Franklin High Yield Fund A MDis USD

富蘭克林高息基金 A類 MDis 美元

LU0065014192

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.

Non-dealing Hours

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

0.80%

HKD10,000.00Min. Subscription

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

HKD10,000.00Min. Subscription

HKD10,000.00

HKD10,000.00

Daily

15:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
-0.07%
3 mth
+1.56%
6 mth
+3.16%
1 yr
+8.69%
3 yr
+16.45%
5 yr
+13.61%

Analytical Figures (3 years)

Annualized Return
+5.21%
Annualized Volatility
+4.54%
Sharpe Ratio
+0.66

Fund Information

Fund Houses
Franklin Templeton Investments (Asia) Ltd.
Launch Date
1996-02-29
Fund Manager
Betsy Hofman
Glenn I. Voyles
Manager Start Date
Betsy Hofman (Start Date: 1996-03-01) Glenn I. Voyles (Start Date: 2016-02-01)
Geographical Focus
Global
Asset Class/ Sector
Fixed Income - High yield
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 1,559,808,718.116
Management Fee
0.80%
Latest Dividend
USD 0.026000 (2019-11-07)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD10,000.00Min. Subscription

0.80%

HKD10,000.00Min. Subscription

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

HKD10,000.00Min. Subscription

HKD10,000.00

HKD10,000.00

Daily

15:30

-

Dividend Records

Dividend DateDividend Records (USD)
2019-11-070.026000
2019-10-070.028000
2019-09-080.027000
2019-08-070.028000
2019-07-070.028000
2019-06-090.026000
2019-05-070.031000
2019-04-070.029000
2019-03-070.028000
2019-02-070.028000
2019-01-080.029000
2018-12-090.028000
2018-11-070.029000
2018-10-070.028000
2018-09-090.028000
2018-08-070.028000
2018-07-080.030000
2018-06-070.030000
2018-05-070.029000
2018-04-080.029000
2018-03-070.029000
2018-02-070.029000
2018-01-080.030000
2017-12-070.033000
2017-11-070.031000
2017-10-080.030000
2017-09-070.030000
2017-08-070.030000
2017-07-090.031000
2017-06-070.030000
2017-05-070.030000
2017-04-090.030000
2017-03-070.030000
2017-02-070.028000
2017-01-080.030000
2016-12-070.030000
2016-11-070.032000
2016-10-090.033000
2016-09-070.032000
2016-08-070.030000
2016-07-070.033000
2016-06-070.032000
2016-05-080.022000
2016-04-070.029000
2016-03-070.039000
2016-02-070.034000
2016-01-100.035000
2015-12-070.035000
2015-11-080.035000
2015-10-070.036000
2015-09-070.038000
2015-08-090.036000
2015-07-070.039000
2015-06-070.037000
2015-05-070.030000
2015-04-080.029000
2015-03-080.031000
2015-02-080.027000
2015-01-080.030000
2014-12-070.031000
2014-11-090.029000
2014-10-070.030000
2014-09-070.030000
2014-08-070.029000
2014-07-070.031000
2014-06-090.030000
2014-06-080.030000
2014-05-070.028000
2014-04-070.032000
2014-03-090.034000
2014-02-090.033000
2014-01-080.033000
2013-12-080.034000
2013-11-070.032000
2013-10-070.032000
2013-09-080.034000
2013-08-070.033000
2013-07-070.035000
2013-06-090.032000
2013-05-070.031000
2013-04-070.034000
2013-03-070.036000
2013-02-070.033000
2013-01-080.035000
2012-12-090.035000
2012-11-080.033000
2012-10-070.033000
2012-09-090.033000
2012-08-070.034000
2012-07-080.035000
2012-06-070.040000
2012-05-080.035000
2012-04-100.033000
2012-03-070.036000
2012-02-070.039000
2012-01-080.035000
2011-12-070.038000
2011-11-080.036000
2011-10-090.036000
2011-09-070.038000
2011-08-070.036000
2011-07-070.038000
2011-06-080.036000
2011-05-080.036000
2011-04-070.035000
2011-03-070.038000
2011-02-070.036000
2011-01-090.038000
2010-12-070.040000
2010-11-070.037000
2010-10-070.035000
2010-09-070.038000
2010-08-080.038000
2010-07-070.038000
2010-06-070.040000
2010-05-090.035000
2010-04-070.038000
2010-03-070.036000
2010-02-070.035000
2010-01-070.040000
2009-12-070.042000
2009-11-080.037000
2009-10-070.035000
2009-09-070.034000
2009-08-090.034000
2009-07-070.036000
2009-06-070.033000
2009-05-070.023000
2009-04-070.032000
2009-03-080.036000
2009-02-080.039000
2009-01-070.046000
2008-12-070.045000
2008-11-090.044000
2008-10-070.040000
2008-09-070.043000
2008-08-070.042000
2008-07-070.042000
2008-06-080.040000
2008-05-070.044000
2008-04-070.044000
2008-03-090.042000
2008-02-070.041000
2008-01-070.041000
2007-12-090.043000
2007-11-070.040000
2007-10-070.039000
2007-09-090.041000
2007-08-070.040000
2007-07-080.040000
2007-06-070.039000
2007-05-070.039000
2007-04-090.039000
2007-03-070.039000
2007-02-070.038000
2007-01-070.039000
2006-12-070.039000
2006-11-070.037000
2006-10-080.039000
2006-09-070.038000
2006-08-070.038000
2006-07-090.037000
2006-06-070.039000
2006-05-070.038000
2006-04-090.038000
2006-03-070.039000
2006-02-070.039000
2006-01-080.032000
2005-12-070.039000
2005-11-070.041000
2005-10-090.039000
2005-09-070.037000
2005-08-070.037000
2005-07-070.038000
2005-06-070.038000
2005-05-080.039000
2005-04-070.039000
2005-03-070.042000
2005-02-070.039000
2005-01-090.039000
2004-12-070.037000
2004-11-070.037000
2004-10-070.039000
2004-09-070.038000
2004-08-080.039000
2004-07-070.039000
2004-06-070.042000
2004-05-090.042000
2004-04-070.040000
2004-03-070.042000
2004-02-080.044000
2004-01-080.035000
2003-12-070.038000
2003-11-090.042000
2003-10-070.043000
2003-09-070.043000
2003-08-070.040000
2003-07-070.041000
2003-06-090.045000
2003-05-080.042000
2003-05-070.042000
2003-04-070.042000
2003-03-090.047000
2003-02-090.045000
2003-01-080.044000
2002-12-080.040000
2002-11-100.047000
2002-10-080.045000
2002-10-070.045000
2002-09-080.046000
2002-08-070.051000
2002-07-070.048000
2002-06-090.048000
2002-05-090.044000
2002-04-080.045000
2002-03-070.040000
2002-02-070.054000
2002-01-080.055000
2001-12-090.050000
2001-11-080.064000
2001-10-080.049000
2001-10-070.049000
2001-09-090.055000
2001-08-070.061000
2001-07-080.057000
2001-06-100.056000
2001-05-080.054000
2001-04-080.042000
2001-03-070.062000
2001-02-070.060000
2001-01-080.068000
2000-12-060.057000
2000-11-070.072000
2000-10-050.060000
2000-09-060.068000
2000-08-060.068000
2000-07-090.071000
2000-06-070.077000
2000-05-070.073000
2000-04-060.071000
2000-03-060.066000
2000-02-060.075000
2000-01-060.075000
1999-12-060.074000
1999-11-070.081000
1999-10-060.063000
1999-09-070.075000
1999-08-050.079000
1999-08-040.079000
1999-07-060.074000
1999-06-060.070000
1999-05-060.076000
1999-04-070.077000
1999-03-040.068000
1999-02-040.074000
1999-01-070.075000
1998-12-060.081000
1998-11-050.078000
1998-10-060.077000
1998-09-060.074000
1998-08-060.072000
1998-07-060.077000
1998-06-070.073000
1998-06-040.073000
1998-05-060.072000
1998-04-060.077000
1998-03-050.070000
1998-02-050.077000
1998-01-070.081000
1997-12-040.072000
1997-11-060.079000
1997-10-060.076000
1997-09-040.070000
1997-08-060.082000
1997-07-060.080000
1997-05-220.060000
1997-05-080.057000
1997-04-100.064000
1997-03-060.049000
1997-02-060.054000
1997-01-090.062000
1996-12-120.056000
1996-11-070.055000
1996-10-100.056000
1996-09-120.058000
1996-08-080.067000
1996-07-110.049000
1996-06-060.060000
1996-05-090.050000
1996-04-180.025000
1996-04-110.025000

Investment Objective

Franklin High Yield Fund (the “Fund”) aims to earn high income and, secondarily, to increase the value of its investments over the medium to long term.

Nature and Extent of Risks

Investment involves risks. Please refer to the offering document for details including the risk factors.
1. Market risk
The market values of securities owned by the Fund will tend to go up or down, sometimes rapidly or unpredictably, due to factors affecting individual issuers, particular industries or sectors within securities markets, or because of general market conditions. During a general downturn in the securities markets, multiple asset classes (including different sectors of the same asset class) may decline in value at the same time. Similarly, when markets perform well, there can be no assurance that securities held by the Fund will participate in the advance. Because the securities the Fund holds fluctuate in price in this manner, the Fund’s value may go down as well as up and investors may be adversely affected.
2. Interest rate securities risk
Interest rates changes tend to be driven by prevailing economic, political and regulatory conditions as well as issuer-specific factors, impacting longer term securities more than short-term securities. A fixed income security’s value will generally increase in value when interest rates fall and decrease in value when interest rates rise. Movements in interest rates may therefore adversely affect the valuation of the Fund’s fixed income securities (such as bonds) and the Fund’s net asset value on a daily basis, in addition to impacting the amount of interest income earned by the Fund. Conditions in the banking sector may also adversely affect interest rates and the prices of fixed income securities.
3. Credit risk
The Fund is exposed to the credit/default risk of issuers of the debt securities that the Fund may invest in. Changes in the financial condition of an issuer, changes in economic and political conditions in general, or changes in economic and political conditions specific to an issuer, are factors that may have an adverse impact on an issuer’s credit quality and security value. Default can occur if an issuer fails to make principal and interest payments when due, which may result in a substantial loss to the Fund. Debt securities are also exposed to the risk of being downgraded, which can adversely affect and/or result in a substantial loss to the Fund.
4. Low-rated or non-investment grade securities risk
The Fund may invest in lower rated, unrated or non-investment grade securities (such as lower rated bonds) where the risk of failure to pay interest and/or principal is greater vs. higher rated securities. Lower rated, unrated or non-investment grade securities generally pose greater illiquidity and valuation risks. These risks may result in a substantial loss to the Fund.
5. Foreign currency risk
The Fund will typically invest to a significant degree in securities that are denominated in currencies other than the base currency of the Fund, exposing its investments to changes in foreign exchange rates and the possibility of exchange control regulations. Changes in currency exchange rates may adversely affect the value of the Fund, and also may affect the income earned by the Fund and gains and losses realized by the Fund. The Fund may seek to hedge currency exposure, which can limit the potential for currency gains. To the extent that the Fund seeks to hedge or protect against currency exchange risk, there is no guarantee that hedging or protection will be achieved, and the value of the Fund may be adversely affected.
6. Liquidity risk
The Fund may not be able to easily sell securities due to adverse market conditions or reduced value or creditworthiness of issuers in which it invests. The inability of the Fund to sell securities or positions may also impede the ability of the Fund to meet redemption requests in a timely manner. Certain securities may also be illiquid due to limited trading
markets or contractual restrictions on their resale. Reduced liquidity due to these factors may have an adverse impact on the net asset value of the Fund.
7. Valuation risk
Valuation of the Fund’s investments may involve uncertainties and judgmental determinations. Independent pricing information may not always be available. If valuations prove to be incorrect, the investors of the Fund may be adversely affected.
8. Derivative instruments risk
Derivative instruments involve cost, may be volatile, and may involve a leverage effect. A small market movement may give rise to a proportionately larger impact, which may cause substantial loss to the Fund. Other risks include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. In adverse situations, the Fund’s use of derivative instruments may become ineffective and the Fund may suffer significant losses.
9. Counterparty risk
When over-the-counter (OTC) or other bilateral contracts are entered into (such as OTC derivatives, repurchase agreements, security lending etc.), the Fund may find itself exposed to risks arising from the solvency of its counterparties and from their ability to respect the condition of these contracts and the Fund/investors may be adversely impacted.
10. Volatility risk
The debt securities in emerging markets may be subject to higher volatility and lower liquidity compared to more developed markets. The prices of securities traded in such markets may be subject to fluctuations. The bid and offer spreads of the price of such securities may be large and the Fund may incur significant trading costs.
11. Credit-linked securities risk
The Fund may invest in credit-linked securities (such as credit default swaps). The Fund may be adversely affected by any delay or cessation in the making of payments by the issuers of the debt obligations underlying the credit-linked security or by the issuer of the credit-linked security. If the market for credit-linked securities becomes illiquid, the Fund could experience difficulty in selling such security at a price the investment manager believes is fair, and the Fund may be adversely impacted.
12. Defaulted debt securities risk
The Fund may invest in defaulted debt securities which have stopped payments on interest and/or principal in the belief such securities may resume payments in the future, but payment resumption may not occur and such securities may go down further in value, which may result in a substantial loss to the Fund.
13. Convertible securities risk
The Fund may invest in convertible securities which are a hybrid between debt and equity, permitting holders to convert into shares of the issuer at a specified future date. Convertibles are exposed to equity movement and greater volatility than straight bond investments. Investments in convertible securities are subject to the same interest rate risk, credit risk, liquidity risk and prepayment risk associated with comparable straight bond investments. The value and performance of the Fund may be adversely affected as a result.
14. Swap agreements risk
In a standard “swap” transaction, two parties agree to exchange the returns (or differential in rates of return) earned or realized on particular predetermined investments or instruments. Whether the Fund's use of swap agreements will be successful in furthering its investment objective will depend on the ability of the investment manager to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Swap agreements are illiquid and in the event of the default or bankruptcy of a swap agreement counterparty, the Fund may suffer a substantial loss.
15. Warrants risk
Warrants are more volatile than the securities to which the warrants are linked, exposing the Fund to greater risk. The Fund may be adversely affected as a result.
16. Class hedging risk
The hedging strategy for a hedged share class may not work as intended, exposing investors of that share class to currency risk. Additionally, investors of a hedged share class may be exposed to fluctuations in the net asset value per share reflecting the gains/losses on and the associated transaction costs of the financial instruments used for hedging, and such investors may be adversely impacted.
17. Europe and Eurozone risk
The Fund may invest in the Eurozone. Mounting sovereign debt burdens (e.g. any sovereigns within the Eurozone, which default on their debts, may be forced to restructure their debts and faced difficulties in obtaining credit or refinancing) and slowing economic growth among European countries, combined with uncertainties in European financial markets, including feared or actual failures in the banking system and the possible break-up of the Eurozone and Euro currency, may adversely affect interest rates and the prices of securities across Europe and potentially other markets as well. These events may increase volatility, liquidity and currency risks associated with investments in Europe. The aforesaid economic and financial difficulties in Europe may spread across Europe and as a result, a single or several European countries may exit the Eurozone or a sovereign within the Eurozone may default on its debts. In any event of the break-up of the Eurozone or Euro currency, the Fund may be exposed to additional operational or performance risks. While the European governments, the European Central Bank, and other authorities are taking measures (e.g. undertaking economic reforms and imposing austerity measures on citizens) to address the current fiscal conditions, these measures may not have the desired effect and therefore the future stability and growth of Europe is uncertain. The performance and value of the Fund may be adversely affected should there be any adverse credit events (e.g. downgrade of the sovereign credit rating or default or bankruptcy of any Eurozone countries).
18. Restructuring companies risk
Companies involved in reorganization or financial restructuring tend to have a relatively weak financial position. Restructuring could be disruptive to the business and management structure of the companies involved, which may result in substantial losses for the Fund.
19. Dividend policy risk
The Fund’s dividend policy allows for payment of dividends out of capital or effectively out of capital. Where this is done, it 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 Fund’s capital or payment of dividends effectively out of the Fund’s capital (as the case may be) may result in an immediate reduction of the net asset value per share.

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