CSOP Select US Dollar Bond Fund

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 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.

Market Information

Date Last Change Change(%)
NAV(Class A RMB) 2019-12-12 12.0300 -0.0800 -0.66
NAV(Class I RMB) 2019-12-12 12.1700 -0.0800 -0.65

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.

Fund Performance

1 Month 6 Month 1 Year 3 Years Since Inception#
Class A USD* 0.34% 1.20% 12.45% 13.53% 18.30%
Class I USD* 0.34% 1.28% 12.68% 14.30% 19.10%
Index** 0.26% 4.60% 13.21% 16.96% 23.19%

* 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 30 Nov, 2019

Top 5 Holdings

Security Name % of NAV
SCENERY JOURNEY LTD 13% 06NOV2022 8.38%
CAIYUN INTL INVESTMENT 5.5% 08APR2022 8.34%
ENVISION ENERGY OVERSEAS 7.5% 26APR2021 7.86%
SUNRISE CAYMAN LTD 5.25% 11MAR2024 7.81%
ANTON OILFIELD SERV GRP 9.75% 05DEC2020 6.22%

As of 30 Nov, 2019

Portfolio Characteristics 1

Portfolio Characteristics
Number of Holdings 25
Average Yield-to-Maturity 13.71%
Average Duration 1.78

As of 30 Nov, 2019

Credit Rating Allocation1

As of 30 Nov, 2019

Country Allocation1

As of 30 Nov, 2019

Sector Allocation1

As of 30 Nov, 2019

Currency Allocation1

As of 30 Nov, 2019

1Source: CSOP, as of 31 December, 2017.

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

Class:
Ex-Date Record Date Payable Date Dividend Per Share Dividend Paid Out of Net Distributable Income* for the month
(per share)
Dividend Paid Out of Capital
(per share)

*“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.

The data in “dividend paid out of net distributable income” and “dividend paid of out of capital” are just for reference only. Please kindly refer to the official dividends information in the total dividend per share (or total distribution) column.

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.

Disclaimer

This website is owned and managed by CSOP Asset Management Limited (“CSOP”). CSOP reserves the right to change, modify, add or delete, any content and the terms & conditions of use of this website without notice. Users are advised to periodically review the contents of this website to be familiar with any modifications.

The performance figures contained on this website are for informational purposes only. Past performance is not indicative of future performance. Investment involves risks and the ETF's NAV per unit may rise as well as fall. Persons interested in investing in the ETF should read the relevant fund offering documents (including the full text of the risk factors stated therein) in detail before making any investment decision.

This website is prepared by CSOP and has not been reviewed by the Securities and Futures Commission.

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OUR CORPORATE POLICY

CSOP recognize the importance of personal data to our business and the importance of respecting the privacy rights of our clients. Therefore, we are committed to ensuring compliance with the requirements of the Ordinance. Each employee of CSOP must abide by our commitment to privacy in the handling of personal information. To further enhance confidentiality and security of all personal data, only authorized staff will be allowed to have access to the personal information collected. It is restricted to those persons who have a business need to access personal information in order to perform their job duties.

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You have a right (i) to be informed whether we hold any of your personal data; (ii) to be supplied with a copy of your personal data we hold; and (iii) to request correction of your personal data we hold. If you wish to access to and/or to correct any of your personal data held by us, please send your written request to the address set out below. We may, subject to the Ordinance, impose a reasonable fee for complying with a data access request.

If you do not wish your personal data to be used for direct marketing purposes, you may notify us in writing to the following address:-

Head of Legal & Compliance

CSOP Asset Management Limited,
2801-2802 Two Exchange Square
8 Connaught Place, Central
Hong Kong

Upon receipt of such notice, we shall, without charge to you, cease using your personal data for direct marketing purposes.

Disclaimer

CSOP Asset Management Limited ("CSOP") is a regulated institution in Hong Kong by the Securities and Futures Commission (“SFC”). This website contains information about CSOP and the services and products offered by CSOP. The information provided on the CSOP website is not intended for distribution to, or use by, any person or entity in any jurisdiction or country that would subject CSOP or its affiliates to any registration requirement within such jurisdiction or country. Non-Hong Kong investors are responsible for observing all applicable laws and regulations of their relevant jurisdictions before proceeding to access the information contained herein. By proceeding, you are representing that you have understood and accepted the restrictions set out in this section.

The website is prepared by CSOP and has not been reviewed by the SFC. You are advised to exercise caution and if you are in any doubt about any of the contents of the website, you should obtain independent financial and professional advice. Private Investors are advised to consult with their financial advisors, banks, or other professional advisors. Nothing herein should be construed as investment advice nor as comment on the suitability of any investment or investment service. Prospective investors should take advice from their own professional advisors before making any investment decision.

The information contained in this website is provided for reference only and does not constitute any investment advice. Past performance is not an indicative of future performance. Investment involves risk and investors may not get back the amount originally invested. Please read the relevant offering document carefully, in particular fund features and the risks involved in investing in the fund.

Nothing on this website constitutes a solicitation, invitation, recommendation or offer to purchase a product offered by CSOP or any CSOP funds or as the basis for any investment decision.

This site may include forward-looking statements which are based on CSOP's current opinions, expectations and projections. CSOP undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements.

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