• INVESTMENT INVOLVES RISKS. The value of the Fund can be volatile and investors may not get back the amount originally invested. Past performance is not indicative of future results.
  • The Fund actively manages portfolio consisting of a broad range of assets around the world. These assets may include from time to time equities, debt securities, alternative assets (e.g. commodities, property and infrastructure), other transferable securities (e.g. preference shares), certificates, money market instruments, deposits, derivatives, and units or shares in other funds. Investments may be held directly in the asset itself, other than in property, infrastructure or commodities, or indirectly (e.g. using derivatives).
  • The performance of the Fund depends on the success of the asset allocation strategy. There is no assurance that the strategy employed will be successful.
  • The Fund is subject to general investment risk, high leverage risk, risk relating to dynamic asset allocation strategy, exchange rate risk, risks associated with derivatives and risks of implementing active currency position not correlated with underlying asset of the Fund.
  • The Fund may invest in equities which are subject to risk associated with equities and equity-related securities, emerging market risk and risk associated with small-capitalisation / mid-capitalisation companies.
  • The Fund may invest in debt securities which are subject to credit risk, counterparty risk, interest rate risk, liquidity risk, downgrading risk, high yield / Non-Investment Grade / unrated debt securities risk, risk associated with sovereign debt securities, valuation risk and credit rating risk.
  • The Fund may use financial derivative instruments ("FDIs") extensively for investment purposes, which may involve a higher degree of risk such as counterparty/credit, liquidity, valuation, volatility, leverage and over-the-counter transaction risks. The Fund may suffer a total or significant loss arising from the extensive use of FDIs.
  • 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. Offering documents should be read for further details, including the risk factors.
GSF Lux SICAV

Global Macro Allocation

Morningstar Rating™

3
8
EU SFDR

Objective

Investment objective summary

The Fund aims to achieve total returns comprised of income and capital growth (i.e. to grow the value of your investment) over the long-term. The Fund invests in a diversified and actively managed portfolio consisting of a broad range of assets around the world. These assets may include from time to time equities (e.g. shares of companies), debt securities (e.g. bonds), alternative assets (such as commodities, property, infrastructure and private equity), other transferable securities (e.g. shares of closed-ended investment companies, exchange traded products and equity related securities such as depositary receipts, preference shares, warrants and equity linked notes), certificates, money market instruments, deposits, derivatives (financial contracts whose value is linked to the price of an underlying asset), and units or shares in other funds.

Jimmy Elliot
Portfolio Manager
Iain Cunningham
Head of Multi-Asset Growth
Alex Holroyd-Jones
Portfolio Manager

Performance & returns

Literature

Portfolio & Holdings

Date as of 30/04/2024
New Zealand Government Bond 1.5 May 15 31
3.9
New Zealand Government Bond 1.75 May 15 41
3.3
Bundesrepublik Deutschland Bun 2.6 Aug 15 33
2.5
Republic of South Africa 8.875 Feb 28 35
2.0
Brazil Notas Do Tesouro Nacion 10 Jan 01 31
1.5
Bundesrepublik Deutschland Bun 0.25 Aug 15 28
1.0
Bundesrepublik Deutschland Bun Nov 15 28
1.0
New Zealand Government Bond 2.75 May 15 51
0.3

Specific fund risks

Currency exchange

Changes in the relative values of different currencies may adversely affect the value of investments and any related income.

Default

There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss.

Derivatives

The use of derivatives may increase overall risk by magnifying the effect of both gains and losses leading to large changes in value and potentially large financial loss. A counterparty to a derivative transaction may fail to meet its obligations which may also lead to a financial loss.

Emerging and Frontier market (inc. China)

These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems.

Equity investment

The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. insolvency), the owners of their equity rank last in terms of any financial payment from that company.

Government securities exposure

The Fund may invest more than 35% of its assets in securities issued or guaranteed by a permitted sovereign entity, as defined in the definitions section of the Fund’s prospectus.

Interest rate

The value of fixed income investments (e.g. bonds) tends to decrease when interest rates rise.

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.

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 Morningstar rating for funds, please see the attached guide. The guide is a third party-document and is for informational purpose only. We do not endorse or guarantee the accuracy of the information provided in this third-party document and we are not responsible for any consequences resulting from the use of the information contained in the 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