First State Greater China Growth Fund I Acc USD

首域大中華增長基金 I類 Acc 美元

IE0031814852

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 Hours

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD15,000.00Min. Subscription

1.50%

HKD10,000.00Min. Subscription

USD

HKD15,000.00Min. Subscription

HKD15,000.00

HKD15,000.00

Daily

16:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+2.84%
3 mth
+11.38%
6 mth
+8.13%
1 yr
+16.12%
3 yr
+54.69%
5 yr
+52.80%

Analytical Figures (3 years)

Annualized Return
+15.65%
Annualized Volatility
+15.73%
Sharpe Ratio
+0.81

Fund Information

Fund Houses
First State Investments
Launch Date
2002-10-17
Fund Manager
Martin Lau
Quanqiang Xian
Manager Start Date
2002-10-18
2015-01-01
Geographical Focus
Greater 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 2019-11-14)
USD 614,974,114.64
Management Fee
1.50%
Latest Dividend
N.A.

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD15,000.00Min. Subscription

1.50%

HKD10,000.00Min. Subscription

USD

HKD15,000.00Min. Subscription

HKD15,000.00

HKD15,000.00

Daily

16:30

-

Dividend Records

No Dividends

Investment Objective

The investment objective of the Fund is to achieve long term capital appreciation.

Nature and Extent of Risks

Investment involves risks. Please refer to the offering document for details including the risk factors.
Investment Risk – The value of shares in the Fund may fall due to any of the key risk factors below and therefore your
investment in the Fund may suffer losses. There is no guarantee of the repayment of principal.
Market Risk – Certain situations may have a negative effect on the price of shares within a particular market or cause
fluctuation of the value of the Fund’ s investment in equity securities. These may include regulatory changes, political changes,
economic changes, technological changes, changes in the social environment, changes in investment sentiment and issuerspecific
factors
Emerging Market Risk – Investing 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 developed markets. These risks may include liquidity risks, currency risks/control, political and economic
uncertainties, legal and taxation risks, settlement risks, custody risks, the likelihood of a high degree of volatility, market
suspension, restrictions on foreign investment and control on repatriation of capital.
Single Country/Specific Region Risk – The Fund’ s investments may be concentrated in a single country or a small number
of countries or a specific region. The value of the Fund may be more volatile than a fund having a more diversified portfolio of
investments covering multiple countries. The value of the Fund may be more susceptible to an adverse economic, political,
policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the relevant market.
Concentrated Risk – The Fund invests in a relatively small number of companies. It may be subject to greater risk of the Fund
suffering proportionately higher loss should the shares in a particular company decline in value or otherwise be adversely
affected than a fund that invests in a large number of companies.
Single Sector Risk – The Fund’ s investments may be concentrated in a single sector. Investing in a single sector offers the
potential of higher returns but the value of the Fund may be more volatile than a fund having a more diversified portfolio of
investments.
Small-capitalisation/Mid-capitalisation Companies Risk – 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 capitalization
companies in general.
China Market Risk – The Fund may invest in securities linked to the China markets, including China A Shares through the QFII
quota and RQFII quota of a First State group entity, First State Investment Management (UK) Limited ( “FSIM UK” ), equity
linked or participation notes and collective investment schemes in relation to China A Shares. Such investments involve risks
associated with investing in the China markets, including liquidity and volatility risk, foreign exchange, currency and repatriation
risk, changes in social, political or economic policies, legal or regulatory event and uncertainties with respect to taxation
policies.
The Fund’ s investments in the China markets may as a result incur significant losses. The Investment Manager currently does
not intend to make any provisions for PRC taxes in relation to the Fund’ s investments in securities that are linked to the China
markets. If such PRC taxes are imposed on the Fund, the Net Asset Value of the Fund may be adversely impacted and
investors may as a result suffer loss.
RMB Currency and Conversion Risk – Renminbi ( “RMB” ) is currently not freely convertible and is subject to exchange
controls and restrictions. Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the
value of RMB against the investors’ base currencies (for example HKD) will not depreciate. Any depreciation of RMB could
adversely affect the value of investor’ s investment in the Fund. Although offshore RMB (CNH) and onshore RMB (CNY) are the
same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. 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.
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 the 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 Shenzhen-Hong Kong Stock Connect, the Fund will also be subject to the risks associated with
the Small and Medium Enterprise Board of the SZSE and/or ChiNext Board of the SZSE.
Volatility and Liquidity Risk – The 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.
Currency Risk – The Fund may buy shares denominated in currencies other than the base currency of the Fund and a share
class may be designated in a currency other than the base currency of the Fund. The value of shares in the Fund may be
affected unfavorably by fluctuations in the exchange rates between these currencies and the base currency of the Fund and by
changes in exchange rate controls.
Currency Hedged Share Class Risk – The Fund may issue classes where the class currency is different to the base currency
of the Fund. Accordingly the value of an investor’ s investment may be affected favourably or unfavourably by fluctuations in the
rates of the different currencies. The Fund may create currency hedged share classes to hedge the resulting currency exposure
back into the currency of the relevant class. In addition the Fund may invest in assets with various currency denominations
other than the base currency, and the Fund may hedge currency exposure due to investing in assets denominated in currencies
other than the Fund’ s base currency.
Whilst these hedging strategies aim to reduce the losses to an investor’ s investment if the currency of that currency hedged
share class or the currencies of the underlying assets which are denominated in currencies other than the Fund’ s base
currency fall against that of the base currency of the Fund the use of hedging strategies may substantially limit investors in the relevant class from benefiting if the currency of that currency hedged share class rises against that of the base currency of the
Fund and/ or the currency in which the assets of the Fund are denominated.
Investors should be aware that there may be circumstances in which a hedging transaction may reduce currency gains that
would otherwise arise in the valuation of the Fund. The gains/losses on, and the costs of, such hedging transactions will, to the
extent permitted by applicable law and regulation, be borne on a pro rata basis by the currency hedged share classes.
Investors in currency hedged share classes should be aware that the currency hedging process for both types of currency
hedged share classes may not give a precise hedge. Hedging transactions are designed to reduce, as much as possible, the
currency risk for investors. However, there is no guarantee that the hedging will be totally successful and no hedging strategy
can eliminate currency risk entirely. Should a hedging strategy be incomplete or unsuccessful, the value of the Fund’ s assets
and income can remain vulnerable to fluctuations in currency exchange rate movements.
Investors in the currency hedged share classes may have exposure to currencies other than the currency of their share class
and may also be exposed to the risks associated with the instruments used in the hedging process.
Derivatives Risk – The Fund may use FDIs for purposes of hedging and efficient portfolio management. FDIs that are not
traded on an exchange are subject to, among others, liquidity risk (i.e. the risk that the Fund may not be able to close out a
derivative position in a timely manner and/or at a reasonable price), counterparty/credit risks (i.e. the risk that a counterparty
may become insolvent and therefore unable to meet its obligations under a transaction), valuation risk, volatility risk and overthe-counter
transaction risk. The leverage component of an FDI can result in loss significantly greater than the amount invested
in the FDI by the Fund. In adverse situations, the use of FDIs may become ineffective in achieving hedging or efficient portfolio
management and may lead to a high risk of significant losses by the Fund.

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