Allianz Selection Income and Growth AM Dis H2-RMB(Hedged)

安聯寰通收益及增長基金 AM Dis H2-人民幣 (對沖)

HK0000211927

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

1.25%

HKD4,000.00Min. Subscription

AUD / HKD / SGD / EUR / GBP / RMB / CAD / USD / NZD

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
+2.79%
3 mth
+5.38%
6 mth
+5.11%
1 yr
+12.05%
3 yr
+36.48%
5 yr
+53.11%

Analytical Figures (3 years)

Annualized Return
+10.92%
Annualized Volatility
+11.82%
Sharpe Ratio
+0.67

Fund Information

Fund Houses
Allianz Global Investors Asia Pacific Limited
Launch Date
2014-10-13
Fund Manager
Douglas G. Forsyth
Manager Start Date
Douglas G. Forsyth (Start Date: 2014-10-14)
Geographical Focus
US
Asset Class/ Sector
Balanced - Bond biased
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 2019-09-29)
USD 322,350,000
Management Fee
1.25%
Latest Dividend
RMB 0.064200 (2019-10-14)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.25%

HKD4,000.00Min. Subscription

AUD / HKD / SGD / EUR / GBP / RMB / CAD / USD / NZD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

2019-11-27

Dividend Records

Dividend DateDividend Records (RMB)
2019-10-140.064200
2019-09-150.064200
2019-08-140.064200
2019-07-140.064200
2019-06-160.064170
2019-05-140.072500
2019-04-140.072500
2019-03-140.082670
2019-02-140.082670
2019-01-140.082670
2018-12-160.082670
2018-11-140.082670
2018-10-140.082670
2018-09-160.082670
2018-08-140.082670
2018-07-150.082670
2018-06-140.082670
2018-05-140.082670
2018-04-150.082670
2018-03-140.086830
2018-02-140.086830
2018-01-150.086830
2017-12-140.086830
2017-11-140.086830
2017-10-150.086830
2017-09-140.095000
2017-08-140.095000
2017-07-160.095000
2017-06-140.095000
2017-05-140.095000
2017-04-170.095000
2017-03-140.095000
2017-02-140.095000
2017-01-160.095000
2017-01-150.095000
2016-12-140.082500
2016-11-140.082500
2016-10-160.082500
2016-09-140.095830
2016-08-140.095830
2016-07-140.095830
2016-06-140.095830
2016-05-150.108330
2016-04-140.108330
2016-03-140.108330
2016-02-150.108330
2016-02-140.108300
2016-01-140.108330
2015-12-140.108330
2015-11-150.108330
2015-10-140.108330
2015-09-140.108330
2015-08-160.108330
2015-07-140.108330
2015-06-140.108330
2015-05-140.108330
2015-04-140.108330
2015-03-150.095830
2015-02-160.095830
2015-01-140.095830
2014-12-140.095830
2014-11-160.095830

Investment Objective

The investment objective is to seek to achieve long-term capital appreciation and income by investing primarily in a combination of U.S. or Canadian equity securities, debt securities and convertible securities.
The Sub-Fund may invest in multi-asset classes.
The Sub-Fund may invest up to 100% of its NAV in interest bearing securities with a minimum rating of CCC, as rated by Standard and Poor’s or any other internationally recognized rating agency at the time of its acquisition and, in the case that no rating is given to the relevant investment, but, in the opinion of the Investment Manager, if such investment was to be rated, it would likely have carried such rating at the time of its acquisition.

Nature and Extent of Risks

Investment involves risks. 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 in securities, and is exposed to various general trends and tendencies in the economic situation as well as markets, especially in the securities markets, which are partially attributable to irrational factors. Such factors could lead to substantial and longer-lasting drops in prices affecting the entire market. Securities from top-rated issuers are subject to essentially the same general market risk as other securities and assets.
2. Company-specific Risk
- The assets of the Sub-Fund are mainly invested in securities and may be affected by company-specific factors, such as the issuer’s business situation. If a company-specific factor deteriorates, the price of the respective asset may drop significantly and for an extended period of time, possibly even without regard to an otherwise generally positive market trend. This may have an adverse impact on the Sub-Fund and/or the investors.
3. Creditworthiness Risk
- The creditworthiness (solvency and willingness to pay) of the issuer of an asset in particular of a security or money-market instrument directly or indirectly held by the Sub-Fund may subsequently fall. This usually leads to a decrease in the price of the asset greater than that caused by general market fluctuations.
- The debt securities held by the Sub-Fund may be downgraded and may fall in value. This will also lead to a fall in the NAV of the Sub-Fund.
4. Counterparty Risk
- To the extent that transactions are not handled through an exchange (OTC trades), there is a risk that a counterparty may default or not completely fulfil its obligations in addition to the general risk of settlement default. This is particularly true of OTC financial derivative instruments and other transactions based on techniques and instruments. A default of the counterparty might result in losses for the Sub-Fund.
5. Risk of Interest Rate Changes
- To the extent that this Sub-Fund invests in interest-bearing securities (e.g. debt securities including convertible debt securities, etc.), it 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. This applies to an even greater degree if this Sub-Fund also holds interest-bearing securities with a longer time to maturity and a lower nominal interest rate.
6. Specific risks of Investing in High-Yield (Non-Investment Grade and Unrated) Investments and Convertible Bonds
- Investing in high-yield (non-investment grade and unrated) investments and convertible bonds are normally associated with higher volatility, greater risk of loss of principal and interest, increased creditworthiness risk, risk of default, risk of interest rate changes, general market risk and liquidity risk (for example, the asset cannot be sold or can only be sold at a significant discount to the purchase price) than higher rated, lower yielding securities. Such increased risk may have an adverse impact on the Sub-Fund and/or the investors.
- The prices of convertible bonds will be affected by the changes in the price of the underlying equity securities, among other things. Convertible bonds may also have call provisions and other features which may give rise to the risk of a call and, consequently, the value and performance of the Sub-Fund may also be affected as a result.
7. Country and Region Risk
- The Sub-Fund’s investments focus on the United States and Canada may increase the concentration risk. The Sub-Fund’s investments are, therefore, not as diversified as the investments of global funds. Such concentration tends to result in more volatility than would be expected in a more diversified fund. 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. This may adversely impact the performance of the Sub-Fund and/or the value of Units held by investors.
8. Currency Risk
- The Sub-Fund directly or indirectly (via derivatives) holds assets denominated in currencies other than the Base Currency (each a “foreign currency”), it is exposed to a currency risk if foreign currency positions have not been hedged. Any devaluation of the foreign currency against the Base Currency of the Sub-Fund would cause the value of the assets denominated in the foreign currency to fall which may have an adverse impact on the Sub-Fund and/or the investors.
- Units in a Class may be issued with a reference currency (the “Reference Currency”) different to the Base Currency of the Sub-Fund. The Manager may seek to hedge to a large extent currency exposure of the underlying investments of the relevant Sub-Fund against the Reference Currency in respect of certain Classes of Units. All profits, losses and expenses associated with such a currency hedging transaction entered into in relation to one or more Classes of Units will be allocated solely to the applicable Class or Classes of Units. There is no guarantee that attempts to hedge currency risk will be successful or that any hedging strategy will eliminate currency risk entirely. The hedging strategy may substantially limit the benefits of any potential increase in the value of the foreign currency.
- Unitholders subscribing in the Sub-Fund in a currency other than the Reference Currency should be aware that exchange rate fluctuations could cause the value of their investments to increase or decrease, relative to the Reference Currency. This may have an adverse effect on the value of their investments.
9. Risk related to distribution out of capital
- Payment of distributions 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 distributions involving payment of distributions out of the Sub-Fund’s capital may result in an immediate decrease in the NAV per distribution unit and may reduce the capital available for the Sub-Fund for future investment and capital growth.
10. Derivatives Risk
- The Sub-Fund may invest in derivatives, which may expose the Sub-Fund to higher counterparty leverage, liquidity, valuation, volatility, market and over the counter transactions risks, all of which may adversely impact the net asset value of the Sub-Fund. The leverage component of a financial derivatives instrument (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 for investment purposes may become ineffective and/or cause the Sub-Fund to suffer significant losses.
11. Asset Allocation Risk
- The performance of the Sub-Fund is partially dependent on the success of the asset allocation strategy employed by the Sub-Fund. There is no assurance that the strategy employed by the Sub-Fund will be successful and therefore the investment objective of the Sub-Fund may not be achieved. 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.
12. Renminbi (“RMB”) Risk
- The RMB is subject to a managed floating exchange rate based on market supply and demand with reference to a basket of currencies. Currently, the RMB is traded either onshore in the People’s Republic of China (“PRC”) (“CNY”) or offshore in Hong Kong and other markets outside the PRC (“CNH”). RMB is currently not freely convertible and is subject to exchange control policies and restrictions imposed by the PRC authorities. In general, the daily exchange rate of the RMB against other currencies is allowed to float within a range above or below the central parity rates published by the People’s Bank of China each day. Its exchange rate against other currencies, including e.g. USD or HKD, is therefore susceptible to movements based on external factors. There can be no assurance that such exchange rates will not fluctuate widely. The relevant Class of Units denominated in RMB and its investors may be adversely affected by movements in the exchange rates between RMB and other currencies.
- The exchange rate used for a Class of Units denominated in RMB or to calculate the value of RMB-denominated assets is the rate applicable to the CNH. While CNH and CNY represent the same currency, they are traded on different and separate markets which operate independently. As such, the value of CNH could differ, perhaps significantly, from that of CNY and the exchange rate of CNH and CNY may not move in the same direction due to a number of factors including, without limitation, the foreign exchange control policies and repatriation restrictions pursued by the PRC government from time-to-time, as well as other external market forces.
- For Classes of Units denominated in RMB on an unhedged basis, even if the prices of underlying investments and/or value of the Base Currency has risen or remains stable, investors may still incur losses if (i) the RMB appreciates against the currencies of the underlying investments and/or the Base Currency more than the increase in the value of the underlying investments and/or the Base Currency; and (ii) the Sub-Fund holds limited RMB-denominated underlying investments. Furthermore, in the event the RMB appreciates against the currencies of the underlying investments and/or the Base Currency, and the value of the underlying investments decreased, the value of investors’ investments in RMB-denominated Classes may suffer additional losses.
- For hedged Classes of Units denominated in RMB, the hedging strategy may protect investors of the RMB hedged Classes against a decline in the value of the Base Currency and/or the currencies of the underlying investments relative to the RMB. However, investors will not benefit from any potential gain in the value of the hedged RMB Class if the Base Currency and/or the currencies of the underlying investments rises against the RMB. The costs relating to such hedging transactions of the RMB hedged Class (which may be significant depending on prevailing market conditions) shall be borne by the relevant Class only. If the counterparties of the instruments used for hedging purpose default, investors of the RMB hedged Classes may be exposed to RMB currency exchange risk on an unhedged basis and may therefore suffer further losses. There is no guarantee that the hedging strategy will be effective and investors may still be subject to the RMB currency exchange risk for non-hedged RMB Classes, as mentioned above.
- The possibility that the appreciation of the RMB will continue to accelerate cannot be ruled out although, at the same time, there can be no assurance that the RMB will not be subject to devaluation. If investors convert HKD or any other currency into RMB so as to invest in the Sub-Fund and subsequently convert the RMB redemption proceeds back into HKD or any other currency, they may incur currency conversion costs and may suffer a loss if the RMB depreciates against the HKD or such other currency. Further, all or part of the subscription monies in a RMB-denominated Class of Units may be converted into a currency other than RMB for investment in underlying securities, while redemption proceeds may be converted into RMB for payment of redemption proceeds. There is also the risk that, in respect of a RMB-denominated Class of Units, payment of redemption proceeds and/or distributions in RMB (if any) may be delayed when there is insufficient amounts of RMB for the purpose of currency conversion for the settlement of redemption proceeds or payment of distributions (if any) in a timely manner due to the exchange controls and restrictions applicable to RMB. In any event, the redemption proceeds will be paid no later than one calendar month after the relevant dealing day and upon receipt of a valid redemption request.

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