AXA WF Asian Short Duration Bonds A MDis USD

安盛環球基金 - 亞洲短期債券 A MDis 美元

LU1774149642

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.

Non-dealing Hours

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.00%

HKD4,000.00Min. Subscription

AUD / HKD / JPY / EUR / GBP / RMB / USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

14:00

2021-05-18

  • Subscription or Redemption Orders received today is placed on the next business day.
*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
-0.08%
3 mth
-0.52%
6 mth
+0.28%
1 yr
+5.98%
3 yr
+16.16%
5 yr
-

Analytical Figures (3 years)

Annualized Return
+5.12%
Annualized Volatility
+4.31%
Sharpe Ratio
+0.83

Fund Information

Fund Houses
AXA Investment Managers (World Fund Series)
Launch Date
2018-03-09
Fund Manager
James Veneau
Christy Lee
Manager Start Date
James Veneau (Start Date: 2015-03-09) Christy Lee (Start Date: 2015-03-09)
Geographical Focus
Asia
Asset Class/ Sector
Fixed Income - Hybrid
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 2021-05-10)
USD 402,070,818.84
Management Fee
1.00%
Latest Dividend
USD 0.340000 (2021-04-29)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.00%

HKD4,000.00Min. Subscription

AUD / HKD / JPY / EUR / GBP / RMB / USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

14:00

2021-05-18

  • Subscription or Redemption Orders received today is placed on the next business day.

Dividend Records

Dividend DateDividend Records (USD)
2021-04-290.340000
2021-03-300.400000
2021-02-250.400000
2021-01-280.400000
2020-12-290.400000
2020-11-290.400000
2020-10-290.450000
2020-09-290.450000
2020-08-270.450000
2020-07-300.450000
2020-06-290.450000
2020-05-280.450000
2020-04-270.450000
2020-03-300.450000
2020-02-270.500000
2020-01-300.500000
2019-12-290.500000
2019-11-260.500000
2019-10-300.500000
2019-09-290.500000
2019-08-290.500000
2019-07-300.500000
2019-06-270.500000
2019-05-300.400000
2019-04-250.400000
2019-03-280.350000
2019-02-270.350000
2019-01-300.350000
2018-12-270.350000
2018-11-290.320000
2018-10-300.320000
2018-09-270.320000
2018-08-300.320000
2018-07-300.320000
2018-06-280.320000
2018-05-300.320000
2018-04-260.320000

Investment Objective

To seek performance of your investment, in USD, from an actively managed Asian short duration bond portfolio.

Nature and Extent of Risks

Investment involves risks. Please refer to the offering document for details including the risk factors.
1. General investment risk
The Sub-Fund's investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.
2. Investments in specific countries or geographical zones risk
As compared with a global investment strategy, the Sub-Fund concentrates its investment in the Asian fixed income market and therefore is subject to the risks associated with concentrating investments in the region and the value of the Sub-Fund may be more volatile. The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Asian market. This type of strategy may lead to adverse consequences and adversely impacting the net asset value of the Sub-Fund when target markets drop or encounter liquidity issues.
3. Emerging markets risk
Legal infrastructure, in certain countries in which investments may be made, may not provide the same degree of investors' protection or information to investors, as would generally apply to major securities markets. The value of the Sub-Fund's assets may be adversely affected by uncertainties such as social, political and economic instability, changes in government policies, changes in taxation, restrictions on foreign investment and currency repatriation, currency fluctuations, different accounting, auditing and financial report practices and other developments in laws and regulations of emerging countries in which the Sub-Fund invests. Emerging markets securities may also be less liquid and more volatile than similar securities available in major markets, and there are higher risks associated with transactions settlement and custody, involving timing and pricing issues. The Sub-Fund may experience difficulties in purchasing or selling holdings of emerging market securities and the value of the asset of the Sub-Fund may be adversely affected.
4. Interest rate risk
The market value of financial instruments and, therefore, the net asset value of the Sub-Fund may change in response to fluctuations in interest rates. Interest rate risk involves the risk that, when interest rates increase, the market value of fixed-income securities tends to decline. Conversely, when interest rates decline, the market value of fixed-income securities tends to increase. As a result, the net asset value of the Sub-Fund may be adversely affected. Long-term fixed-income securities will normally have more price volatility because of this risk than short- term securities.
5. Credit risk
The ability of bond issuer to honour its commitments depends on the financial condition of the issuer. An adverse change in the financial condition of the issuer could lower the quality of the bonds, leading to greater price volatility of the bonds. The Sub-Fund may be subject to the risk that the bond issuer not making payment on interest and principal of the bonds, causing the value of the investment to go down and the Sub-Fund may suffer substantial losses. In the event of the default of bond issuer, the Sub-Fund may experience both delays in liquidating the bonds and losses including a decline in value of the bonds during the period when the Sub-Fund seeks to enforce its rights.
6. Counterparty risk
The Sub-Fund is exposed to counterparty risks associated to counterparties with which, or brokers, dealers and exchanges through which, they deal, whether they engage in exchange-traded or over-the-counter transactions. In the case of insolvency or failure of any such party, the Sub-Fund might recover, even in respect of property specifically traceable to it, only a pro rata share of all property available for distribution to all of such party's creditors and/or customers. Such an amount may be less than the amounts owed to the Sub-Fund. The Sub-Fund may suffer significant losses.
7. Volatility and liquidity risk
The debt securities in the Asian 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. The bid and offer spreads of the price of such securities may be large and the Sub-Fund may incur significant trading costs.
8. Rating downgrade risk
Debt securities which the Sub-Fund acquired or their issuers may subsequently be downgraded. In the event of such downgrading, the value of the Sub-Fund may be adversely affected. The investment manager may or may not be able to dispose of the debt securities that are being downgraded.
9. High yield debt securities risk
The Sub-Fund may invest in high yield debt securities which are generally non-investment grade (or sub-investment grade) or unrated. Some of the high yield securities held in the portfolio may involve increased credit and market risk; such securities are subject to the risk of an issuer's inability to meet principal and interest payments on its obligations (credit risk) and may also be subject to higher price volatility and lower liquidity due to such factors as interest rate sensitivity, market perception of the creditworthiness of the issuer and general market liquidity.
10. Sovereign debt risk
The Sub-Fund may invest in sovereign debt securities. Investment in such sovereign debt issued or guaranteed by governments or governmental entities largely in-debt involves a higher degree of risk including but not limited to political, social and economic risks. The governmental entity that controls the repayment of sovereign debt may not be able or willing to repay the principal and/or interest when due in accordance with the terms of such debt. Holders may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to the issuers. The value of investments of the Sub-Fund may be adversely affected. In the event of a default of the sovereign issuer, the Sub-Fund may suffer significant loss.
11. Contingent convertible bonds (Cocos) risk
Under the terms of a CoCo, the instruments become loss absorbing upon certain triggering events, including events under the control of the management of the CoCo issuer which could cause the permanent write-down to zero of principal investment and / or accrued interest, or a conversion to equity that may coincide with the share price of the underlying equity being low. These triggering events may include (i) a deduction in the issuing bank’s capital ratio below a pre-set limit, (ii) a regulatory authority making a subjective determination that an institution is “non-viable” or (iii) a national authority deciding to inject capital.
Furthermore, the trigger event calculations may also be affected by changes in applicable accounting rules, the accounting policies of the issuer or its group and the application of these policies.
CoCos are valued relative to other debt securities in the issuer’s capital structure, as well as equity, with an additional premium for the risk of conversion or write-down. The relative riskiness of different CoCos will depend mainly on the distance between the current capital ratio and the effective trigger level, which once reached would result in the CoCo being automatically writtendown or converted into equity.
It is possible in certain circumstances for interest payments on certain CoCos to be cancelled in full or in part by the issuer, without prior notice to bondholders. Notwithstanding that interest not being paid or being paid only in part in respect of CoCos or the principal value of such instruments may be written down to zero, there may be no restriction on the issuer paying dividends on its ordinary shares or making pecuniary or other distributions to the holders of its ordinary shares or making payments on securities ranking pari passu with the CoCos resulting in other securities by the same issuer potentially performing better than CoCos.
CoCos generally rank senior to common stock in an issuer’s capital structure and are consequently higher quality and entail less risk than the issuer’s common stock; however, the risk involved in such securities is correlated to the solvency level and / or the access of the issuer to liquidity of the issuing financial institution.
The structure of CoCos is yet to be tested and there is some uncertainty as to how they may be impacted in regards to liquidity challenges and industry concentration in a stressed environment of deteriorating financial condition.
12. Valuation risk
Valuation of the Sub-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 Sub-Fund.
13. Reliability of credit ratings
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.
14. Foreign exchange and currency risk
The Sub-Fund may invest in foreign securities, i.e. securities denominated in currencies different from the base currency in which the Sub-Fund is denominated. Also, the Sub-Fund has share class(es) denominated in currency(ies) different from the Sub-Fund's base currency. The net asset value of the Sub-Fund may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
15. Derivatives risk and leverage
The Sub-Fund may use both listed and over-the-counter derivatives for efficient portfolio management, hedging and non-extensive investment purposes. Risks associated with derivatives include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the derivative by the Sub-Fund. Exposure to derivatives may lead to a high risk of significant loss by the Sub-Fund.
16. Distribution out of / effectively out of capital risks
For distribution shares, investors should be aware that dividends may be paid directly or effectively out of the Sub-Fund's capital at the Management Company's discretion. This may result in an immediate decrease in the net asset value per share of the distribution shares. Payment of distribution out of the Sub-Fund's 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, which may further decrease the net asset value per share and may also reduce the capital available for the Sub-Fund for future investment and capital growth.
17. ESG risk
Applying ESG and sustainability criteria to the investment process may exclude securities of certain issuers for non-investment reasons and therefore some market opportunities available to funds that do not use ESG or sustainability criteria may be unavailable for the SubFund, and the Sub-Fund's performance may at times be better or worse than the performance of relatable funds that do not use ESG or sustainability criteria. The selection of assets may in part rely on a proprietary ESG scoring process or ban lists that rely partially on third party data and there is a lack of common or harmonised definitions and labels integrating ESG and sustainability criteria at the European Union level.