Fidelity Funds - Flexible Bond Fund A GBP

富達基金 - 靈活債券基金 A類 英鎊

LU0048620586

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 HoursComplex

Dealing Information

Secure Transaction

Derivatives knowledge required

HKD4,000.00Min. Subscription

1.00%

HKD4,000.00Min. Subscription

AUD / CHF / HKD / JPY / EUR / GBP / CAD / USD / NZD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

14:00

2021-05-18

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+1.13%
3 mth
-1.05%
6 mth
+1.32%
1 yr
+7.56%
3 yr
+14.25%
5 yr
+19.11%

Analytical Figures (3 years)

Annualized Return
+4.54%
Annualized Volatility
+5.19%
Sharpe Ratio
+0.71

Fund Information

Fund Houses
FIL Investment Management (Hong Kong) Limited
Launch Date
1990-11-11
Fund Manager
Tim Foster
Claudio Ferrarese
Manager Start Date
Timothy Foster (Start Date: 2016-02-16) Claudio Ferrarese (Start Date: 2017-04-01)
Geographical Focus
Global
Asset Class/ Sector
Fixed Income - Investment grade
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 2021-03-30)
GBP 425,205,530.147
Management Fee
1.00%
Latest Dividend
GBP 0.001200 (2021-01-31)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge required

HKD4,000.00Min. Subscription

1.00%

HKD4,000.00Min. Subscription

AUD / CHF / HKD / JPY / EUR / GBP / CAD / USD / NZD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

14:00

2021-05-18

Dividend Records

Dividend DateDividend Records (GBP)
2021-01-310.001200
2020-11-010.001500
2020-08-020.001600
2020-04-300.001200
2020-02-020.001200
2019-10-310.001300
2019-07-310.001500
2019-04-300.001800
2019-01-310.002100
2018-10-310.001400
2018-07-310.001800
2018-04-300.002000
2018-01-310.001900
2017-10-310.002000
2017-07-310.002000
2017-04-300.002000
2017-01-310.002300
2016-10-310.002100
2016-07-310.002400
2016-05-010.002500
2016-01-310.001900
2015-11-010.002000
2015-08-020.002200
2015-04-300.002200
2015-02-010.002100
2014-11-020.002300
2014-07-310.002400
2014-04-300.002400
2014-02-020.002400
2013-10-310.002200
2013-07-310.002200
2013-04-300.002200
2013-01-310.002300
2012-10-310.002300
2012-07-310.002300
2012-04-300.002400
2012-01-310.002400
2011-10-310.002500
2011-07-310.002600
2011-05-010.002600
2011-01-310.002400
2010-10-310.002300
2010-08-010.002400
2010-05-020.002700
2010-01-310.002700
2009-11-010.002700
2009-08-020.002800
2009-04-300.002700
2009-02-010.002900
2008-11-020.003100
2008-07-310.003000
2008-04-300.003200
2008-01-310.003300
2007-10-310.003300
2007-07-310.003300
2007-04-300.003300
2007-01-310.003100
2006-10-310.003200
2006-07-310.003400
2006-05-010.003300
2006-04-270.003300
2006-01-310.003500
2005-10-310.003200
2005-07-310.003300
2005-05-010.003300
2005-01-310.003500
2004-10-310.003800
2004-08-010.003700
2004-05-020.003300
2004-02-010.003600
2003-11-020.003700
2003-07-310.003600
2003-05-010.003700
2003-04-300.003700
2003-02-020.004200
2002-10-310.003400
2002-07-310.003700
2002-04-300.003700
2002-01-310.003700
2001-10-310.003700
2001-07-310.003700
2001-04-300.002800
2001-01-310.003200
2000-10-310.003600
2000-07-310.003800
2000-05-010.004000
2000-04-300.004000
2000-01-310.004200
1999-10-310.004000
1999-08-010.004000
1999-05-030.004000
1999-05-020.004000
1999-01-310.004100
1998-11-010.003800
1998-08-020.004900
1998-04-300.004300
1998-02-010.004400
1997-11-020.004400
1997-07-310.004500
1997-04-300.004500
1997-02-020.004400
1996-10-310.004400
1996-07-310.004500
1996-04-300.004500
1996-01-310.004500
1995-10-310.004300
1995-07-310.004900
1995-04-300.004500
1995-01-310.004500
1994-11-020.003700
1994-07-310.004900
1994-05-020.004800
1994-02-010.005000
1993-11-020.004100
1993-10-310.004100
1993-08-010.004900
1993-05-020.005100
1993-01-310.004600
1993-01-030.004600
1992-11-020.005100
1992-08-020.004700
1992-05-040.005900
1992-04-300.005900
1992-03-080.004700
1992-02-100.005100
1992-02-020.006200
1991-10-310.005900
1991-07-310.005400
1991-05-010.005900
1991-01-310.006200

Investment Objective

The fund is a Bond fund and aims to achieve income and capital growth by primarily (i.e. at least 70% of the fund's assets) investing in a broad range of fixed income instruments of issuers globally, including those located, listed or exposed to emerging markets, either denominated in Sterling or other currencies. Emerging market debt may include investments within, although not limited to, Latin America, Asia, Africa, Eastern Europe (including Russia) and the Middle East. Exposure to non-Sterling denominated debt securities will be largely hedged back to Sterling.

Nature and Extent of Risks

Investment involves risks. Please refer to the Hong Kong Prospectus for details including the risk factors.
1. Risk to Capital and Income (Investment Risk)
The assets of the fund are subject to fluctuations in value. There is no guarantee of repayment of principal and you may not get back the original amount invested. Past performance is no guarantee of future performance.
2. Bonds and other Debt Instruments
The value of bonds or other debt instruments will fluctuate depending on e.g. market interest rates, the credit quality of the issuer, the currency of the investment (when it is different from the base currency of the fund) and liquidity considerations. In general, the prices of debt instruments rise when interest rates fall, whilst their prices fall when interest rates rise.
3. 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.
4. Credit/Default Risk
Investments may be adversely affected if any of the institutions with which money is deposited suffers insolvency or are otherwise unable to pay interest or principal (default). Credit risk also arises from the uncertainty about the ultimate repayment of principal and interest from bond or other debt instrument investments. In both cases the entire deposit or purchase price of the debt instrument is at risk of loss if there is no recovery after default.
5. 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.
6. 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.
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. Risk associated with Debt Securities Rated Below Investment Grade/Unrated Securities and High Yielding Debt Instruments
The fund may invest in debt securities rated below investment grade or unrated securities. Such securities are generally subject to lower liquidity, higher volatility, heightened risk of default and loss of principal and interest than higher-rated/lower yielding debt securities.
9. Income-producing securities
Although the fund will generally invest in income-producing securities, it is not guaranteed that all underlying investments will generate income. To the extent that underlying investments of the fund are income producing, higher yields generally mean that there will be increased potential for capital appreciation and/or depreciation for fixed income securities.
10. Risk of investing in CoCos and other instruments with loss-absorption features
-The fund may invest in instruments with loss-absorption features. Those features have been designed to meet specific regulatory requirements imposed on financial institutions and typically include terms and conditions specifying the instrument is subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of the following: (a) when a financial institution is near or at the point of non-viability; or (b) when the capital ratio of a financial institution falls to a specified level.
-Debt instruments with loss-absorption features are subject to greater capital risks when compared to traditional debt instruments as such instruments are typically subject to the risk of being written down or converted to ordinary shares upon the occurrence of pre-defined trigger events (such as those disclosed above). Such trigger events are likely to be outside of the issuer’s control and are complex and difficult to predict and may result in a significant or total reduction in the value of such instruments.
-In the event of the activation of a trigger, there may be potential price contagion and volatility to the entire asset class.
Debt instruments with loss-absorption features may also be exposed to liquidity, valuation and sector concentration risk.
-The fund may invest in CoCos, which are highly complex and are of high risk. CoCos are a form of hybrid debt security with loss-absorption features that are intended to either convert into equity shares of the issuer (potentially at a discounted price) or have their principal written down (including permanently written down to zero) upon the occurrence of certain ‘triggers’. Coupon payments on CoCos are discretionary and may be cancelled by the issuer at any point, for any reason, and for any length of time.
-The fund may also invest in senior non-preferred debts. While these instruments are generally senior to subordinated debts, they may be subject to write-down upon the occurrence of a trigger event and will no longer fall under the creditor ranking hierarchy of the issuer. This may result in total loss principal invested.
11. Eurozone Risk
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. Foreign Currency Risk
The fund’s assets may be denominated in currencies other than the base currency of the fund. Also, a class of shares may be designated in a currency other than the base currency of the fund. Fluctuations in the exchange rates between these currencies and the base currency as well as changes in exchange rate controls may adversely affect the fund’s net asset value.
13. Financial Derivative Instruments
-The fund’s net derivative exposure may be more than 50% but up to 100% of its net asset value. The use of derivatives may give rise to liquidity risk, counterparty credit risk, volatility risk, valuations risks and over-the-counter transaction risk at times. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the financial derivative instrument by the fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the fund.
-The fund may implement active currency positions which may not be correlated with the underlying securities positions held by the fund. This may result in the fund suffering a significant or total loss even if there is no loss of the value of the underlying securities positions (e.g. equities, fixed income securities) being held by the fund.