First State Asian Bridge Fund Dis USD

首域亞洲鐵橋基金 Dis 美元

HK0000012440

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.

Dealing Hours

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD15,000.00Min. Subscription

1.25%

HKD10,000.00Min. Subscription

USD

HKD15,000.00Min. Subscription

HKD15,000.00

HKD15,000.00

Daily

16:30

2019-09-30

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+1.64%
3 mth
+1.76%
6 mth
+3.48%
1 yr
+8.32%
3 yr
+21.94%
5 yr
+27.92%

Analytical Figures (3 years)

Annualized Return
+6.83%
Annualized Volatility
+6.71%
Sharpe Ratio
+0.71

Fund Information

Fund Houses
First State Investments
Launch Date
2003-09-24
Fund Manager
Martin Lau
Nigel Foo
Richard Jones
Nicole Hsieh
Manager Start Date
2003-09-30
2013-01-01
2013-07-01
2013-07-31
Geographical Focus
Asia Pacific ex Japan
Asset Class/ Sector
Balanced
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 2019-09-17)
USD 146,176,531.02
Management Fee
1.25%
Latest Dividend
USD 0.049300 (2019-09-01)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD15,000.00Min. Subscription

1.25%

HKD10,000.00Min. Subscription

USD

HKD15,000.00Min. Subscription

HKD15,000.00

HKD15,000.00

Daily

16:30

2019-09-30

Dividend Records

Dividend DateDividend Records (USD)
2019-09-010.049300
2019-07-310.049600
2019-07-010.049800
2019-06-020.048600
2019-05-010.049400
2019-03-310.049100
2019-02-280.048000
2019-01-310.047400
2019-01-010.046100
2018-12-020.046300
2018-10-310.045100
2018-10-010.048000
2018-09-020.048500
2018-07-310.048500
2018-07-020.048200
2018-05-310.049300
2018-05-010.049100
2018-04-020.049500
2018-02-280.050000
2018-01-310.051300
2018-01-010.050000
2017-11-300.049400
2017-10-310.251300
2017-08-090.366000
2017-02-150.335700
2016-08-100.349700
2016-02-150.345200
2015-08-120.372500
2015-02-110.368200
2014-08-130.369000
2014-02-120.355000
2013-08-140.350500
2013-02-180.374200
2012-08-150.345500
2012-02-150.337700
2011-08-180.370200
2011-02-170.377000
2011-02-160.377000
2010-08-170.338000
2010-08-160.338000
2010-02-230.341700
2010-02-220.341700
2009-08-170.298300
2009-02-160.246500
2008-08-180.372300
2008-02-180.407800
2007-08-210.402900
2007-08-200.402900
2007-02-210.368200
2006-08-130.327500
2006-02-050.328500
2005-07-030.250000
2005-01-020.250000
2004-07-010.250000
2004-01-010.133000

Investment Objective

The objective of the Fund is to provide medium term capital stability, a regular income stream and the potential for capital growth over the medium to long term through investing primarily (i.e. at least 70% of the Fund’s Net Asset Value) in a balanced portfolio consisting of equity or equity-related investments and fixed income debt securities issued by governments, supra-national entities, corporate or other issuers in the Asian (including Australia and New Zealand but excluding Japan) debt and securities markets. Although the Fund may invest in companies or issuers outside the Asian region, the Fund will normally invest at least 70% of its Net Asset Value in the Asian region. The Fund may invest less than 30% of its Net Asset Value in China A Shares (i) indirectly through equity linked or participation notes issued by institutions that have obtained the Qualified Foreign Institutional Investor (“QFII”) status or through investing in open-ended collective investment schemes that invest in China A Shares and (ii) directly via the ShanghaiHong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect (the “Stock Connects”).

Nature and Extent of Risks

Investment involves risks. Please refer to the Explanatory Memorandum for details including the risk factors.
1.Investment Risk
The investments in securities of the Fund are subject to, general market risks, normal market fluctuations and other risks inherent in investing in securities. For example, the value of equity securities varies from day to day in response to activities of individual companies, general market and political and economic conditions, investment sentiment and issuer specific factors. The value of shares in the Fund may rise or fall due to any of the risk factors below and you may suffer losses in investment. There is no guarantee of repayment of principal.
2.Market Risk
Certain situations may have a negative effect on the price of shares within a particular market. These may include regulatory changes, political changes, economic changes, technological changes and changes in the social environment.
3.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.
4.Emerging Markets Risk
Investing in shares in emerging markets (countries considered to have social or business activity in the process of rapid growth and development) may involve increased risks and special considerations not typically associated with investment in more developed markets. These risks may include high likelihood of a high degree of volatility, liquidity risk, legal and taxation risk, country risks/control, political and economic uncertainties, settlement risk, custody risk and currency risk which may in turn adversely affect the Fund’s Net Asset Value and result in significant losses to investors.
High market volatility and potential settlement difficulties in the emerging markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund.
Securities exchanges in emerging markets typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund.
5.Volatility and Liquidity Risk
In certain circumstances, the Fund may not be able buy or sell its assets in a timely manner and/or at a reasonable price as not all the fixed income securities the Fund invests in are listed or rated, and consequently, liquidity may be low. Moreover, the debt securities in certain markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations. Furthermore, shares/units in certain underlying investments may trade less frequently and in smaller quantities than others. In such circumstances, this may adversely affect the Fund’s Net Asset Value and/or investors may suffer a loss as a result.
6.Risks associated with investments in Asia
The Fund’s investments are concentrated in Asia, including China. 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 and political developments, changes in government policies, taxation, liquidity, foreign exchange and legal or regulatory events affecting the Asian market.
7.Credit Risk
Investing in debt or other fixed income securities may expose the Fund to credit risk if the issuers of those securities fail to meet their financial obligations, defaults or suffers insolvency. In extreme circumstances, this may adversely affect the Fund’s Net Asset Value and/or investors may suffer a loss as a result.
8.Interest Rate Risk
Investing in fixed income securities will expose the Fund to movements in interest rates. If rates go up, the value of securities fall and if rates go down, the value of securities rise.
9.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.
10.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 Manager may or may not be able to dispose of the debt instruments that are being downgraded.
11.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.
12.Currency Risk
Investments of the Fund may be denominated in various currencies other than the base currency. Also, a class of Units may be designated in a currency other than the base currency of the Fund. The value of shares in, and the performance of, the Fund may be impacted due to changes in the exchange rates of currencies between these currencies and which may be impacted by factors such as trade imbalances, exchange rate fluctuations, government imposition of exchange controls, withholding taxes, capital repatriation restraints, government and political policies and difficulties.
13.Equity Risk
the values of equity securities may decline due to general market conditions (e.g. adverse political and economic conditions, changes in interest or currency rates etc) which are not specifically related to a particular company or due to factors which affect particular industries (e.g. changes in investment sentiment, issuer-specific factors etc). Equity securities generally have greater price volatility than debt securities.
14.Small Capitalisation/Mid-Capitalisation Companies Risk
Insofar as the Fund invests in smaller companies, Unitholders should note that investments in securities in small-capitalisation/mid-capitalisation companies may provide the potential for higher returns, but also involve additional risks. The stock of small-capitalisation/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.
15.Risks associated with Investments via Stock Connects
The relevant regulations and rules on Stock Connects are subject to change which may have potential retrospective effect. The Stock Connects are subject to quota limitations which may restrict the Fund’s ability to invest in certain eligible shares listed on the Shanghai Stock Exchange (“SSE securities”) or Shenzhen Stock Exchange (“SZSE securities”) on a timely basis and as a result, the Fund’s ability to access the SSE securities market and SZSE securities market via the Stock Connects (and hence to pursue its investment strategy) may be adversely affected. The PRC regulations impose certain restrictions on selling and buying. Hence the Fund may not be able to dispose of holdings of SSE securities and SZSE securities in a timely manner. Where a suspension in the trading through the Stock Connects is effected, the Fund’s ability to invest in China A Shares or access the PRC market through Stock Connects will be adversely affected. In such event, the Fund’s ability to achieve its investment objective could be negatively affected. When investing in eligible China A Shares through the Shenzhen-Hong Kong Stock Connect, the Fund will also be subject to the risks associated with the Small and Medium Enterprise Board and/or ChiNext Board of the Shenzhen Stock Exchange.
16.Risks associated with distributions out of capital
The payment of dividends 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 the payment of dividends out of the Fund’s capital may result in an immediate reduction of the Net Asset Value per Unit.
17.Derivatives Risk
Risks associated with financial derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a financial derivative instrument 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.

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