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CSOP Shen Zhou RMB Fund

  • Overview
  • Performance
  • Holdings
  • Summary of NAV
  • Distribution History
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  • Distributors
IMPORTANT INFORMATION about the CSOP Shen Zhou RMB Fund
  • CSOP Shen Zhou RMB Fund (the “Fund”) invests primarily in RMB denominated and settled debt instruments within mainland China through the RQFII quota of the Manager.
  • There may not be a liquid and active market in the PRC debt securities and the Fund may be subject to liquidity risk.
  • RMB is currently not freely convertible and is subject to exchange controls. There is no guarantee that RMB will not depreciate.
  • The RQFII rules are in the early stages of its operation. Any changes to the relevant rules may adversely impact the Fund.
  • Investment in the China market is subject to concentration risk and risks associated with changes in the PRC laws and regulations (such as PRC tax laws and repatriation policy).
  • The Fund is exposed to the credit/insolvency risk of issuers. Credit ratings of debt securities of the Fund are largely assigned by the Chinese local rating agencies whose rating criteria may be different from those adopted by other established international credit rating agencies. Downgrading of credit rating of the debt securities and an issuer may adversely affect the value of the Fund.
  • Any increase in interest rates or changes in the Chinese government's macro-economic policies may adversely impact the value of the Fund's fixed income portfolio
  • Investors should not invest in the Fund solely based on this material and should read the Explanatory Memorandum and the Key Facts Statement of the Fund for further details.
Investment Strategy
  • Investing in China onshore bond market through RMB Qualified Foreign Investors (RQFII) Quota.
  • The Manager's investment strategy is to construct the duration of the investment portfolio based on expected changes in RMB interest rates. The Fund will adjust the allocation of investment in debt securities based on analysis, and seek to invest in undervalued debt securities.
Fund Manager
Yanming Guo, CFA, Deputy CEO and Head of Fixed Income
  • Specializes in China fixed income products, especially in credit products
  • Managed to built up China Southern Asset Management Co., Ltd.'s ("CSAM") internal credit research and rating platform and trained credit analysts, paving the way for CSAM's investment in credit products
  • More than 15 years of financial industry experience (of which 5 years of Wall Street experience)
  • Worked at Bear, Stearns & Co., Inc. as Vice President at the Risk Management Department, covering credit products
  • Joined CSAM in March 2006 as Chief Bond Analyst, Executive Director of Fixed Income Department and Executive Director of International Business Department respectively
  • Graduated with a Masters of Business Administration from Columbia Business School
  • Holder of Hong Kong Securities and Futures Commission ("SFC") Type 9 and Type 4 RO license
Key Facts 1
Inception Date 22 February 2012
Base Currency RMB
Financial Year End 31 December
Dealing Frequency Daily
Manager CSOP Asset Management Limited
Custodian Bank of China (Hong Kong) Limited
RQFII Custodian Bank of China Limited
Trustee & Registrar BOCI-Prudential Trustee Limited
Share Classes Institutional investors All types of investors
Class I Class A
Minimum Subscription Amount RMB 1,000,000 RMB 20,000
USD 200,000 USD 4,000
HKD 1,000,000 HKD 20,000
Minimum Subsequent Subscription Amount RMB 500,000 RMB 10,000
USD 100,000 USD 2,000
HKD 500,000 HKD 10,000
Management Fee 1.00% p.a. 1.50% p.a.
Preliminary Charge Up to 3%
ISIN RMB: HK0000099181 RMB: HK0000099173
USD: HK0000186046 USD: HK0000186020
HKD: HK0000186053 HKD: HK0000186038
Bloomberg Code RMB: CSOPSZI HK RMB: CSOPSZA HK
Top 5 Holdings
Security Name % of NAV
METLIFE INC 5.25% S/A PERP 6.05%
SOFTBANK GROUP CORP 6% S/A PERP 5.88%
OVPH LTD 5.875% S/A PERP 4.06%
OCEANWIDE REAL ESTATE INTL HLDGS CO LTD 11.75% S/A 08SEP2019 4.12%
FANTASIA HLDGS GROUP CO LTD 10.75% S/A 22JAN2020 4.05%
Investment Portfolio 1
Portfolio Characteristics
Average Duration (yrs) 1.60
Average Credit Rating AA+
Average Yield to Maturity 4.70%
Number of Bond Holdings 18
Credit Rating
Portfolio Allocation
Sector Allocation
1Source: CSOP, as of 30 September, 2017.
Performance
Class 1 Month 6 Months 1 Year 3 Years Since Inception#
Class I RMB* 0.38% 1.44% -1.00% 13.00% 27.57%
Class A RMB* 0.30% 1.19% -1.51% 11.33% 23.93%
Index** 0.51% -1.01% 0.82% 13.75% 25.50%
* NAV to NAV performance with dividends reinvested
** The Fund uses ChinaBond Composite Total Return Index for performance comparison only, not for benchmark; index return is since 22 February 2012
# Calculated since the inception date 22 Feb 2012
As of 30 September 2017
2012 2013 2014 2015 2016 Since Inception
Class I RMB 4.74% 1.05% 7.99% 7.95% 2.12% 1.25%
Class A RMB 4.33% 0.45% 7.46% 7.38% 1.58% 0.89%
Index** 3.06% -0.47% 10.34% 8.15% 1.85% 0.67%
* NAV to NAV performance with dividends reinvested
** The Fund uses ChinaBond Composite Total Return Index for performance comparison only, not for benchmark; index return is since 22 February 2012.
# Calculated since the inception date 22 Feb 2012.
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 fund increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.
As of 30 June 2017
Summary of NAV
Class Units Inception date Latest unit price Last valuation date
I RMB (class I) 2012-02-22 RMB 10.45 2017-10-19
A RMB (class A) 2012-02-22 RMB 10.12 2017-10-19
I HKD (class I) 2014-06-04 HKD 9.53 2017-10-19
A USD (class A) 2014-06-19 USD 9.23 2017-10-19
I USD (class I) 2014-07-05 USD 9.44 2017-10-19

To check historical prices, simply select the fund and the periods required.

Class
Units
From
To

    Important information about Dividend out of capital / effectively out of capital
    • The Manager may, at its discretion, pay dividend out of capital. The Manager may also, at its discretion, pay dividend out of gross income while all or part of the fees and expenses of the sub-fund are charged to/paid 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 dividend out of capital.
    • Payments 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 capital gains attributed to that original investment. Any distributions involving payment of dividends out of the sub-fund’s capital or effectively out of capital may result in an immediate reduction in the Net Asset Value (“NAV”) per Unit.
    Distribution History
    Ex-Date Record Date Payable Date Dividend Paid Out
    of Net
    Distributable Income
    Dividend Paid Out
    of Capital
    Total Distribution
    Class A
    ( RMB)
    2012-07-03 2012-06-29 2012-07-23 RMB 0.12 per unit - RMB 0.12 per unit
    2012-10-08 2012-09-28 2012-10-18 RMB 0.12 per unit - RMB 0.12 per unit
    2013-01-04 2012-12-31 2013-01-14 RMB 0.06 per unit - RMB 0.06 per unit
    2013-04-02 2013-03-28 2013-04-15 RMB 0.1 per unit - RMB 0.10 per unit
    2013-07-02 2013-06-28 2013-07-16 RMB 0.13 per unit - RMB 0.13 per unit
    2013-10-08 2013-09-30 2013-10-16 RMB 0.08 per unit - RMB 0.08 per unit
    2014-04-01 2014-03-31 2014-04-16 RMB 0.05 per unit - RMB 0.05 per unit
    2014-07-02 2014-06-30 2014-07-16 RMB 0.12 per unit - RMB 0.12 per unit
    2014-10-08 2014-09-30 2014-10-15 RMB 0.08 per unit - RMB 0.08 per unit
    2015-01-05 2014-12-31 2015-01-15 RMB 0.13 per unit - RMB 0.13 per unit
    2015-04-08 2015-03-31 2015-04-15 RMB 0.12 per unit - RMB 0.12 per unit
    2015-07-02 2015-06-30 2015-07-15 RMB 0.12 per unit - RMB 0.12 per unit
    2015-10-08 2015-09-30 2015-10-15 RMB 0.13 per unit - RMB 0.13 per unit
    2016-01-08 2016-01-07 2016-01-15 RMB 0.13 per unit - RMB 0.13 per unit
    2016-04-01 2016-03-31 2016-04-15 RMB 0.12 per unit - RMB 0.12 per unit
    2016-07-05 2016-07-04 2016-07-15 RMB 0.12 per unit - RMB 0.12 per unit
    2016-10-11 2016-09-30 2016-10-18 RMB 0.13 per unit - RMB 0.13 per unit
    2017-01-13 2017-01-12 2017-01-18 RMB 0.12 per unit - RMB 0.12 per unit
    2017-04-05 2017-03-31 2017-04-19 - RMB 0.02 per unit RMB 0.02 per unit
    2017-07-03 2017-06-30 2017-07-14 - RMB 0.05 per unit RMB 0.05 per unit
    2017-10-07 2017-09-29 2017-10-18 - RMB 0.05 per unit RMB 0.05 per unit
    Total RMB 2.1per unit
    Class I
    ( RMB)
    2012-07-03 2012-06-29 2012-07-23 RMB 0.12 per unit - RMB 0.12 per unit
    2012-10-08 2012-09-28 2012-10-18 RMB 0.12 per unit - RMB 0.12 per unit
    2013-01-04 2012-12-31 2013-01-14 RMB 0.06 per unit - RMB 0.06 per unit
    2013-04-02 2013-03-28 2013-04-15 RMB 0.1 per unit - RMB 0.10 per unit
    2013-07-02 2013-06-28 2013-07-16 RMB 0.13 per unit - RMB 0.13 per unit
    2013-10-08 2013-09-30 2013-10-16 RMB 0.08 per unit - RMB 0.08 per unit
    2014-04-01 2014-03-31 2014-04-16 RMB 0.05 per unit - RMB 0.05 per unit
    2014-07-02 2014-06-30 2014-07-16 RMB 0.1 per unit - RMB 0.10 per unit
    2014-10-08 2014-09-30 2014-10-15 RMB 0.08 per unit - RMB 0.08 per unit
    2015-01-05 2014-12-31 2015-01-15 RMB 0.13 per unit - RMB 0.13 per unit
    2015-04-08 2015-03-31 2015-04-15 RMB 0.12 per unit - RMB 0.12 per unit
    2015-07-02 2015-06-30 2015-07-15 RMB 0.12 per unit - RMB 0.12 per unit
    2015-10-08 2015-09-30 2015-10-15 RMB 0.13 per unit - RMB 0.13 per unit
    2016-01-08 2016-01-07 2016-01-15 RMB 0.13 per unit - RMB 0.13 per unit
    2016-04-01 2016-03-31 2016-04-15 RMB 0.12 per unit - RMB 0.12 per unit
    2016-07-05 2016-07-04 2016-07-15 RMB 0.12 per unit - RMB 0.12 per unit
    2016-10-11 2016-09-30 2016-10-18 RMB 0.13 per unit - RMB 0.13 per unit
    2017-01-13 2017-01-12 2017-01-18 RMB 0.12 per unit - RMB 0.12 per unit
    2017-04-05 2017-03-31 2017-04-19 - RMB 0.02 per unit RMB 0.02 per unit
    2017-07-03 2017-06-30 2017-07-14 - RMB 0.05 per unit RMB 0.05 per unit
    2017-10-07 2017-09-29 2017-10-18 - RMB 0.05 per unit RMB 0.05 per unit
    Total RMB 2.08per unit
    Class A
    ( USD)
    2014-07-02 2014-06-30 2014-07-16 USD 0.1 per unit - USD 0.10 per unit
    2014-10-08 2014-09-30 2014-10-15 USD 0.08 per unit - USD 0.08 per unit
    2015-01-05 2014-12-31 2015-01-15 USD 0.13 per unit - USD 0.13 per unit
    2015-04-08 2015-03-31 2015-04-15 USD 0.12 per unit - USD 0.12 per unit
    2015-07-02 2015-06-30 2015-07-15 USD 0.12 per unit - USD 0.12 per unit
    2015-10-08 2015-09-30 2015-10-15 USD 0.12 per unit - USD 0.12 per unit
    2016-01-08 2016-01-07 2016-01-15 USD 0.12 per unit - USD 0.12 per unit
    2016-04-01 2016-03-31 2016-04-15 USD 0.12 per unit - USD 0.12 per unit
    2016-07-05 2016-07-04 2016-07-15 USD 0.12 per unit - USD 0.12 per unit
    2016-10-11 2016-09-30 2016-10-18 USD 0.12 per unit - USD 0.12 per unit
    2017-01-13 2017-01-12 2017-01-18 USD 0.11 per unit - USD 0.11 per unit
    2017-04-05 2017-03-31 2017-04-19 - USD 0.02 per unit USD 0.02 per unit
    2017-07-03 2017-06-30 2017-07-14 - USD 0.05 per unit USD 0.05 per unit
    2017-10-07 2017-09-29 2017-10-18 - USD 0.05 per unit USD 0.05 per unit
    Total USD 1.38per unit
    Class I
    ( USD)
    2014-10-08 2014-09-30 2014-10-15 USD 0.08 per unit - USD 0.08 per unit
    2015-01-05 2014-12-31 2015-01-15 USD 0.13 per unit - USD 0.13 per unit
    2015-04-08 2015-03-31 2015-04-15 USD 0.12 per unit - USD 0.12 per unit
    2015-07-02 2015-06-30 2015-07-15 USD 0.12 per unit - USD 0.12 per unit
    2015-10-08 2015-09-30 2015-10-15 USD 0.12 per unit - USD 0.12 per unit
    2016-01-08 2016-01-07 2016-01-15 USD 0.12 per unit - USD 0.12 per unit
    2016-04-01 2016-03-31 2016-04-15 USD 0.12 per unit - USD 0.12 per unit
    2016-07-05 2016-07-04 2016-07-15 USD 0.12 per unit - USD 0.12 per unit
    2016-10-11 2016-09-30 2016-10-18 USD 0.12 per unit - USD 0.12 per unit
    2017-01-13 2017-01-12 2017-01-18 USD 0.11 per unit - USD 0.11 per unit
    2017-04-05 2017-03-31 2017-04-19 - USD 0.02 per unit USD 0.02 per unit
    2017-07-03 2017-06-30 2017-07-14 - USD 0.05 per unit USD 0.05 per unit
    2017-10-07 2017-09-29 2017-10-18 - USD 0.05 per unit USD 0.05 per unit
    Total USD 1.28per unit
    Class I
    ( HKD)
    2014-07-02 2014-06-30 2014-07-16 HKD 0.1 per unit - HKD 0.10 per unit
    2014-10-08 2014-09-30 2014-10-15 HKD 0.08 per unit - HKD 0.08 per unit
    2015-01-05 2014-12-31 2015-01-15 HKD 0.13 per unit - HKD 0.13 per unit
    2015-04-08 2015-03-31 2015-04-15 HKD 0.12 per unit - HKD 0.12 per unit
    2015-07-02 2015-06-30 2015-07-15 HKD 0.12 per unit - HKD 0.12 per unit
    2015-10-08 2015-09-30 2015-10-15 HKD 0.12 per unit - HKD 0.12 per unit
    2016-01-08 2016-01-07 2016-01-15 HKD 0.12 per unit - HKD 0.12 per unit
    2016-04-01 2016-03-31 2016-04-15 HKD 0.12 per unit - HKD 0.12 per unit
    2016-07-05 2016-07-04 2016-07-15 HKD 0.12 per unit - HKD 0.12 per unit
    2016-10-11 2016-09-30 2016-10-18 HKD 0.12 per unit - HKD 0.12 per unit
    2017-01-13 2017-01-12 2017-01-18 HKD 0.11 per unit - HKD 0.11 per unit
    2017-04-05 2017-03-31 2017-04-19 - HKD 0.02 per unit HKD 0.02 per unit
    2017-07-03 2017-06-30 2017-07-14 - HKD 0.05 per unit HKD 0.05 per unit
    2017-10-07 2017-09-29 2017-10-18 - HKD 0.05 per unit HKD 0.05 per unit
    Total HKD 1.38per unit
    Class A
    ( HKD)
    2014-10-08 2014-09-30 2014-10-15 HKD 0.08 per unit - HKD 0.08 per unit
    2015-01-05 2014-12-31 2015-01-15 HKD 0.13 per unit - HKD 0.13 per unit
    2015-04-08 2015-03-31 2015-04-15 HKD 0.12 per unit - HKD 0.12 per unit
    2015-07-02 2015-06-30 2015-07-15 HKD 0.12 per unit - HKD 0.12 per unit
    2015-10-08 2015-09-30 2015-10-15 HKD 0.12 per unit - HKD 0.12 per unit
    2016-01-08 2016-01-07 2016-01-15 HKD 0.12 per unit - HKD 0.12 per unit
    2016-04-01 2016-03-31 2016-04-15 HKD 0.12 per unit - HKD 0.12 per unit
    2016-07-05 2016-07-04 2016-07-15 HKD 0.12 per unit - HKD 0.12 per unit
    2016-10-11 2016-09-30 2016-10-18 HKD 0.12 per unit - HKD 0.12 per unit
    2017-01-13 2017-01-12 2017-01-18 HKD 0.11 per unit - HKD 0.11 per unit
    2017-04-05 2017-03-31 2017-04-19 - HKD 0.02 per unit HKD 0.02 per unit
    2017-07-03 2017-06-30 2017-07-14 - HKD 0.05 per unit HKD 0.05 per unit
    Total HKD 1.23per unit

    All dollar amounts are in RMB. All dates are in GMT+8 Time. Any exceptions are noted.

    Documents
    Monthly Newsletter
    Product Key Facts
    Explanatory Memorandum
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

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    Announcement
    Notice to Investors
    Audited Accounts
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

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    Financial Reports and Dealing Forms
    Unaudited Semi-annual Report
    Annual Report
    Interim Report
    Audited Accounts
    Subscription Form
    Redemption Form
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

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    Distributors
    FAQ
    Disclaimer

    Investment involves risk. Please refer to the Explanatory Memorandum and the Key Facts Statement for details of the risks of investing in the Fund. Future performance and the capital value of the Fund are not guaranteed. Past performance figures are not an indicative for future performance. The value of units may rise as well as fall. Investors are reminded that in certain circumstances their right to redeem may be suspended. We recommend investors obtain and read a copy of the Explanatory Memorandum and the Key Facts Statement before investing. This material has not been reviewed by SFC in Hong Kong.