Invesco US High Yield Bond Fund A MDis(Fixed) USD

景順美國高收益債券基金 A類 MDis(Fixed) 美元

LU0794788066

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.

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Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

1.25%

HKD10,000.00Min. Subscription

HKD / JPY / EUR / GBP / USD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD15,000.00

Daily

16:30

2019-09-30

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+1.79%
3 mth
+1.35%
6 mth
+2.80%
1 yr
+4.51%
3 yr
+13.20%
5 yr
+15.68%

Analytical Figures (3 years)

Annualized Return
+4.22%
Annualized Volatility
+4.14%
Sharpe Ratio
+0.53

Fund Information

Fund Houses
Invesco Hong Kong Ltd (Offshore Fund Series)
Launch Date
2012-06-26
Fund Manager
Scott Roberts
Andrew Geryol
Joseph Portera
Manager Start Date
Scott Roberts (Start Date: 2012-08-20) Andrew Geryol (Start Date: 2016-10-13) Joseph Portera (Start Date: 2016-10-13)
Geographical Focus
US
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 2019-08-29)
USD 45,017,670
Management Fee
1.25%
Latest Dividend
USD 0.043600 (2019-09-01)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

1.25%

HKD10,000.00Min. Subscription

HKD / JPY / EUR / GBP / USD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD15,000.00

Daily

16:30

2019-09-30

Dividend Records

Dividend DateDividend Records (USD)
2019-09-010.043600
2019-07-310.043800
2019-06-300.043900
2019-06-020.043400
2019-05-010.044100
2019-03-310.043800
2019-02-280.041800
2019-01-310.041200
2019-01-010.039700
2018-12-020.040800
2018-11-010.041200
2018-09-300.042300
2018-09-020.042300
2018-07-310.042200
2018-07-010.041900
2018-05-310.042100
2018-05-010.042400
2018-04-290.042400
2018-04-020.042400
2018-02-280.042800
2018-01-310.043400
2018-01-010.043500
2017-11-300.043600
2017-11-010.044000
2017-10-010.044100
2017-08-310.043900
2017-07-310.044300
2017-07-020.044000
2017-05-310.046200
2017-05-010.046100
2017-04-020.045900
2017-02-280.046300
2017-01-310.045900
2017-01-020.045700
2016-11-300.047000
2016-11-010.047900
2016-10-020.048100
2016-08-310.050300
2016-08-300.050300
2016-07-310.049600
2016-06-300.048800
2016-05-310.049200
2016-05-010.049300
2016-03-310.048000
2016-02-290.044800
2016-01-310.044900
2016-01-030.045900
2015-11-300.047400
2015-11-010.048500
2015-09-300.047300
2015-08-310.049000
2015-08-020.050200
2015-06-300.050600
2015-05-310.051800
2015-05-030.051900
2015-03-310.051400
2015-03-010.047600
2015-02-010.046800
2015-01-010.046700
2014-11-300.047600
2014-11-020.047700
2014-09-300.047300
2014-08-310.046600
2014-07-310.046700
2014-06-300.047400
2014-06-010.047300
2014-05-010.047100
2014-03-310.047000
2014-03-020.044800
2014-02-020.044200
2014-01-010.044400
2013-12-010.044300
2013-11-030.044400
2013-09-300.043400
2013-09-010.042900
2013-07-310.043500
2013-06-300.042600
2013-06-020.044200
2013-05-010.044600
2013-04-010.043800
2013-02-280.043600
2013-01-310.043900
2013-01-010.043500
2012-12-020.042900
2012-11-010.055700
2012-09-300.055300
2012-09-020.055000
2012-07-310.054500

Investment Objective

The Fund aims to achieve high income and long term capital growth. The Fund will primarily invest (at least 70% of the net asset value of the Fund) in non-investment grade debt securities (including convertible debt and unrated debt securities) issued by US issuers.

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. 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.
6. 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.
7. 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.
8. 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.
9. Concentration risk
- As the Fund will invest primarily in debt securities issued by US issuers, 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.
- The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event and natural disaster affecting the US market.
10. Risk of investing convertibles/convertible bonds/convertible debts
Convertibles/convertible bonds/convertible debts are a hybrid between debt and equity, typically permitting holders to convert into shares in the company issuing the bond at a specified future date. As such, convertibles/convertible bonds/convertible debts may be exposed to equity movement and greater volatility than non-convertibles/convertible bonds/convertible debts investments. Investments in convertibles/convertible bonds/convertible debts are subject to the similar interest rate risk, credit risk, liquidity risk and prepayment risk associated with comparable non-convertibles/convertible bonds/convertible debts investments.
11. Risk of investing in financial derivative instruments ("FDI") for efficient portfolio management and hedging 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.
12. 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.
13. Contingent convertibles risk
- Contingent convertible bonds are a type of debt security, issued by a financial institution that may be converted into equity or could be forced to suffer a write down of principal upon the occurrence of a pre-determined trigger event. The trigger event is ordinarily linked to the financial position of the issuer. In stressed market conditions, the liquidity profile of the issuer can deteriorate significantly and a significant discount may be required in order to sell the contingent convertible bonds.
- Contingent convertible bonds can carry higher risk than investment in traditional debt instruments/ convertibles and in certain cases equities since coupon payments may be discretionary and can be cancelled at any time for any reason.
- Contingent convertible bonds can also be exposed to several other risks, including but not limited to trigger level risk, capital structure inversion risk, call extension risk, unknown/uncertainty risk and valuation risk.

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