Income Partners Asian High Income Bond Fund Classes 2A USD Acc

弘收亞洲高收益債券基金 2A Acc 美元

HK0000358256

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

HKD15,000.00Min. Subscription

1.50%

HKD15,000.00Min. Subscription

RMB / 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
+0.15%
3 mth
-1.11%
6 mth
-0.22%
1 yr
+5.39%
3 yr
+6.11%
5 yr
+10.87%

Analytical Figures (3 years)

Annualized Return
+2.00%
Annualized Volatility
+4.41%
Sharpe Ratio
+0.07

Fund Information

Fund Houses
Income Partners Asset Management (HK) Ltd
Launch Date
2016-05-28
Fund Manager
Raymond Gui
Manager Start Date
Raymond Gu (Start Date: 2017-08-11)
Geographical Focus
Asia Pacific
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 2018-11-29)
USD 14,000,000
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%

HKD15,000.00Min. Subscription

RMB / USD

HKD15,000.00Min. Subscription

HKD15,000.00

HKD15,000.00

Daily

16:30

2019-09-30

Dividend Records

No Dividends

Investment Objective

The investment objective of the Sub-Fund is to seek a high total investment return through income and capital appreciation, primarily from high yielding fixed income securities in the Asia-Pacific region.

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 held by the Sub-Fund 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. Risks relating to debt securities
High-Yield (below investment grade and unrated) securities risk
The Sub-Fund may invest in debt securities which are high-yield (below investment grade and unrated). Such debt securities would generally be considered to have a higher degree of counterparty risk, credit risk and have lower liquidity than higher rated, lower yielding securities and may be subject to higher volatility and greater risk of loss of principal and interest than high-rated debt securities.
Credit / Counterparty risk
The Sub-Fund is exposed to the credit/default risk of issuers of the debt securities that the Sub-Fund may invest in.
Certain high yielding fixed income securities or instruments that the Sub-Fund invests in may be offered on an unsecured basis without collateral, and such instruments will rank equally with other unsecured debts of the relevant issuer. As a result, if the issuer becomes bankrupt, proceeds from the liquidation of the issuer’s assets will be paid to holders of the relevant instrument only after all secured claims have been satisfied in full. The Sub-Fund is therefore fully exposed to the credit/insolvency risk of its counterparties as an unsecured creditor and may suffer a total loss on the securities if the counterparties default.
Credit rating downgrading risk
The credit rating assigned to a security or an issuer may be re-evaluated and updated based on recent market events or specific developments and investment grade securities may be subject to the risk of being downgraded to below investment grade securities. In the event of downgrading in the credit ratings of a security or an issuer relating to a security, the Sub-Fund’s investment value in such security may be adversely affected. The Manager may or may not dispose of the debt securities that are being downgraded.
Credit ratings 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. The credit ratings of an issuer assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times. Rating agencies may not always change their credit rating of an issuer in a timely manner to reflect events that could affect the issuer’s ability to make scheduled payment on its obligations, which may have an adverse impact on the Sub-Fund and its investors.
Volatility and liquidity risk
The debt securities in the Asia-Pacific markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of debt securities traded in such markets may be subject to fluctuations.
Interest rate risk
Investment in the Sub-Fund is subject to interest rate risk. In general, the prices of debt securities (such as bonds) rise when interest rates fall, whilst their prices fall when interest rates rise.
Sovereign / government debt risk
The Sub-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 Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.
Convertible bond risk
Convertible bonds are a hybrid between debt and equity, permitting holders to convert into shares in the company issuing the bond at a specified future date. As such, convertibles will be exposed to equity movement and greater volatility than straight bond investments. Investments in convertible bonds are subject to the same interest rate risk, credit risk, liquidity risk and prepayment risk associated with comparable straight bond investments.
Valuation risk
Valuations of the Sub-Fund’s investments may involve uncertainties and judgmental determinations. If such valuation is proven to be incorrect, this will affect the net asset value calculation of the Sub-Fund.
3. Geographical risk / Concentration risk
The Sub-Fund invests in emerging markets in the Asia-Pacific region, which may involve increased risks and special considerations not typically associated with investments in more developed markets, such as increased liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risks and increased volatility risk.
The Sub-Fund invests primarily in high yield debt instruments from companies and/or governments in the Asia-Pacific region. Investors should also be aware that the SubFund is likely to be more volatile than a broad-based fund that adopts a more diversified strategy.
The Sub-Fund may invest up to 30% of its assets outside of the Asia-Pacific region, which may cause the Sub-Fund to be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event risk affecting the relevant non-Asia-Pacific market.
4. Currency and foreign exchange risk
Underlying investments in the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. Also, a class of units may be designated in a currency other than the base currency of the Sub-Fund. 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.
5. Derivatives and hedging risk
The Sub-Fund may enter into derivatives transactions such as swap, currency forwards, options, futures and convertible securities transactions for hedging purposes. There is no assurance that the use of hedging strategies, techniques and derivative instruments will fully and effectively eliminate the risk exposure of the Sub-Fund. Hedging may become inefficient or ineffective. In adverse situations, the Sub-Fund may even suffer significant losses.
6. Distributions risk
The Manager may at its discretion, in respect of the Distribution Units, pay distributions out of, or effectively out of, the capital of the Sub-Fund. Investors should note that the payment of distributions out of, or effectively out of, capital represents a return or a withdrawal of part of the amount they originally invested or from any capital gains attributable to that amount. Any such distributions may result in an immediate decrease in the net asset value of the relevant Units. The Manager may amend this distribution policy subject to the SFC’s prior approval and by giving not less than one month’s prior notice to unitholders.
The distribution amount and net asset value of the hedged class of units may be adversely affected by differences in the interest rates of the reference currency of the hedged class of units and the Sub-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 the other non-hedged class of units.

Manage your asset round-the-clock

Hotline

852
3896 3896

1501, 15/F, 101 King's Road,
North Point, Hong Kong

Mon - Fri (excluding public holidays)
09:00 - 18:00

Copyright © 2019 Noble Apex Advisors Limited. All Rights Reserved.