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Invesco Emerging Market Corporate Bond A MD USD

景順新興市場企業債券基金 A類 MD 美元

LU0607516332

Risk Rating: Level 5

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 five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

Non-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

14:00

2020-10-25

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
-0.35%
3 mth
+2.40%
6 mth
+13.18%
1 yr
+1.75%
3 yr
+6.09%
5 yr
+21.63%

Analytical Figures (3 years)

Annualized Return
+1.99%
Annualized Volatility
+11.97%
Sharpe Ratio
+0.09

Fund Information

Fund Houses
Invesco Hong Kong Ltd (Offshore Fund Series)
Launch Date
2011-05-03
Fund Manager
Michael Hyman
Robert Turner
Jason Trujillo
Manager Start Date
2016-10-13
2017-06-30
2019-06-21
Geographical Focus
Emerging Markets
Asset Class/ Sector
Fixed Income - Hybrid
Risk Rating
Risk Level 5

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 five (5) or six (6), these are mainly aimed at providing capital appreciation to investors by investing primarily in single market equities, single industry equities or derivatives etc. For more details, please refer to the Due Diligence section under the Procedures page.

Fund AUM(As of 2020-09-29)
USD 85,253,725.51
Management Fee
1.50%
Latest Dividend
USD 0.038600 (2020-09-30)

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

14:00

2020-10-25

Dividend Records

Dividend DateDividend Records (USD)
2020-09-300.038600
2020-08-310.039200
2020-08-020.039000
2020-06-300.038100
2020-06-010.037300
2020-05-030.035100
2020-03-310.033700
2020-03-010.041700
2020-02-020.041800
2020-01-010.041500
2019-12-010.041000
2019-11-030.041000
2019-09-300.041000
2019-09-010.040900
2019-07-310.041000
2019-06-300.040600
2019-06-020.041900
2019-05-010.042000
2019-03-310.041800
2019-02-280.041700
2019-01-310.041200
2019-01-010.040200
2018-12-020.040100
2018-11-010.040600
2018-09-300.041200
2018-09-020.039200
2018-07-310.040200
2018-07-010.039800
2018-05-310.040500
2018-05-010.041400
2018-04-290.041400
2018-04-020.041900
2018-02-280.042600
2018-01-310.043300
2018-01-010.043200
2017-11-300.043200
2017-11-010.043400
2017-10-010.043300
2017-08-310.043200
2017-07-310.042900
2017-07-020.042700
2017-05-310.043100
2017-05-010.042900
2017-04-020.042700
2017-02-280.042800
2017-01-310.042400
2017-01-020.041900
2016-11-300.041600
2016-11-010.042800
2016-10-020.043000
2016-08-310.043100
2016-08-300.043100
2016-07-310.042700
2016-06-300.042100
2016-05-310.043700
2016-05-010.043900
2016-03-310.043400
2016-02-290.040200
2016-01-310.040200
2016-01-030.040900
2015-11-300.042100
2015-11-010.041900
2015-09-300.041300
2015-08-310.044200
2015-08-020.045200
2015-06-300.045300
2015-05-310.046400
2015-05-030.046500
2015-03-310.045700
2015-03-010.041500
2015-02-010.041000
2015-01-010.041000
2014-11-300.042300
2014-11-020.042900
2014-09-300.042500
2014-08-310.043500
2014-07-310.040000
2014-06-300.043300
2014-06-010.042900
2014-05-010.041900
2014-03-310.041600
2014-03-020.039300
2014-02-020.038700
2014-01-010.038800
2013-12-010.038900
2013-11-030.039600
2013-09-300.038600
2013-09-010.038000
2013-07-310.039400
2013-06-300.039000
2013-06-020.041500
2013-05-010.042100
2013-04-010.042000
2013-02-280.044300
2013-01-310.044700
2013-01-010.044400
2012-12-020.044000
2012-11-010.043800
2012-09-300.043100
2012-09-020.042500
2012-07-310.042000
2012-07-010.040800
2012-05-310.040100
2012-05-010.041100
2012-04-010.040900
2012-02-290.040600
2012-01-310.039800
2012-01-020.038700
2011-11-300.038200
2011-11-010.039100
2011-10-020.036600
2011-08-310.039800
2011-07-310.040700
2011-06-300.039900

Investment Objective

The objective of the Fund is to achieve a high income yield and long-term capital appreciation by investing primarily in debt securities of emerging market corporate issuers. The Investment Adviser intends to invest in securities and financial derivative instruments within the investment universe which is defined as all cash, debt securities (including asset backed securities), financial derivative instruments on debt and credit markets and all currencies worldwide.

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 Sub-Manager (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 primarily in debt securities of emerging market corporate 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.
9. 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 un-rated 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.
10. 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.
11. Risk associated with investment in Russia
- There are significant risks inherent in investing in Russia including: (a) delays in settling transactions and the risk of loss arising out of Russia’s system of securities registration and custody; (b) the lack of corporate governance provisions or general rules or regulations relating to investor protection; (c) pervasiveness of corruption, insider trading, and crime in the Russian economic systems; (d) difficulties associated in obtaining accurate market valuations of many Russian securities, based partly on the limited amount of publicly available information; (e) tax regulations are ambiguous and unclear and there is a risk of imposition of arbitrary or onerous taxes; (f) the general financial condition of Russian companies, which may involve particularly large amounts of inter-company debt; (g) banks and other financial institutions are not well developed or regulated and as a result tend to be untested and have low credit ratings and (h) political and economic instability which can impact the valuation of investments in Russia; (i) Russian markets may lack liquidity and exhibit high price volatility meaning that the accumulation and disposal of holdings in some investments may be time consuming and may need to be conducted at unfavourable prices.
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.
16. Portfolio Turnover Risk - The Fund may engage in significant turnover of the underlying securities held. This may involve the Investment Manager selling a security or entering into the close out of a derivative position when it believes it is appropriate to do so, regardless of how long the Fund has held the instrument. This practice may be carried out on a continuous basis, where the Investment Manager believes it is in the best interests of shareholders. These activities increase the Fund’s portfolio turnover and may increase the Fund’s transaction costs, however, any potential costs will be considered as part of the investment decision to ensure it is in the best interests of the Fund.
17. 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.