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BNP Paribas Funds China Equity Classic Cap USD

法巴中國股票基金經典 Cap 美元

LU0823426308

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 not required

HKD4,000.00Min. Subscription

1.75%

HKD4,000.00Min. Subscription

USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

14:00

2021-02-11

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+12.24%
3 mth
+18.14%
6 mth
+30.87%
1 yr
+52.31%
3 yr
+63.70%
5 yr
+210.48%

Analytical Figures (3 years)

Annualized Return
+17.86%
Annualized Volatility
+20.94%
Sharpe Ratio
+0.85

Fund Information

Fund Houses
BNP Paribas Asset Management
Launch Date
1997-06-08
Fund Manager
David Choa,Maxwell Yang
Manager Start Date
David Choa (Start Date: 2020-07-01) Maxwell Yang (Start Date: 2020-07-01)
Geographical Focus
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 2021-01-18)
USD 2,480,965,049.58
Management Fee
1.75%
Latest Dividend
N.A.

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.75%

HKD4,000.00Min. Subscription

USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

14:00

2021-02-11

Dividend Records

No Dividends

Investment Objective

To increase the value of its assets over the medium term by investing primarily in Chinese (including Hong Kong and Taiwan) equities.

Nature and Extent of Risks

Investment involves risks. Please refer to the offering document for details including the risk factors.
1. Geographical Concentration Risk
The sub-fund’s investments are concentrated in China, Hong Kong or Taiwan. This may result in greater volatility than funds which comprise broad-based global investments. The sub-fund may be more susceptible to adverse fluctuations in value resulting from adverse condition in China, Hong Kong or Taiwan and the sub-fund’s value may be adversely affected.
2. Risk related to Investments in China
Part of the sub-fund’s investments is concentrated in China, which may result in a greater risk of loss than investing in more developed markets due to greater political, tax, economic, foreign exchange, liquidity, regulatory, accounting and reporting risk. Generally, there is greater market volatility, greater currency fluctuation, lower trading volume, greater political and economic instability, greater settlement risk, greater risk of market shut down, more governmental limitations on foreign investment and more governmental control of currency conversion and future movements in exchange rate than those typically found in developed markets. The value of the sub-fund may be more volatile and may be adversely affected.
3. Risks related to RQFII investments
The RQFII Regulations are relatively new. The application and interpretation of such investment regulations are untested and there is no certainty as to how they will be applied as the PRC authorities and regulators have been given wide discretion in such investment regulations. There is no precedent or certainty as to how such discretion may be exercised now or in the future.
The Investment Manager of the sub-fund has been granted a RQFII investment quota (the “RQFII Quota”) through which they may invest directly in China domestic securities. The sub-fund may not have exclusive use of the entire RQFII quota granted to the Investment Manager. There can be no assurance that RQFII quota can be obtained to fully satisfy subscription requests in the sub-fund.
Repatriations by RQFII in respect of the sub-fund are currently conducted daily and are not subject to repatriation restrictions. There is no assurance that PRC rules and regulations will not change or that repatriation restrictions will not be imposed in the future. Any restrictions on repatriation of the invested capital and net profits may impact on the sub-fund’s ability to meet redemption requests from the Shareholders.
In the event of bankruptcy or liquidation of the PRC custodian, the sub-fund may face difficulty or encounter delays in recovering such debt, or may not be able to recover it in full or at all, in which case the sub-fund will suffer losses. There is also a risk that the sub-fund may suffer significant losses from the default, bankruptcy or disqualification of the PRC brokers in performing their obligation (including execution or settlement of any transaction or transfer of monies or securities).
4. Risks related to Stock Connect
Stock Connect is novel in nature, and will be subject to regulations promulgated by regulatory authorities and implementation rules made by the stock exchanges in the PRC and Hong Kong from time to time. The regulations are untested and there is no certainty as to how they will be applied.
Stock Connect is subject to quota limitations which may restrict the sub-fund’s ability to invest in China AShares through Stock Connect on a timely basis, and the sub-fund may not be able to effectively pursue its investment strategies.
Under the Northbound trading link of the Stock Connect, investors will be able to trade certain eligible stocks listed on the Shanghai Stock Exchange market and the Shenzhen Stock Exchange market. It is expected that the list of eligible securities will be subject to review. If a stock is recalled from the scope of eligible securities for trading via Stock Connect, the stock can only be sold and cannot be bought. This may affect the investment portfolio or strategies of investors.
New regulations may be issued from time to time in connection with operations, legal enforcement and cross-border trades under the Stock Connect. The sub-fund may be adversely affected retrospectively as a result of such changes.
Where a suspension in the trading through Stock Connect is effected, the sub-fund’s ability to access the Mainland China market via the Stock Connect will be adversely affected.
5. Changes in PRC taxation risk
Investment in the sub-fund may involve risks due to fiscal measures that the Chinese government could impose on foreign investors. The sub-fund does not make a provision in respect of PRC withholding tax on capital gains derived from direct equity investments in PRC enterprises. In case of any shortfall between the provisions and the actual tax liabilities, which will be debited from the sub-fund’s assets, the sub-fund’s asset value will be adversely affected. Existing and subsequent investors will be disadvantaged as they will bear for a disproportionately higher amount of tax liabilities as compared to the liability at the time of investment in the sub-fund.
6. Access products risk
The sub-fund may invest in access products. Access products may not be listed and are subject to the terms and conditions imposed by their issuer. Investment in access products can be illiquid as there is no active market in access products and may be exposed to the credit risk of the issuer of the access products. Investment through access products may incur costs which may in turn lead to a dilution of performance of the sub-fund. Fluctuation in the exchange rate between the denomination currency of the underlying shares and the access products will also affect the value of the access products. The sub-fund’s value may be adversely affected.
7. Emerging Market Risk
The sub-fund invests in China which is one of the emerging markets. Investing in emerging markets is likely to be subject to a higher than average volatility, less liquidity and greater sensitivity than investing in more developed markets due to, among other factors, greater uncertainty, greater political, tax, economic, social, foreign exchange, liquidity and regulatory risks. The price fluctuations of the investments are often amplified in the short term and the value of investments of the sub-fund may go down.
8. Risk linked to Equity Market
Investments in equity include significant fluctuations in prices, negative information about the issuer or market. Moreover, these fluctuations are often amplified in the short term and may have a negative impact on the performance of the overall portfolio at a given time. There is no guarantee that investors will see an appreciation in value. The value of investments of the sub-fund may go down and it is possible that investors will not recover their initial investment.
9. Risk associated with investments in financial derivative instruments
Risk associated with financial derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instruments by the sub-fund. Exposure to financial derivative instruments may lead to a high risk of significant loss by the sub-fund.
10. Liquidity Risk
Investments made by the sub-fund may become illiquid. It may not be possible to sell or buy these investments quickly enough to prevent or minimize a loss in the sub-fund.
11. Currency Exchange Risk
The sub-fund may hold assets denominated in currencies that differ from the base currency, and may be affected by exchange rate fluctuations between the base currency and the other currencies and by changes in exchange rate controls. A depreciation of the denomination currency will lead to a depreciation in the exchange value of the security. When the manager is willing to hedge the currency exchange risk of a transaction, there is no guarantee that such operation will be completely effective and the sub-fund’s value may be adversely affected.
12. Operational & Custody Risk
Some markets are less regulated than most of the international markets; hence, the services related to custody and liquidation for the sub-fund on such markets could be more risky. In the event of a custodian default, the sub-fund may suffer a delay in recovering its assets, pending the resolution of the relevant default or bankruptcy proceedings.
13. Risk in connection with Dividend Payment
The Management Company may at its discretion pay dividends out of the capital of the sub-fund. Payment of dividends 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 distributions involving payment of dividends out of the sub-fund’s capital may result in an immediate reduction of the net asset value per share. The Management Company may amend the dividend policy subject to the SFC’s prior approval and by giving not less than one month’s notice to investors.
14. Investment Risk
When investing in a fund, there is a risk that the final outcome may deviate from the initial expectations. The sub-fund’s investment portfolio may fall in value and therefore may suffer losses. In addition, there is no guarantee of principal repayment.