Eastspring Investments - US High Yield Bond Fund AADM AUD (Hedged)

瀚亞投資-美國高收益基金 AADM類 澳元 (對沖)

LU0795476117

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

AUD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

15:30

-

*Not include dividends (If applicable)

Fund Performances (including dividend, if any)

1 mth
+0.38%
3 mth
+1.36%
6 mth
+3.42%
1 yr
+7.37%
3 yr
+16.13%
5 yr
+17.09%

Analytical Figures (3 years)

Annualized Return
+5.11%
Annualized Volatility
+10.92%
Sharpe Ratio
-0.01

Fund Information

Fund Houses
Eastspring Investments (Hong Kong) Limited
Launch Date
2005-08-26
Fund Manager
Curt Burns
Manager Start Date
2005-08-26
Geographical Focus
US
Asset Class/ Sector
Fixed Income - High yield
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 2019-11-14)
USD 1,320,521,618.58
Management Fee
1.25%
Latest Dividend
AUD 0.053300 (2019-11-03)

Sector Leaders

    No Funds

Dealing Information

Secure Transaction

Derivatives knowledge not required

HKD4,000.00Min. Subscription

1.25%

HKD4,000.00Min. Subscription

AUD

HKD4,000.00Min. Subscription

HKD4,000.00

HKD4,000.00

Daily

15:30

-

Dividend Records

Dividend DateDividend Records (AUD)
2019-11-030.053300
2019-09-300.045900
2019-09-020.053600
2019-07-310.050600
2019-06-300.044800
2019-06-020.052203
2019-05-010.050098
2019-03-310.046534
2019-02-280.041813
2019-01-310.042825
2019-01-010.044389
2018-12-020.046769
2018-11-010.049526
2018-09-300.041858
2018-09-030.052728
2018-07-310.046309
2018-07-010.048082
2018-05-310.046864
2018-05-010.045264
2018-04-020.052404
2018-02-280.045256
2018-01-310.048561
2018-01-010.053864
2017-11-300.049248
2017-11-010.054611
2017-10-010.054445
2017-08-310.054894
2017-07-310.051065
2017-07-020.056767
2017-05-310.054968
2017-05-010.052963
2017-04-020.060851
2017-02-280.052990
2017-01-310.055110
2017-01-020.058986
2016-11-300.052146
2016-11-010.054221
2016-10-020.057764
2016-08-310.054987
2016-07-310.055966
2016-06-300.053907
2016-05-310.053780
2016-05-010.055427
2016-03-310.053144
2016-02-290.050102
2016-01-310.049849
2016-01-030.063355
2015-11-300.057840
2015-11-010.062557
2015-09-300.061014
2015-08-310.062719
2015-08-020.072845
2015-06-300.069812
2015-05-310.065311
2015-05-030.076329
2015-03-310.070346
2015-03-010.064023
2015-02-010.071240
2015-01-010.076287
2014-11-300.068160
2014-11-020.080436
2014-09-300.075695
2014-08-310.077498
2014-07-310.079131
2014-06-300.073862
2014-06-010.078759
2014-05-010.078872
2014-03-310.074113
2014-03-020.070539
2014-02-020.080506
2014-01-010.077910
2013-12-010.070339
2013-11-030.078805
2013-09-300.066947
2013-09-010.075001
2013-07-310.071797
2013-06-300.067514
2013-06-020.083332
2013-05-010.079177
2013-04-010.084111
2013-02-280.073586
2013-01-310.078275
2013-01-010.077158
2012-12-020.084212
2012-11-010.091062
2012-09-300.079255
2012-09-020.092780
2012-07-310.117342

Investment Objective

The Sub-Fund invests in a diversified portfolio consisting primarily of high yield bonds and other fixed income/debt securities denominated in US dollars, issued in the US market (including “Yankee” and “Global” bonds, and up to 20% of its net assets in CMBS1, MBS and ABS) rated below BBB-. Up to 20% of the assets of the Sub-Fund may be invested in investment grade securities (i.e. BBB- and above).

Nature and Extent of Risks

Investment involves risks. Please refer to the Hong Kong Summary Prospectus for details including the risk factors.
1. General Investment Risk
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. You may not get back your original investment. Past performance is not a guide to future performance. The level of investment return is not fixed and will vary.
2. Risks of Investing in Bonds
Interest rate risk: Bonds are subject to interest rate fluctuations. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise.
Credit risk: Investments in bonds are subject to credit default risk of the issuers of the bonds. Adverse economic conditions, unanticipated rise in interest rate, unavailability of additional funding, may impair the issuer’s ability to meet its debt obligations, which may lead to potential default by the issuer.
Risk associated with below investment grade bonds: Bonds that are below-investment-grade or are unrated are more susceptible to credit risk, and in particular high yield bonds offer higher yields to compensate for the reduced creditworthiness or increased risk of default that these securities carry. Such securities are generally subject to lower liquidity, higher volatility and greater risk of loss of principal and interest than high-rated debt securities.
Counterparty risk: The Sub-Fund will be exposed to the credit risk on counterparties with which it trades and any default by such a counterparty (for example, due to insolvency) could result in substantial losses to the Sub-Fund.
Risk of credit rating downgrades: The credit rating of a debt instrument or its issuer may subsequently be downgraded. In the event of such downgrading, the value of the Sub-Fund may be adversely affected. The investment manager may or may not be able to dispose of the debt instruments that are being downgraded.
Valuation risk: Valuation of the Sub-Fund’s investments may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the Sub-Fund.
Credit rating risk: 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.
3. Country Specific Risk
As the Sub-Fund invests in a single country, the value of the Sub-Fund may be more susceptible to the market, currency, economic, political, policy, liquidity, tax, legal or regulatory event affecting the economy of that country.
The concentration of the Sub-Fund’s investments in a single country may result in greater volatility than portfolios which comprise broad-based global investments.
4. Liquidity Risk
The Sub-Fund may have investments which have high liquidity risks (for example, low trading volumes), and may incur substantial losses if it is unable to sell these investments at opportune times or prices.
5. Hedged Share Class Risk
If the Shares of a Share Class can be subscribed and redeemed in a currency other than the base currency of the Sub-Fund, a fluctuation in exchange rates could affect the value of an investment performance and therefore substantially impact the performance of such Share Class.
The hedging strategy is to reduce but not eliminate currency risk. If these hedging transactions are imperfect or are only placed over a portion of the foreign exchange exposure, such Share Class will bear the resulting benefit or loss.
6. Asset Backed Securities (“ABS”) and Mortgage Backed Securities (“MBS”) Risk
ABS, including MBS and CMBS, are generally limited recourse obligations of the issuers, and holders of ABS (including the Sub-Fund) must rely solely on the cash flows generated from the underlying assets of the issuer and proceeds thereof (“ABS Assets”). In addition, interest payments on ABS (other than the most senior tranche(s) of an issue) are generally subject to deferral. ABS Assets may be highly illiquid and prone to substantial price volatility, and are subject to greater liquidity, market value, credit interest rate, reinvestment and certain other risks compared to other debt securities. The aggregate return on the ABS Assets will depend in part upon the ability of the relevant investment manager to actively manage the related portfolio of the ABS Assets. 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.
7. Derivatives Risk
Derivatives involve risks different from, and, in some cases, greater than, the risks presented by more traditional securities investments. Some of the risks associated with derivatives are market risk, management risk, credit risk, counterparty risk, liquidity risk, volatility risk, operational risk, leverage risk, valuation risk and over-the-counter transaction risk.
The Sub-Fund may use financial derivative instruments (FDIs) extensively for hedging and efficient portfolio management purposes whilst FDIs will not be extensively used for investment purposes, however, the Sub-Fund’s use of derivatives may become ineffective in such endeavours and the Sub-Fund may suffer significant losses.
8. Risks associated with Payment of Dividends out of/Effectively out of Capital
Investors should note that where distributions are declared and paid out of the Sub-Fund, the board of directors of Eastspring Investments may at its discretion pay dividends out of the capital of the Sub-Fund or pay dividends out of gross income while charging/paying all or part of the Sub-Fund’s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund and therefore, the Sub-Fund may effectively pay dividends out of capital.
Payment of dividends out of capital 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 distributions involving payment of dividends out of the Sub-Fund’s capital or payment of dividends effectively out of the Sub-Fund’s capital (as the case may be) may result in an immediate reduction of the net asset value per share.

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852
3896 3896

1501, 15/F, 101 King's Road,
North Point, Hong Kong

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09:00 - 18:00

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