• The Fund's investment in equity could be volatile and subject to high risk of loss. The Fund invests in China and may be subject to high volatility and regulatory policies of the China A Share markets, Mainland China tax risk, Renminbi currency and conversion risk as well as exchange rate risk. The Fund is also subject to risk associated with Stock Connects or Renminbi Qualified Foreign Institutional Investor ''RQFII'' regime 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 may use derivatives for hedging and/or efficient portfolio management purposes and may be exposed to significant risk of loss when the use becomes ineffective.
  • 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 Equity

Morningstar Rating™

3

Latest NAV Price

21.8500
29 September 2022

NAV daily change %

-1.22

Dealing currency

USD

Fund size

USD 877.99 M
31 August 2022

Latest NAV Price

21.8500
29 September 2022

NAV daily change %

-1.22

Dealing currency

USD

Fund size

USD 877.99 M
31 August 2022

A holistic approach to capture Chinese growth

The All China market is a better representation of the Chinese economy, providing access to quality blue chips in the industrial, consumer and healthcare sectors.

Fund highlights

  • Holistic approach to discover the best ideas
    ‘All China’ approach which includes China A shares, B shares, H shares and American Depositary Receipts (ADRs) maximises exposure to the ‘best ideas’

  • High conviction and flexible portfolio for Chinese equities listed anywhere
    The Fund (of up to 60 Chinese stocks1) is well-diversified and benchmark unconstrained, allocating dynamically among different share classes in China market as valuations evolve

  • Award winning fund with strong performance
    The Fund had outperformed its comparative index and sector average since its inception2
1This is an internal parameter and subject to change without prior notification. 2Source: Morningstar, accumulative performance from 29.06.15 to 31.12.19, based on NAV to NAV (inclusive of all annual management fees but excluding any initial charges) of A Acc share class, gross income reinvested, in USD. The share class was launched on 29.06.15. Comparative index refers to the MSCI China All Shares Net Return (MSCI All China Net Return pre 31.10.19). 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. Sector average refers to the unweighted average of the primary share of the HK SFC authorised funds in the Morningstar China Equity sector.

Objective

Investment objective summary

The Fund aims to provide long-term capital growth primarily (i.e. by investing at least two-thirds of the net asset value of the Sub-Fund) through investment in equities or equity-related securities issued by Chinese Companies.

Greg Kuhnert
Portfolio Manager
Greg is a co-head of the 4Factor team at Ninety One. He is the portfolio manager...
Wenchang Ma
Co-Portfolio Manager, All China Equity
Wenchang is co-portfolio manager for the All China Equity Strategy in the 4Factor team at Ninety...

Performance & returns

A different benchmark was used prior to 2019. Benchmark was changed for more accurate representation of the Fund’s investible universe.

The value of investments, and any income generated from them, can fall as well as rise. Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

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 the share class increased or decreased in value during the calendar year/performance periods being shown. Performance data has been calculated in share class currency, including ongoing charges and excluding subscription fee (initial charge) and redemption fee (if any) you might have to pay. If the currency shown differs from your home currency, returns may increase or decrease as a result of currency fluctuations. We recommend that you seek independent financial advice to ensure this Fund is suitable for your investment needs.

Where no past performance is shown there was insufficient data available in that year to provide performance.

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.

Please refer to the “Key facts & Downloads” section below for the benchmark name and the inception date of the Fund and the share class.

Key facts

  • Domicile

    Luxembourg
  • ISIN

    LU1251922891
  • Bloomberg code

    IGSACEA LX
  • Benchmark

    MSCI China All Shares Net Return (MSCI All China Net Return pre 31/10/2019)
  • Morningstar category sector

    China Equity
  • Fund inception date

    19/05/2015
  • Share class inception date

    29/06/2015
  • Minimum investment

    USD3,000 / equivalent approved currency
  • Valuation point

    16:00 New York Time (forward pricing)

Portfolio & Holdings

Date as of 31/08/2022
Index
Fund
Consumer Discretionary
20.9
Consumer Staples
10.2
Industrials
10.0
Financials
15.7
Communication Services
11.5
Materials
7.2
Information Technology
8.9
Utilities
3.0
Health Care
7.1
Energy
2.8
Other
2.8
Cash

Charges

Maximum initial charge %

5.00

Annual management fee %

1.50

Certain of the SFC authorised funds within the GSF range are categorised as funds promoting environmental and/or social characteristics within the meaning of Article 8 of Regulation (EU) 2019/2088 on Sustainability-related Disclosures in the Financial Services Sector. For the avoidance of doubt, these SFC authorised funds are not environmental, social and governance funds in Hong Kong.

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

The benchmark may vary. As such the performances of the “composite” benchmark may consist of a combination of the old benchmark prior to the change and the current benchmark 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 © 2022. 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