JPMorgan Asian Total Return Bond Fund MDis RMB (Hedged)

摩根亞洲總收益債券基金 MDis 人民幣 (對沖)

HK0000203197

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 not required

HKD25,000.00Min. Subscription

1.00%

HKD25,000.00Min. Subscription

HKD / JPY / EUR / GBP / RMB / USD / NZD

HKD25,000.00Min. Subscription

HKD25,000.00

HKD25,000.00

Daily

16:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+0.37%
3 mth
+0.77%
6 mth
+3.84%
1 yr
+10.15%
3 yr
+18.13%
5 yr
+29.52%

Analytical Figures (3 years)

Annualized Return
+5.71%
Annualized Volatility
+7.29%
Sharpe Ratio
+0.33

Fund Information

Fund Houses
JPMorgan Funds (Asia) Ltd.
Launch Date
2014-06-25
Fund Manager
Shaw-Yann Ho
Jason Pang
Manager Start Date
Shaw-Yann Ho (Start Date: 2018-02-26) Jason Pang (Start Date: 2018-02-26)
Geographical Focus
Asia
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 2019-10-30)
USD 3,318,468,645.967
Management Fee
1.00%
Latest Dividend
RMB 0.043500 (2019-10-30)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD25,000.00Min. Subscription

1.00%

HKD25,000.00Min. Subscription

HKD / JPY / EUR / GBP / RMB / USD / NZD

HKD25,000.00Min. Subscription

HKD25,000.00

HKD25,000.00

Daily

16:30

-

Dividend Records

Dividend DateDividend Records (RMB)
2019-10-300.043500
2019-09-290.044700
2019-08-290.041900
2019-07-300.036600
2019-06-270.039800
2019-05-300.038400
2019-04-290.037000
2019-03-280.033700
2019-02-270.030700
2019-01-300.036400
2018-12-300.036800
2018-11-290.040200
2018-10-300.047700
2018-09-270.041300
2018-08-300.034600
2018-07-300.038300
2018-06-280.044600
2018-05-300.044900
2018-04-290.042300
2018-03-280.045600
2018-02-270.046200
2018-01-300.045500
2017-12-280.047000
2017-11-290.046500
2017-10-300.046500
2017-09-280.045000
2017-08-300.043100
2017-07-300.051200
2017-06-290.063200
2017-05-300.056500
2017-04-270.052900
2017-03-300.059400
2017-02-270.068300
2017-01-260.108100
2016-12-290.073500
2016-11-290.053400
2016-10-300.055000
2016-09-290.055000
2016-08-300.039700
2016-07-280.045900
2016-06-290.044200
2016-05-300.047200
2016-04-280.046700
2016-03-300.057400
2016-02-280.075900
2016-01-280.098600
2015-12-300.073000
2015-11-290.061000
2015-10-290.065000
2015-09-290.072500
2015-08-300.067700
2015-07-300.059900
2015-06-290.057100
2015-05-280.059800
2015-04-290.070700
2015-03-300.075100
2015-02-260.075800
2015-01-290.071400
2014-12-300.072700
2014-11-270.063200
2014-10-300.061300
2014-09-290.061700
2014-08-280.061600
2014-07-300.061500

Investment Objective

The investment objective of the Fund is to achieve a competitive total return, consisting of capital growth and regular dividend income, through an actively managed portfolio investing primarily in Asian bonds and other debt securities.

Nature and Extent of Risks

Investment involves risk. Please refer to the offering document(s) for details, including the risk factors.
1.Emerging markets risk
Accounting, auditing and financial reporting standards may be less rigorous than international standards. There is a possibility of nationalisation, expropriation or confiscatory taxation, foreign exchange control, political changes, government regulation, social instability or diplomatic developments which could affect adversely the economies of emerging markets or the value of the Fund’s investments.
2.Below investment grade/unrated investment risk
The Fund may invest in bonds and other debt securities which are unrated or with ratings below investment grade. Accordingly, such investment will be accompanied by a higher degree of credit and liquidity risks than is present with investment in higher rated securities. During economic downturns such bonds typically fall more in value than investment grade bonds as such are often subject to a higher risk of issuer default. The NAV of the Fund may decline or be negatively affected if there is a default of any of the high yield bond that the Fund invests in or if interest rates change.
3.Credit risk
If the issuer of any of the securities in which the Fund’s assets are invested defaults, the performance of the Fund will be adversely affected and the Fund could suffer substantial loss. For fixed income securities, a default on interest or principal may adversely impact the performance of the Fund. Decline in credit quality of the issuer may adversely affect the valuation of the relevant bonds and the Fund. The credit ratings assigned by credit rating agencies do not guarantee the creditworthiness of the issuer.
4.nterest rate risk
Interest rates in the countries in which the Fund’s assets will be invested may be subject to fluctuations. Any such fluctuations may have a direct effect on the income received by the Fund and its capital value. Bonds are particularly susceptible to interest rate changes and may experience significant price volatility. The prices of bonds generally increase when interest rates decline and decrease when interest rates rise. Longer term bonds are usually more sensitive to interest rate changes. The performance of the Fund may therefore be adversely affected.
5.Currency risk
The assets in which the Fund is invested and the income from the assets will or may be quoted in currency which are different from the Fund’s base currency. The performance of the Fund will therefore be affected by movements in the exchange rate between the currencies in which the assets are held and Fund’s currency of denomination. Investors whose base currency is different (or not in a currency linked to the Fund’s currency of denomination) may be exposed to additional currency risk.
6.Investment risk
The value of the Fund’s holdings may fall. Investors may be subject to substantial losses.
7.Liquidity risk
The Fund may invest in instruments where the volume of transactions may fluctuate significantly depending on market sentiment. There is a risk that investments made by the Fund may become less liquid in response to market developments or adverse investor perceptions.
8.Hedging risk
The Manager, the Investment Manager and the Sub-Managers are permitted, in their absolute discretion, but not obliged, to use hedging techniques to attempt to reduce market and currency risks. There is no guarantee that hedging techniques if used, will achieve the desired result nor that hedging techniques will be used, in those cases, the Fund may be exposed to the existing market and currency risks and may be adversely impacted. The hedging, if any, against foreign exchange risks may or may not be up to 100% of assets of the Fund.
9.Class currency risk
The Class Currency of each Class may be different from the Fund’s base currency, the currencies of which the Fund’s assets are invested and/or investors’ base currencies of investment. If an investor converts its base currency of investment to the Class Currency in order to invest in a particular Class and subsequently converts the redemption proceeds from that Class Currency back to its original base currency of investment, the investor may suffer a loss due to the depreciation of the Class Currency against the original currency. For example, if an investor whose base currency of investment is Hong Kong dollars (i.e. not Australian dollars) and chooses to invest in the AUD Hedged Class, the investor may be exposed to a higher currency risk. The investor may suffer a higher loss as a result of exchange rate fluctuations between Hong Kong dollars and Australian dollars upon the reconversion of its Australian dollars investment back to Hong Kong dollars as compared to an investor whose base currency of investment is originally in Australian dollars.
10.RMB currency risk
RMB is subject to a managed floating exchange rate based on market supply and demand with reference to a basket of foreign currencies. RMB exchange rate is also subject to exchange control policies. The daily trading price of the RMB against other major currencies in the inter-bank foreign exchange market is allowed to float within a narrow band around the central parity published by the relevant authorities of the People’s Republic of China. As the exchange rates are influenced by government policy and market forces, the exchange rates for RMB against other currencies, including US dollars and HK dollars, are susceptible to movements based on external factors. Accordingly, the investment in Classes denominated in RMB may be adversely affected by the fluctuations in the exchange rate between RMB and other foreign currencies. RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government. Class(es) denominated in RMB will generally be valued with reference to RMB (CNH) rather than RMB (CNY). While RMB (CNH) and RMB (CNY) represent the same currency, they are traded in different and separate markets which operate independently. As such RMB (CNH) does not necessarily have the same exchange rate and may not move in the same direction as RMB (CNY). Class(es) denominated in RMB participate in the offshore RMB (CNH) market, which allow investors to freely transact CNH outside of mainland China. Class(es) denominated in RMB will have no requirement to remit CNH to onshore RMB (CNY). Non-RMB based investors (e.g. Hong Kong investors) in Class(es) denominated in RMB may have to convert HK dollars or other currencies into RMB when investing in Class(es) denominated in RMB and subsequently convert the RMB redemption proceeds and/or distributions (if any) back to HK dollars or such other currencies. Investors will incur currency conversion costs and may suffer losses depending on the exchange rate movements of RMB relative to HK dollars or such other currencies. Also, there can be no assurance that RMB will not be subject to devaluation and any depreciation of RMB could adversely affect the value of the investor’s investment in the Fund. Even if the Fund aims at paying redemption monies and/or distributions of RMB denominated Class(es) in RMB, the Manager may, under extreme market conditions when there is not sufficient RMB for currency conversion and with the approval of the Trustee, pay redemption monies and/or distributions in US dollars. There is also a risk that payment of redemption monies and/or distributions in RMB may be delayed when there is not sufficient amount of RMB for currency conversion for settlement of the redemption monies and distributions in a timely manner due to the exchange controls and restrictions applicable to RMB. In any event, the redemption proceeds will be paid not later than one calendar month after the relevant dealing day on which units are redeemed and the Manager has received a duly completed redemption request in a prescribed format and such other information as the Trustee or the Manager may reasonably require.
11.Currency Hedged Classes risk
Each Currency Hedged Class may hedge the Fund’s denominated currency back to its currency of denomination, with an aim to provide a return on investment which correlates with the return of the Class of unit which is denominated in the base currency of the Fund. The costs and resultant profit or loss on the hedging transactions will be reflected in the net asset value per unit for the units of the relevant Currency Hedged Classes. The costs relating to such hedging transactions which may be significant depending on prevailing market conditions shall be borne by that Currency Hedged Class only. The precise hedging strategy applied to a particular Currency Hedged Class may vary. In addition, there is no guarantee that the desired hedging instruments will be available or hedging strategy will achieve its desired result. In such circumstances, investors of the Currency Hedged Class may still be subject to the currency exchange risk on an unhedged basis (which means that, for example, if the hedging strategy in respect of the RMB Hedged Class is ineffective, depending on the exchange rate movements of RMB relative to the base currency of the Fund, and/or other currency(ies) of the non-RMB denominated underlying investment of the Fund, (i) investors may still suffer losses even if there are gains or no losses in the value of the non-RMB denominated underlying investments; or (ii) investors may suffer additional losses if the non-RMB denominated underlying investments of the Fund fall in value). If the counterparties of the instruments used for hedging purposes default, investors of the Currency Hedged Classes may be exposed to the currency exchange risk on an unhedged basis and may therefore suffer further losses. While the hedging strategy may protect investors of the Currency Hedged Classes against a decrease in the value of the Fund’s base currency relative to the denominated currency of that Currency Hedged Class, the hedging strategy may substantially limit the benefits of any potential increase in the value of a Currency Hedged Class expressed in the Class currency, if the Currency Hedged Class’ denominating currency falls against the base currency of the Fund.
12.Payment of distributions out of capital risk
Where the income generated by the Fund is insufficient to pay a distribution as the Fund declares, the Manager may in its discretion determine such distributions may be paid from capital including realized and unrealized capital gains. Investors should note that the payment of distributions out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to that original investment, as a result, the capital that the Fund has available for investment in the future and capital growth may be reduced. Any payments of distributions by the Fund may result in an immediate decrease in the net asset value per unit. Also, a high distribution yield does not imply a positive or high return on the total investment.

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