Allianz China Multi Income Plus AT ACC USD

安聯中國多元入息基金 AT類 Acc 美元

LU0396098781

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

1.50%

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
+1.55%
3 mth
-1.91%
6 mth
-3.81%
1 yr
+4.73%
3 yr
+9.10%
5 yr
-9.10%

Analytical Figures (3 years)

Annualized Return
+2.94%
Annualized Volatility
+10.72%
Sharpe Ratio
+0.21

Fund Information

Fund Houses
Allianz Global Investors Asia Pacific Limited
Launch Date
2009-10-01
Fund Manager
Raymond Chan
David Tan
Manager Start Date
2017-03-15
2017-03-15
2017-03-15
2012-11-01
Geographical Focus
Greater China
Asset Class/ Sector
Balanced - Equity biased
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 2019-09-18)
EUR 6,126,086.43
Management Fee
1.50%
Latest Dividend
USD 0.041600 (2017-12-28)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.50%

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)
2017-12-280.041600
2017-09-290.244800
2016-09-290.085100
2013-09-290.070000

Investment Objective

Long-term capital growth and income by investing in equity and bond markets of the People's Republic of China (PRC), Hong Kong and Macau.
At least 70% of Sub-Fund assets are invested directly in equities and/or debt securities which are exposed or connected to People's Republic of China, Hong Kong and Macau (e.g. companies with registered offices or sales/profits predominantly in those regions). Less than 30% of the Sub-Fund may be invested into equities and/or debt securities and/or other asset classes other than the above.

Nature and Extent of Risks

Investment involves risks. The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. Please refer to the Prospectus for details including the risk factors.
1. Investment Risk/General Market Risk
- The Sub-Fund is an investment fund. There is no guarantee of the repayment of principal. The instruments invested by the Sub-Fund may fall in value.
- The Sub-Fund invests directly or indirectly in equity and interest-bearing securities, and is exposed to various general trends and tendencies in the economic and political situations as well as securities markets and investment sentiment, which are partially attributable to irrational factors.
2. Country and Region Risk
- The Sub-Fund’s investments focus on the PRC, Hong Kong and Macau, which may increase the concentration risk. Consequently, the Sub-Fund is particularly susceptible to the adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory events and risks of this region, or of companies based and/or operating in this region. The net asset value of the Sub-Fund may be more volatile than a diversified fund.
3. Emerging Market Risk
- The Sub-Fund invests in emerging markets, such as A Shares in the PRC, which involve certain risks and special considerations not typically associated with investment in more developed economies or markets, such as greater political, tax, economic, foreign exchange, liquidity, regulatory risks, settlement risks, custody risk and the likelihood of a high degree of volatility.
4. Risks of Investing in China A-Shares
- The Sub-Fund’s investment in A-Shares may be subject to higher volatility and lower liquidity compared with shares of more developed markets (eg. due to the risk of suspension/limitation in trading of a particular stock or implementation of policies that may affect the financial markets by the government or the regulators).
5. Creditworthiness Risk/Credit Rating Risk
- The interest-bearing securities held by the Sub-Fund may be downgraded and may fall in value. This will also lead to a fall in the net asset value of the Sub-Fund. The Sub-Fund may or may not be able to dispose of the debt instruments that are being downgraded. 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.
6. Asset Allocation Risk
- The investments of the Sub-Fund may be periodically rebalanced and therefore the Sub-Fund may incur greater transaction costs than a Sub-Fund with static allocation strategy.
7. Interest Rate Risk
- The Sub-Fund invests in interest-bearing securities and is exposed to interest rate fluctuations. If market interest rates rise, the value of the interest-bearing assets held by the Sub-Fund may decline substantially.
8. Volatility and Liquidity Risk
- The securities in the PRC 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 and potential settlement difficulties. The bid and offer spreads of the price of such securities may be large and the fund may incur significant trading costs.
9. Specific Risks of Investing in High-Yield (Non-Investment Grade and Unrated) Investments
- Investing in high-yield (non-investment grade and unrated) investments are normally associated with higher volatility, greater risk of loss of principal and interest, increased creditworthiness and downgrading risk, default risk, interest rate risk, general market risk, and liquidity risk, all of which may adversely impact the net asset value of the Sub-Fund.
10. Sovereign Debt Risk
- The Sub-Fund’s investment in interest-bearing 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 Sub-Fund to participate in restructuring such debts. The Sub-Fund may suffer significant losses when there is a default of sovereign debt issuers.
11. Valuation Risk
- Valuation of the Sub-Fund assets may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the NAV calculation of the Sub-Fund.
12. RMB Debt Securities Risk
- The “Dim Sum” bond market is still a relatively small market which is more susceptible to volatility and illiquidity. The operation of the “Dim Sum” bond market as well as new issuances could be disrupted causing a fall in the net asset value of the Sub-Fund should there be any promulgation of new rules which limit or restrict the ability of issuers to raise RMB by way of bond issuances and/or reversal or suspension of the liberalisation of the offshore RMB (CNH) market by the relevant regulator(s).
- The Sub-Fund invests in onshore Interest-bearing Securities in Mainland China. Market volatility and potential lack of liquidity due to low trading volumes in such markets may result in prices of securities traded to fluctuate significantly, and may result in substantial volatility in the Net Asset Value of the Sub-Fund, and the subscription and redemption of Sub-Fund’s units to be disrupted.
13. Credit Rating Agency Risk
- The credit appraisal system in the Mainland China and the rating methodologies employed in the Mainland China may be different from those employed in other markets. Credit ratings given by Mainland China rating agencies may therefore not be directly comparable with those given by other international rating agencies.
14. Company-specific Risk
- The Sub-Fund may invest in equities. If a company-specific factor of an equity deteriorates, the price of the respective asset may drop significantly, which may adversely impact the net asset value of the Sub-Fund.
15. Currency Risk
- Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. Also a class of Shares may be designated in a currency other than the base currency of the Sub-Fund. The NAV of the Sub-Fund may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
16. RMB Risk
- The Sub-Fund may invest in assets denominated in offshore and onshore Chinese Renminbi. The Chinese Renminbi traded in Mainland China is not freely convertible and is subject to exchange controls, policies and restrictions. The Chinese Renminbi may be subject to devaluation, in which case the value of the investments in Chinese Renminbi assets will be adversely affected. Furthermore although offshore Renminbi and onshore Renminbi are the same currency, they trade at different rates. Any divergence between offshore Renminbi and onshore Renminbi may adversely impact investors.
17. Derivatives Risk
- The Sub-Fund may invest in derivatives, which may expose the Sub-Fund to higher leverage, counterparty, liquidity, valuation, volatility, market and over the counter transaction risks, all of which may adversely impact the net asset value of the Sub-Fund. The leverage component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund. The Sub-Fund’s use of FDI in hedging and/or efficient portfolio management may become ineffective and/or cause the Sub-Fund to suffer significant losses.
18. Risk related to Distribution out of Capital and Distribution effectively out of Capital
- The payment of distributions out of capital/effectively out of capital represents a return or withdrawal of part of the amount investors originally invested and/or capital gains attributable to the original investment. Any such distributions may result in an immediate decrease in the net asset value per Share.
- The distribution amount and net asset value of any hedged share classes of the Sub-Fund may be adversely affected by differences in the interest rates of the reference currency of the hedged share classes and the base currency of the Sub-Fund, 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-hedged share classes.
19. Risks associated with the Stock Connect
- The Stock Connect is novel in nature. The relevant regulations are untested and subject to change which may have potential retrospective effect. The Stock Connect is subject to quota limitations. Where a suspension in the trading through the programme is effected, the Sub-Fund’s ability to invest in Chinese A-Shares or access the PRC market through the programme will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.
20. Risks of investing in CIBM
- The Sub-Fund may also be exposed to risks associated with settlement procedures and default of counterparties. The counterparty which has entered into a transaction with the Sub-Fund may default in its obligation to settle the transaction by delivery of the relevant security or by payment for value. The relevant rules and regulations on investment in the CIBM are subject to change which may have potential retrospective effect. In the event that the relevant PRC authorities suspend trading on the CIBM, the Sub-Fund’s ability to invest in the CIBM will be limited and the Sub-Fund may suffer substantial losses as a result.
21. Risks associated with investment made through RQFII regime
- The Sub-Fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in the PRC, which are subject to change and such change may have potential retrospective effect. The Sub-Fund may suffer substantial losses if there is insufficient RQFII quota allocated for the Sub-Fund to make investments, the approval of the RQFII is being revoked/terminated or otherwise invalidated as the Sub-Fund may be prohibited from trading of relevant securities and repatriation of the Sub-Fund’s monies, or if any of the key operators or parties (including RQFII custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).
22. Mainland China Tax Risk
- There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via the Stock Connects or CIBM or access products on the Sub-Fund’s investments in the PRC (which may have retrospective effect). Any increased tax liabilities on the Sub-Fund may adversely affect the Sub-Fund’s value.
- Based on professional and independent tax advice, the Sub-Fund will make the following tax provisions:
– 10% on dividend from Chinese A-Shares and interest received from debt instruments by PRC enterprises if the withholding tax is not withheld at source.
- Any shortfall between the provision and the actual tax liabilities, which will be debited from the Sub-Fund’s assets, will adversely affect the Sub-Fund’s net asset value. The actual tax liabilities may be lower than the tax provision made. Depending on the timing of their subscriptions and/or redemptions, investors may be disadvantaged as a result of any shortfall of tax provision and will not have the right to claim any part of the overprovision (as the case may be).
23. Risks relating to securities lending transactions
- Securities lending transactions may involve the risk that the borrower may fail to return the securities lent out in a timely manner and the value of the collateral may fall below the value of the securities lent out.
24. Risks relating to repurchase agreements
- In the event of the failure of the counterparty with which collateral has been placed, the Sub-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 inaccurate pricing of the collateral or market movements.
25. Risks relating to reverse repurchase agreements
- In the event of the failure of the counterparty with which cash has been placed, the Sub-Fund may suffer loss as there may be delay in recovering cash placed out or difficulty in realizing collateral or proceeds from the sale of the collateral may be less than the cash placed with the counterparty due to inaccurate pricing of the collateral or market movements.

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