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Fidelity Funds - European High Yield Fund A MDis EUR

富達基金 - 歐洲高收益基金A類MDis 歐元

LU0168053600

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

Up to 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

2020-09-30

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
-1.06%
3 mth
+1.75%
6 mth
+12.88%
1 yr
-1.43%
3 yr
+2.90%
5 yr
+18.42%

Analytical Figures (3 years)

Annualized Return
+0.96%
Annualized Volatility
+10.14%
Sharpe Ratio
+0.24

Fund Information

Fund Houses
FIL Investment Management (Hong Kong) Limited
Launch Date
2003-06-08
Fund Manager
Andrei Gorodilov
James Durance
Peter Khan
Manager Start Date
2013-02-01
2017-04-01
2019-01-01
Geographical Focus
Europe
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 2020-08-30)
EUR 2,763,438,558.903
Management Fee
Up to 1.00%
Latest Dividend
EUR 0.023200 (2020-08-31)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

Up to 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

2020-09-30

Dividend Records

Dividend DateDividend Records (EUR)
2020-08-310.023200
2020-08-020.027300
2020-06-300.027200
2020-05-310.025700
2020-04-300.024300
2020-03-310.035800
2020-03-010.025300
2020-02-020.030900
2020-01-010.039100
2019-12-010.028900
2019-10-310.037300
2019-09-300.029200
2019-09-010.031800
2019-07-310.033600
2019-06-300.031000
2019-06-020.035200
2019-04-300.034900
2019-03-310.034500
2019-02-280.031200
2019-02-270.031200
2019-01-310.030800
2019-01-010.033700
2018-12-020.033500
2018-10-310.037400
2018-09-300.030300
2018-09-020.033100
2018-07-310.035700
2018-07-010.034900
2018-05-310.041600
2018-04-300.033800
2018-04-010.040800
2018-02-280.034800
2018-01-310.035600
2018-01-010.034600
2017-11-300.036700
2017-10-310.038800
2017-10-010.034700
2017-08-310.038700
2017-07-310.036600
2017-07-020.038000
2017-05-310.038500
2017-04-300.038000
2017-04-020.039400
2017-02-280.039900
2017-01-310.038100
2017-01-010.039900
2016-11-300.038200
2016-10-310.036000
2016-10-020.037300
2016-08-310.033900
2016-07-310.032400
2016-06-300.039500
2016-05-310.035800
2016-05-010.035700
2016-03-310.035900
2016-02-290.038700
2016-01-310.040400
2016-01-030.042000
2015-11-300.041500
2015-11-010.040100
2015-09-300.039000
2015-08-310.039200
2015-08-020.039500
2015-06-300.042700
2015-05-310.040500
2015-04-300.041200
2015-03-310.041100
2015-03-010.042100
2015-02-010.041600
2015-01-010.044200
2014-11-300.040200
2014-11-020.039900
2014-09-300.035700
2014-08-310.044000
2014-07-310.045000
2014-06-300.048100
2014-06-010.044000
2014-05-010.050000
2014-04-300.046200
2014-03-310.047800
2014-03-020.049300
2014-02-020.046700
2014-01-010.049500
2013-12-010.049500
2013-10-310.046600
2013-09-300.049900
2013-09-010.049200
2013-07-310.047200
2013-06-300.049200
2013-06-020.049500
2013-04-300.046900
2013-03-310.049500
2013-02-280.046300
2013-01-310.043200
2013-01-010.050400
2012-12-020.052600
2012-10-310.050000
2012-09-300.054900
2012-09-020.048200
2012-07-310.050100
2012-07-010.049800
2012-05-310.056700
2012-04-300.050100
2012-04-010.047300
2012-02-290.047000
2012-01-310.049600
2012-01-010.059700
2011-11-300.044000
2011-10-310.047300
2011-10-020.046900
2011-08-310.044700
2011-07-310.044200
2011-06-300.050100
2011-05-310.046600
2011-05-010.040600
2011-03-310.051100
2011-02-280.041700
2011-01-310.052000
2011-01-020.041200
2010-11-300.049400
2010-10-310.044200
2010-09-300.055900
2010-08-310.045800
2010-08-010.042500
2010-06-300.041500
2010-05-310.057100
2010-05-020.047600
2010-03-310.044900
2010-02-280.058200
2010-01-310.043700
2010-01-030.048100
2009-11-300.050600
2009-11-010.047800
2009-09-300.048200
2009-08-310.048500
2009-08-020.043100
2009-06-300.042800
2009-05-310.053200
2009-04-300.079300
2009-03-310.040000
2009-03-010.064300
2009-02-010.060100
2009-01-010.053100
2008-11-300.065300
2008-11-020.062600
2008-09-300.052600
2008-08-310.052700
2008-07-310.055600
2008-06-300.052100
2008-06-010.052200
2008-04-300.063100
2008-03-310.056700
2008-03-020.053600
2008-01-310.062500
2008-01-010.055900
2007-12-020.057200
2007-10-310.060900
2007-09-300.055400
2007-09-020.058500
2007-07-310.053200
2007-07-010.053400
2007-05-310.055200
2007-04-300.051800
2007-04-010.060800
2007-02-280.056000
2007-01-310.051300
2007-01-010.050500
2006-11-300.053000
2006-10-310.048900
2006-10-010.044800
2006-08-310.055900
2006-07-310.055600
2006-07-020.050400
2006-05-310.048700
2006-04-300.048100
2006-04-020.048100
2006-02-280.056700
2006-01-310.054400
2006-01-020.047600
2005-11-300.047400
2005-10-310.049800
2005-10-020.049100
2005-08-310.056600
2005-07-310.050600
2005-06-300.046500
2005-05-310.048400
2005-05-010.045000
2005-03-310.046900
2005-02-280.047000
2005-01-310.047500
2005-01-030.047700
2004-11-300.051000
2004-10-310.053400
2004-09-300.050000
2004-08-310.053400
2004-08-010.052300
2004-06-300.052300
2004-05-310.052500
2004-05-020.050800
2004-03-310.052800
2004-02-290.048100
2004-02-010.047900
2004-01-010.046000
2003-11-300.048300
2003-11-020.049800
2003-09-300.047700
2003-08-310.047200
2003-07-310.046600
2003-06-300.027700

Investment Objective

The fund is a Bond fund and aims to provide a high level of current income and capital appreciation by investing primarily (i.e. at least 70% of the fund's assets) in high-yielding, sub investment grade securities of issuers that have their head office or main activities in Western, Central and Eastern Europe (including Russia). This region includes certain countries considered to be emerging markets.

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. 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.
8. 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.
9. 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.
10. 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.
11. 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.