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E Fund Selection Investment Series - E Fund China Equity Dividend Fund Class A Dis HKD

易方達精選策略系列 - 易方達中國股票股息基金 A Dis 港元

HK0000252160

Risk Rating: Level 5

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 five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

Non-dealing HoursMonthly Savings

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

Up to 3% p.a., current rate being 1.8% p.a.*

(as a % of the Sub-Fund’s net asset value)

HKD4,000.00Min. Subscription

HKD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

14:00

2020-09-30

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
-6.93%
3 mth
+14.38%
6 mth
+49.56%
1 yr
+48.01%
3 yr
+82.46%
5 yr
-

Analytical Figures (3 years)

Annualized Return
+22.20%
Annualized Volatility
+20.35%
Sharpe Ratio
+1.18

Fund Information

Fund Houses
E Fund Management (HK) Co., Ltd
Launch Date
2015-10-22
Fund Manager
Kara Ke
Craig Chen
Manager Start Date
Kara Ke (Start Date : 2015-10-23) Craig Chen (Start Date : 2015-10-23)
Geographical Focus
China
Asset Class/ Sector
Equity - All cap
Risk Rating
Risk Level 5

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 five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

Fund AUM(As of )
-
Management Fee
Up to 3% p.a., current rate being 1.8% p.a.* (as a % of the Sub-Fund’s net asset value)
Latest Dividend
HKD 0.640000 (2020-08-24)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

Up to 3% p.a., current rate being 1.8% p.a.*

(as a % of the Sub-Fund’s net asset value)

HKD4,000.00Min. Subscription

HKD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

14:00

2020-09-30

Dividend Records

Dividend DateDividend Records (HKD)
2020-08-240.640000
2020-07-230.640000
2020-06-230.650000
2020-05-250.640000
2020-04-230.640000
2020-03-230.640000
2020-02-240.640000
2020-01-220.640000
2019-12-230.590000
2019-11-250.590000
2019-10-240.590000
2019-09-240.590000
2019-08-220.590000
2019-07-250.590000
2019-06-240.590000
2019-05-230.590000
2019-04-250.590000
2019-03-260.590000
2019-02-250.590000
2019-01-240.590000
2018-12-200.580000
2018-11-220.580000
2018-10-220.580000
2018-09-200.580000
2018-08-230.580000
2018-07-250.580000

Investment Objective

E Fund China Equity Dividend Fund seeks to achieve long-term capital appreciation primarily through equity-based investments in equity and equity-related securities of companies which are incorporated in, have their area of primary activity in or are related to the growth of China’s economy and are expected to achieve high dividend returns.

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 and not a bank deposit. There is no guarantee of the repayment of principal. There is also no guarantee of dividend or distribution payments during the period you hold the units of the Sub-Fund.
- The instruments invested by the Sub-Fund may fall in value and therefore your investment in the Sub-Fund may suffer losses.
2. Risks relating to equity securities
- Investment in equity securities is subject to market risk. The prices of such securities may also be volatile and a number of factors may affect stock prices, including but not limited to, investment sentiment, political environment, economic environment, regional or global economic instability, currency and interest rate fluctuations.
- If the market value of equity securities in which the Sub-Fund invests in goes down, its Net Asset Value may be adversely affected, and investors may suffer substantial losses.
3. Dividend risk
- There is no assurance that dividends will be declared and paid in respect of the securities held by the Sub-Fund. The rates of dividend payment in respect of such securities may be affected by factors beyond the control of the Manager.
- In addition, whether or not distributions will be made by the Sub-Fund is at the discretion of the Manager taking into account various factors. There can be no assurance that the distribution yield of the Sub-Fund is the same as that of the underlying securities.
4. Risks relating to distribution out of capital
- Distributions of the Sub-Fund may be paid out of the capital of the Sub-Fund. Investors should note that payment of distributions 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 and such distributions may result in an immediate reduction of the net asset value of the relevant units.
5. China A-Shares market risk
- The price at which securities may be purchased or sold by the Sub-Fund and the net asset value of the Sub-Fund may be adversely affected if trading markets for China A-Shares are limited or absent. The China A-Share market may be more volatile and unstable (for example, due to the risk of suspension of a particular stock or government intervention) than those in more developed markets. Market volatility and settlement difficulties in the China A-Share markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may affect the value of the Sub-Fund.
- Trading band limits are imposed by the stock exchanges in China on China A-Shares, where trading in any China A-Share security on the relevant stock exchange may be suspended if the trading price of the security has increased or decreased to the extent beyond the trading band limit. A suspension will render it impossible for the Manager to liquidate positions and can thereby expose the Sub-Fund to significant losses. Further, when the suspension is subsequently lifted, it may not be possible for the Manager to liquidate positions at a favourable price.
6. Risk relating to the depositary receipts
- Exposure to depositary receipts may generate additional risks compare to direct exposure to the corresponding underlying stocks. There could be a risk that underlying shares would not be attributed to holders of depositary receipts in case of bankruptcy of the depositary bank.
- There are fees related to depositary receipts which may impact the performance of the depositary receipts. Also, holders of depositary receipts are not direct shareholders of the underlying company and generally do not have voting and other shareholder rights as shareholders do. The Sub-Fund may also be subject to liquidity risk.
7. Risks relating to preference shares
- An investment in preference shares involves additional risks that are not typically associated with an investment in common stocks. In certain circumstances, an issuer of preference shares may redeem the shares prior to a specified date. A special redemption by the issuer may negatively impact the return of the shares held by the Sub-Fund.
- Preference shares are subordinated to bonds and other debt instruments in a company’s capital structure in terms of priority to corporate income and liquidation payments and therefore will be subject to greater credit risk than those debt instruments. Preference shares may be substantially less liquid than many other securities, including common stocks. The value and performance of the Sub-Fund may be adversely affected as a result.
8. RMB currency risk and foreign exchange risk
- RMB is currently not freely convertible and is subject to exchange controls and restrictions and investors may be adversely affected by movements of the exchange rates between Renminbi and other currencies.
- The Sub-Fund’s underlying investments may be denominated in currencies different from the base currency of the Sub-Fund. A decline in the exchange rate of the currency would adversely affect the value of the security and under such circumstances the Sub-Fund’s value may be adversely affected, and investors may suffer a significant loss as a result.
9. Risks relating to China market / Single Country Investment Risk
- China is considered as an emerging market and investing in China may subject the Sub-Fund to higher economic, political, social, legal and regulatory risks than more developed economies or markets. Investments in China may also be less liquid and more volatile.
-The Sub-Fund invests primarily in securities related to the China market and may be subject to additional concentration risk.
- The China equity securities market may be subject to higher volatility compared to more developed markets. The prices of securities traded in such market may be subject to fluctuations.
10. PRC tax risk
- The PRC tax rules and practices in relation to RQFII and the Stock Connect are new and their implementation is not tested and is uncertain. The Manager, acting in the best interest of Unitholders, has assessed the withholding income tax (“WIT”) provisioning approach. The Manager, after carefully considering the assessment and having taken and considered independent professional tax advice, will withhold 10% of the Sub-Fund’s gross realised and unrealised capital gains derived from trading of PRC bonds since its inception, until further clarification by the PRC authorities. The Manager will not make provision for gross realised or unrealised capital gains derived from the trading of PRC equity investment (including China A-Shares). There is a possibility of the rules being changed and taxes being applied retrospectively. There is a risk that any tax provision made by the Manager in respect of the Sub-Fund may be more than or less than the Sub-Fund’s actual tax liabilities, which may potentially cause substantial loss to the Sub-Fund. The Manager will also make a WIT provision of 10% for the account of the Sub-Fund on dividend and interest that arises from investments in the PRC Securities if the WIT is not withheld at source.
- Unitholders may be disadvantaged depending upon the final tax liabilities, the level of provision and when they subscribed and/or redeemed their Units. If the actual tax levied is higher than that provided for by the Manager so that there is a shortfall in the tax provision amount, investors should note that the Net Asset Value of the Sub-Fund may be lowered, as the Sub-Fund will ultimately have to bear the full amount of tax liabilities. In this case, the additional tax liabilities will only impact Units in issue at the relevant time, and the then existing Unitholders and subsequent Unitholders will be disadvantaged as such Unitholders will bear, through the Sub-Fund, a disproportionately higher amount of tax liabilities as compared to that borne at the time of investment in the Sub-Fund. On the other hand, the actual tax liabilities may be lower than the tax provision made, in which case only the then existing Unitholders will benefit from a return of the extra tax provision. Those persons who have already sold/redeemed their Units before the actual tax liabilities are determined will not be entitled or have any right to claim any part of such overprovision.
11. Risks relating to RQFII
- The Sub-Fund’s investment through a RQFII is subject to applicable regulations imposed by the PRC authorities. Although repatriations by RQFIIs in respect of the Sub-Fund are currently not subject to repatriation restrictions or prior approval, there is no assurance that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Any restrictions on repatriation of the invested capital and net profits may impact on the Sub-Fund’s ability to meet redemption requests from the Unitholders.
- Application of the RQFII rules may depend on the interpretation of the Chinese authorities. Any changes to the relevant rules may have an adverse impact on investors’ investment in the Sub-Fund.
- In the event of any default of either a PRC broker or the RQFII Custodian in the execution or settlement of any transaction or in the transfer of any fund or securities in the PRC, the Sub-Fund may encounter delays in recovering its assets which may in turn impact the net asset value of the Sub-Fund.
- The Manager (as RQFII) may from time to time make available RQFII quota for the purpose of the Sub-Fund’s direct investment into the PRC. The Sub-Fund may not have exclusive use of the entire RQFII quota granted by SAFE to the RQFII (i.e. the Manager), as the RQFII may in its discretion allocate RQFII quota which may otherwise be available to the Sub-Fund to other public fund products under the Manager’s management. Subject to SAFE’s approval, the Manager may also allocate RQFII quotas to other non-public fund products and/or accounts. There can be no assurance that the RQFII can allocate sufficient RQFII quota to the Sub-Fund to meet all applications for subscription of Units in the Sub-Fund.
12. Risks associated with the Shanghai-Hong Kong Stock Connect
-The Shanghai-Hong Kong Stock Connect program is novel in nature. The relevant regulations are untested and subject to change which may be retrospective. The program is subject to quota limitations which may restrict the Sub-Fund’s ability to invest in China A-Shares through the program on a timely basis. Where a suspension in the trading through the program is effected, the Sub-Fund’s ability to access the PRC market (and hence its ability to pursue its investment strategy) will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.
13. Risks associated with the Small and Medium Enterprise (“SME”) Board and/or ChiNext market
-The Sub-Fund may invest in the SME board and/or the ChiNext market of the Shenzhen Stock Exchange via the Shenzhen-Hong Kong Stock Connect. Investments in the SME board and/or ChiNext market may result in significant losses for the Sub-Fund and its investors.
Higher fluctuation on stock prices
-Listed companies on the SME board and/or ChiNext market are usually of emerging nature with smalleroperating scale. Hence, they are subject to higher fluctuation in stock prices and liquidity and have higher risks and turnover ratios than companies listed on the main board of the Shenzhen Stock Exchange.
Over-valuation risk
-Stocks listed on the SME board and/or ChiNext may be overvalued and such exceptionally high valuation may not be sustainable. Stock price may be more susceptible to manipulation due to fewer circulating shares.
Differences in regulations
-The rules and regulations regarding companies listed on ChiNext market are less stringent in terms of profitability and share capital than those in the main board and SME board.
Delisting risk
-It may be more common and faster for companies listed on the SME board and/or ChiNext to delist. This may have an adverse impact on the Sub-Fund if the companies that it invests in are delisted.