Important Risk Warning
Investors should note that all investments involve risks (including the possibility of loss of the capital invested). Past performance is not necessarily a guide to future performance, and no representation or warranty, express or implied, is made regarding future performance. The value of investments and the return from them can go down as well as up and investors may not get back the amount originally invested and may lose all of their investment. There may be other significant risks associated with the characteristics of a particular product and investors should read the offering documents for details and relevant risk factors.
What are the key risks?
Investment involves risks. Please refer to the offering document for details including the risk factors.
1 - Investment risk
- The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.
2 - Currency risk
- Underlying investments of the Sub-Fund may be denominated in currencies other than the base currency of the Sub-Fund. Also, a class of shares may be designated in a currency other than the base currency of the Sub-Fund. The net asset value of the Sub- Fund may be affected unfavorably by fluctuations in the exchange rates between these currencies and the base currency and by changes in exchange rate controls.
3 - Equity market risk
- The Sub-Fund’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors.
4 - Concentration risk
- The Sub-Fund’s investments are concentrated in China A Shares and may be concentrated in a specific industry sector. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.
- The value of the Sub-Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the mainland China market.
5 - Mainland China market risk
- Investing in the mainland China market may involve a greater risk of loss than investing in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity, settlement, custody, legal, regulatory, accounting and reporting risks. Generally, there is greater market volatility, lower trading volume, more governmental control of currency conversion and future movements in exchange rate than those typically found in developed markets.
6 - Risks relating to China A-Shares
- The Sub-Fund’s assets may be invested in China A Shares. The securities market in China, including China A Shares, may be more volatile, unstable (for example, due to the risk of suspension/limitation in trading of a particular stock or government implementing policies that may affect the financial markets) than markets in more developed countries and has potential settlement difficulties. This may result in significant fluctuations in the prices of securities traded in such market and thereby affecting the prices of shares of the Sub-Fund.
7 - RMB currency and conversion risks
- RMB is currently not freely convertible and is subject to exchange controls and restrictions.
- The Sub-Fund is exposed to foreign exchange risk and there is no guarantee that the value of RMB against the Sub-Fund’s base currency will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the Sub-Fund.
- Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors.
- Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB.
8 - Risks associated with the Stock Connect
- The relevant rules and regulations on the Stock Connect are subject to change which may have potential retrospective effect. The Stock Connect are subject to quota limitations. Where a suspension in the trading through the programme is effected, the Sub-Fund’s ability to invest in China A Shares or access the PRC market through the programme will be adversely affected. In such event, the Sub-Fund’s ability to achieve its investment objective could be negatively affected.
9 - Risks associated with investment made through the QFI regime
- The Sub-Fund’s ability to make the relevant investments or to fully implement or pursue its investment objective and strategy is subject to the applicable laws, rules and regulations (including restrictions on investments and repatriation of principal and profits) in the PRC, which are subject to change and such change may have potential retrospective effect.
- The Sub-Fund may suffer substantial losses if the approval of the QFI status is being revoked/terminated or otherwise invalidated as the Sub-Fund may be prohibited from trading of relevant securities and repatriation of the Sub-Fund’s monies, or if any of the key operators or parties (including QFI custodian/brokers) is bankrupt/in default and/or is disqualified from performing its obligations (including execution or settlement of any transaction or transfer of monies or securities).
10 - PRC tax risk
- There are risks and uncertainties associated with the current PRC tax laws, regulations and practice in respect of capital gains realised via QFI status or the Stock Connect or 5 access products on the Sub-Fund’s investments in the PRC (which may have retrospective effect). Any increased tax liabilities on the Sub-Fund may adversely affect the Sub-Fund’s value.
- Based on professional and independent tax advice, the Sub-Fund will not make any tax provisions on realised and/or unrealised capital gains and/or dividends on China A Shares.
11 - Risk associated with micro-capitalisation / small-capitalisation / mid-capitalisation companies
- The stock of micro-capitalisation / small-capitalisation / mid-capitalisation companies may have lower liquidity and their prices are more volatile to adverse economic developments than those of larger capitalisation companies in general.
12 - Risks relating to hedging and the hedged share classes
- There can be no assurance that any currency hedging strategy employed by the Sub-Fund will fully and effectively eliminate the currency exposure of the Sub-Fund.
- Hedging strategies may preclude investors from benefiting from an increase in the value of the Sub-Fund’s base currency.
- Any expenses arising from such hedging transactions will be borne by the Sub-Fund or the relevant currency hedged class.
13 - Risks associated with usage of financial derivative instruments (“FDIs”)
- Risks associated with FDIs include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of an FDI can result in a loss significantly greater than the amount invested in the FDI by the Sub-Fund. Exposure to FDIs may lead to a high risk of significant loss by the Sub- Fund.
- There can be no assurance that the use of FDIs for hedging purposes will fully and effectively eliminate the risk exposure of the Sub-Fund. The use of FDIs and hedging strategies may be ineffective and the Sub-Fund may suffer substantial losses.
14 - Risks associated with distribution out of/effectively out of the Sub-Fund’s capital
- In respect of Class A (USD-M), payment of dividends out of capital and/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 investments. Any such distributions may result in an immediate reduction of the net asset value per share.
Overview
Key Facts
Performance
Source: SMD-AM, as at previous month end.
| 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, NAV-To-NAV for the stated period, with dividend reinvested. Where no past performance is shown there was insufficient data available in that month/year to provide performance. These figures show by how much respective classes increased or decreased in value for the stated period. Performance data has been calculated in the currency denomination of the class including ongoing charges and excluding subscription fee and redemption fee you might have to pay. |
NAV / Historical prices
Source: SMD-AM.
| 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, NAV-To-NAV for the stated period, with dividend reinvested. Where no past performance is shown there was insufficient data available in that month/year to provide performance. These figures show by how much respective classes increased or decreased in value for the stated period. Performance data has been calculated in the currency denomination of the class including ongoing charges and excluding subscription fee and redemption fee you might have to pay. |
Fund Manager
Wei SUN
Portfolio Manager
Wei Sun, based in Shanghai, is responsible for research and portfolio planning
Assumed current responsibilities in August 2016
18 years of investment experience
Shanghai based
Fluent Mandarin
Graduated from Dalian University of Technology (MA, Applied Linguistics) in 2006 and is a CFA Charterholder (2012)
______________________________
Source: SMDAM as at 1 July 2024
CMA: Certified Member Analyst of The Securities Analyst Association of Japan
CFA: Chartered Financial Analyst
Daiwa SB Investments Ltd. (DSBI) merged with Sumitomo Mitsui Asset Management Company, Limited
(SMAM) on 1 April 2019
Industry Experience 18+ years
Time in SMD-AM 8+ years
Portfolio Manager
Industry Experience 18+ years
Time in SMD-AM 8+ years
Wei Sun, based in Shanghai, is responsible for research and portfolio planning
Assumed current responsibilities in August 2016
18 years of investment experience
Shanghai based
Fluent Mandarin
Graduated from Dalian University of Technology (MA, Applied Linguistics) in 2006 and is a CFA Charterholder (2012)
______________________________
Source: SMDAM as at 1 July 2024
CMA: Certified Member Analyst of The Securities Analyst Association of Japan
CFA: Chartered Financial Analyst
Daiwa SB Investments Ltd. (DSBI) merged with Sumitomo Mitsui Asset Management Company, Limited
(SMAM) on 1 April 2019
Yoshinobu UEHARA
Portfolio Manager
Responsible for Chinese Equities, including China A Shares
Fund manager of China A share when it launched in April 2007
32 years investment experience
Tokyo based
Fluent Japanese
______________________________
Source: SMDAM as at 1 July 2024
CMA: Certified Member Analyst of The Securities Analyst Association of Japan
CFA: Chartered Financial Analyst
Daiwa SB Investments Ltd. (DSBI) merged with Sumitomo Mitsui Asset Management Company, Limited
(SMAM) on 1 April 2019
Industry Experience 32+ years
Time in SMDAM 18+ years
Portfolio Manager
Industry Experience 32+ years
Time in SMDAM 18+ years
Responsible for Chinese Equities, including China A Shares
Fund manager of China A share when it launched in April 2007
32 years investment experience
Tokyo based
Fluent Japanese
______________________________
Source: SMDAM as at 1 July 2024
CMA: Certified Member Analyst of The Securities Analyst Association of Japan
CFA: Chartered Financial Analyst
Daiwa SB Investments Ltd. (DSBI) merged with Sumitomo Mitsui Asset Management Company, Limited
(SMAM) on 1 April 2019
Invest with us
If you have any account or dealing enquiries, please contact BBH using the following contact details:
Brown Brothers Harriman (Luxembourg) S.C.A.
80, route d’Esch, L-1470 Luxembourg
T: +352 474 066 226
F: +352 474 066 401
E: Lux.BBH.Transfer.Agent@BBH.com
Source: SMDAM
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General Disclaimer:This material is issued by Sumitomo Mitsui DS Asset Management (Hong Kong) Limited (“SMDAM(HK)”) for informational purposes only and has not been reviewed by the Securities and Futures Commission of Hong Kong (“SFC”) or any other regulatory authority. Persons who access or receive this material should determine whether it is permissible to access or receive it in the relevant jurisdiction without violating any applicable laws and regulations. The material may contain information related to funds which are authorized by the SFC that are available for public sale in Hong Kong. However, SFC authorization is not a recommendation or endorsement of the fund, nor does it guarantee the commercial merits of the fund or its performance. It does not mean the fund is suitable for all investors, nor is it an endorsement of its suitability for any particular investor or class of investors. The information contained in this material has been obtained from sources that are deemed to be reliable and is made available solely for informational purposes. SMDAM(HK) makes no representations or warranties as to the information and does not guarantee its accuracy, timeliness, completeness or usefulness. You are advised to exercise caution in relation to this material, and if you are in any doubt about the contents of this material, it is recommended that you should seek the advice of an independent professional. The written consent of SMDAM(HK) is required before it can be replicated or distributed to third parties or used for any other purpose, except as required by law or regulatory requirements. SMDAM(HK) and its affiliated entities accept no liability whatsoever for any consequences, whether direct or indirect that may arise from any third party’s use of information contained in this material. This material is not intended to serve as an invitation, offer, solicitation or recommendation for any investment strategy or the purchase or sale of securities, including shares or units of funds. Any views, analyses, perspectives expressed, and references to companies should not be construed as recommendations or endorsements by SMDAM(HK). All comments, opinions, data and forecasts in this material are based on the information available at the time of drafting, and are subject to change without prior notice in response to market and other conditions. The information provided does not constitute investment advice and should not be relied upon as such. This material may contain certain statements that may be deemed to be forward-looking statements. Please note that any such statements are not guarantees of future performance and actual results or developments may differ significantly from those projected. No assurance can be given that the investment objective of any investment products will be achieved. No representation or promise as to the performance of any investment products or the return on an investment is made. This material does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may access or receive this material. Investment involves risk, including the possible loss of principal amount invested. The past performance information of the market, manager and investments and any forecasts on the economy, stock market, bond market or the economic trends of the markets are not indicative of future performance. Any investment decisions made by investors should not be solely based on this marketing material. Investors should refer to the fund’s Offering Documents, including the Product Key Facts Statement, in order to fully understand the associated risk factors. The value of an investment may go down or up. The final decision in relation to any investment in any stock, companies or markets referred to in this material should be made by you. If investment returns are not denominated in HKD or USD, US/HK dollar-based investors will be exposed to exchange rate fluctuations. The contents of this material are protected by copyright. Without SMDAM(HK)’s prior written consent, copying, reproduction or distribution of its contents in a hard copy and/or through the internet is strictly prohibited. Where the contents of this material have been translated into any language other than English and there is any inconsistency or ambiguity between the English version and the other version, the English version shall prevail. The above policies are subject to review and amendments by us from time to time. IMPORTANT: Please read this disclaimer carefully. By accepting this presentation, you acknowledge that you have read, understood, and agreed to be bound by the terms and conditions set forth herein. |
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