PIMCO Emerging Asia Bond Fund E Inc USD (MDis)

PIMCO 新興亞洲債券基金 E類 Inc 美元 (MDis)

IE00B464Q616

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

HKD4,000.00Min. Subscription

1.5%

HKD4,000.00Min. Subscription

USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

2019-09-30

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+0.10%
3 mth
+2.63%
6 mth
+5.86%
1 yr
+11.54%
3 yr
+11.66%
5 yr
+7.12%

Analytical Figures (3 years)

Annualized Return
+3.74%
Annualized Volatility
+3.41%
Sharpe Ratio
+0.62

Fund Information

Fund Houses
PIMCO Asia Limited
Launch Date
2010-01-05
Fund Manager
Mohit Mittal
Manager Start Date
2017-05-12
2010-06-01
Geographical Focus
Asia Pacific ex Japan
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 2019-08-29)
USD 36,106,080.05
Management Fee
1.5%
Latest Dividend
USD 0.029100 (2019-08-28)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.5%

HKD4,000.00Min. Subscription

USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

2019-09-30

Dividend Records

Dividend DateDividend Records (USD)
2019-08-280.029100
2019-07-290.028800
2019-06-260.028600
2019-05-280.028175
2019-04-280.028090
2019-03-270.028091
2019-02-260.027592
2019-01-290.027215
2018-12-270.026837
2018-11-280.026578
2018-10-290.026760
2018-09-260.027017
2018-08-290.027203
2018-07-290.027103
2018-06-270.027120
2018-05-280.027159
2018-04-260.027417
2018-03-270.027656
2018-02-260.027789
2018-01-290.028290
2017-12-270.028365
2017-11-280.028548
2017-10-300.043498
2017-10-290.043500
2017-09-270.043672
2017-08-290.043658
2017-07-270.043445
2017-06-280.043645
2017-05-290.043595
2017-04-260.043796
2017-03-290.043850
2017-02-260.043852
2017-01-290.043447
2016-12-280.043180
2016-11-280.043476
2016-10-270.045166
2016-09-280.045555
2016-08-290.045824
2016-07-270.045470
2016-06-280.044900
2016-05-260.044578
2016-04-270.045376
2016-03-290.044257
2016-02-250.042301
2016-01-270.041469
2015-12-290.043049
2015-11-260.044234
2015-10-280.045026
2015-09-280.042994
2015-08-260.043684
2015-07-290.046295
2015-06-280.047670
2015-05-270.049060
2015-04-280.049212
2015-03-290.048185
2015-02-250.047843
2015-01-280.048401
2014-12-290.048333
2014-11-250.050875
2014-10-290.052569
2014-09-280.053256
2014-08-270.054852
2014-07-290.055249
2014-06-260.054766
2014-05-270.054851
2014-04-280.053790
2014-03-270.053022
2014-02-260.053202
2014-01-280.052273
2013-12-290.053262
2013-11-260.053803
2013-10-290.055311
2013-09-260.054139
2013-08-280.052396
2013-07-290.054600
2013-06-260.053500
2013-05-280.058000
2013-04-280.059700
2013-03-260.059100
2013-02-260.059050
2013-01-290.059650
2012-12-270.059300
2012-11-280.058600
2012-10-300.058750
2012-09-260.057900
2012-08-290.056300
2012-07-290.055950
2012-06-270.054000
2012-05-290.042918
2012-04-260.037489
2012-03-280.038185
2012-02-270.033471
2012-01-290.033905
2011-12-280.022313
2011-11-280.023906
2011-10-260.022974
2011-09-280.035623
2011-08-250.058500
2011-07-270.060450
2011-06-280.059050
2011-05-260.059451
2011-04-270.060652
2011-03-290.058722
2011-02-240.057777
2011-01-270.057934
2010-12-280.056811
2010-11-280.057118
2010-10-270.058158
2010-09-280.057256
2010-08-260.055012
2010-07-280.054014
2010-06-280.050000

Investment Objective

The Fund’s objective is to seek maximum total return consistent with prudent investment management (i.e. identifying and implementing strategies for consistent, disciplined and cost-effective investment, based on considerable research and measured forethought, and continual monitoring of individual security and total portfolio risk).
The Fund may invest up to 100% of its NAV in fixed income instruments of issuers that are economically tied to Asia ex-Japan countries with emerging securities markets, related derivatives on such securities (such as futures, options and swaps) and emerging market currencies.
The Fund’s objective is to seek maximum total return consistent with prudent investment management (i.e. identifying and implementing strategies for consistent, disciplined and cost-effective investment, based on considerable research and measured forethought, and continual monitoring of individual security and total portfolio risk).
The Fund may invest up to 100% of its NAV in fixed income instruments of issuers that are economically tied to Asia ex-Japan countries with emerging securities markets, related derivatives on such securities (such as futures, options and swaps) and emerging market currencies. The Investment Advisor has broad discretion to identify and invest in countries that it considers to qualify as emerging securities markets. In making investments in emerging markets securities, the Fund emphasises countries with relatively low gross national product per capita and with the potential for rapid economic growth. Fixed income instruments purchased by the Fund will be rated at least Caa by Moody’s or CCC by S&P or equivalently rated by Fitch (or if unrated, determined by the Investment Advisor to be of comparable quality) with the exception of mortgage-backed securities for which there is no minimum credit rating requirement. Accordingly, up to 100% of the Fund’s assets may be invested in mortgage-backed securities (including privately issued mortgage-backed securities) of any credit rating.

Nature and Extent of Risks

1. Emerging markets risk
Investing in emerging markets securities imposes risks different from, or greater than, risks of investing in developed countries due to, among other factors, greater price volatility, market, credit, legal, taxation, custody, liquidity, currency, political, economic and regulatory risks.
The systems and procedures for trading and settlement of securities in emerging markets are less developed and less transparent and transactions may take longer to settle. In addition, foreign exchange controls in emerging market countries may cause difficulties in the repatriation of funds from such countries.
Because the Fund’s investments are concentrated in emerging markets, the Fund is likely to be subject to greater volatility than portfolios which comprise broad-based global investments. During times of market uncertainty, such investments may negatively affect the Fund’s performance.
2. Credit risk
The Fund may suffer losses if the issuer of a fixed income security in which it invests is unable or unwilling to make timely principal and/or interest payments, or to otherwise honour its obligations.
3. Currency risk
The Fund’s investment in non-USD denominated fixed income securities and currency positions may cause the value of the Fund’s investments to fluctuate with changes in exchange rates. This may lead to a fall in the Fund’s NAV.
Active currency positions implemented directly or indirectly by the Fund may not be correlated with the underlying securities held by the Fund. As a result, the Fund may suffer significant losses even if there is no loss to the value of the underlying securities held by the Fund.
4. Interest rate risk
The value of fixed income securities tends to decrease when interest rates rise, which may cause a decrease in value of the Fund.
Fixed income securities with longer durations are more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations.
5. Downgrade risk
The Fund may hold securities that may be impacted by a downgraded credit rating. In the event of downgrading of the securities, the Fund’s investment value in such securities may be adversely affected. The manager may or may not be able to dispose of the debt instruments that are being downgraded.
6. High yield, below investment grade and unrated securities risk
The Fund may invest in high yield, below investment grade securities and unrated securities of similar credit quality.
These securities typically entail greater potential price volatility and may be less liquid than higher-rated securities.
Investments in such securities may also be subject to greater credit risk. If the issuer of a security is in default with
respect to interest or principal payments, the Fund may lose its entire investment.
7. Derivatives risk
Risks associated with financial derivative instruments (“FDI”) include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Fund. Exposure to FDI may lead to a high risk of significant loss by the Fund.
Although the leverage figure of the Fund calculated using the commitment approach will typically not materially exceed 100% of the NAV of the Fund, in exceptional circumstances the Fund may have a leveraged exposure of over 100% of the NAV of the Fund when using this calculation methodology. 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. Given the leverage effect embedded in derivatives, in the worst case scenario, investing in derivatives may result in total or substantial loss from the use of derivatives.
8. Risks relating to reverse repurchase agreements
In the event of the failure of the counterparty with which collateral has been placed, the fund may suffer loss as there may be delays in recovering collateral placed out or the cash originally received may be less than the collateral placed with the counterparty due to market movements.
9. Risks relating to repurchase agreements
In the event of the failure of the counterparty with which cash has been placed, the Fund may suffer loss as there may be delay in recovering cash placed out or difficulty in realising collateral or proceeds from the sale of the collateral may be less than the cash placed with the counterparty due to market movements.
10. Risks associated with mortgage-related and other asset-backed securities
The Fund may invest in mortgage or other asset-backed securities (including privately-issued mortgage-backed securities) which may be highly illiquid and prone to substantial price volatility. These instruments may be subject to greater credit, liquidity and interest rate risk compared to other debt securities. They are often exposed to extension
and prepayment risks and risks that the payment obligations relating to the underlying assets are not met, which may adversely impact the returns of the securities.
11. Risks associated with investments in non-investment grade securities of a single sovereign issuer
The Fund may be subject to increased credit risk and increased risk of default of the relevant issuer as a result of its ability to invest more than 10% in non-investment grade securities of a single sovereign issuer (potential examples include Sri Lanka).
A sovereign issuer’s ability to meet its principal and interest payments may be adversely affected by developments specific to the sovereign issuer. The downgrade of a sovereign credit rating or the default of a sovereign issuer may negatively affect the Fund’s performance.
To the extent that the Fund concentrates its investments in a particular single sovereign issuer, its investments will be more susceptible to fluctuations in value resulting from adverse conditions in the particular issuer such as unfavourable or unanticipated poor performance of a particular issuer and political instability facing a particular geographic region. This may cause the Fund to be more volatile.
12. Sovereign debt risk
The Fund’s investment in securities issued or guaranteed by governments may be exposed to political, social and economic risks. In adverse situations, the sovereign issuers may not be able or willing to repay the principal and/or interest when due or may request the fund to participate in restructuring such debts. The Fund may suffer significant
losses when there is a default of sovereign debt issuers.
13. Liquidity risk
Liquidity risk exists when particular investments are difficult to purchase or sell. Also, illiquid securities may become harder to value especially in changing markets.
The Fund’s investments in illiquid securities may reduce the returns of the Fund because it may be unable to sell the illiquid securities at an advantageous time or price which could prevent the Fund from taking advantage of other investment opportunities.
14. Investment risk
The Fund’s investment portfolio may fall in value and therefore your investment in the Fund may suffer losses. There is no guarantee of the repayment of principal.
Due to the higher than average degree of risk attached to investment in the Fund due to its ability to invest in emerging markets securities and financial derivative instruments for investment purposes, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
15. Risks relating to charging of fees / payment of dividends out of capital
For the Fund and the Income II Shares, the Fund may, at its discretion, charge fees to capital (which constitutes a payment of dividends effectively out of capital) as well as pay dividends out of capital.
For the Income II Shares (which seeks to provide an enhanced yield to shareholders), the Fund may also take into account the yield differential (which can be positive or negative) arising from share class currency hedging (which constitutes a distribution from capital). This amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to the original investment.
Any distributions involving the payment of dividends out of capital, charging of fees to the capital of the Fund and inclusion of yield differentials effectively 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 such distributions may result in an immediate reduction of the NAV per share.
16. Concentration risk
The Fund’s investments are concentrated in Asia ex-Japan countries. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
The value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the Asia ex-Japan market.
17. Global Investment risk
The Fund invests in securities of certain international jurisdictions and may experience more rapid and extreme changes in value.
Events such as nationalisation, expropriation or confiscatory taxation, currency blockage, economic uncertainty, political changes or diplomatic developments could adversely affect the Fund’s investments.
To the extent that a Fund invests a significant portion of its assets in a concentrated geographic area like Europe or Asia, the Fund will generally have more exposure to regional economic risks associated with investments.
In the event that a Fund invests in a regional currency (i) which ceases to exist or (ii) in which a participant in such currency ceases to be a participant in such currency, it is likely that this would have an adverse impact on the Fund’s liquidity.

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852
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