Schroder International Selection Fund - Global Corporate Bond Fund A Acc USD

施羅德環球基金系列 - 環球企業債券基金 A類 Acc 美元

LU0106258311

Risk Rating: Level 3

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.

Non-dealing Hours

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

0.75%

HKD10,000.00Min. Subscription

HKD / JPY / EUR / GBP / RMB / USD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD10,000.00

Daily

16:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+0.39%
3 mth
+0.50%
6 mth
+5.65%
1 yr
+12.43%
3 yr
+15.71%
5 yr
+20.89%

Analytical Figures (3 years)

Annualized Return
+4.98%
Annualized Volatility
+3.25%
Sharpe Ratio
+0.84

Fund Information

Fund Houses
Schroder Investment Management (HK) Ltd
Launch Date
2000-01-16
Fund Manager
Rick A. Rezek
Alix Stewart
Manager Start Date
Rick A. Rezek (Start Date: 2018-06-27) Alix Stewart (Start Date: 2018-06-27)
Geographical Focus
Global
Asset Class/ Sector
Fixed Income - Hybrid
Risk Rating
Risk Level 3

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 2019-11-19)
USD 2,013,749,318.56
Management Fee
0.75%
Latest Dividend
N.A.

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

0.75%

HKD10,000.00Min. Subscription

HKD / JPY / EUR / GBP / RMB / USD

HKD10,000.00Min. Subscription

HKD10,000.00

HKD10,000.00

Daily

16:30

-

Dividend Records

No Dividends

Investment Objective

The fund aims to provide income and capital growth by investing in fixed and floating rate securities issued by companies worldwide.

Nature and Extent of Risks

Investment involves risk. Please refer to the offering document for details including the risk factors.
1. Risk relating to investment in debt securities
- Credit and counterparty risk: Investment in debt securities is subject to the credit/default risk of the issuer which may also adversely affect the settlement of the securities.
- Interest rate risks: Investment in the fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise.
- Below investment grade and unrated debt securities: Investments in fixed income securities below investment grade or unrated are generally subject to higher degree of counterparty risk, credit risk, volatility risk, liquidity risk and risk of loss of principal and interest than higher rated securities.
- Credit ratings 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.
- Credit downgrading risk: The credit rating of debt securities or their issuers may subsequently downgraded. In the event of such downgrading, the value of the fund may be adversely affected. The investment manager may not dispose of such securities immediately and the fund may therefore be subject to additional risk of loss.
- Liquidity and volatility risk: Securities not listed or rated or actively traded may have low liquidity and higher volatility. The prices of such securities may be subject to fluctuations. The bid and offer spread of their price may be high and the fund may therefore incur significant trading costs and may even suffer losses when selling such instruments.
- Valuation risk: Valuation of the fund’s investment may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the fund.
2. Sovereign debt risk
Investment in sovereign debt obligations issued or guaranteed by governments or their agencies of certain developing countries and certain developed countries may expose the fund to political, social and economic risks. A government entity’s willingness or ability to repay principal and interest due in a timely manner may be affected by various factors. In the event that a government entity defaults on its sovereign debt, holders of sovereign debt, including the fund, may be requested to participate in the rescheduling of such debt and to extend further loans to the relevant government entity. The fund may suffer significant losses in such events.
3. FDI
The fund may use FDI extensively to meet its specific investment objective. There is no guarantee that the performance of FDI will result in a positive effect for the fund. The leverage element/component of derivatives can result in a loss significantly greater than the amount invested in the FDI by the fund. FDI exposure may lead to a high risk of significant capital loss. Risks associated with FDI include:
- Credit risk and Counterparty risk: The fund will be subject to the risk of the inability of any counterparty through or with which the fund conducts the FDI transactions to perform its obligations, whether due to insolvency, bankruptcy or other causes.
- Liquidity risk: There may be possible absence of a liquid secondary market for any particular FDI at any time. The fund may be unable to sell illiquid FDI at an advantageous time or price and results in a reduction of returns.
- Valuation risk: The fund is subject to the risk of mispricing or improper valuation of FDI.
- Volatility risk: The fund is subject to the risk of higher volatility of the returns as FDI usually have a leverage component.
- Over-the-counter (“OTC”) transaction risks: FDI traded in OTC markets may be more volatile and less liquid. Its prices may include an undisclosed dealer mark-up which a fund may pay as part of the purchase price.
- Hedging risk: There is no guarantee that the desired hedging instruments will be available or hedging techniques will achieve their desired result. In adverse situations, the use of hedging instruments may become ineffective in hedging and the fund may suffer significant losses.
4. Risks relating to high expected leverage
The fund may have a net leverage exposure of over 100% of its net asset value to FDI. This will further magnify any potential negative impact of any change in the value of the underlying asset on the fund and also increase the volatility of the fund’s price and may lead to significant losses.
5. Concentrated geographical locations
The fund investing in concentrated geographical locations may be subject to a higher level of risks comparing to a fund investing in a more diversified portfolio/strategy. The value of the fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the relevant geographical locations.
6. Emerging and less developed markets
The fund may invest in emerging and less developed markets. Investing in emerging and less developed markets is subject to greater risks than investing in securities of developed countries such as ownership and custody risks, political and economic risks, market and settlement risks, liquidity and volatility risk, legal and regulatory risks, execution and counterparty risk, and currency risk, which may adversely affect the net asset value per share of the fund and investors may as a result suffer losses.
7. Risks relating to distributions
- For distribution share classes with a general dividend policy, expenses will be paid out of capital rather than out of gross income. The amount of distributable income therefore increases and the amount so increased may be considered to be dividend paid out of capital; capital growth will be reduced and in periods of low growth capital erosion may occur.
- Distribution share classes with a fixed dividend policy will distribute the dividends based on a fixed amount or fixed percentage of the net asset value per share. This may result in share classes with fixed distributions either paying out both income and capital in distribution payments, or not substantially distributing all the investment income which a share class has earned.
- Investments in distribution share classes with fixed dividend policy are not an alternative to a savings account or fixed-interest paying investment. The percentage of distributions paid by distribution share classes with fixed dividend policy is unrelated to expected or past income or returns of these share classes or the fund. The distribution can thus be higher or lower than the income and return that were effectively realised.
- Distribution share classes with fixed dividend policy will continue to distribute in periods that the fund has negative returns or is making losses, which further reduces the net asset value of the distribution Share Classes with fixed dividend policy. In extreme circumstances, investors may not be able to get back the original investment amount.
- Investors should note that a positive distribution yield does not imply a positive return. Distribution share classes with a fixed dividend policy do not distribute a fixed amount and the constant percentage of distribution results in higher absolute distributions when the net asset value of the relevant Distribution share classes with fixed dividend policy is high, and lower absolute distributions when the net asset value of the relevant distribution share classes with fixed dividend policy is low.
- You should note that in the circumstances where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the net asset value of shares.
- The distribution amount and net asset value of the currency hedged share class may be adversely affected by differences in the interest rates of the reference currency of the currency hedged share classes and the fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-currency hedged share classes.
8. Risks relating to hedging and the hedged classes
- In respect of the share classes which the management company of the fund has the ability to fully hedge the shares of such share classes in relation to the fund currency, currency exposures or currency hedging transactions within the fund’s portfolio will not be considered. The aim of currency hedged share class is to provide you with the performance returns of the fund’s investments by reducing the effects of exchange rate fluctuations between the share class’s and the fund’s base currency. However there is no assurance that the hedging strategies employed will be effective.
- Where undertaken, the effects of this hedging will be reflected in the net asset value and, therefore, in the performance of such share class. Similarly, any expenses arising from such hedging transactions will be borne by the share class in relation to which the expenses have been incurred.
- It should be noted that these hedging transactions may be entered into whether the reference currency is declining or increasing in value relative to the relevant fund currency and so, where such hedging is undertaken it may substantially protect investors in the relevant share class against a decrease in the value of the fund currency relative to the reference currency, but it may also preclude investors from benefiting from an increase in the value of the fund currency.
- There can be no assurance that the currency hedging employed will fully eliminate the currency exposure to the reference currency.
9. Currency risks
Assets and share classes may be denominated in currencies other than USD and some may not be freely convertible. The fund may be adversely affected by changes in foreign exchange rates and exchange rate controls of the currencies in which securities are held, the reference currencies of the share classes and the US Dollar. This exposes all share classes of the fund to exchange rate fluctuations and currency risk. It may not be practicable or possible to hedge against such foreign exchange/currency risk exposure.
10. RMB Currency Risk and RMB share classes related risk
- RMB is currently not freely convertible and is subject to foreign exchange control policies and restrictions.
- There can be no assurance that RMB will not be subject to depreciation. Any depreciation of RMB could adversely affect the value of investor’s investment in share classes denominated in RMB.
- Share classes denominated in RMB will be valued with reference to offshore RMB (“CNH”) rather than onshore RMB (“CNY”). While CNH and CNY represent the same currency, they are traded at different rates. Any divergence between CNH and CNY may adversely impact investors.
- Non-RMB based investors in share classes denominated in RMB may have to convert HK dollar or other currency(ies) into RMB when investing in share classes denominated in RMB and subsequently convert the RMB redemption proceeds and/or dividend payment (if any) back to HK dollar or such other currency(ies). Investors will incur currency conversion costs and you may suffer losses depending on the exchange rate movements of RMB relative to HK dollar or such other currencies.
- Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.

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