Invesco Emerging Local Currencies Debt Fund A MDis USD

景順新興貨幣債券基金 A類 MDis 美元

LU0275062080

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.

Dealing Hours

Dealing Information

Secure Transaction

Derivatives knowledge required

HKD10,000.00Min. Subscription

1.50%

HKD10,000.00Min. Subscription

HKD / JPY / EUR / GBP / USD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD15,000.00

Daily

16:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+0.78%
3 mth
+1.71%
6 mth
+6.89%
1 yr
+10.96%
3 yr
+10.17%
5 yr
-6.63%

Analytical Figures (3 years)

Annualized Return
+3.28%
Annualized Volatility
+10.41%
Sharpe Ratio
+0.04

Fund Information

Fund Houses
Invesco Hong Kong Ltd (Offshore Fund Series)
Launch Date
2006-12-13
Fund Manager
Michael Hyman
Hemant Baijal
Wim Vandenhoeck
Manager Start Date
Michael Hyman (Start Date: 2016-10-13) Hemant Baijal (Start Date: 2019-06-21) Wim Vandenhoeck (Strat Date: 2019-06-21)
Geographical Focus
Emerging Markets
Asset Class/ Sector
Fixed Income - Hybrid
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 2019-09-29)
USD 287,369,350
Management Fee
1.50%
Latest Dividend
USD 0.030200 (2019-11-03)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge required

HKD10,000.00Min. Subscription

1.50%

HKD10,000.00Min. Subscription

HKD / JPY / EUR / GBP / USD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD15,000.00

Daily

16:30

-

Dividend Records

Dividend DateDividend Records (USD)
2019-11-030.030200
2019-09-300.029500
2019-09-010.029300
2019-07-310.030400
2019-06-300.030300
2019-06-020.028700
2019-05-010.029100
2019-03-310.029400
2019-02-280.032200
2019-01-310.032500
2019-01-010.031100
2018-12-020.031100
2018-11-010.030500
2018-09-300.031200
2018-09-020.030700
2018-07-310.033100
2018-07-010.032500
2018-05-310.034100
2018-05-010.036500
2018-04-290.036500
2018-04-020.037800
2018-02-280.036400
2018-01-310.036900
2018-01-010.035400
2017-11-300.035100
2017-11-010.034800
2017-10-010.036100
2017-08-310.036400
2017-07-310.036100
2017-07-020.035700
2017-05-310.035600
2017-05-010.035300
2017-04-020.035100
2017-02-280.031600
2017-01-310.031100
2017-01-020.030700
2016-11-300.031700
2016-11-010.034000
2016-10-020.034300
2016-08-310.035600
2016-08-300.035600
2016-07-310.035400
2016-06-300.035700
2016-05-310.035500
2016-05-010.037700
2016-03-310.037000
2016-02-290.034000
2016-01-310.033800
2016-01-030.034300
2015-11-300.035800
2015-11-010.036600
2015-09-300.035200
2015-08-310.036600
2015-08-020.038700
2015-06-300.040300
2015-05-310.041200
2015-05-030.042800
2015-03-310.041400
2015-03-010.039400
2015-02-010.040400
2015-01-010.040200
2014-11-300.042900
2014-11-020.043900
2014-09-300.043300
2014-08-310.041800
2014-07-310.042100
2014-06-300.042800
2014-06-010.042600
2014-05-010.041600
2014-03-310.041400
2014-03-020.040700
2014-02-020.039400
2014-01-010.041500
2013-12-010.042000
2013-11-030.043900
2013-10-310.476000
2013-09-300.042600
2013-09-010.043200
2013-07-310.045400
2013-06-300.045700
2013-06-030.473600
2013-06-020.048800
2013-05-010.051800
2013-04-300.489700
2013-04-010.050400
2013-02-280.051200
2013-01-310.051600
2013-01-010.051200
2012-12-020.050400
2012-11-010.049900
2012-10-310.413900
2012-09-300.050100
2012-09-020.048800
2012-07-310.049400
2012-07-010.047800
2012-05-310.046500
2012-05-010.049900
2012-04-300.450000
2012-04-010.049600
2012-02-290.050800
2012-01-310.049700
2012-01-020.046500
2011-11-300.046500
2011-11-010.049600
2011-10-300.563000
2011-10-020.046700
2011-08-310.052300
2011-08-010.467700
2011-07-310.052700
2011-06-300.052400
2011-05-310.052500
2011-05-020.461500
2011-05-010.053200
2011-03-310.051100
2011-02-280.047500
2011-01-310.047100
2011-01-030.048300
2010-11-300.047000
2010-11-010.049600
2010-09-300.066000
2010-08-310.063000
2010-08-010.062800
2010-06-300.060300
2010-05-310.060200
2010-05-020.063800
2010-03-310.062800
2010-02-280.056400
2010-01-310.056400
2010-01-030.057000
2009-11-300.057200
2009-11-010.056500
2009-09-300.056200
2009-08-310.054500
2009-08-030.054200
2009-06-300.052000
2009-06-010.051500
2009-04-300.048800
2009-03-310.044900
2009-03-010.059900
2009-02-010.063500
2009-01-010.066100
2008-11-300.061600
2008-11-020.063900
2008-09-300.077600
2008-08-310.060000
2008-07-310.060400
2008-06-300.060000
2008-06-010.097900
2008-05-010.093400
2008-03-310.074700
2008-03-020.031200
2008-01-310.082200
2008-01-010.039000
2007-12-020.070700
2007-11-010.038800
2007-09-300.052100
2007-09-020.103400
2007-07-310.082800
2007-07-010.052000
2007-05-310.166600

Investment Objective

The objective of the Fund is to achieve long-term capital growth and high income. The Fund will invest at least two thirds of its net asset value in a flexible allocation of cash, debt securities (including corporate bonds and bonds issued by supranational organisations) and financial derivative instruments which are denominated in the currency of emerging market countries (as more fully described below).

Nature and Extent of Risks

Investment involves risks. Please refer to the Prospectus for details including the risks factors.
1. General investment risk
There can be no assurance that the Fund will achieve its investment objective. The instruments invested by the Fund may fall in value 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.
2. Currency exchange risk
- The Fund’s assets may be invested in securities 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. The net asset value of the Fund may be affected unfavorably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
- For the hedged share classes, there is no guarantee that the exposure of the currency in which the shares are denominated can be fully hedged at all times against the base currency of the Fund or the currency or currencies in which the assets of the Fund are denominated. Investors should also note that the successful implementation of the strategy may substantially reduce the benefit to shareholders in the relevant class of shares as a result of decreases in the value of the share class currency against the base currency of the Fund. In the event that investors request payment of redemption proceeds in a currency other than the currency in which the shares are denominated, the exposure of that currency to the currency in which the shares are denominated will not be hedged.
3. Volatility risk
Investors should note that volatility in the Fund's investment portfolio may result in large fluctuations in the net asset value of the Fund which may adversely affect the net asset value per share of the Fund and investors may as a result suffer losses.
4. Credit risk
- Investment in bonds, debt or other fixed income securities (including corporate and sovereign bonds) are subject to the risk that issuers do not make payments on interest and principal of such securities. An issuer suffering from an adverse change in its financial condition could lower the quality of a security leading to greater price volatility on that security.
- Securities which were investment grade at the time of acquisition may be downgraded. The risk of any such downgrading will vary over time. The Fund’s investment policy does not specifically require the Fund to sell such securities if they should fall below investment grade. Besides, the Investment Manager and/or Investment SubManager (if applicable) may not be able to dispose of the debt instruments that are being downgraded. Investments in below investment grade securities carry a higher risk of default and therefore may adversely impact the Fund and/or the interests of investors.
5. Interest rate risk
The bonds or fixed income securities that the Fund invests in may fall in value if the interest rates change and this will adversely impact the net asset value of the Fund. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise. Longer term debt securities are usually more sensitive to interest rate changes.
6. Liquidity risk
The Fund may be adversely affected by a decrease in market liquidity for the securities in which it invests where some of the Fund’s securities may become illiquid and the Fund may experience difficulties in selling securities at a fair price within a timely manner.
7. 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.
8. Concentration risk
As the Fund will invest at least two thirds of its net asset value in debt securities and/or other instruments which are denominated in the currency of emerging market countries, such concentration may exhibit a higher than usual degree of risk and the Fund may be subject to above average volatility. The diversification benefits that would ordinarily accrue from investment in a fund having a more diverse portfolio of investments, may not apply to this Fund.
9. Emerging markets risk
The Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets such as, liquidity risk, currency risks/ control, political and economic uncertainties, policy, legal or regulatory event affecting the relevant markets and taxation risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
10. Risk of investing in high yield bonds/non-investment grade bonds and un-rated bonds
The Fund may invest in high yield bonds/ non-investment grade bonds and un-rated bonds which involve substantial risk. High yield bonds/ non-investment grade bonds and un-rated bonds are regarded as being predominantly speculative as to the issuer’s ability to make payments of principal and interest. Issuers of high yield bonds/ non-investment grade bonds and unrated bonds may be highly leveraged, subject to lower liquidity and higher volatility and may not have available to them more traditional methods of financing. An economic recession may adversely affect an issuer’s financial condition and the market value of high yield bonds/ non-investment grade bonds and un-rated bonds issued by such entity. High yield bonds/ non-investment grade bonds and un-rated bonds are generally subject to greater loss of principal and interest than high-rated bonds. As such, this may adversely impact the Fund and/or the interests of investors.
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. Counterparty risk
The Fund will be exposed to credit risk on the counterparties with which it trades in relation to financial derivative instrument contracts (including foreign exchange currency contracts) that are not traded on a recognised exchange. Such instruments are not afforded the same protections as may apply to participants trading financial derivative instruments on organised exchanges, such as the performance of guarantee of an exchange clearing house and therefore the Fund will bear the risk of the counterparty’s insolvency, bankruptcy or default or a
delay in settlement due to a credit or liquidity problem affecting the counterparty.
13. Risk of investing in financial derivative instruments ("FDI") for efficient portfolio management and hedging purpose and for investment purposes
Investments of the Fund may be composed of FDI used for efficient portfolio management or to attempt to hedge or reduce the overall risk of its investments. Risks associated with FDI include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a FDI can result in a loss significantly greater than the amount invested in the FDI by the Fund. Exposure to FDI may lead to a high risk of significant loss by the Fund. As well as the risks identified above, the Fund may use derivatives for investment purposes and may be exposed to additional leveraged risk, which may result in significant fluctuations of the net asset value of the Fund and/or extreme losses where the Investment Manager is not successful in predicting market movements. This in turn may lead to an increase in the risk profile of the Fund.
14. Risks of implementing active FDI positions not correlated with underlying asset of the Fund
As the active FDI positions (including active currency/interest rate/credit positions) implemented by the Fund may not be correlated with the underlying securities positions held by the Fund (i.e. debt securities), the Fund may suffer a significant or total loss even if there is no loss of the value of the underlying securities positions being debt securities held by the Fund.
15. Risks associated with payment of dividends and/or fees and expenses out of capital
- Payment of dividends out of capital and/or effectively 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 such distributions may result in an immediate reduction of the net asset value per share in respect of such share class after the monthly distribution date.
- For Monthly Distribution-1 share classes that are currency hedged, the Fund may take into account the return driven by the interest rate differential between the currency in which the hedged Monthly Distribution-1 share class is denominated and the base currency of the Fund in determining the distribution to be paid. Investors should be aware that the uncertainty of relative interest rates which will have an impact on the return of the hedged Monthly Distribution–1 share class. The net asset value of the Monthly Distribution-1 hedged share class may fluctuate and may significantly differ from other share class due to the fluctuation of the interest rate differential between the currency in which the hedged Monthly Distribution-1 share class is denominated and the base currency of the Fund, and may result in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share class. Investors in such share class may therefore be adversely affected.

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