PIMCO Global Investment Grade Credit Fund E Acc EUR (Hedged)

PIMCO 環球投資級別債券基金 E類 Acc 歐元 (對沖)

IE00B11XZ434

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

HKD4,000.00Min. Subscription

1.39%

HKD4,000.00Min. Subscription

AUD / HKD / EUR / USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

2019-11-27

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
-0.11%
3 mth
-0.28%
6 mth
+3.17%
1 yr
+7.60%
3 yr
+6.75%
5 yr
+10.94%

Analytical Figures (3 years)

Annualized Return
+2.20%
Annualized Volatility
+3.02%
Sharpe Ratio
+0.74

Fund Information

Fund Houses
PIMCO Asia Limited
Launch Date
2006-03-30
Fund Manager
Mark R. Kiesel
Jelle Brons
Mohit Mittal
Manager Start Date
Mark R. Kiesel (Start date: 2003-07-23) Jelle Brons (Start date: 2016-08-01) Mohit Mittal (Start date: 2003-07-23)
Geographical Focus
Global
Asset Class/ Sector
Fixed Income - Investment grade
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 2019-10-30)
USD 21,641,207,042.9
Management Fee
1.39%
Latest Dividend
N.A.

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.39%

HKD4,000.00Min. Subscription

AUD / HKD / EUR / USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

2019-11-27

Dividend Records

No Dividends

Investment Objective

The Fund’s objective is to seek maximum total return consistent with preservation of capital and 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).

Nature and Extent of Risks

Investment involves risks. Please refer to the Prospectus for details including the risk factors.
1. 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.
2. 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.
3. 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.
- Investment in non-investment grade securities involves higher volatility, credit and liquidity risks.
4. 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, 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 may be concentrated in emerging markets, the Fund may 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.
5. 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.
6. Derivatives risk
- The use of derivatives involves risks different from, and possibly greater than, risks associated with investing directly in securities and other more traditional investments.
- The use of derivatives involves the risk of loss due to default by a counterparty to make required payments or otherwise comply with the terms of the contract.
- Liquidity risk exists when a particular derivative instrument becomes difficult to purchase or sell. In such cases, the Fund may not be able to initiate a transaction or liquidate a position at an advantageous time or price.
- The use of some derivatives may involve volatility risk, which is the risk that movements in the value or level of the underlying asset, rate or index are magnified thus increasing the volatility of the Fund price.
- Derivatives also involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset.
- In adverse situations, the use of financial derivative instruments by the Fund for hedging may become ineffective and the Fund may suffer significant losses as a result.
- 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. Given the leverage effect embedded in derivatives, in the worst case scenario, investing in derivatives may result in total or substantial loss (as much as 100% of the NAV of the Fund) from the use of derivatives.
7. 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.
8. Risks associated with mortgage-related and other asset-backed securities
- The value of some mortgage-related or asset-backed securities may be particularly sensitive to changes in prevailing interest rates. Early repayment of principal on some mortgage-related securities may also expose the Fund to a lower rate of return upon reinvestment of principal. The rate of prepayments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may shorten or extend the effective maturity of the security beyond what was anticipated at the time of purchase.
- The value of mortgage-related and other asset-backed securities may also fluctuate in response to the market’s perception of the creditworthiness of the issuers. Although mortgages and mortgage-related securities are generally supported by some form of government or private guarantee and/or insurance and / or collateral, there is no assurance that private guarantors or insurers will meet their obligations or that any collateral backing the security will cover the debt.
- The Fund may also invest in privately-issued mortgage-backed securities (also known as private label mortgagebacked securities), and depending on the seniority in the debt structure and the quality of the underling securities, may have a higher credit and default risk (i.e. the risk of the borrower defaulting on mortgage repayments) than other mortgage-backed securities.
- Due to the unique features of mortgage-related and other asset-backed securities, investments in such securities may involve high levels of risk. Adverse market conditions can negatively affect the value of a Fund’s investment in such securities.
9. 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.
10. 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 market securities, an investment in the Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.
11. 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.
12. Risks relating to the charging of fees / payment of dividends out of capital
- For the Income II Shares (which seeks to provide an enhanced yield to shareholders), 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. 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 of out capital, the charging of fees to capital or the payment of yield differential arising from share class currency hedging as dividends may result in an immediate reduction of the NAV per share for the Income II Shares and may reduce the capital available for future investment and capital growth.

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