• The Fund invests in debt securities that may be subject to credit/counterparty risk, interest rate risk, downgrading risk, sovereign default risk, valuation risk, credit rating risk, credit agency risk and volatility and liquidity risk as well as other risks. The Fund invests in China and may be subject to high volatility, Mainland China tax risk, Renminbi currency and conversion risk as well as exchange rate risk. The Fund is also subject to risk associated with China Interbank Bond Market risk ‘CIBM’, Renminbi Qualified Foreign Institutional Investor ‘RQFII’ regime and/or Bond Connect while investing in Mainland China companies. The Fund invests in a concentrated portfolio which can be more volatile than more broadly diversified portfolios. The Fund is also exposed to the adverse impact on Share Class denominated in RMB due to currency depreciation.
  • The Fund may use derivatives for hedging, efficient portfolio management and/or investment purposes and may be exposed to significant risk of loss when the use becomes ineffective.
  • The Inc-3 Share Classes may at the Director’s discretion pay dividends gross of expense or out from its capital. Paying dividends gross of expense or out of capital may amount to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. This may result in an immediate reduction of the net asset value per Share.
  • Reference Currency Hedged Share Class may be subject to risks arising from uncertainty in interest rate and foreign exchange movement.
  • There can be no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB share class(es) of the Fund. RMB is currently not freely convertible and RMB convertibility from offshore RMB (CNH) to onshore RMB (CNY) is a managed currency process subject to foreign exchange control policies of and restrictions imposed by the Chinese government. There is the risk that, under extreme market conditions, payment of redemption proceeds and/or distributions in RMB 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 in a timely manner due to the exchange controls and restrictions applicable to RMB.
  • In adverse situations, the Fund may suffer significant losses. It is possible that the original amount you invested could be lost.
  • Investors should not solely rely on this document to make investment decisions.
GSF Lux SICAV

All China Bond

Latest NAV Price

17.9200
12 August 2020

NAV daily change %

0.11

Dealing currency

AUD

Fund size

AUD 172.45 M
31 July 2020

Latest NAV Price

17.9200
12 August 2020

NAV daily change %

0.11

Dealing currency

AUD

Fund size

AUD 172.45 M
31 July 2020

Objective

Investment objective summary

The Fund aims to provide income with the opportunity for long-term capital growth primarily through investment in a portfolio of debt securities (e.g. bonds) which are issued by Chinese Borrowers. The Fund may hold debt securities issued in Mainland China, including, without limitation, the China Interbank Bond Market.

Wilfred Wee
Portfolio Manager
Wilfred is an investment specialist and portfolio manager in the Global Emerging Market Debt team at...
Alan Siow
Portfolio Manager
Alan is a portfolio manager in the Fixed Income team at Ninety One with responsibility for...

Performance & returns

as of 12/08/2020
The value of investments, and any income generated from them, can fall as well as rise. Past performance is not a reliable indicator of future results. If the currency shown differs from your home currency, returns may increase or decrease as a result of currency fluctuations. Investment objectives and performance targets may not necessarily be achieved, losses may be made. We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs. Where a shareclass has been in existence for less than 6 months, performance is not disclosed. No representation is being made that any investment will or is likely to achieve profits or losses similar to those achieved in the past, or that significant losses will be avoided.

Key facts & Downloads

  • Domicile

    Luxembourg
  • ISIN

    LU1770036389
  • Bloomberg code

    IGAAI3A
  • Benchmark

    Bloomberg Barclays Global Aggregate - Chinese Renminbi (iBoxx ALBI Offshore China pre 30/08/2019, HSBC OS RMB Overall pre 01/05/2016, CNHDR pre 01/01/2015)
  • Morningstar category sector

    Other Bond
  • Fund inception date

    20/06/2014
  • Share class inception date

    22/02/2018
  • Minimum investment

    USD3,000 / equivalent approved currency
  • Valuation & transaction cut-off

    16:00 New York Time (forward pricing)

Portfolio & Holdings

Date as of 30/06/2020
Index
Fund
A
100
61.1
BBB
0
28.0
BB
0
3.3
B
0
6.7
Cash and near cash
0
0.9
*Bond ratings are Ninety One approximations.

Distributions & Yields

Most recent distribution payments
Distribution amount
AUD0.0591
Record Date
31 July 2020
Ex-distribution date
03 August 2020
Payable date
17 August 2020
Yield data as of 30/06/2020
Annualised yield %
4.00

Charges

Maximum initial charge %

5.00

Annual management fee %

1.00

The comparative index may vary. As such the performances of the “composite” comparative index may consist of a combination of the old comparative index prior to the change and the current comparative index post the change.

Investment involves risks. Past performance figures shown are not indicative of future performance.  Investors should read the offering documents of the fund for details, including the risk factors. This document and the company’s website have not been reviewed by the SFC. Issuer: Ninety One Hong Kong Limited.

Dividend is not guaranteed. The fund aims to make dividend payment to investors on a/an monthly/quarterly/semi-annually/annually basis. The Inc-2 and Inc-3 share classes may distribute dividends out of / effectively out of its capital. With regards to Inc-2 and Inc-3 share classes, the Board of Directors may at its discretion pay dividend out of gross income while charging all or part of the share class’s fees and expenses to the capital of the share class, resulting in an increase in distributable income for the payment of dividends by the share class and therefore, the share class may effectively pay dividend out of capital. Payment of dividends out of capital or effectively 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 effectively out of the Sub-Fund’s capital may result in an immediate reduction of the net asset value per Share

Performances based on NAV to NAV, with dividend reinvested in share class currency. The investment returns are denominated in share class currency, which may be a foreign currency. If investment returns are not denominated in HKD/USD, US/HK dollar-based investors are exposed to exchange rate fluctuations.

10 year calendar performance: The computation basis of the performance is based on the calendar year end, NAV-To-NAV, with dividend reinvested. These figures show by how much each share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in share class currency, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance.

Other non-specified information referred to above, source: Ninety One.

The share class aims to make distribution as per the distribution frequency stated.
Annualised Yield = Distribution per share / Record date NAV x Distribution frequency x 100%.

Morningstar Ratings based on the above share class only.

Morningstar Analyst rating™: Copyright © 2020. Morningstar. All Rights Reserved. The information, data and opinions expressed and contained herein are proprietary to Morningstar and/or its content providers and are not intended to represent investment advice or recommendation to buy or sell any security; are not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this Rating, Rating Report or Information contained therein.

The overall rating for a fund, often called the ‘star rating’, is a third party rating derived from a quantitative methodology that rates funds based on an enhanced Morningstar™ Risk-Adjusted Return measure. ‘Star ratings’ run from 1 star (lowest) to 5 stars (highest) and are reviewed at the end of every calendar month. The various funds are ranked by their Morningstar™ Risk-Adjusted Return scores and relevant stars are assigned. It is important to note that individual share classes of each fund are evaluated separately and their ratings may differ depending on the launch date, fees and expenses relevant to the shareclass. In order to achieve a rating the share class of a fund must have a minimum three-year performance track record.

For a full description of the ratings, please see our ratings guide. A rating is not a recommendation to buy, sell or hold a fund.

The portfolio may change significantly over a short period of time. This is not a buy or sell recommendation for any particular security. Figures may not always sum to 100 due to rounding.

For an explanation of statistical terms, please see our glossary.

Past performance figures shown are not indicative of future performance. Investors are reminded that investment involves risk. Investors should refer to the offering documents for details, including risk factors. This website has not been reviewed by the SFC. 

By clicking on the hyperlink of Investor relations below, you are leaving this website with information specific for retail investors in Hong Kong and entering the global website.

Please note that the global website is not intended to target Hong Kong investors. It has not been reviewed by the Hong Kong Securities and Futures Commission (“SFC”). The website may contain information on funds and other investments products that are not authorised by the SFC and therefore are not available to retail investors in Hong Kong. The website may also contain information on investment services / strategies that are purported to be carried out by a Ninety One group company outside of Hong Kong.

Any product documents and information contained in this website are for reference only and for those persons or entities in any jurisdictions or country where the information and use thereof is not contrary to local law or regulation.

Issuer: Ninety One Hong Kong Limited
Email: [email protected] 
Telephone: (852) 2861 6888 
Fax: (852) 2861 6861