Manulife Global Fund - China Value Fund A Dis USD

宏利環球基金 - 中華威力基金 A類 Dis 美元

LU0085394640

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.

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Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD1,600,000.00Min. Subscription

1.50%

HKD1,600,000.00Min. Subscription

HKD / USD

HKD1,600,000.00Min. Subscription

HKD1,600,000.00

HKD1,600,000.00

Daily

15:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+3.00%
3 mth
+10.94%
6 mth
+6.42%
1 yr
+12.88%
3 yr
+24.51%
5 yr
+13.52%

Analytical Figures (3 years)

Annualized Return
+7.58%
Annualized Volatility
+16.59%
Sharpe Ratio
+0.35

Fund Information

Fund Houses
Manulife Asset Management (Hong Kong) Limited
Launch Date
1998-03-31
Fund Manager
Michelle Yu
Manager Start Date
Michelle Yu (Start Date: 2014-06-01)
Geographical Focus
Greater China
Asset Class/ Sector
Equity - All cap
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 2019-11-13)
USD 668,155,762.06
Management Fee
1.50%
Latest Dividend
USD 0.073900 (2019-10-20)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD1,600,000.00Min. Subscription

1.50%

HKD1,600,000.00Min. Subscription

HKD / USD

HKD1,600,000.00Min. Subscription

HKD1,600,000.00

HKD1,600,000.00

Daily

15:30

-

Dividend Records

Dividend DateDividend Records (USD)
2019-10-200.073900
2018-11-040.058800
2017-10-290.029330
2016-10-300.049151
2015-11-010.060335
2014-11-030.060802
2013-11-040.048496
2012-10-280.052184
2011-10-300.021293
2010-11-010.000683
2009-11-010.115742
2008-11-020.058416
2007-11-010.045547
2006-11-020.059080
2005-11-020.033500
2004-11-010.011750
2003-10-190.012930
2002-11-060.019162
2001-10-210.016138
2000-10-220.029935
1999-10-170.031850
1998-10-180.003200

Investment Objective

China Value Fund aims to achieve long term capital appreciation through investing at least 70%
of its net assets in a diversified portfolio of securities of companies with substantial business interests in the Greater China Region (which includes Mainland China, Hong Kong and Taiwan) which are listed or traded on the stock exchanges of Shanghai, Shenzhen, Hong Kong, Taipei or other overseas exchanges and which are currently under-valued but which may have long term potential.
The Sub-Fund’s investments will generally be in equity securities of its target companies, although it may also invest in convertible bonds and depository receipts issued by such companies, in all cases, within the limits of the investment and borrowing powers and restrictions contained in the Prospectus. Investments of the Sub-Fund may also include A-Shares and/or B-Shares listed on the Shanghai Securities Exchange (“SSE”) and the Shenzhen Stock Exchange in Mainland China. The Sub-Fund may invest directly in certain China A shares listed on the SSE in Mainland China via the Shanghai-Hong Kong Stock Connect programme (“Shanghai-Hong Kong Stock Connect”). The Sub-Fund may also invest indirectly in China A shares via access products (“China A-Shares Access Products”) such as equity-linked notes, participating certificates, participatory notes, swaps and other similar instruments issued by institutions that have obtained Qualified Foreign Institutional Investor (“QFII”) and/or Renminbi Qualified Foreign Institutional Investor (“RQFII”) licences from China Securities Regulatory Commission (the “CSRC”) within a certain investment limit (“Quota”) as approved by the State Administration of Foreign Exchange (the “SAFE”). In any event where the Sub-Fund invests in China A shares, it is expected that the Sub-Fund will not hold (directly or indirectly) more than 30% of its net asset value, in aggregate, in China A shares. Further, the Sub-Fund will not hold (directly or indirectly) more than 10% of its net asset value in aggregate, in China B-Shares. The prior approval of the Securities and Futures Commission in Hong Kong will be sought for any change in such investment strategy, and at least one month’s prior notice will be given to the relevant Shareholders.

Nature and Extent of Risks

Investment involves risks. Please refer to the Prospectus which forms part of the Hong Kong Offering Document for details including the risk factors.
1. Investment Risk: The Sub-Fund’s investment portfolio 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. Equity Market Risk: The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
3. Geographical Concentration Risk:
The concentration of the Sub-Fund’s investments in equity securities of companies related to Mainland China, Hong Kong or Taiwan may result in greater volatility than portfolios which comprise broad-based global investments. The value of the Sub-Fund may be more susceptible to adverse events in those regions.
4. Political and Regulatory Risk:
Changes to government policies or legislation in the markets in which the Sub-Fund may invest may adversely affect the political or economic stability of such markets, such as preventing or limiting the repatriation of foreign capital or the availability of legal redress through the courts. Investments in certain markets may also require the procurement of a substantial number of licences, regulatory consents, certificates and approvals. The inability to obtain a particular licence, regulatory consent, certificate or approval could adversely affect the operations of the Sub-Fund.
5. Mainland China Investment Risk:
Investing in the securities markets in Mainland China is subject to the risks of investing in emerging markets generally as well as to specific risks relating to the Mainland China market. Investing in Mainland China-related companies involves certain risks and special considerations not typically associated with investment in more developed economies or markets, such as greater political, tax, foreign exchange, liquidity and regulatory risk.
6. Mainland China Tax Risk:
With effect from November 17, 2014, PRC-sourced gains on disposal of shares and other equity investments (including A shares) derived by QFIIs or RQFIIs (without an establishment or place of business in the PRC or having an establishment or place in the PRC but the income so derived in the PRC is not effectively connected with such establishment or place) would be exempt from PRC corporate income tax. Value-added tax and other surtaxes have not been actively imposed on QFIIs and RQFIIs by the PRC tax authorities. Based on professional and independent tax advice received, the Investment Manager of the Sub-Fund does not currently make any tax provision in respect of any potential PRC tax; however, the Investment Manager reserves the right to do so when it thinks appropriate. In addition, investments in A shares through Stock Connect would be exempt from PRC corporate income tax and value-added tax on gains on disposal of the A shares. The tax laws, regulations and practice in Mainland China are constantly changing, and they may be changed with retrospective effect. In this connection, the Sub-Fund may be subject to additional taxation that is not anticipated as at the date hereof or when the relevant investments are made, valued or disposed of. The income from and/or the value of the relevant investments in the Sub-Fund may be reduced by any of those changes.
7. Investments in China A-Shares Access Products:
QFIIs or RQFIIs may not be able to fulfil investment requests from the Investment Manager in relation to China A-Shares Access Products, or to process redemption requests in a timely manner. Any risk or restriction in relation to the licences (such as licence revocation) of QFIIs and RQFIIs will constitute a risk or restriction for the Sub-Fund. The Sub-Fund may also incur additional cost in investing in China A-Shares Access Products due to the limited availability of such products and the high demand for such products in the market. The Sub-Fund, which relies on the PRC custodians and PRC brokers to execute or settle transactions for China A-Shares Access Products, will be exposed to the less developed custody and settlement system in Mainland China. In addition, QFII and RQFII investment restrictions and the illiquidity of the Chinese securities market may further limit the Sub-Fund’s investment capabilities. An investment in China A-Shares Access Products is not a direct investment in China A-Shares and thus does not entitle the Sub-Fund to any direct beneficial interest in China A-Shares or to any direct claim against the issuers of China A-Shares. Issuers of China A-Shares Access Products may deduct various charges, expenses or potential liabilities from the prices of the products. Accordingly, investing in China A-Shares Access Products may lead to a dilution of performance of the Sub-Fund when compared to a direct investment in the underlying China A-Shares. Access by the Sub-Fund to its profits generated through investments in China A-Shares Access Products is subject to repatriation capabilities of QFIIs and/or RQFIIs under the prevailing foreign exchange rules applicable to QFIIs and/or RQFIIs. Any fluctuation in the exchange rate between the Renminbi and the denomination currency of China A-Shares Access Products may have an adverse impact on the value of the China A-Shares Access Products. In addition, as China A-Shares Access Products constitute a type of FDIs, investments in such products may also subject the Sub-Fund to risks associated with investments in FDIs, which include, but without limitation to, credit risk, valuation risk and volatility risk.
8. Investments via Stock Connect:
Stock Connect is a new programme and there is no certainty as to how the relevant regulations will be applied. The current Stock Connect regulations are subject to change, which may take retrospective effect. A stock may be recalled from the scope of eligible SSE shares or SZSE shares, as the case may be, for trading via Stock Connect, and in such event the stock can only be sold and is restricted from being bought by the Sub-Fund. During the settlement process for SSE shares and SZSE shares, such shares are held by Hong Kong Securities Clearing Company as nominee on behalf of the executing brokers. The Sub-Fund will have only a beneficial interest in the shares and the status of such beneficial interest is untested. The Sub-Fund would also be exposed to the counterparty risk with respect to China Securities Depository and Clearing Corporation Limited. Under extreme market conditions, Stock Connect may be available only on a limited basis, if at all. Each of Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect is subject to a daily quota measuring total trading volume via the relevant Stock Connect. As these quotas are not particular to either the Sub-Fund or the Investment Manager, the Investment Manager will not be able to control the use or availability of the quota. Trading in SSE shares or SZSE shares and carrying out corporate actions in respect of such shares held by the Sub-Fund are subject to local regulations, rules and practice. The risks and restrictions associated with investments via Stock Connect may affect the Investment Manager’s ability to implement the Sub-Fund’s investment strategy. In addition, when the Sub-Fund invests in SZSE shares through Shenzhen-Hong Kong Stock Connect, it will be subject to the risk associated with the Small and Medium Enterprise Board and/or ChiNext Board of the SZSE.
9. Small Cap Risk: Investments in securities of small and medium sized companies may involve greater risk than is customarily associated with investment in larger and more established companies. In particular, smaller companies often have limited product lines, markets or financial resources, with less research information available about the company, and their management may be dependent on a few key individuals.
10. Liquidity and Volatility Risks:
The Sub-Fund may invest in companies which are less well established in their early stages of development. These companies may often experience significant price volatility and potential lack of liquidity due to the low trading volume of their securities. The absence of adequate liquidity may also arise when a particular securities is difficult to sell at the desired moment during particular periods or in particular market conditions.
11. Currency Risk: The Sub-Fund is denominated in US dollars. Its performance will be affected by movements in the exchange rates between the currencies in which the assets are held and US dollars, and any changes in exchange control regulations which may cause difficulties in the repatriation of funds.
12. Non-Investment Use of FDIs:
The Sub-Fund does not use FDIs extensively to achieve its investment objective or for investment purpose, but may from time to time, under normal circumstances, use FDIs for efficient portfolio management and hedging purposes. The use of derivatives exposes the Sub-Fund to additional risks, including: (i) volatility risk – FDIs may be highly volatile; (ii) management risk – the results are reliant upon the success of the Investment Manager in making investment decisions in the prevailing market conditions; (iii) market risk – there is a risk from exposure to changes in market value of FDIs; (iv) credit risk – the Sub-Fund is exposed to the risk of loss resulting from a counterparty’s failure to meet its financial obligations; and (v) liquidity risk – which exists when particular investments are difficult to be purchased or sold quickly. The eventuation of any of the above risks could have an adverse effect on the net asset value of the Sub-Fund. In adverse situations, the Sub-Fund’s use of FDIs may become ineffective and the Sub-Fund may suffer significant losses.

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