Fidelity Funds - Asian High Yield Fund A MDis USD

富達基金 - 亞洲高收益基金 A類 MDis 美元

LU0286669428

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

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

2019-09-30

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+0.80%
3 mth
+0.40%
6 mth
+1.65%
1 yr
+7.82%
3 yr
+12.93%
5 yr
+26.53%

Analytical Figures (3 years)

Annualized Return
+4.14%
Annualized Volatility
+4.53%
Sharpe Ratio
+0.52

Fund Information

Fund Houses
FIL Investment Management (Hong Kong) Limited
Launch Date
2007-04-01
Fund Manager
Bryan Collins
Manager Start Date
Bryan Collins (Start Date: 2009-10-01)
Geographical Focus
Asia Pacific ex Japan
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 2019-08-30)
EUR 4,541,363,561.533
Management Fee
1.00%
Latest Dividend
USD 0.039100 (2019-09-01)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not 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

16:30

2019-09-30

Dividend Records

Dividend DateDividend Records (USD)
2019-09-010.039100
2019-07-310.046900
2019-06-300.038400
2019-06-020.044300
2019-04-300.044900
2019-03-310.041200
2019-02-280.034300
2019-02-270.034300
2019-01-310.042500
2019-01-010.038300
2018-12-020.042600
2018-10-310.045900
2018-09-300.037800
2018-09-020.042900
2018-07-310.044500
2018-07-010.039800
2018-05-310.047600
2018-04-300.042700
2018-04-010.042700
2018-02-280.039000
2018-01-310.042400
2018-01-010.038900
2017-11-300.037600
2017-10-310.044100
2017-10-010.037200
2017-08-310.042700
2017-07-310.038300
2017-07-020.038100
2017-05-310.038900
2017-04-300.042500
2017-04-020.034900
2017-02-280.039800
2017-01-310.036400
2017-01-010.037300
2016-11-300.040000
2016-10-310.040800
2016-10-020.039600
2016-08-310.040700
2016-07-310.039600
2016-06-300.039500
2016-05-310.039900
2016-05-010.039200
2016-03-310.041200
2016-02-290.042000
2016-01-310.042200
2016-01-030.042400
2015-11-300.039700
2015-11-010.042900
2015-09-300.038900
2015-08-310.038200
2015-08-020.042600
2015-06-300.040600
2015-05-310.043100
2015-04-300.042500
2015-03-310.042800
2015-03-010.045400
2015-02-010.042500
2015-01-010.044600
2014-11-300.045100
2014-11-020.045200
2014-09-300.045600
2014-08-310.044800
2014-07-310.042500
2014-06-300.044900
2014-06-010.041700
2014-04-300.047300
2014-03-310.048500
2014-03-020.049200
2014-02-020.048500
2014-01-010.052900
2013-12-010.052600
2013-10-310.045400
2013-09-300.046200
2013-09-010.045800
2013-07-310.045100
2013-06-300.045700
2013-06-020.045200
2013-04-300.046600
2013-03-310.045200
2013-02-280.046800
2013-01-310.044200
2013-01-010.045600
2012-12-020.045400
2012-10-310.044700
2012-09-300.044400
2012-09-020.045400
2012-07-310.046200
2012-07-010.047400
2012-05-310.046900
2012-04-300.046000
2012-04-010.044900
2012-02-290.053500
2012-01-310.048800
2012-01-010.048900
2011-11-300.049200
2011-10-310.055200
2011-10-020.051100
2011-08-310.051300
2011-07-310.053800
2011-06-300.056300
2011-05-310.055300
2011-05-010.050400
2011-03-310.051300
2011-02-280.051300
2011-01-310.050900
2011-01-020.050400
2010-11-300.053100
2010-10-310.045400
2010-09-300.045900
2010-08-310.047800
2010-08-010.050000
2010-06-300.050700
2010-05-310.050400
2010-05-020.039500
2010-03-310.042200
2010-02-280.047700
2010-01-310.037000
2010-01-030.052800
2009-11-300.049000
2009-11-010.045100
2009-09-300.042000
2009-08-310.043900
2009-08-020.045700
2009-06-300.047300
2009-05-310.050800
2009-04-300.049800
2009-03-310.043400
2009-03-010.070000
2009-02-010.065300
2009-01-010.058200
2008-11-300.069400
2008-11-020.062700
2008-09-300.053300
2008-08-310.062300
2008-07-310.055100
2008-06-300.052300
2008-06-010.061700
2008-04-300.053800
2008-03-310.056900
2008-03-020.057000
2008-01-310.058600
2008-01-010.060100
2007-12-020.055300
2007-10-310.051800
2007-09-300.050900
2007-09-020.051900
2007-07-310.056000

Investment Objective

The fund is a Bond fund and aims to provide a high level of current income and capital growth.

Nature and Extent of Risks

Investment involves risks. Please refer to the Hong Kong Prospectus for details including the risk factors.
1. Investment Risk
The fund is an investment fund. The fund’s investment portfolio may fall in value and therefore your investment in the fund may suffer losses. There is no assurance that the strategy employed by the fund will be successful and therefore the investment objectives of the fund may not be achieved.
2. Bonds, Debt Instruments & Fixed Income and Credit Risk
The value of bonds, debt instruments and other fixed income instruments will fluctuate depending on market interest rates, the credit quality of the issuer and liquidity considerations. Increase in market interest rates, decline in the credit quality of the issuer and decrease in liquidity will adversely impact the value of these instruments.
Investments may be adversely affected if any of the institutions with which money is deposited suffers insolvency or other financial difficulties (default). Credit risk arises from the uncertainty about the ultimate repayment of principal and interest of 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.
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.
3. Below Investment Grade/Unrated Securities & High Yielding Debt Instruments
The fund may invest in below investment grade and unrated securities. Below investment grade and unrated securities may be subject to wider fluctuations in yield, wider bid-offer spreads, greater liquidity premium (i.e. lower liquidity) and consequently greater fluctuations in market values and greater credit / default risk than higher rated securities. These fluctuations may affect the value of the fund’s share price to a greater extent than a fund that invests in higher rated securities.
The fund may also invest in high yielding debt instruments where the level of income may be relatively high (compared to investment grade debt securities); however the risk of depreciation and realisation of capital losses on such debt instruments held will be significantly higher than on lower yielding debt instruments. Further, as these instruments are typically rated below investment grade or are unrated, they are often subject to a higher risk of issuer default. The vulnerability to economic cycles is also higher as during economic downturns, these instruments are more volatile than investment grade bonds as investors become more risk averse and default risk rises.
4. 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.
5. Foreign Currency Risk
The fund’s total return and balance sheet can be significantly affected by foreign exchange rate movements where the fund’s assets and income are 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. This means that currency movements and changes in exchange rate controls may significantly affect the value of the fund’s share price.
6. Securitised or Structured Debt Instruments
The fund may invest in securitised or structured debt instruments (collectively referred to as structured products), which may employ leverage causing the price of the instruments to be more volatile. The lack of liquidity may cause the current market price of assets to become disconnected from the underlying assets’ value and consequently funds investing in securitised products may be more susceptible to liquidity risk. The liquidity of a structured product can be less than a regular bond or debt instrument and this may adversely affect either the ability to sell the position or the price at which such a sale is transacted.
7. QFII Risk
The fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the applicable QFII laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in the PRC, which are subject to change and such change may have potential retrospective effect.
The fund may suffer substantial losses if there is insufficient QFII quota allocated for the fund to make investments, the approval of the QFII is being revoked/terminated or otherwise invalidated as the fund may be prohibited from trading of relevant securities and repatriation of the fund’s monies, or if any of the key operators or parties (including QFII custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).
8. Renminbi Currency Risk
Chinese Renminbi (RMB) is currently traded in two markets: one in the PRC (onshore RMB, or CNY) and one outside the PRC (primarily in Hong Kong) (offshore RMB, or CNH). Although CNH and CNY are the same currency, they trade at different rates, and any divergence between CNH and CNY may adversely impact investors. Onshore RMB is not freely convertible and is subject to exchange controls and certain requirements by the PRC government, whereas offshore RMB is freely tradable. Whilst the RMB is traded freely outside the PRC, the RMB spot, forward foreign exchange contracts and related instruments reflect the structural complexities of this evolving market. There is no guarantee that the value of RMB against the investors’ base currencies will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the fund. Accordingly, the fund may be exposed to greater foreign exchange risks. 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.
9. Credit Linked Notes
Credit linked notes (CLNs) and similar structured notes involve a counterparty structuring a note whose value is intended to move in line with the underlying security specified in the note. In the event that the counterparty (structurer of the note) defaults, the risk to the fund is to that of the counterparty, irrespective of the value of the underlying security within the note. The liquidity of a CLN or a similar note can be less than that for the underlying security, a regular bond or debt instrument and this may adversely affect either the ability to sell the position or the price at which such a sale is transacted.
CLNs are also subject to the risk of loss and / or delay of the principal investment and the periodic interest payment of the CLNs expected to be received for the duration of the fund’s investment in the CLNs in the event that one or more of the debt obligations underlying the CLNs defaults of no longer performs.
10. Emerging Markets
This fund invests in emerging market securities in Asia and the price of these securities may be more volatile than those of securities in more developed markets.
This volatility may stem from political and economic factors and be exacerbated by legal, trading liquidity, settlement, transfer of securities and currency factors.
Although care is taken to understand and manage these risks, the fund and accordingly the shareholders in the fund will ultimately bear the risks associated with investing in these markets.
11. Mortgage-Related Securities
Generally, rising interest rates tend to extend the duration of fixed rate mortgage-related securities making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates a fund holding mortgage-related securities may exhibit additional volatility (extension risk). In addition, adjustable and fixed rate mortgage-related securities are subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the returns of the fund because the fund may have to reinvest that money at the lower prevailing interest rates. In addition investments in securitised products may be less liquid than other securities. The lack of liquidity may cause the current market price of assets to become disconnected from the underlying assets value and consequently funds investing in securitised products may be more susceptible to liquidity risk. The liquidity of a securitised product can be less than a regular bond or debt instrument and this may adversely affect either the ability to sell the position or the price at which such a sale is transacted.
12. Financial Derivative Instruments
Although the fund will not make extensive use of financial derivative instruments for investment purposes or use complex derivative instruments or strategies to meet the investment objectives of the fund, the use of financial derivative instruments may give rise to leverage, liquidity, counterparty and valuations risks at times. In adverse situations, the fund’s use of derivative instruments may become ineffective and the fund may suffer significant losses.
13. Risks associated with distribution out of capital
For certain Classes of Shares, dividends may be 1) paid out of gross income while fees/charges may be charged to capital of the fund. This will result in an increase in distributable income for the payment of dividends, and therefore the fund may pay dividend effectively out of capital; or 2) paid directly out of capital where the net income generated by the fund is insufficient to pay a distribution as declared. Investors should note that the payment of dividends directly out of capital and/or effectively out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Such distributions may result in an immediate decrease in the net asset value per Share of the fund. If there is a change to this policy, prior approval will be sought from the SFC and affected investors will receive at least one month’s prior written notification.
The Net Asset Value of a certain hedged share class may be adversely affected by differences in the interest rates of the reference currency of the hedged share 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 share classes.

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852
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