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Ping An Of China SIF – RMB Bond Fund (USD)
Last NAV
N/A
 
8.85
(Last Update : 2024/11/01)
1-Month return
 
-1.56%
 Fund House Ping An of China Asset Management (Hong Kong) Co. Ltd.
Fund Type Fixed Income Funds
Fund Size
 
520.00M
 Sector General
Geographic Allocation China
 
Fund Investment Objective & Strategy
The Fund seeks to provide total returns comprised of interest income and capital growth by investing principally in RMB denominated fixed or floating income instruments. It invests primarily (i.e. 70% to 100% of NAV) in RMB denominated instruments including fixed income instruments, asset backed securities (subject to a limit of 30% of NAV), convertible bonds, commercial papers and short term bills and notes (“Income Instruments”). The RMB-denominated Income Instruments may be issued by government, quasi-government organizations, financial institutions, multinational organizations,mainland local government financing vehicles and other corporation.
 
 
Key Risks
Investment risk:The Sub-Fund is an investment fund and not a bank deposit. There is no guarantee of the repayment of principal. There is also no guarantee of dividend or distribution payments during the period you hold the units of the Sub-Fund. The instruments invested by the Sub-Fund may fall in value and therefore your investment in the Sub-Fund may suffer losses. RMB currency risk:RMB is currently not freely convertible and is subject to exchange controls and restrictions. There is no guarantee that RMB will not depreciate. Investors may suffer a loss if (i) they convert another currency into RMB so as to invest in the RMB denominated classes and subsequently convert the RMB redemption proceeds back into such other currency or (ii) they invest non-RMB denominated classes of Units in case of depreciation of RMB as the majority of the Sub-Fund’s investments will be held in RMB Income Instruments and RMB denominated deposits. Currency conversion may also be subject to the availability of RMB at the relevant time, for example, there may not be sufficient RMB for conversion in case of sizeable subscriptions (in non-RMB denominated classes of Units) and in which case may affect the investor’s investment in the Sub-Fund. The Manager will apply the exchange rate for offshore RMB market in Hong Kong in calculating the value of non-RMB denominated or settled assets and the prices of non-RMB classes (“CNH rate”). The CNH rate may be at a premium or discount to the exchange rate for onshore RMB market in the PRC and there may be significant bid and offer spreads. As a result, the value of the Sub-Fund will be subject to fluctuation. Credit risk of counterparties:The Sub-Fund is exposed to the credit/insolvency risk of issuers of RMB Income Instruments and bank deposits that the Sub-Fund will invest in. RMB Income Instruments and bank deposits that the Sub-Fund invests in are typically unsecured debt obligations and are not supported by any collateral. The Sub-Fund will be fully exposed to the credit/insolvency risk of its counterparties as an unsecured creditor. Currently, most of the RMB debt securities that are available to the Sub-Fund are not rated. These debt securities are subject to greater risks because of generally lower credit worthiness and liquidity, greater fluctuation in value and higher chance of default than investment grade debt securities. Interest rate risk:Generally, the prices of the RMB Income instruments fall when interest rates rise and vice versa. The Sub-Fund may therefore suffer a loss in disposing the RMB Instruments. Risk of limited pool of investments：The quantity of RMB Income Instruments issued or distributed outside mainland China is currently limited. The Sub-Fund may hold a significant portion of assets in bank deposits if there are not sufficient RMB Income Instruments for the Sub-Fund to invest in. This may adversely affect the Sub-Fund’s return and performance. There is currently a limited supply of RMB denominated instruments that are rated investment grade. Therefore, the credit quality of the investments held by the Sub-Fund could be adversely affected; and the Sub-Fund may be subject to a higher degree of credit risk. Liquidity risk：RMB Income Instruments that are currently not listed on a stock exchange or a securities market where trading is conducted on a regular basis may be subject to additional liquidity risk. The Sub-Fund may suffer losses in trading such instruments. The bid and offer spread of the price of RMB Income Instruments may be large, so the Sub-Fund may incur significant trading and realisation costs and may suffer losses accordingly. Risks associated with distributions out of capital：The Manager may at its discretion pay distributions out of the capital of the Sub-Fund or pay distributions out of gross income while charging / paying all or part of the Sub-Fund’s fees and expenses to / out of capital of the Sub-Fund. Where distributions are paid out of gross income, this will result in an increase in distributable income for the payment of distributions by the Sub-Fund and therefore, the Sub-Fund may effectively pay distributions out of capital. Unitholders should note that the distributions paid out of capital or effectively out of capital amount to a return or withdrawal of part of a Unitholder’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of distributions out of the Sub-Fund’s capital or payment of distributions effectively out of a Sub-Fund’s capital (as the case may be) may result in an immediate reduction of the net asset value per Unit. The Manager may amend the distribution policy subject to SFC’s prior approval and by not giving less than one month’s prior notice to Unitholders.
 
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