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CSOP Select US Dollar Bond Fund

  • Overview
  • Performance
  • Holdings
  • Summary of NAV
  • Documents
IMPORTANT INFORMATION

  • CSOP Select US Dollar Bond Fund (the “Sub-Fund”) is a fixed income fund domiciled in Hong Kong and invests primarily in US dollar (“USD”) denominated debt securities.
  • The Sub-Fund may invest in debt securities denominated in other currencies and this may subject to currency and foreign exchange risks.
  • Investors may expose to credit/insolvency risk of the counterparties of debt securities and it may be subject to downgrading risk.
  • The Sub-Fund may invest substantially in below investment grade or unrated bonds which are subject to higher credit risk, liquidity risk and volatility risk. Investors may lose substantially under the worst case scenario.
  • Any increase in interest rates may adversely impact the value of the Sub-Fund’s fixed income portfolio.
  • The Manager may at its discretion pay dividends out of or effectively pay dividend out of the capital of the Sub-fund. Payment of distributions out of capital or effectively out of capital amounts to a return or a withdrawal of part of the amount an investor originally invested or from any capital gain attributable to that original investment, and may result in an immediate decrease in net asset value.
  • The Sub-Fund may use derivative instruments for currency hedging purposes only. The use of derivative instruments for these purposes may become ineffective and/or cause the Sub-Fund to suffer significant losses.
  • RMB is currently not freely convertible and is subject to exchange controls.  There is no guarantee that RMB will not depreciate.

Investors should not invest in the Sub-Fund solely based on this material alone.

Investment Objective & Strategy
  • The Sub-Fund invests primarily in USD denominated debt securities. The Sub-Fund is denominated in USD.

  • The Sub-Fund seeks long term and stable income and capital growth by primarily investing at least 70% of its assets in USD denominated debt securities, including but not limited to sovereign and/or non-sovereign, floating and/or fixed, of varying maturities issued by the government or by multi-lateral agencies or by companies. The Sub-Fund may also invest up to 30% of its assets in debt securities denominated in other currencies.
Key Facts
Asset Class Fixed Income
Base Currency USD
Dealing Frequency Daily on each Business Daya
Financial Year End 31 December
Dividend policy Currently on a semi-annual basis (i.e. in respect of the period ending June and December each year), subject to the Manager’s discretion and paid in the class currency. The Manager may, at its discretion, pay dividends out of or effectively pay dividend out of capital, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund.
Share Classes A I
HKD RMB USD HKD RMB USD
Management Fee* 0.7%p.a. 0.7%p.a. 0.7%p.a. 0.5%p.a. 0.5%p.a. 0.5%p.a.
Preliminary Charge (% of Issue Price) up to 5%*
Redemption Charge nil*
Min. initial investment 10,000 10,000 1,000 8,000,000 8,000,000 1,000,000
Min. additional holding 10,000 10,000 1,000 8,000,000 8,000,000 1,000,000
Min.Holding 10,000 10,000 1,000 8,000,000 8,000,000 1,000,000
Min.redemption 10,000 10,000 1,000 8,000,000 8,000,000 1,000,000
a A day (other than a Saturday or Sunday) on which banks in Hong Kong are open for normal banking business.
* You should note that some fees may be increased, up to a specified permitted maximum; by giving Unitholders at least one month’s prior notice. For details please refer to the section headed “Expenses and Charges” in the Explanatory Memorandum.
Top 5 Holdings
Security Name % of NAV
CITIC LTD EURO 3.700 14 Jun 26 4.70%
HUAYI FINANCE I LTD EURO 4.000 02 Dec 19 4.72%
BANK OF CHINA EURO 5.000 13 Nov 24 4.97%
EXPORT-IMPORT BANK CHINA EURO 2.875 26 Apr 26 4.68%
HANRUI OVERSEAS INTERNAT EURO 4.900 28 Jun 19 4.65%
Investment Portfolio 1
Portfolio Characteristics
Average Duration (yrs) 4.21
Average Yield to Maturity 3.63%
Number of Holdings 31
Credit Rating Allocation
Country Allocation
Sector Allocation
Currency Allocation
1Source: CSOP, as of 30 June,2016.
Performance
1 Month 3 Months 6 Months Year to date Since Inception#
Class I – HKD* 0.86% -0.19% 0.47% 0.86% 5.80%
Class A – HKD* 0.86% -0.19% 0.48% 0.86% 5.60%
Class I – USD* 0.76% -0.19% 0.48% 0.76% 5.50%
Class A – USD* 0.76% -0.19% 0.48% 0.76% 5.50%
Index** 0.82% 1.51% 1.41% 0.82% 6.33%
* NAV to NAV performance with dividends (if any) reinvested
** The Fund use Citi Asia Broad Bond Index (Bloomberg Ticker: SBABBI Index) for performance comparison.
Index return is calculated in HKD. Index return is since 01 December 2015.
# Calculated since the inception date of each share class. 01 Dec 2015 for Class A – HKD, Class I – HKD, 01 Feb 2016 for A – USD, 13 Jan 2016 for I – USD.
As of 31 January 2017
2016
Class I – HKD 5.01%
Class A – HKD 4.80%
Index 5.92%
  • There is insufficient data to provide a useful indication of past performance to investor.
  • 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 (if any) 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 RMB including ongoing charges and excluding your trading costs on SEHK.
  • Where no past performance is shown there was insufficient data available in that year to provide performance.
  • Fund launch date: 01 Dec 2015
As of 31 January 2017
Top 5 Holdings
Security Name % of NAV
Investment Portfolio 1
Portfolio Characteristics
Credit Rating
Portfolio Allocation
Sector Allocation
# “Others” includes Materials, Health Care, Energy, etc
1Source: CSOP, as of .
Summary of NAV
Class Units Inception date Latest unit price Last valuation date
I HKD (class I) 2015-12-01 HKD 10.68 2017-02-17
A HKD (class A) 2015-12-01 HKD 10.65 2017-02-17
I USD (class I) 2016-01-13 USD 10.64 2017-02-17
A USD (class A) 2016-02-02 USD 10.63 2017-02-17
I RMB (Class I) 2016-02-02 RMB 11.03 2017-02-17
A RMB (Class A) 2016-02-02 RMB 11.00 2017-02-17

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

    Download Acrobat Reader.
    Announcement
    Elaboration on Investment Policy
    Notice to Investors re Unaudited Interim Report
    Implementation of repurchase transaction
    Audited Accounts as at 31 December 2015
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    Financial Reports
    Interim Report
    Audited Accounts
    For request of the fund literature hardcopies, please contact us.
    All documents are in PDF format.

    Download Acrobat Reader.
    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 ETF are charged to/paid out of the capital of the ETF, resulting in an increase in distributable income for the payment of dividends by the ETF and therefore, the ETF 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 ETF’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 Per Share Dividend Paid Out
    of Net Distributable Income*
    for the month
    Dividend Paid Out
    of Capital
    2014-4-17 2014-4-22 2014-4-28 RMB 0.1 per share RMB 0.08 RMB 0.02
    *“Net distributable income” means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include net realised gains (if any) based on unaudited management accounts. However, “net distributable income” does not include net unrealised gains.
    Warning: Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above There is no guarantee of distribution.Investors should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.

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

    Disclaimer

    Investment involves risk. Please refer to the Explanatory Memorandum and the Key Facts Statement for details of the risks of investing in the Sub-Fund. Future performance and the capital value of the Sub-Fund are not guaranteed. Past performance figures are not an indicative for future performance. The value of units may rise as well as fall. This material has not been reviewed by SFC in Hong Kong.