Value Partners High-Dividend Stocks Fund A1 Acc USD

惠理高息股票基金 A1類 Acc 美元

HK0000288735

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

HKD4,000.00Min. Subscription

1.25%

HKD4,000.00Min. Subscription

USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+4.77%
3 mth
+8.07%
6 mth
+0.69%
1 yr
+10.89%
3 yr
+22.75%
5 yr
+22.08%

Analytical Figures (3 years)

Annualized Return
+7.07%
Annualized Volatility
+13.93%
Sharpe Ratio
+0.37

Fund Information

Fund Houses
Value Partners Ltd.
Launch Date
2002-09-01
Fund Manager
Norman Man Kei Ho
Manager Start Date
2002-09-02
Geographical Focus
Asia Pacific ex Japan
Asset Class/ Sector
Equity - All cap
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 2019-11-11)
USD 2,417,299,153.99
Management Fee
1.25%
Latest Dividend
USD 0.241000 (2005-11-06)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.25%

HKD4,000.00Min. Subscription

USD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

16:30

-

Dividend Records

Dividend DateDividend Records (USD)
2005-11-060.241000

Investment Objective

The Fund aims to provide capital appreciation to unitholders by investing primarily (i.e. not less than 70% of the Fund’s NAV) in a portfolio of relatively higher yielding debt and equity securities in the Asian region. The Fund will concentrate on investing in interest-bearing or dividend-distributing debt and equity securities of companies or issuers in the Asian markets. There are no fixed geographical, sectoral or industry weightings in the allocation of assets and the Manager does not intend to follow benchmark indices in determining the geographical, sectoral or industry weightings of the Fund. For the avoidance of doubt, not less than 70% of the Fund’s NAV will be invested in equity securities.

Nature and Extent of Risks

Investment involves risks. Please refer to the offering document for details including the risk factors.
1. Investment risk
- The Fund is an investment fund. The Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore you may lose a substantial proportion or all of your investment in the Fund. There is no guarantee of the repayment of principal.
2. Geographical concentration risk
- The concentration of the Fund’s investments in Asian markets may result in greater volatility in the value of the Fund than more diverse portfolios which comprise broad-based global 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 Asian market.
3. Risk of investing in emerging markets
- Investing in emerging markets involves certain increased risks and special considerations not typically associated with investment in more developed economies or markets, such as greater political, tax, economic, foreign exchange risks/controls, liquidity, settlement, custody, legal and regulatory risk, and the likelihood of higher degree of volatility.
4. Equity risk
- The Fund's investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
- To achieve the investment objective, the Fund may invest in high dividend stocks. There is no guarantee that dividends will be declared by such companies. Also investors should not expect the dividend policy of such companies is tantamount to the dividend policy of the Fund.
5. Risk associated with high volatility of the equity market in the Asian region
- High market volatility and potential settlement difficulties in the markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Fund.
6. Risk associated with regulatory/exchanges requirements/policies of the equity market in the Asian region
- Securities exchanges in the Asian region typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund.
7. Risks associated with investment in Mainland China
- Imposition of additional governmental restrictions, change in the policies and/or implementation of measures to prevent overheating of the economy in the Mainland China may have an adverse impact on the performance of the Fund.
8. Risks relating to China A Shares market
- The China A Shares market may be more volatile and unstable (for example, due to the risk of suspension of a particular stock or government intervention).
- Market volatility and potential lack of liquidity due to low trading volume in the China A Shares markets may result in prices of securities traded on such markets fluctuating significantly resulting in substantial changes in the NAV of the Fund.
9. Risk relating to debt securities
- Credit risk - The Fund may be subject to the risk that an issuer will fail to make principal and interest payments when due, which may lead to a default and, ultimately, a fall in the value of the Fund.
- Interest rate risk - The Fund may invest in fixed income securities which are subject to interest rate risk. A fixed income security’s value will decrease in value when interest rates rise.
- Volatility and liquidity risk - The debt securities in markets that the Fund invests in may be subject to higher volatility and lower liquidity compared to more developed markets. It is possible that there may be no liquidity for certain securities that the Fund may invest in, in particular debt securities and securities that are not listed on a recognised stock exchange. The Fund’s ability to sell or liquidate investments at favourable times or for favourable prices may be restricted. 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. As a result, the Fund’s value will be adversely affected.
- Credit rating downgrading risk - Investment grade securities may be subject to the risk of being downgraded to below investment grade securities, and its issuer’s credit rating may also subsequently be downgraded. The Fund’s investment value in such security may be adversely affected. The Manager may or may not dispose of the securities, subject to the investment objectives of the Fund.
- Unrated or below investment grade and high yielding debt securities risk - The Fund may invest in high yielding securities which may be unrated or rated below investment grade. Such investments are considered to have a higher credit risk, lower liquidity, higher volatility and greater possibility of default than securities which are investment grade with respect to payment of interest and the return of principal.
- Valuation risk – Valuation of the Fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the NAV calculation of the Fund.
- Credit rating risk – Credit ratings assigned by credit agencies are subject to limitations and do not guarantee the creditworthiness of the issuers.
10.Foreign exchange risk
- The Fund is denominated in US dollars but may issue classes of units denominated in a currency other than its base currency. In addition, the Fund may invest in assets that are denominated in a currency other than its base currency or the relevant class currency. The NAV of the Fund may therefore be affected unfavorably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
11.Risks relating to currency hedging and the currency hedged classes (“Currency Hedged Classes”)
- The Manager may (but is not obliged to) enter into certain currency related transactions in order to hedge the currency exposure of the assets of the Fund attributable to a particular class into the class currency of the relevant class. Investors in the Currency Hedged Classes may have exposure to currencies other than the currency of that Currency Hedged Class. Investors should also be aware that the hedging strategy may substantially limit the benefits of any potential increase in value of a Currency Hedged Class expressed in the class currency, if the Currency Hedged Class’ denominating currency falls against the base currency of the Fund.
- The precise hedging strategy applied to a particular Currency Hedged Class may vary. In addition, there is no guarantee that the desired hedging instruments will be available or hedging strategy will achieve its desired result. In such circumstances, investors of the Currency Hedged Class may still be subject to the currency exchange risk on an unhedged basis.
- If the counterparties of the instruments used for hedging purposes default, investors of the Currency Hedged Classes may be exposed to the currency exchange risk on an unhedged basis and may therefore suffer further losses.
12.Performance fee risk
- The performance fee payable to the Manager may create an incentive for the Manager to make investments that are riskier or more speculative than would be the case in the absence of a performance fee.
- There is no adjustment of equalisation credit or equalisation losses on an individual unitholder basis. A unitholder redeeming units may still incur performance fee in respect of the units, even though a loss in investment capital has been suffered by the redeeming unitholder.
- In addition, performance fees may be paid on unrealised gains which may never be realised by the Fund.
13.Risks associated with RMB Classes of Units
- Investors may invest in Class A Acc RMB Unhedged, Class A Acc RMB Hedged, Class A2 MDis RMB Unhedged, Class A2 MDis RMB Hedged (“RMB classes”). It should be noted that the RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies of the Chinese government.
- Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ base currencies will not depreciate. Any depreciation of the RMB could adversely affect the investors’ investments in the Fund.
- Although offshore RMB (“CNH”) and onshore RMB (“CNY”) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
- Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.
14.Risks associated with investments in derivative instruments
- Risks associated with derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/ component of a derivative instrument and adverse changes in the value or level of the underlying asset, rate or index can result in a loss significantly greater than the amount invested in the derivative instrument itself. Exposure to derivative instruments may lead to a high risk of significant loss by the Fund.
15.Dividend risk and risk relating to dividends paid out of capital
- There is neither guarantee of distribution/dividend payments nor distribution rate or dividend yield.
- Payment of dividends out of capital represents a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to the original investment. Any such distributions may result in an immediate reduction of the NAV per unit of the Fund.
- The distribution amount and NAV of the Currency Hedged Classes may be adversely affected by differences in the interest rates of the reference currency of the Currency Hedged Classes and the Fund’s base currency, 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 classes.
- The Manager may amend the distribution policy subject to obtaining the SFC’s prior approval and by giving not less than one month’s prior notice to unitholders.

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