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General risks: The value of investments, and any income generated from them, can fall as well as rise. Where charges are taken from capital, this may constrain future growth. Past performance is not a reliable indicator of future results. If any currency differs from the investor's home currency, returns may increase or decrease as a result of currency fluctuations. Investment objectives and performance targets may not necessarily be achieved, losses may be made.

Institutional

Important Information

All China Equity

  • Investec All China Equity Fund (the “Fund”)'s investment in equity could be volatile and subject to high risk of loss. The Fund invests in China and may be subject to high volatility and regulatory policies of the China A Share markets, Mainland China tax risk, Renminbi currency and conversion risk as well as exchange rate risk. The Fund is also subject to risk associated with Stock Connects or Renminbi Qualified Foreign Institutional Investor ''RQFII'' regime while investing in Mainland China companies. The Fund invests in a concentrated portfolio which can be more volatile than more broadly diversified portfolios.
  • The Fund may use derivatives for hedging and/or efficient portfolio management purposes and may be exposed to significant risk of loss when the use becomes ineffective. Derivatives will not be used extensively for investment purposes.
  • In adverse situations, the Fund may suffer significant losses. It is possible that the original amount you invested could be lost.
  • Investors should not solely rely on this document to make investment decisions.

All China Bond

  • Investec All China Equity Fund (the “Fund”)'s investment in equity could be volatile and subject to high risk of loss. The Fund invests in China and may be subject to high volatility and regulatory policies of the China A Share markets, Mainland China tax risk, Renminbi currency and conversion risk as well as exchange rate risk. The Fund is also subject to risk associated with Stock Connects or Renminbi Qualified Foreign Institutional Investor ''RQFII'' regime while investing in Mainland China companies. The Fund invests in a concentrated portfolio which can be more volatile than more broadly diversified portfolios.
  • The Fund may use derivatives for hedging and/or efficient portfolio management purposes and may be exposed to significant risk of loss when the use becomes ineffective. Derivatives will not be used extensively for investment purposes.
  • In adverse situations, the Fund may suffer significant losses. It is possible that the original amount you invested could be lost.
  • Investors should not solely rely on this document to make investment decisions.

Strategies

Read more about our equity and bond strategies focused on the growth opportunity in China

Investec All China Equity

 

Download the strategy profile

 

Investment objective:

The Strategy aims to provide long-term capital growth primarily through investment in equities or equity-related securities issued by Chinese companies listed anywhere in the world.


Greg Kuhnert

Greg Kuhnert

Portfolio Manager

Wenchang Ma

Wenchang Ma

Assistant Portfolio Manager

Why invest in all-China equities?

  • Chinese equities offer one of the highest revenue, earnings and cashflow growth opportunities globally
  • Investing in both onshore and offshore Chinese equities doubles the investment universe and maximises the potential of finding interesting investment opportunities
  • The All China market is a better representation of the Chinese economy, providing access to unappreciated quality blue chips in the industrial, consumer and healthcare sectors.
  • Looking through shorter-term volatility, we believe the China A-share market offers attractive longer-term potential

Why 4Factor™ for Chinese equities?

  • Specialist China team based in London and in Hong Kong
  • Strong track record of picking stocks in China over the past decade
  • We follow a strong, disciplined and tested investment philosophy
  • We have grown our Chinese equities under management to US$6.8bn and managed total assets of US$59.0bn as at 31 December 2017
  • Our global perspective enhances analysis of Chinese stocks

Strategy highlights

  • Investment universe: Chinese companies listed anywhere in the world, inclusion of A shares doubles the universe size
  • Minimum market cap: US$500m, daily liquidity US$2m, minimum coverage by two analysts
  • Portfolio construction: maximum 60 stocks
  • Performance target*: 3-5% per annum above MSCI All China Index

*Performance target may not necessarily be achieved, losses may be made. 
The above guidelines are internal and subject to change without prior notice.

Investec All China Bond

 

Investment objective:

The Strategy aims to provide income with the opportunity for long-term capital growth primarily through investment in a portfolio of debt securities issued by Chinese borrowers both offshore and in mainland China.

Wilfred Wee

Wilfred Wee

Portfolio Manager

Peter Eerdmans

Peter Eerdmans

Portfolio Manager


Why Investec Asset Management for Chinese fixed Income?

  • A long history in emerging markets
  • Tried and tested emerging market bond and currency processes
  • Investec Asset Management has an established team of experienced professionals and investment process

Why invest in Chinese fixed income?

  • Strategic opportunity to invest in China’s internationalisation story at attractive yields
  • Allocating to Chinese fixed income can help diversify overall portfolio returns
  • China’s credit markets are diverse and differentiated, and offer opportunities across the cycle
  • The renminbi offers investment opportunity
  • Gain exposure to the world’s largest developing bond market that is under-represented and set to increasingly feature in global fixed income allocations
  • Manage US$3.3bn in Asian EMD assets within global EMD portfolios, as at December 2017

Strategy Highlights

  • Can invest in offshore CNH bonds, onshore CNY bonds and USD-denominated bonds issued by Asian companies that are strongly linked to China's economy
  • Broad investment mandate that allows for active management to unlock relative value opportunities across the onshore CNY, offshore CNH and US$ markets
  • Strategy targets 1.5% per annum, gross of fees, over rolling three-year periods versus the Markit iBoxx Asia Local Bond Index China Offshore

Performance target will not necessarily be achieved, losses may be made.


Specific risks

All China Bond and All China Equity have the following risks:

Currency exchange: Changes in the relative values of different currencies may adversely affect the value of investments and any related income. Developing market: These markets carry a higher risk of financial loss than more developed markets as they may have less developed legal, political, economic or other systems. Geographic / Sector: Investments may be primarily concentrated in specific countries, geographical regions and/or industry sectors. This may mean that the resulting value may decrease whilst portfolios more broadly invested might grow. Investing in China: Investment in mainland China may involve a higher risk of financial loss when compared with countries generally regarded as being more developed.

All China Bond has the following risks:

Concentrated portfolio: The portfolio invests in a relatively small number of individual holdings. This may mean wider fluctuations in value than more broadly invested portfolios. Default: There is a risk that the issuers of fixed income investments (e.g. bonds) may not be able to meet interest payments nor repay the money they have borrowed. The worse the credit quality of the issuer, the greater the risk of default and therefore investment loss. Derivative counterparty: A counterparty to a derivative transaction may fail to meet its obligations thereby leading to financial loss. Derivatives: The use of derivatives may increase overall risk by magnifying the effect of both gains and losses. This may lead to large changes in value and potentially large financial loss. Interest rate: The value of fixed income investments (e.g. bonds) tends to decrease when interest rates and/or inflation rises. Government securities exposure: The portfolio may invest more than 35% of its assets in government securities issued or guaranteed by a permitted single state.

All China Equity has the following risks:

Derivatives: The use of derivatives is not intended to increase the overall level of risk. However, the use of derivatives may still lead to large changes in value and includes the potential for large financial loss. Equity investment: The value of equities (e.g. shares) and equity-related investments may vary according to company profits and future prospects as well as more general market factors. In the event of a company default (e.g. bankruptcy), the owners of their equity rank last in terms of any financial payment from that company.

 

Important information

All information is as at 31.03.18 unless otherwise stated.

聲明:

本文件僅供專業財務顧問、專業投資者及機構投資者參閱,不可分發予公眾,亦不可作為投資依據。本文資料論及一般市場活動或行業趨勢,不擬作為預測、研究或投資建議。本文所述的經濟和市場預測反映天達資產管理(「天達」)在所示日期的判斷, 可予以更改而無須事前通知。此等預測將會受利率、一般市場情況及其他政治、社會及經濟發展轉變所影響。概不保證有關預測將會成為事實。過往表現並非未來的指標,可能出現虧損。數據未經審核。投資涉及風險,投資者不一定可獲利。所顯示的指數表現僅供說明之用。投資者不能直接投資於指數。天達並無提供法律或稅務建議。本文件所載之所有資料相信是可靠,惟其準確性或完備性並不獲得保證。所持有之意見乃誠實無誤,但並不作出保證,不可作為投資依據。本文件僅視為一般資訊,並非投資邀請,亦不構成提呈出售。此並非對任何特定證券作出買入或沽售建議。概無聲明任何投資將會或可能取得類似過往的利潤或虧損, 或將會避免出現重大損失。本文件提及的證券或投資產品可能未於任何司法管轄區註冊。

於香港,本文件僅供獲分發的人士參閱,不得複製或分發給任何其他人。本文件應僅分發專業財務顧問、專業投資者及機構投資者參閱。本文件並未經證券及期貨事務監察委員會(證監會)審核。本公司的網站並未經證監會審核,可能包含不可向香港公眾銷售的非證監會認可基金的資料。電話內容可能會被錄音以作培訓及保證服務質素之用。發行人:天達資產管理香港有限公司。