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Investment Risks

Investment involves risks including the loss of principal. The price of units or shares of the Sub-Fund may go up as well as down. Past performance is not indicative of future results. The value of the Sub-Fund can be extremely volatile and could go down substantially within a short period of time. Investors should not base investment decisions on this marketing material alone. The information provided herein is general in nature. Please read the Sub-fund’s Explanatory Memorandum and the Product Key Facts Statement for details including the full text of the risk factors stated therein.

Information contained in this website has not been reviewed by the SFC.

SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

 

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Select Fund

Huatai International
繁
EN

Huatai Global Investment Fund –
Huatai Global Select Bond Fund

(Fund Type：Hong Kong Umbrella Unit Trust)

Important information about Huatai Global Select Bond Fund (the “Sub-Fund” ). Terms used in this website unless otherwise stated shall have the same meanings as those defined in the explanatory memorandum of the Sub-Fund (the “Explanatory Memorandum”).

 

Important Notes：

Investment involves risks including the loss of principal. The price of units or shares of the Sub-Fund may go up as well as down. Past performance is not indicative of future results. The value of the Sub-Fund can be extremely volatile and could go down substantially within a short period of time. The Explanatory Memorandum and the Product Key Facts Statement of the Sub-Fund can be downloaded from this website. Investors should not make investment decisions only base on this material alone. The information provided herein is general in nature. Please read the Sub-Fund’s Explanatory Memorandum and the Product Key Facts Statement for details including the full text of the risk factors stated therein.

Please note:

• Huatai Global Select Bond Fund being a sub-fund of the umbrella unit trust constituted by the Trust Deed and called Huatai Global Investment Fund (the “Fund”). The investment objective of the Sub-Fund is to provide long term capital growth through investing primarily in investments grade fixed income instrument issued by government quasi-government and state owned enterprise in global markets.

• The Fund and the Sub-Fund(s) have been authorised by the SFC as a collective investment scheme pursuant to section 104 of the SFO. The SFC’s authorisation is not a recommendation or endorsement of the Fund and the Sub-Fund(s) nor does it guarantee the commercial merits of the Fund and the Sub-Fund(s) or their performance. It does not mean the Fund or the Sub-Fund(s) is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

• You should not invest in the Sub-Fund unless the intermediary who sells it to you has explained to you that the Sub-Fund is suitable for you having regard to your financial situation investment experience and objectives.

Risk Factors:

Investors should not only base on this website alone to make investment decisions. Please read the Sub-Fund’s Explanatory Memorandum and the Product Key Facts Statement for details including the full text of the risk factors stated therein.

1.    Investment risk

The Sub-Fund is an investment fund and not a bank deposit. The Sub-Fund may fall in value due to any of the key risk factors below and therefore investors may suffer losses. There is no guarantee of repayment of capital. 

2.    Risks associated with debt securities

Volatility and liquidity risk - The debt securities in some of the markets in which the Sub-Fund invests 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. The bid and offer spreads of the price of such securities may be large and the Sub-Fund may incur significant trading costs. 

Credit / counterparty risk - The Sub-Fund is exposed to the credit/insolvency risk of issuers of the debt securities that the Sub-Fund may invest in.

Interest rate risk - Investment in the Sub-Fund is subject to interest rate risk. Generally the prices of debt securities rise when interest rates fall whilst their prices fall when interest rates rise. 

Credit rating risk - Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the debt security and/or issuer at all times.

Valuation risk - Valuation of the Sub-Fund’s investments may involve uncertainties and judgmental determinations and independent pricing information may not at all times be available. If such valuations should prove to be incorrect this may affect the calculation of the net asset value of the Sub-Fund.

Downgrade risk - The credit rating of an issuer or a debt security may subsequently be downgraded due to changes in the financial strength of an issuer. In the event of downgrading in the credit ratings of a debt security or an issuer relating to a debt security the Sub-Fund’s investment value in such security may be adversely affected. The Manager may or may not be able to dispose of the debt securities that are being downgraded.

Sovereign debt risk - Investment in sovereign debt obligations 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.

Credit rating agency risk – The credit appraisal system in the Mainland and the rating methodologies employed in the Mainland may be different from those employed in other markets. Credit ratings given by Mainland rating agencies may therefore not be directly comparable with those given by other international rating agencies.

Risk associated with debt securities rated below investment grade or unrated – The Sub-Fund may invest in debt securities rated below investment grade (as rated by one of the international credit rating agencies or one of the Mainland Chinese credit rating agencies) or unrated. Such securities are generally subject to lower liquidity higher volatility and greater risk of loss of principal and interest than high-rated debt securities.

3.    Concentration risk

The Sub-Fund will invest primarily in bonds denominated in USD. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments. 

4.    Emerging market risk

The Sub-Fund may invest in emerging markets (which may involve increased risks and special considerations not typically associated with investment in more developed markets such as liquidity risks currency risks/control political and economic uncertainties legal and taxation risks settlement risks custody risk and the likelihood of a high degree of volatility.)

5.    Currency and foreign exchange risk

Certain investments acquired by the Sub-Fund are denominated in currency(ies) (such as HKD) different from the base currency. Also a class of units may be designated in a currency other than the base currency of the Sub-Fund or the currency of its underlying investment. The net asset value 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 control.

RMB is currently not freely convertible and is subject to exchange controls and restrictions which under exceptional circumstances may cause a delay in the payment of redemptions in RMB. 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. 

6.    Hedging risk and risks associated with the use of financial derivative instruments

The Sub-Fund may acquire financial derivatives instruments for hedging and in adverse situations such hedging may become ineffective and the Sub-Fund may suffer significant losses. The price of a derivative instrument can be very volatile which may result in losses in excess of the amount invested in the derivative instruments by the Sub-Fund. A derivative instrument is subject to the risk that the counterparty of the instrument will not fulfil its obligations to the Sub-Fund. In addition the risks associated with derivative instruments include credit risk liquidity risk valuation risk volatility risk and over-the-counter transaction risk. The leverage element/component of derivative instruments can result in a loss significantly greater than the amount invested in the derivative instruments by the Sub-Fund. Exposure to derivative instruments may lead to a high risk of significant loss by the Sub-Fund.

Fund Overview
Investment Objective

The Sub-Fund’s objective is to provide long term capital growth through investing primarily in investments grade fixed income instrument issued by government，quasi-government and state owned enterprise in global markets.

Investment Strategy

A. Primary Investment

The Sub-Fund will invest not less than 70% of its net asset value in investment grade fixed income instruments issued by governmentquasi-government and state owned enterprise in global markets. For the purpose of the Sub-Fund “investment grade” means a long-term credit rating of BBB- or above by Standard & Poor’s or equivalent rating as rated by one of the international credit rating agencies or (in relation to onshore China debt securities) a rating of at least AA+ by one of the Mainland Chinese credit rating agencies. If a debt security does not have a credit rating of its own the Manager will assess the debt security by reference to the credit rating of the issuer or guarantor. For split credit ratings the lowest rating shall apply. In addition to considering the credit ratings available the Manager also conducts internal assessment of the credit risks of the debt securities on an ongoing basis based on quantitative and qualitative fundamentals including but not limited to the leverage operating margin return on capital interest coverage operating cash flows industry outlook the competitive position and corporate governance etc. of the issuer or guarantor. 

The Sub-Fund will invest at least 70% of its net asset value in bonds denominated in USD with the remainder in other currencies. The Sub-Fund is not subject to any limitation on the portion of its net asset value that may be invested in any one country nor is it subject to any limitation on the market capitalization of issuers. 


B. Ancillary Investments

For the remaining assets the Sub-Fund may invest less than 30% of its net asset value in aggregate in:

(1)   other fixed income instruments including below investment grade or unrated fixed income instruments fixed income instruments denominated in non-USD currencies such as “Dim Sum” bonds (i.e. bonds issued outside of Mainland China but denominated in Renminbi) and urban investment bonds (i.e. debt instruments issued by the local government financing vehicles (“LGFVs”)). These LGFVs are separate legal entities established by local governments and/or their affiliates to raise financing for public welfare investment or infrastructure projects;  

(2)   onshore Chinese debt securities traded on the China interbank bond market (“CIBM”) and the exchange traded bond market through the qualified foreign investor (“QFI”) regime CIBM direct access regime and/or Bond Connect; 

(3)   debt instruments with loss-absorption features e.g. total loss-absorbing capacity eligible instruments Additional Tier 1 and Tier 2 capital instruments and contingent convertible bonds. These instruments may be subject to contingent write-down or contingent conversion to ordinary shares on the occurrence of trigger events;  

(4)   collective investment schemes. 

The Sub-Fund may use financial derivative instruments (e.g. futures) for hedging purposes only to the extent permitted by the investment restrictions under Chapter 7 of the SFC’s Code on Unit Trusts and Mutual Funds and the Explanatory Memorandum. 

Under exceptional circumstances (such as a prolonged bearish market with market volatilities rising deteriorating sentiments or rapidly worsening economic fundamentals) the Sub-Fund may hold temporarily up to 100% of its net asset value in cash and cash equivalents (e.g. certificates of deposit commercial paper and treasury bills) or money market funds for cash flow management in order to defend against market turmoil and to capture future investment opportunities as and when they arise.

The Sub-Fund may enter into sale and repurchase transactions for up to 10% of its net asset value. The Manager does not intend to enter into any securities lending and/or reverse repurchase transactions in respect of the Sub-Fund.

Fund Information
Dealing frequency Daily
Fund Manager Huatai Financial Holdings (Hong Kong) Limited
Distribution policy No dividends will be declared or distributed.
Financial year-end of the Sub-Fund Dec-31
Management fee

Class A USD Units Class A HKD Units and Class A RMB (hedged) Units:

up to 2% p.a. currently 0.8% p.a.

Class I USD Units Class I HKD Units and Class I RMB (hedged) Units:

up to 1% p.a. currently 0.4% p.a.
Subscription fee Up to 3% of the amount subscribed
Redemption fee None
Minimum Initial investment Class A USD: USD 100
Class A HKD: HKD 100
Class A RMB(hedged): RMB 100
Class I USD: USD 1000000
Class I HKD: HKD 8000000
Class I RMB(hedged): RMB 6000000
Minimum Additional investment Class A USD: USD 100
Class A HKD: HKD 100
Class A RMB(hedged): RMB 100
Class I USD: USD 100000
Class I HKD: HKD 800000
Class I RMB(hedged): RMB 600000
ISIN Class A USD: HK0001009643
Class A HKD: HK0001009650
Class A RMB(hedged): HK0001009668
Class I USD: HK0001009676
Class I HKD: HK0001009684
Class I RMB(hedged): HK0001009692
 
Historical NAVs
Historical NAVs
Start Date:
End Date:
Reset
Cumulative Performance
  1 Month 3 Months 6 Months Since Inception
Class A USD Units -1.07% 1.50% 4.87% 4.87%
Class A HKD Units -0.98% 0.98% 4.08% 4.08%
Class A RMB (Hedged) Units 0.77% 0.11% 3.11% 3.11%
Class I USD Units -1.04% 1.60% 5.10% 5.10%

As of 31 Oct 2024

Source: Bloomberg， Huatai Financial Holdings (Hong Kong) Limited                                                                                                            

 1.Past performance information is not indicative of future performance. Investors may not get back the full amount invested     2.Calculated since the inception of each Class of Unit                                                                                                                                     3.NAV-to-NAV return total return with dividend (if any) reinvested

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CNSHAN V6.5 PERP 8.29%
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BMRIIJ 5.5 04/04/26 EMTN 4.73%
UBS V9.25 PERP REGs 3.89%
Documents, Annoucements & Notices
Documents
Product Key FactsDownload
Explanatory MemorandumDownload
Factsheet 202409Download
Annoucements & Notices
Subject Type Date
Distributors
  • Huatai Financial Holdings（Hong Kong） Limited
  • China Industrial Securities International Brokerage Limited
  • SunRiver International Securities Group Limited
Disclaimer

Huatai Financial Holdings (Hong Kong) Limited is the issuer of this website. The information and materials contained in or accessed through this Website shall not be considered or construed as an offer or solicitation to sell buy or otherwise deal in or as the giving of any advice in respect of shares stocks bonds notes interests unit trusts mutual funds or other securities investments loans advances credits or deposits in any jurisdiction.

Investment involves risks including the loss of principal. The price of units or shares of the Sub-Fund may go up as well as down. Past performance is not indicative of future results. The value of the Sub-Fund can be extremely volatile and could go down substantially within a short period of time. You should read the Sub-Fund’s Explanatory Memorandum and Product Key Facts Statement for details including risk factors. Investors should not base investment decisions on this marketing material alone.

Information contained in this website has not been reviewed by the SFC.

SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

Copyright © 2023 Huatai Financial Holdings (Hong Kong) Limited