposed to foreign exchange risk. There is no guarantee that the value of RMB against Hong Kong dollars or other currencies will not depreciate.
16. Currency hedging and hedged classes
Hedged unit classes may use financial derivative instruments for hedging purpose and therefore be subject to the risks relating to such instruments. If the counterparties of the instruments default, investors in the hedged classes may be exposed to currency risk on an unhedged basis and may therefore suffer further losses. In addition, the cost of hedging transactions will be borne by the hedged unit class.
This strategy may substantially limit unitholders of the relevant class from benefiting if the designated currency falls against the base currency of the Fund and/or the currency in which assets of the Fund are denominated. Further, some hedging techniques may rely on past information which is not a reliable indicator of future performance.
17. Risks relating to dynamic asset allocation strategy
The investments of the Fund may be periodically rebalanced and therefore the Fund may incur greater transaction costs than a fund with static allocation strategy.
18. Distribution risk/charges deducted from capital
The Fund normally pays some or all of the management fee and other fees and expenses out of capital. Where distributions are paid out of gross income of the Fund while the management fee and other fees and expenses are expensed to/out of capital, this will result in an increase in distributable income for the payment of distributions by the Fund (therefore effectively paying distributions out of capital of the Fund).
The Fund may also pay distributions out of capital. Payment of dividends out of capital and/or 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 distributions out of the Fund’s capital or payment of distributions effectively out of the Fund’s capital may result in an immediate reduction of the net asset value per unit.
The distribution amount and net asset value of hedged classes may be adversely affected by differences in the interest rates of the reference currency of the hedged class and the base currency of the Fund, 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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