Schroder ISF Global High Yield - HSBC · 2018-06-05 · Schroder ISF Global High Yield ... Macro...

Schroder ISF Global High YieldSet your sights on higher potential yields and global returns31 May, 2018

Important Information:The fund invests primarily in below investment grade fixed and floating rate securities.1. The fund invests in debt securities which may be subject to interest rate, credit and counterparty risks. The fund may invest in unrated and

non-investment grade securities which are exposed to greater credit risks.2. The fund may use derivatives extensively for investment purposes (with a net leverage exposure of over 100%). Derivatives exposure may

involve higher counterparty, liquidity and valuation risks. In adverse situations, the fund may suffer significant losses from their derivative usage for hedging.

3. For share classes with a general dividend policy, expenses will be paid out of capital rather than out of gross income. The amount of distributable income therefore increases and the amount so increased may be considered to be dividend paid out of capital. Share classes with a fixed dividend policy may pay out both income and capital in distributions. Where distributions are paid out of capital, this amounts to a return or withdrawal of part of your original investment or capital gains attributable to that and may result in an immediate decrease in the net asset value of shares.

You should not make any investment decision solely based on this document. Please read the relevant offering document carefully for further fund details including risk factors.

The key advantage we believe our actively managed global high yield strategy offers investors over other similar products (including ETFs) is the unique level of insight offered by our research teams and an ability to exploit market inefficiencies.

In today’s climate of low interest rates and increasingly tough stock market conditions, many investors are understandably cautious about the best way to earn reliable yields. In seamlessly blending both economic and credit analysis across a pioneering research-driven, theme-based process that enables more accurate top-down and bottom-up investment decisions, Schroders has structured a disciplined, risk-controlled framework that streamlines the setting of dependable:

Why invest in the Schroder ISF Global High Yield Fund?

Global strength with local peace of mindMaintaining a strong presence in major markets across Europe, Asia and the Americas, Schroders has a global team of credit experts who evaluate markets at the macroeconomic, sector and individual bond issue level. This means that our fund management team can fully explore any advantage we feel the market may not yet have identified. To ensure your added reassurance, our experienced local in-country specialists carefully select and monitor bonds across global markets.

Proven risk management cultureRisk management has always been part of our culture and is factored into everything that we do. Equally important, our professionals reduce possible interest rate and credit risks by using effective investment strategy. Should we choose to pursue an investment opportunity, it is because it has been rigorously researched and found to have the potential of compelling risk-adjusted returns.

Monthly payout in a choice of currency classesThe fund enables you to receive your monthly dividends in a choice of USD, HKD and AUD hedge classes that mirror your unique personal needs and circumstances. (Distribution rate is not guaranteed, and payment of distributions could be paid out from capital)^

Flexible cap size allocationWhile benchmark aware, our fund managers are not restricted to solely investing in offerings from larger issuers. As a result of its positions in mid-sized markets, the fund often benefits from advantages and delivers real flexibility whenever and wherever portfolios need to be adjusted.

1

Macro strategy Sector and industry selections Security selections Quality biases

Bond markets are global, interrelated and generally efficient, but can overreact to events. Our globally integrated team of specialist analysts and portfolio managers, researching ideas in local markets, can provide performance advantage.

Wesley SparksLead Fund Manager, Schroder ISF Global High Yield

High YieldInvestment Grade

For investors who seek higher income, high yield bonds – which have lower credit ratings than investment grade bonds – pay higher yields because of the higher risk of default and generally provide higher potential returns.

Many investors may permit exposure only to higher-rated securities such as investment grade corporate bonds – rated Baa3/BBB– or higher by rating agencies – because they are relatively low risk and typically unlikely to default.

AAA AA A

BBBBB B

CCC CC and lower

30

25

20

15

10

5

0

-505/1405/13 05/17 05/1805/1605/15

Schroder International Selection Fund is referred to as Schroder ISF.^ In respect of the distribution units, the manager will declare and pay monthly distributions. However, the distribution rate is not guaranteed. Distribution yield is not indicative

of the return of the fund. Distributions may be paid from capital of the fund. Investors should note that where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the value of units.

All fund information as at 31/05/2018, Source: Schroders. Fund performance based on Class A Acc; NAV-NAV in USD with net income re-invested. The fund size quoted includes all classes of the fund.Investment involves risks. Past performance is not indicative of future performance. Please refer to the relevant offering documents for fund details including risk factors. This material, including the website, is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC.Management Company: Schroder Investment Management (Luxembourg) S.A., 5, rue Höhenhof, L-1736 Senningerberg, Grand Duchy of LuxembourgSupervisory Authority: Commission de Surveillance du Secteur Financier, 110, route d’Arlon, L-2991 Luxembourg

Share Classes

A Dis- USDA Dis- HKDA Dis- AUD HedgedA Acc- USD

LU0205194797LU1365048278LU1365048351LU0189893018

ISIN Code Bloomberg Ticker

Distribution Frequency

SCHHYAD LXSCGHYAH LXSISGADA LXSCHHYDA LX

MonthlyMonthlyMonthlyN/A

Share Classes Distribution Per Share

Price on Record Date (30/05/2018)

Fund Objective

NAV per share (Class A Acc)

Hi / Lo (past 12 mths, Class A Acc)

Fund Manager

Launch Date

Fund Size (Million)

Initial Charge up to (Class A)

Management Fee (Class A)

Dealing Frequency

Financial Year End

Effective Duration of Fund in Years

Average Credit Rating

Annual Volatility Over 3 Years (%)

Schroder ISF Global High Yield

Fund Features– Focus on investing in quality diversified global high yield bonds– Select bonds from both bottom up and top down views– Flexible issuer cap size for a wide selection of investment

opportunities– Monthly payout in a choice of currency classes (Distribution

rate is not guaranteed, and payment of distributions could be paid out from capital)^

Available Share Classes and Distribution Frequency

Key Information

Dividend Distribution Record^

Fund Performance

Geographical Breakdown

Rating Breakdown

The fund aims to provide income and capital growth by investing in below investment grade fixed and floating rate securities issued worldwide.

USD 44.4256

USD 45.4753 / 43.8966

M. Metcalf, K. Leidman & M. Scott

16/04/2004

USD 2,411.19

3%

1% p.a.

Daily

31/12

3.64

BB–

4.97

The Fund Offers an Investment Choice for Investors Who– seek investment with monthly payout potential– wish to gain access and invest in a well-diversified global high

yield bond portfolio– look for an actively managed bond portfolio which takes both

top-down and bottom-up views into investment considerations– are positive to invest in bonds with lower credit rating than

investment grade bonds yet with higher potential yields

Note: Investors should consider your own investment objective and risk tolerance level and seek independent professional advice.

Weights (%)

Top Holdings

Upcoming Distribution Record Date

Note: The distribution record date may subject to change.

A Dis- USDA Dis- HKDA Dis- AUD Hedged

0.0888851.4895020.500193

19.3932324.9825111.1539

57.66.65.05.04.93.83.51.77.94.0

Weights (%)

Weights (%)AAAAAABBBBBB≤CCC+NR

1.34.3

-0.25.9

35.237.215.7

0.6

Fund

Fund

-1.0-1.3

6.7

122.1

6.8

0.9

13.3

11.8

-2.3

22.7

1.9

27/06/2018 25/07/2018 29/08/2018

Cumulative Performance (%)

Annual Return (%)

YTD

2017

3-mth 1Yr

2016

3Yrs

2015

5Yrs

2014

Since Launch

2013

2

Performance Over 5 Years (%) – A Acc USD Share Class

United States Treasury Bill 0% 19/07/2018 1.4Sprint 7.125% 15/06/2024 1.0Scientific Games 10% 01/12/2022 0.9L Brands 6.75% 01/07/2036 0.9BWAY Holding 7.25% 15/04/2025 0.9Golden Nugget 6.75% 15/10/2024 0.9Post Holdings 5% 15/08/2026 0.9Everi Payments 7.5% 15/12/2025 0.8Jack Ohio Finance 6.75% 15/11/2021 0.8CCO Holdings 5% 01/02/2028 0.8

Fund

United StatesUnited KingdomNetherlandsLuxembourgItalyCanadaFranceIrelandOthersCash & Cash Equivalents

Schroder ISF - Global High Yield A Acc施羅德環球基金系列 - 環球高收益 A類股份累積單位

As at 截至 31/05/2018

Important Information 重要事項The fund invests primarily in below investment grade fixed and floating rate securities.

The fund invests in debt securities which may be subject to interest rate, credit and counterparty risks. The fund may invest in unrated and non-investment grade securities which are exposed to greater credit risks.

l

The fund may use derivatives extensively for investment purposes (with a net leverage exposure of over 100%). Derivatives exposure may involve higher counterparty, liquidity and valuation risks. In adverse situations, the fund may suffer significant losses from their derivative usage for hedging.

l

For share classes with a general dividend policy, expenses will be paid out of capital rather than out of gross income. The amount of distributable income therefore increases and the amount so increased may be considered to be dividend paid out of capital. Share classes with a fixed dividend policy may pay out both income and capital in distributions. Where distributions are paid out of capital, this amounts to a return or withdrawal of part of your original investment or capital gains attributable to that and may result in an immediate decrease in the net asset value of shares.

l

You should not make any investment decision solely based on this document. Please read the relevant offering document carefully for further fund details including risk factors.基金主要投資於信貸評級低於投資級別的定息及浮息證券。

基金投資於債務證券或承受利率、信貸及交易對手方風險。基金可投資於未獲評級和不具投資級別的證券而承受較大的信貸風險。l

基金可為投資目的而大量運用金融衍生工具(淨槓桿風險可能超過資產淨值的100%)。運用金融衍生工具可涉及較高的對手方、流通性及估值的風險。在不利的情況下，基金可能會因為使用金融衍生工具作對沖之用而承受重大虧損。

l

一般股息政策的股份類別，支出將從資本而並非總收入中支付，可分派收入因此增加，而增加的部份可被視為從資本中支付的股息。定息政策的股份類別，其股息可能同時由收入及資本中支付。從資本中支付的派息相當於從閣下原本投資的金額中，或從該等金額賺取的資本收益中退回或提取部份款項，可能導致每股資產淨值即時下跌。

l

閣下不應僅倚賴本文件而作出任何投資決定。請詳閱有關銷售文件以得悉基金之詳情包括風險因素。

Key Information 基金資料

USD44.4256 (美元)Unit NAV 單位資產淨值

Hi/Lo (Past 12 mths)最高/最低 (過去十二個月)

USD45.4753/43.8966(美元)

3.78%Annualised Return (3 yrs)年度回報率 (3年)

Annualised Volatility (3 yrs)年均相對波幅 (3年)

4.97%

Beta (3 yrs) 貝他 (3年) 0.96

0.55Sharpe Ratio (3 yrs)夏普比率 (3年)

3.00%Initial Charge up to 首次認購費上限

1.00% p.a.Management Fee 管理年費

Fund Manager 基金經理 M. Metcalf, K. Leidman & M.

Scott

04/04Launch Date 推出日期

USD2,411.19 (美元)Fund Size 資產值 (million百萬元)

31/12Financial Year End財政年度結算日

757Schroders InvestLink Code「施羅德資訊通」編號

ISIN CODEISIN號碼

Bloomberg Ticker彭博代碼

Share Class Available可認購單位類別

LU0189893018

LU0205194797

LU1365048278

LU1365048351

SCHHYDA LX

SCHHYAD LX

SCGHYAHLX

SISGADALX

A Acc - USD

(A類累積 - 美元)

A Dis - USD

(A類收息 - 美元)

A Dis - HKD

(A類收息 - 港元)

A Dis - AUD Hedged

(A類收息 - 澳元對沖)

DistributionFrequency派息次數

N/A

M

M

M

★★★èMorningstar Rating

晨星星號評級

TM

Investment Objective 投資目標The fund aims to provide income and capital growth by investing in below investment grade fixed and floating rate securities issued worldwide.基金旨在通過投資於全球各地發行的低於投資級別的定息和浮息證券，以提供收益和資本增值。

Cumulative Performance 累積表現 (%)

-1.33 -1.33 -1.04 -1.04 0.91 0.91 11.82 11.82 22.69 22.69 122.13 122.13Fund 基金

YTD年初至今

3 Mths3個月 1年

1 Yr3年

3 Yrs5年

5 Yrs自設立日起

Since Launch

(%)

Fund 基金

Fund基金

Annual Return基金總回報 (%)

6.72 6.722017

13.26 13.262016

-2.33 -2.332015

1.87 1.872014

6.76 6.762013

Schroder International Selection Fund is referred to as Schroder ISF.Source : Schroders. NAV-NAV in USD with net income re-invested. The Fund size quoted includes all classes of the Fund. Investment involves risks. Past performance is not indicative of future performance. Please refer to the relevant offering documents for fund details including risk factors. This material, including the website, is issued by Schroder Investment Management (Hong Kong) Limited and has not been reviewed by the SFC.Distribution Frequency: M = Monthly; Q = Quarterly; S = Semi-annual;A = Annual; N/A = Not applicableèMorningstar, Inc. All Rights Reserved. Morningstar Rating (TM) as at 31/05/2018.資料來源 : 施羅德投資。基金表現以資產淨值價(美元)計算，收益再投資。本基金之資產值已涵蓋其所有類別。投資涉及風險。過往表現未必可作日後業績的準則。詳情（包括風險因素）請參閱有關銷售文件。本文件及網站由施羅德投資管理（香港）有限公司刊發並未受香港證監會檢閱。派息次數: M = 每月; Q = 每季; S = 每半年; A = 每年; N/A = 不適用。èMorningstar 版權所有。晨星星號評級數據截至31/05/2018。

Rating Breakdown 信貸評級分佈 (%)AAA 1.32

AA 4.30

A -0.18

BBB 5.89

BB 35.19

B 37.17

àCCC+ 15.72

NR 0.59

Geographical Breakdown 地區資產分佈 (%)United States 美國 57.57

United Kingdom 英國 6.56

Netherlands 荷蘭 5.01

Luxembourg 盧森堡 4.98

Italy 意大利 4.96

Canada 加拿大 3.85

France 法國 3.53

Ireland 愛爾蘭 1.68

Others 其他 7.89

Cash & Cash Equivalents 現金及現金等值 3.97

Top Holdings 主要投資 (%)United States Treasury Bill 0% 19/07/2018 1.42

Sprint 7.125% 15/06/2024 1.02

Scientific Games 10% 01/12/2022 0.94

L Brands 6.75% 01/07/2036 0.91

BWAY Holding 7.25% 15/04/2025 0.90

Golden Nugget 6.75% 15/10/2024 0.88

Post Holdings 5% 15/08/2026 0.86

Everi Payments 7.5% 15/12/2025 0.78

Jack Ohio Finance 6.75% 15/11/2021 0.75

CCO Holdings 5% 01/02/2028 0.75

從此處下載銷售文件 www.schroders.com.hk

Download the offering documents here

Schroder International Selection Fund Société d’Investissement à Capital Variable

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg

Tel: +352 341 342 202 Fax:+352 341 342 342

www.schroders.com R.C.S. Luxembourg – B. 8202 For your security telephone conversations may be recorded

IMPORTANT: This letter is important and requires your immediate attention. If you have any questions about the content of this letter, you should seek independent professional advice. The directors of Schroder International Selection Fund accept full responsibility for the accuracy of the information contained in this letter and confirm, having made all reasonable enquiries, that to the best of our knowledge and belief there are no other facts the omission of which would make any statement misleading.

28 February 2018

Dear Shareholder,

Schroder International Selection Fund (the “Company”) – Currency Hedged Shares

The Company offers shares in its sub-funds (the “Funds”) in a range of currencies to assist Shareholders in managing their exposure to changes in exchange rates. Given the cost and effort involved in offering a currency hedging service on currency hedged Share Classes, the board of directors of the Company has decided to introduce a fee on all currency hedged Share Classes (the “Hedging Charge”) of up to 0.03% per annum of the net asset value per share with effect from 30 March 2018 (the “Effective Date”). The Hedging Charge will be payable to the Company's management company, Schroder Investment Management (Luxembourg) S.A. (the “Management Company”), which provides the currency hedging service.

The ongoing charge figures of the currency hedged Share Classes of the Funds will increase as a result of the introduction of the Hedging Charge. Please refer to the Appendix to this letter for the estimated ongoing charge figures of the currency hedged Share Classes of the Funds.

All other key features of the Funds, including other fees chargeable in respect of the Funds and the risk profile of the Funds, will remain the same. The introduction of the Hedging Charge will not result in any change in the operation and/or manner in which the Funds are being managed and will not materially prejudice the rights or interests of the existing Shareholders.

The Hong Kong offering documents of the Company (comprising the Prospectus, Hong Kong Covering Document and Product Key Facts Statements) will be revised in due course to reflect the above changes. The Hong Kong offering documents are available free of charge at www.schroders.com.hk1 or upon request from the Hong Kong Representative of the Company, Schroder Investment Management (Hong Kong) Limited (the “Representative”) at Level 33, Two Pacific Place, 88 Queensway, Hong Kong.

We hope that you will choose to remain invested in the currency hedged Share Classes of the Funds following these changes, but if you wish to redeem your holding or to switch into a non-currency hedged Share Class of the Funds authorized by the Securities and Futures Commission (“SFC”)2 before the Effective Date you may do so at any time up to and including the deal cut-off at 5:00 p.m. Hong Kong time on 29 1 This website has not been reviewed by the SFC. 2 SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

of 5

March 2018. We will execute your redemption or switch instructions in accordance with the provisions of the Company's Prospectus, free of charge, although in some countries local paying agents, correspondent banks or similar agents might charge transaction fees. Local agents might also have a local deal cut-off which is earlier than that described above, so please check with them to ensure that your instructions reach the Representative in Hong Kong before the deal cut-off at 5:00 p.m. Hong Kong time on 29 March 2018.

Costs of making these changes including regulatory and shareholder communication costs will be borne by the Management Company.

If you have any questions or would like more information, please contact your usual professional advisor or the Representative at Level 33, Two Pacific Place, 88 Queensway, Hong Kong or calling the Schroders Investor Hotline on (+852) 2869 6968.

Yours faithfully,

Cord Rodewald Authorised Signatory

Alastair Woodward Authorised Signatory

of 5

Appendix

Fund Share Classes Current ongoing charge figures over a year3

Estimated ongoing charge figures over a year taking into account the introduction of the Hedging Charge4

Asian Bond Absolute Return Class A EUR Hedged Acc 1.62% 1.65% Class A1 EUR Hedged Acc 2.02% 2.05% Class A1 EUR Hedged Dis 2.02% 2.05% Class A GBP Hedged Dis 1.62% 1.65%

Asian Dividend Maximiser Class A EUR Hedged Dis 1.97% 2.00% Class A AUD Hedged Dis 1.97% 2.00% Class A1 EUR Hedged Dis 2.47% 2.50%

Asian Local Currency Bond Class A EUR Hedged Dis 1.26% 1.29% Asian Total Return Class A EUR Hedged Acc 1.87% 1.90% Emerging Markets

Class A EUR Hedged Acc 1.88% 1.91% Class A AUD Hedged Acc 1.88% 1.91%

Emerging Markets Debt Absolute Return

Class A EUR Hedged Dis 1.87% 1.90% Class A EUR Hedged Acc 1.87% 1.90% Class A1 EUR Hedged Acc 2.27% 2.30% Class A1 EUR Hedged Dis 2.27% 2.30% Class A GBP Hedged Dis 1.87% 1.90% Class A AUD Hedged Acc 1.87% 1.90% Class A1 AUD Hedged Dis 2.27% 2.30%

Emerging Multi-Asset Income

Class A EUR Hedged Dis 1.66% 1.69% Class A AUD Hedged Dis 1.66% 1.69%

EURO Corporate Bond Class A EUR Hedged Acc 1.05% 1.08% Class A USD Hedged Acc 1.05% 1.08%

EURO Equity Class A USD Hedged Acc 1.85% 1.88% Class A GBP Hedged Acc 1.85% 1.88%

European Dividend Maximiser*

Class A USD Hedged Dis 1.87% 1.90%

European Smaller Companies

Class A USD Hedged Acc 1.87% 1.90%

Global Bond Class A EUR Hedged Dis 0.95% 0.98% Class A EUR Hedged Acc 0.95% 0.98% Class A1 EUR Hedged Acc 1.50% 1.53% Class A1 EUR Hedged Dis 1.50% 1.53% Class A USD Hedged Acc 0.95% 0.98%

Global Cities Real Estate Class A EUR Hedged Acc 1.86% 1.89% 3 The ongoing charges figure is based on the annualised expenses for the interim period ended 30 June 2017. This figure may vary from year to year. 4 The ongoing charges figure is an estimate based on the annualized expenses for the interim period ended 30 June 2017 with adjustments to reflect the introduction of the Hedging Charge with effect from the Effective Date. The actual figure may be different from this estimated figure and may vary from year to year. For the avoidance of doubt, the Hedging Charge will not exceed 0.03% per annum of the net asset value per share.

The name Dividend Maximiser refers to the investment objective of the fund to enhance the fund dividend by generating extra income from selling covered call options on the underlying equity portfolio and this may reduce the potential capital growth and future income of the fund. It does not suggest that the manager would aim at seeking the highest possible dividends for the fund. The fund is not authorized by the SFC under the Code on Real Estate Investment Trusts.

of 5

Class A1 EUR Hedged Acc 2.36% 2.39% Global Climate Change Equity

Class A EUR Hedged Acc 1.87% 1.90% Class A1 EUR Hedged Acc 2.37% 2.40%

Global Corporate Bond

Class A EUR Hedged Dis 1.05% 1.08% Class A EUR Hedged Acc 1.05% 1.08% Class A1 EUR Hedged Acc 1.50% 1.53% Class A1 EUR Hedged Dis 1.50% 1.53% Class A AUD Hedged Acc 1.05% 1.08% Class A1 AUD Hedged Dis 1.50% 1.53%

Global Credit Duration Hedged

Class A USD Hedged Dis 1.09% 1.12% Class A USD Hedged Acc 1.09% 1.12% Class A1 USD Hedged Acc 1.54% 1.57%

Global Credit Income Class A AUD Hedged Dis 1.49% 1.52% Class A EUR Hedged Acc 1.49% 1.52% Class A EUR Hedged Dis 1.49% 1.52% Glass A GBP Hedged Dis 1.49% 1.52%

Global Dividend Maximiser* Class A EUR Hedged Dis 1.86% 1.89% Class A EUR Hedged Acc 1.86% 1.89% Class A1 EUR Hedged Dis 2.36% 2.39% Class A AUD Hedged Dis 1.86% 1.89%

Global Energy Class A EUR Hedged Acc 1.86% 1.89% Global Equity Class A AUD Hedged Acc 1.63% 1.66% Global Gold Class A EUR Hedged Acc 1.88% 1.91%

Class A GBP Hedged Dis 1.88% 1.91% Global High Yield Class A EUR Hedged Dis 1.30% 1.33%

Class A EUR Hedged Acc 1.30% 1.33% Class A1 EUR Hedged Acc 1.75% 1.78% Class A1 EUR Hedged Dis 1.75% 1.78% Class A AUD Hedged Dis 1.30% 1.33% Class A1 AUD Hedged Dis 1.75% 1.78%

Global Inflation Linked Bond Class A USD Hedged Acc 0.95% 0.98% Class A1 USD Hedged Acc 1.50% 1.53%

Global Multi-Asset Income Class A EUR Hedged Dis 1.58% 1.61% Class A EUR Hedged Acc 1.58% 1.61% Class A1 EUR Hedged Acc 2.08% 2.11% Class A1 EUR Hedged Dis 2.08% 2.11% Class A GBP Hedged Dis 1.58% 1.61% Class A GBP Hedged Acc 1.58% 1.61% Class A AUD Hedged Dis 1.58% 1.61%

Global Sustainable Growth Class A EUR Hedged Acc 1.69%5 1.72%6 Class A EUR Hedged Dis 1.69%5 1.72%6

Japanese Equity Class A EUR Hedged Acc 1.60% 1.63% Class A1 EUR Hedged Acc 2.35% 2.38%

5 The ongoing charges figure is an estimate based on the annualized expenses for the interim period ended 30 June 2017 with adjustments to reflect the reduction of management fee with effect from 2 November 2017. The actual figure may be different from this estimated figure and may vary from year to year. 6 The ongoing charges figure is an estimate based on the annualized expenses for the interim period ended 30 June 2017 with adjustments to reflect the reduction of management fee with effect from 2 November 2017 and the introduction of the Hedging Charge with effect from the Effective Date. The actual figure may be different from this estimated figure and may vary from year to year. For the avoidance of doubt, the Hedging Charge will not exceed 0.03% per annum of the net asset value per share.

of 5

Class A USD Hedged Acc 1.60% 1.63% Class A1 USD Hedged Acc 2.35% 2.38%

Japanese Opportunities Class A EUR Hedged Acc 1.86% 1.89% Class A1 EUR Hedged Acc 2.36% 2.39% Class A USD Hedged Acc 1.86% 1.89% Class A1 USD Hedged Acc 2.36% 2.39%

Japanese Smaller Companies Class A EUR Hedged Acc 1.87% 1.90% Class A USD Hedged Acc 1.87% 1.90%

QEP Global Active Value Class A EUR Hedged Acc 1.60% 1.63% Strategic Bond Class A EUR Hedged Dis 1.30% 1.33%

Class A EUR Hedged Acc 1.30% 1.33% Class A1 EUR Hedged Acc 1.75% 1.78% Class A1 EUR Hedged Dis 1.75% 1.78% Class A GBP Hedged Dis 1.30% 1.33%

UK Equity Class A EUR Hedged Acc 1.60% 1.63% Class A USD Hedged Acc 1.60% 1.63%

US Dollar Bond Class A EUR Hedged Dis 0.95% 0.98% Class A EUR Hedged Acc 0.95% 0.98% Class A1 EUR Hedged Dis 1.50% 1.53% Class A GBP Hedged Dis 0.96% 0.99%

US Large Cap Class A EUR Hedged Acc 1.60% 1.63% Class A1 EUR Hedged Acc 2.35% 2.38%

US Small & Mid-Cap Equity Class A EUR Hedged Acc 1.85% 1.88% Class A1 EUR Hedged Acc 2.35% 2.38%

1

PRODUCT KEY FACTS Schroder International Selection Fund –

Global High Yield

Issuer: Schroder Investment Management (Luxembourg) S.A. April 2018

This statement provides you with key information about this product. This statement is a part of the offering document.

You should not invest in this product based on this statement alone.

Quick facts

Management company: Schroder Investment Management (Luxembourg) S.A.

Investment manager: Schroder Investment Management North America Inc., located in the United States of America, internal delegation

Depositary: J.P. Morgan Bank Luxembourg S.A.

Ongoing charges over a year*: Class A1 AUD Hedged Dis 1.75% Class A USD Acc 1.29%

Class A EUR Acc 1.29% Class A USD Dis 1.29%

Class A EUR Hedged Acc 1.30% Class A1 USD Acc 1.74%

Class A EUR Hedged Dis 1.30% Class A1 USD Dis 1.74%

Class A1 EUR Hedged Acc 1.75% Class A HKD Dis 1.29%

Class A1 EUR Hedged Dis 1.75% Class A AUD Hedged Dis 1.30%

Dealing frequency: Daily

Base currency: USD

Dividend policy: A, A1 and D Accumulation share classes – Dividend will not be distributed but will be reinvested into the fund.

A, A1 and D Distribution share classes – The board of directors generally has discretion as to whether or not to make any distribution save for the Distribution share classes with fixed dividend policy which are subject to the disclosures below.

Distributions may be paid out of capital and reduce the fund’s net asset value.

In respect of Distribution share classes with fixed dividend policy, the distribution amount per share is calculated as follows: dividend rate ÷ distribution frequency over a year × net asset value per share on the record date. Details of the Distribution share classes with fixed dividend policy are set out below:

Fixed Distribution Share Class

Currency Distribution Frequency over a year

Dividend Rate

Class A1 USD Dis USD Monthly (12) 6.0% per annum

Investors should note that a positive distribution yield does not imply a positive return. The board of directors will periodically review fixed distribution share classes and reserves the right to make changes.

Schroder International Selection Fund – Global High Yield

2

Financial year end of this fund: 31 December

Minimum investment: A, A1 and D share classes: Initial – EUR1,000 or USD1,000 (or equivalent); Subsequent investment – EUR1,000 or USD1,000 (or equivalent)

* The ongoing charges figure is based on the expenses for the year ended 31 December 2017. This figure may vary from year to year.

Note: As of the date of this document, Class D shares of the fund are not being offered to the public in Hong Kong.

What is this product? This is a sub-fund of Schroder International Selection Fund, a mutual fund domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier.

Objectives and investment strategy Investment Objective

The fund aims to provide income and capital growth by investing in below investment grade fixed and floating rate securities issued worldwide.

Investment Policy

The fund invests at least two-thirds of its assets in fixed and floating rate securities that have a below investment grade credit rating (as measured by Standard & Poor’s or any equivalent grade of other credit rating agencies). The securities may be denominated in various currencies and issued by governments, government agencies, supra-nationals and companies worldwide.

The fund may invest up to 10% of its assets in contingent convertible bonds.

The fund is not subject to any limitation on the portion of its net asset value that may be invested in any country (including emerging market countries), region or sector.

The fund may also invest in money market instruments and hold cash.

Under exceptional circumstances (e.g. market crash or major crisis), the fund may be invested temporarily up to 100% of its net asset value in liquid assets such as bank deposits, certificates of deposit, commercial paper and treasury bills for cash flow management.

Use of financial derivative instruments (“FDI”)

The fund may use FDI, long and short, with the aim of achieving investment gains, reducing risk or managing the fund more efficiently. The fund may use leverage. FDI may be employed for instance to generate additional income from exposure to credit risk in purchasing or selling protection through credit default swaps, adjusting the fund’s duration through the tactical use of interest related FDI, generating additional income through inflation or volatility linked FDI or increasing its currency exposure through the use of currency related FDI. FDI could also be employed to create synthetic instruments. Such FDI include over-the-counter and/or exchange traded options, futures, warrants, swaps, forward contracts and/or a combination of the above.


3

The fund may use FDI extensively for investment purposes but it is not limited to a particular strategy regarding the usage of FDI. The fund employs the relative Value-at-Risk (VaR) approach to measure its global risk exposure. The relative VaR approach is used for funds where a VaR benchmark reflecting the investment strategy which the fund is pursuing is defined. The expected level of leverage of the fund is 100% of the total net assets by using sum of notionals approach or in the range of 0% to 100% by using commitment approach. The expected level of leverage may be higher when volatility decreases sustainably, when interest rates are expected to change or when credit spreads are expected to widen or tighten. The level of leverage using sum of notionals approach is calculated as (i) the sum of notionals of all FDI entered into by the fund expressed as a percentage of the fund’s net asset value and (ii) any additional leverage generated by the reinvestment of collateral in relation to efficient portfolio management transactions. Under the commitment approach, the fund’s financial derivative positions are converted into the market value of the equivalent position in the underlying asset; or the notional value or the price of the futures contract where they are more conservative. Netting and hedging rules may also be used. The expected level of leverage is an indicator and not a regulatory limit.

What are the key risks? Investment involves risk. Please refer to the offering document for details including the risk factors.

1. Risk relating to investment in debt securities

– Credit and counterparty risk – Investment in debt securities is subject to the credit/default risk of the issuer which may also adversely affect the settlement of the securities.

– Interest rate risks – Investment in the fund is subject to interest rate risk. In general, the prices of debt securities rise when interest rates fall, whilst their prices fall when interest rates rise.

– Below investment grade and unrated debt securities – Investments in fixed income securities below investment grade or unrated are generally subject to higher degree of counterparty risk, credit risk, volatility risk, liquidity risk and risk of loss of principal and interest than higher rated securities.

– Credit ratings risk – Credit ratings assigned by rating agencies are subject to limitations and do not guarantee the creditworthiness of the security and/or issuer at all times.

– Credit downgrading risk – The credit rating of debt securities or their issuers may subsequently downgraded. In the event of such downgrading, the value of the fund may be adversely affected. The investment manager may not dispose of such securities immediately and the fund may therefore be subject to additional risk of loss.

– Liquidity and volatility risk – Securities not listed or rated or actively traded may have low liquidity and higher volatility. The prices of such securities may be subject to fluctuations. The bid and offer spread of their price may be high and the fund may therefore incur significant trading costs and may even suffer losses when selling such instruments.

– Valuation risk – Valuation of the fund’s investment may involve uncertainties and judgmental determinations. If such valuation turns out to be incorrect, this may affect the net asset value calculation of the fund.

2. Sovereign debt risk

Investment in sovereign debt obligations issued or guaranteed by governments or their agencies of certain developing countries and certain developed countries may expose the fund to political, social and economic risks. A government entity’s willingness or ability to repay principal and interest due in a timely manner may be affected by various factors. In the event that a government entity defaults on its sovereign debt, holders of sovereign debt, including the fund, may be requested to participate in the rescheduling of such debt and to extend further loans to the relevant government entity. The fund may suffer significant losses in such events.


4

3. FDI

The fund may use FDI extensively to meet its specific investment objective. There is no guarantee that the performance of FDI will result in a positive effect for the fund. The leverage element/component of derivatives can result in a loss significantly greater than the amount invested in the FDI by the fund. FDI exposure may lead to a high risk of significant capital loss. Risks associated with FDI include:

– Credit risk and Counterparty risk – The fund will be subject to the risk of the inability of any counterparty through or with which the fund conducts the FDI transactions to perform its obligations, whether due to insolvency, bankruptcy or other causes.

– Liquidity risk – There may be possible absence of a liquid secondary market for any particular FDI at any time. The fund may be unable to sell illiquid FDI at an advantageous time or price and results in a reduction of returns.

– Valuation risk – The fund is subject to the risk of mispricing or improper valuation of FDI.

– Volatility risk – The fund is subject to the risk of higher volatility of the returns as FDI usually have a leverage component.

– Over-the-counter (“OTC”) transaction risks – FDI traded in OTC markets may be more volatile and less liquid. Its prices may include an undisclosed dealer mark-up which a fund may pay as part of the purchase price.

– Hedging risk – There is no guarantee that the desired hedging instruments will be available or hedging techniques will achieve their desired result. In adverse situations, the use of hedging instruments may become ineffective in hedging and the fund may suffer significant losses.

4. Concentrated geographical locations

The fund investing in concentrated geographical locations may be subject to a higher level of risks comparing to a fund investing in a more diversified portfolio/strategy. The value of the fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the relevant geographical locations.

5. Emerging and less developed markets

The fund may invest in emerging and less developed markets. Investing in emerging and less developed markets is subject to greater risks than investing in securities of developed countries such as ownership and custody risks, political and economic risks, market and settlement risks, liquidity and volatility risk, legal and regulatory risks, execution and counterparty risk, and currency risk, which may adversely affect the net asset value per share of the fund and investors may as a result suffer losses.

6. Risks relating to distributions

– For distribution share classes with a general dividend policy, expenses will be paid out of capital rather than out of gross income. The amount of distributable income therefore increases and the amount so increased may be considered to be dividend paid out of capital; capital growth will be reduced and in periods of low growth capital erosion may occur.

– Distribution share classes with a fixed dividend policy will distribute the dividends based on a fixed amount or fixed percentage of the net asset value per share. This may result in share classes with fixed distributions either paying out both income and capital in distribution payments, or not substantially distributing all the investment income which a share class has earned.


5

– Investments in distribution share classes with fixed dividend policy are not an alternative to a savings account or fixed-interest paying investment. The percentage of distributions paid by distribution share classes with fixed dividend policy is unrelated to expected or past income or returns of these share classes or the fund. The distribution can thus be higher or lower than the income and return that were effectively realised.

– Distribution share classes with fixed dividend policy will continue to distribute in periods that the fund has negative returns or is making losses, which further reduces the net asset value of the distribution Share Classes with fixed dividend policy. In extreme circumstances, investors may not be able to get back the original investment amount.

– Investors should note that a positive distribution yield does not imply a positive return. Distribution share classes with a fixed dividend policy do not distribute a fixed amount and the constant percentage of distribution results in higher absolute distributions when the net asset value of the relevant Distribution share classes with fixed dividend policy is high, and lower absolute distributions when the net asset value of the relevant distribution share classes with fixed dividend policy is low.

– You should note that in the circumstances where the payment of distributions are paid out of capital, this represents and amounts to a return or withdrawal of part of the amount you originally invested or capital gains attributable to that and may result in an immediate decrease in the net asset value of shares.

– The distribution amount and net asset value of the currency hedged share class may be adversely affected by differences in the interest rates of the reference currency of the currency hedged share classes and the fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-currency hedged share classes.

7. Risks relating to hedging and the hedged classes

– In respect of the share classes which the management company of the fund has the ability to fully hedge the shares of such share classes in relation to the fund currency, currency exposures or currency hedging transactions within the fund’s portfolio will not be considered. The aim of currency hedged share class is to provide you with the performance returns of the fund’s investments by reducing the effects of exchange rate fluctuations between the share class’s and the fund’s base currency. However there is no assurance that the hedging strategies employed will be effective.

– Where undertaken, the effects of this hedging will be reflected in the net asset value and, therefore, in the performance of such share class. Similarly, any expenses arising from such hedging transactions will be borne by the share class in relation to which the expenses have been incurred.

– It should be noted that these hedging transactions may be entered into whether the reference currency is declining or increasing in value relative to the relevant fund currency and so, where such hedging is undertaken it may substantially protect investors in the relevant share class against a decrease in the value of the fund currency relative to the reference currency, but it may also preclude investors from benefiting from an increase in the value of the fund currency.

– There can be no assurance that the currency hedging employed will fully eliminate the currency exposure to the reference currency.

8. Currency risks

Assets and share classes may be denominated in currencies other than USD and some may not be freely convertible. The fund may be adversely affected by changes in foreign exchange rates and exchange rate controls of the currencies in which securities are held, the reference currencies of the share classes and the US Dollar. This exposes all share classes of the fund to exchange rate fluctuations and currency risk. It may not be practicable or possible to hedge against such foreign exchange/currency risk exposure.


6

How has the fund performed?

– 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 reinvested.

– These figures show by how much the fund’s Class A USD Accumulation increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

– Where no past performance is shown there was insufficient data available in that year to provide performance.

– Fund launch date: 2004

– Class A USD Accumulation launch date: 2004

– The management company views the Class A USD Accumulation, being the retail share class denominated in the base currency of the fund, as the most appropriate representative share class of the fund.

Note: The performance of these years was achieved under circumstances that no longer apply. During these years, there was material change(s) to the fund, namely, reduction of fee(s).

Is there any guarantee? This fund does not have any guarantees. You may not get back the full amount of money you invest.

What are the fees and charges? Charges which may be payable by you

You may have to pay the following fees when dealing in the shares of the fund.

Fee What you pay

Share class A A1 D

Subscription fee (Initial charge) Up to 3.00% of the total subscription amount

Up to 2.00% of the total subscription amount

Nil

Switching fee (Switching charge) Up to 1.00% of the value of the shares to be switched

Redemption fee (Redemption charge) Nil

-23.3%

41.2%

12.8%

-1.2%

15.9%

6.8% 1.9%

-2.3%

13.3%

6.7%

-30%

-15%

0%

15%

30%

45%

60%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Note


7

Ongoing fees payable by the fund

The following expenses will be paid out of the fund. They affect you because they reduce the return you get on your investments.

Annual rate (as a % of the fund’s value)

Share class A A1 D

Management fee 1.00% 1.00% 1.00%

Depositary fee Up to 0.005%

Performance fee Nil

Administration fee Up to 0.25%

Distribution charge Nil 0.50% 1.00%

Custody safekeeping fee Up to 0.3%

Transaction fees (charged by the Depositary)

Up to USD150 per transaction

Fund accounting and valuation fees Up to 0.015%

Note: As of the date of this document, Class D shares of the fund are not being offered to the public in Hong Kong.

Other fees

You may have to pay other fees when dealing in the shares of the fund. Please refer to the offering document for fees payable by the fund.

Additional information – You generally buy and redeem shares at the fund’s relevant net asset value (“NAV”) after Schroder

Investment Management (Hong Kong) Limited receives your request, directly or via a distributor, in good order at or before 5pm HK time, being the fund’s dealing cut-off time on each dealing day of the fund. Before placing your subscription or redemption orders, please check with your distributor for the distributor’s internal dealing cut-off time (which may be earlier than the fund’s dealing cut-off time).

– A dividend calendar including details on the distribution frequency and the dividend calculation basis for all available distribution share classes and a composition of the dividend payments (i.e. the percentages of distribution being paid out of capital and net distributable income) for the last twelve months for each of these distribution share classes (i) with a variable distribution policy or (ii) with a fixed dividend policy and paying dividends out of capital are also available from the Schroder Investment Management (Hong Kong) Limited on request and from the Schroders’ Internet site (www.schroders.com.hk).

– Past performance information of other share classes offered to Hong Kong investors is available online at www.schroders.com.hk.

– The net asset value of this fund is calculated and the price of shares is published on each dealing day. They are available online at www.schroders.com.hk. This website has not been reviewed by the SFC.


8

Important If you are in doubt, you should seek professional advice. The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

施羅德環球基金系列可變資本投資有限公司

5, rue Höhenhof, L-1736 Senningerberg Grand Duchy of Luxembourg

電話: +352 341 342 202 傳真: +352 341 342 342

www.schroders.com R.C.S. Luxembourg – B. 8202 For your security telephone conversations may be recorded

此乃重要函件，務請閣下垂閱。閣下如對本函件的內容有任何疑問，應尋找獨立專業顧問的意見。施

羅德環球基金系列的董事就本函件所載資料之準確性承擔全部責任，並在作出一切合理查詢後確認，

盡其所知所信，本函件並無遺漏足以令本函件的任何陳述具誤導成分的其他事實。

親愛的股東：

施羅德環球基金系列（「本公司」）– 貨幣對沖股份類別

本公司為其子基金（「各基金」）提供各種貨幣的股份，以協助股東管理其所承擔的匯率變動風險。考慮

到為貨幣對沖股份類別提供貨幣對沖服務所涉及的成本及努力，本公司董事會已決定自 2018 年 3 月 30

日起（「生效日期」），就所有貨幣對沖股份類別徵收年率最高達每股資產淨值 0.03％的費用（「對沖

費」）。對沖費將支付給提供貨幣對沖服務的本公司管理公司 Schroder Investment Management

(Luxembourg) S.A.（「管理公司」）。

各基金貨幣對沖股份類別的全年經常性開支比率會因徵收對沖費而增加。請參閱本函附錄，以了解各基金

貨幣對沖股份類別估計的全年經常性開支比率。

各基金所有其他主要特點，包括應向各基金收取的其他費用及各基金的風險概況將維持不變。徵收對沖費

將不會導致管理各基金的營運及/或方式發生任何變動，亦不會對現有股東的權利或利益造成重大損害。

本公司的香港發售文件（包括發行章程，香港說明文件及產品資料概要）將在適當時間修訂，以反映上述

變更。香港發售文件可於 www.schroders.com.hk1免費索取，或向本公司位於香港金鐘道 88 號太古廣

場二座 33 字樓的香港代表人，施羅德投資管理（香港）有限公司（「代表」）要求查閱。

我們希望在此等更改後，閣下仍將選擇投資於各基金的貨幣對沖股份類別，但如閣下有意在生效日前將閣

下在各基金的持股贖回或轉換至本公司獲證券及期貨事務監察委員會（「證監會」）認可 2 子基金的非貨

幣對沖股份類別，則閣下可於 2018 年 3 月 29 日（包括該日）下午 5 時正（香港時間）交易截止時間前

任何時間進行有關贖回或轉換。我們將根據本公司發行章程的條款免費執行閣下的贖回或轉換指示，惟在 1 該網站未經證監會審閱。

2 證監會的認可並非對計劃作出推薦或認許，亦非對計劃的商業利弊或其業績表現的保證。證監會的認可不表示計劃適合所有投資者，或認許計

劃適合任何特定投資者或某類別投資者。

第 2 頁，共 6 頁

某些國家，當地付款代理人、往來銀行或類似代理人可收取交易費用。當地代理人亦可實施一個較上述

時間為早的當地交易截止時間，故請與該等代理人確定，以確保閣下的指示可於 2018 年 3 月 29 日下午

5 時正（香港時間）交易截止時間前送抵在香港的代表。

作出此等更改的費用，包括監管及股東通訊的費用將由管理公司承擔。

閣下如有任何疑問或需要更多資料，請聯絡閣下常用的專業顧問或代表（地址為香港金鐘道 88 號太古廣

場二座 33 字樓）或致電施羅德投資熱線電話(+852) 2869 6968 查詢。

Cord Rodewald

授權簽署

Alastair Woodward

授權簽署

謹啟

2018 年 2 月 28 日

第 3 頁，共 6 頁

附錄

基金股份類別現時全年經常性

開支比率 3

估計全年經常性開支比

率 (反映徵收對沖費)4

亞洲債券 A 類別（歐元對沖累積） 1.62% 1.65%

A1 類別（歐元對沖累積） 2.02% 2.05%

A1 類別（歐元對沖收息） 2.02% 2.05%

A 類別（英鎊對沖收息） 1.62% 1.65%

亞洲股息 A 類別（歐元對沖收息） 1.97% 2.00%

A 類別（澳元對沖收息） 1.97% 2.00%

A1 類別（歐元對沖收息） 2.47% 2.50%

亞幣債券 A 類別（歐元對沖收息） 1.26% 1.29%

亞洲總回報 A 類別（歐元對沖累積） 1.87% 1.90%

新興市場 A 類別（歐元對沖累積） 1.88% 1.91%

A 類別（澳元對沖累積） 1.88% 1.91%

新興市場債券

A 類別（歐元對沖收息） 1.87% 1.90%

A 類別（歐元對沖累積） 1.87% 1.90%

A1 類別（歐元對沖累積） 2.27% 2.30%

A1 類別（歐元對沖收息） 2.27% 2.30%

A 類別（英鎊對沖收息） 1.87% 1.90%

A 類別（澳元對沖累積） 1.87% 1.90%

A1 類別（澳元對沖收息） 2.27% 2.30%

新興市場股債收息 A 類別（歐元對沖收息） 1.66% 1.69%

A 類別（澳元對沖收息） 1.66% 1.69%

歐元企業債券 A 類別（歐元對沖累積） 1.05% 1.08%

A 類別（美元對沖累積） 1.05% 1.08%

歐元股票 A 類別（美元對沖累積） 1.85% 1.88%

A 類別（英鎊對沖累積） 1.85% 1.88%

歐洲股息 A 類別（美元對沖收息） 1.87% 1.90%

歐洲小型公司 A 類別（美元對沖累積） 1.87% 1.90%

3全年經常性開支比率是根據截至 2017 年 6 月 30 日的半年度年率化費用計算，每年均可能有所變動。

4全年經常性開支比率為估計數字，是根據截至 2017 年 6 月 30 日的半年度年率化費用（經調整以反映生效日期起對沖費的徵收）計算。實際數

字可能與此估計數字不同，每年均可能有所變動。為免生疑問，對沖費將不會超過年率每股資產淨值 0.03％。

第 4 頁，共 6 頁

環球債券 A 類別（歐元對沖收息） 0.95% 0.98%

A 類別（歐元對沖累積） 0.95% 0.98%

A1 類別（歐元對沖累積） 1.50% 1.53%

A1 類別（歐元對沖收息） 1.50% 1.53%

A 類別（美元對沖累積） 0.95% 0.98%

環球城市房地產股票 # A 類別（歐元對沖累積） 1.86% 1.89%

A1 類別（歐元對沖累積） 2.36% 2.39%

環球氣候變化策略 A 類別（歐元對沖累積） 1.87% 1.90%

A1 類別（歐元對沖累積） 2.37% 2.40%

環球企業債券 A 類別（歐元對沖收息） 1.05% 1.08%

A 類別（歐元對沖累積） 1.05% 1.08%

A1 類別（歐元對沖累積） 1.50% 1.53%

A1 類別（歐元對沖收息） 1.50% 1.53%

A 類別（澳元對沖累積） 1.05% 1.08%

A1 類別（澳元對沖收息） 1.50% 1.53%

環球信貸存續期對冲 A 類別（美元對沖收息） 1.09% 1.12%

A 類別（美元對沖累積） 1.09% 1.12%

A1 類別（美元對沖累積） 1.54% 1.57%

環球收息債券 A 類別（澳元對沖收息） 1.49% 1.52%

A 類別（歐元對沖累積） 1.49% 1.52%

A 類別（歐元對沖收息） 1.49% 1.52%

A 類別（英鎊對沖收息） 1.49% 1.52%

環球股息 A 類別（歐元對沖收息） 1.86% 1.89%

A 類別（歐元對沖累積） 1.86% 1.89%

A1 類別（歐元對沖收息） 2.36% 2.39%

A 類別（澳元對沖收息） 1.86% 1.89%

環球能源 A 類別（歐元對沖累積） 1.86% 1.89%

環球股票 A 類別（澳元對沖累積） 1.63% 1.66%

環球黃金 A 類別（歐元對沖累積） 1.88% 1.91%

A 類別（英磅對沖收息） 1.88% 1.91%

環球高收益 A 類別（歐元對沖收息） 1.30% 1.33%

# 本基金並非獲證監會根據《房地產投資信託基金守則》認可的基金。

第 5 頁，共 6 頁

A 類別（歐元對沖累積） 1.30% 1.33%

A1 類別（歐元對沖累積） 1.75% 1.78%

A1 類別（歐元對沖收息） 1.75% 1.78%

A 類別（澳元對沖收息） 1.30% 1.33%

A1 類別（澳元對沖收息） 1.75% 1.78%

環球通貨膨脹連繫債券 A 類別（美元對沖累積） 0.95% 0.98%

A1 類別（美元對沖累積） 1.50% 1.53%

環球股債收息 A 類別（歐元對沖收息） 1.58% 1.61%

A 類別（歐元對沖累積） 1.58% 1.61%

A1 類別（歐元對沖累積） 2.08% 2.11%

A1 類別（歐元對沖收息） 2.08% 2.11%

A 類別（英鎊對沖收息） 1.58% 1.61%

A 類別（英鎊對沖累積） 1.58% 1.61%

A 類別（澳元對沖收息） 1.58% 1.61%

環球持續增長 A 類別（歐元對沖累積） 1.69%5 1.72%6

A 類別（歐元對沖收息） 1.69%5 1.72%6

日本股票 A 類別（歐元對沖累積） 1.60% 1.63%

A1 類別（歐元對沖累積） 2.35% 2.38%

A 類別（美元對沖累積） 1.60% 1.63%

A1 類別（美元對沖累積） 2.35% 2.38%

日本優勢 A 類別（歐元對沖累積） 1.86% 1.89%

A1 類別（歐元對沖累積） 2.36% 2.39%

A 類別（美元對沖累積） 1.86% 1.89%

A1 類別（美元對沖累積） 2.36% 2.39%

日本小型公司 A 類別（歐元對沖累積） 1.87% 1.90%

A 類別（美元對沖累積） 1.87% 1.90%

環球計量精選價值 A 類別（歐元對沖累積） 1.60% 1.63%

策略債券 A 類別（歐元對沖收息） 1.30% 1.33%

A 類別（歐元對沖累積） 1.30% 1.33%

5全年經常性開支比率為估計數字，是根據截至 2017 年 6 月 30 日的半年度年率化費用（經調整以反映 2017 年 11 月 2 日起管理費的降低）計算。

實際數字可能與此估計數字不同，每年均可能有所變動。

6 全年經常性開支比率為估計數字，是根據截至 2017 年 6 月 30 日的半年度年率化費用（經調整以反映 2017 年 11 月 2 日起管理費的降低及生效

日期起對沖費的徵收）計算。實際數字可能與此估計數字不同，每年均可能有所變動。為免生疑問，對沖費將不會超過年率每股資產淨值 0.03％。

第 6 頁，共 6 頁

A1 類別（歐元對沖累積） 1.75% 1.78%

A1 類別（歐元對沖收息） 1.75% 1.78%

A 類別（英鎊對沖收息） 1.30% 1.33%

英國股票 A 類別（歐元對沖累積） 1.60% 1.63%

A 類別（美元對沖累積） 1.60% 1.63%

美元債券 A 類別（歐元對沖收息） 0.95% 0.98%

A 類別（歐元對沖累積） 0.95% 0.98%

A1 類別（歐元對沖收息） 1.50% 1.53%

A 類別（英鎊對沖收息） 0.96% 0.99%

美國大型股 A 類別（歐元對沖累積） 1.60% 1.63%

A1 類別（歐元對沖累積） 2.35% 2.38%

美國中小型股票 A 類別（歐元對沖累積） 1.85% 1.88%

A1 類別（歐元對沖累積） 2.35% 2.38%

1

產品資料概要施羅德環球基金系列－

環球高收益

發行人：Schroder Investment Management (Luxembourg) S.A. 2018年4月

本概要提供本基金的重要資料，是銷售文件的一部分。

請勿單憑本概要作投資決定。

資料便覽

管理公司： Schroder Investment Management (Luxembourg) S.A.

投資經理： Schroder Investment Management North America Inc.（美國，內部委任）

存管處： J.P. Morgan Bank Luxembourg S.A.

全年經常性開支比率*： A1類別（澳元對沖收息） 1.75% A類別（美元累積） 1.29%

A類別（歐元累積） 1.29% A類別（美元收息） 1.29%

A類別（歐元對沖累積） 1.30% A1類別（美元累積） 1.74%

A類別（歐元對沖收息） 1.30% A1類別（美元收息） 1.74%

A1類別（歐元對沖累積） 1.75% A類別（港元收息） 1.29%

A1類別（歐元對沖收息） 1.75% A類別（澳元對沖收息） 1.30%

交易頻密程度：每日

基本貨幣：美元

派息政策： A、A1和D累積股份類別－不會派發股息，但會將股息再投資於基金。

A、A1和D收息股份類別－董事會一般可酌情決定是否作出任何派息，惟採取固定派息政策的收息股份類別須受下文的披露規定。

派息可從資本中扣除，從而減低基金的資產淨值。

就採取固定派息政策的收息股份類別而言，每股派息金額計算如下：派息率 ÷ 全年派息次數 × 於紀錄日的每股資產淨值。採取固定派息政策的收息股份類別的詳情載於下文：

固定收息股份類別貨幣全年派息次數派息率 A1 類別（美元收息）美元每月（12 次）每年 6.0%

投資者應注意，正派息收益率並不意味正回報。董事會將定期檢討固定收息股份類別及保留作出更改的權利。

施羅德環球基金系列－環球高收益

2

財政年終結日： 12月31日

最低投資額： A、A1和D股份類別：首次投資－1,000歐元或1,000美元（或其等值）；額外認購－1,000歐元或1,000美元（或其等值）

* 全年經常性開支比率是根據截至2017年12月31日的年度費用計算，每年均可能有所變動。

註：截至本文件日期，本基金的D類股份並不向香港公眾發售。

本基金是什麼產品？

基金為施羅德環球基金系列旗下的一項子基金，施羅德環球基金系列以互惠基金形式在盧森堡成立，監管機構為盧森堡金融業管理局(Commission de Surveillance du Secteur Financier)。

目標及投資策略

投資目標

基金旨在通過投資於全球各地發行的低於投資級別的定息和浮息證券，以提供收益和資本增值。

投資政策

基金將最少三分之二的資產投資於信貸評級低於投資級別（按標準普爾的評級或其他信貸評級機構的任何同等評級）的定息和浮息證券。此等證券可由全球各地政府、政府機構、跨國組織和公司發行，並以各種貨幣定值。

基金可將最多10%的資產投資於應急可轉債。

基金可投資於任何國家（包括新興市場國家）、地區或行業的資產淨值的有關部分並不受任何限制。

基金亦可投資於貨幣市場工具和持有現金。

在特殊情況下（例如：股災或重大危機），基金可暫時將其最多100%的資產淨值投資於諸如銀行存款、存款證、商業票據及國庫券等流動資產作現金流管理。

金融衍生工具的運用

基金可為達致投資增益、減低風險或更有效地管理基金，運用長倉和短倉的金融衍生工具。基金可運用槓桿。基金可例如在以下情況運用金融衍生工具以產生額外收益：透過買賣信貸違約掉期合約的保障投資於信貸風險、透過策略性地使用利息相關金融衍生工具調整基金年期、使用通脹或波動性相關金融衍生工具產生額外收益，或使用貨幣相關金融衍生工具以增加貨幣投資。亦可運用金融衍生工具以提供合成工具。該等金融衍生工具包括場外交易及╱或交易所買賣的期權、期貨、認股證、掉期、遠期合約，及╱或以上組合。


3

基金可大量運用金融衍生工具作投資目的，然而金融衍生工具的使用不限於某特定策略。基金運用相對風險值方式量度環球投資風險。相對VaR的方式適用於某些已依循投資策略指定VaR基準的基金。基金按名義總額計算的預計槓桿水平為基金總淨資產的100%或，按承諾模式計算則在0%至100%之間。當波動性持續減低、預期利率改變、或預期信貸息差擴大或收緊，預計槓桿水平便可能提高。按名義總額計算的槓桿水平以(i)基金持有之所有金融衍生工具的名義總額，以基金資產淨值的一個百分比表示，及(ii)將有效投資組合管理交易相關的抵押品再投資而產生的任何額外槓桿來計算。按承諾模式，基金的金融衍生工具持倉均轉換為旗下資產的相等持股的市值；或期貨的名義價值或價格（以較保守的為準）。亦適用淨額和對沖準則。預計槓桿水平僅為一個指標而非監管當局的限制。

本基金有哪些主要風險？

投資涉及風險。請參閱銷售文件，了解風險因素等資料。

1. 有關投資於債務證券的風險

－信貸和對手方風險－投資於債務證券承受發行商的信貸／違約風險，可能對證券的結算造成不利影響。

－利率風險－投資於基金承受利率風險。一般來說，利率下跌時債務證券的價格會上升，而利率上升則價格會下跌。

－低於投資級別和未獲評級的債務證券－投資於低於投資級別或未獲評級的定息證券，與擁有較高評級證券相比，一般承受較高程度的對手方風險、信貸風險、波動性風險、流動性風險和本金及利息虧損的風險。

－信貸評級風險－由信貸評級機構給予的信貸評級受若干限制，不可在所有時間保證證券和／或發行商的信譽。

－信貸評級被降低的風險－債務證券或其發行商的信貸級別可能在後來被降級。當被降級，基金的價值可能受負面影響。投資經理未必即時出售該等證券，基金或會因而承受額外損失的風險。

－流動性和波動性風險－未上市、未獲評級或未有活躍交易的證券的流動性偏低和波動性偏高。該等證券的價格或會承受波動。該等證券的買賣差價或會偏高，基金在出售該等工具時可能會產生重大的交易成本，甚至可能蒙受損失。

－估值風險－對基金的投資進行的估值或涉及含糊和主觀的決定。假如該等估值原來是不正確的，可能影響基金的資產淨值計算。

2. 主權債務風險

基金投資於若干發展中國家和已發展國家的政府或其代理發行或保證的債務可能承受政治、社會及經濟風險。政府機構如期償還到期本金和利息的能力或意願受多種因素影響。當政府機構對其主權債務違約，主權債務持有人

（包括基金）或會被要求參與該等債務重組，額外借款給相關政府機構。基金可能在該等事件中蒙受重大損失。


4

3. 金融衍生工具

基金可大量投資於金融衍生工具以達致特定投資目標。不保證該等金融衍生工具的表現會為基金帶來正面影響。衍生工具的槓桿元素／成份可導致虧損顯著多於基金投資於金融衍生工具的金額。投資於金融衍生工具或須承受高度的資本虧損風險。涉及金融衍生工具的風險包括：

－信貸風險和對手方風險－基金可能承受任何與基金進行金融衍生工具交易，或基金透過其進行金融衍生工具交易的對手方因破產、清盤或其他原因導致對手方無力履行責任的風險。

－流動性風險－任何特定金融衍生工具的第二市場可能在任何時候缺乏流動性。基金或未能於有利的時機或以有利的價格出售流動性較低的金融衍生工具，因而減少回報。

－估值風險－基金須承受金融衍生工具價格被錯誤釐定或不適當地估值的風險。

－波動性風險－由於金融衍生工具通常具備槓桿成份，基金須承受波動性較大的回報。

－場外交易市場交易風險－於場外交易市場交易的金融衍生工具可能較為波動和流動性較低。其價格可包括未披露的經紀差價，基金可能在買入價中支付該項差價。

－對沖風險－基金不保證市場能提供理想的對沖工具，或對沖技術可以達到預期效果。在不利的情況下，基金使用的對沖工具可能無效，並可能因而蒙受重大虧損。

4. 集中地理地區

基金投資於集中地理地區或會承受較投資於採用較多元化的投資組合╱策略的基金為高的風險。基金的價值可能較容易受影響著相關地理地區的不利經濟、政治、政策、外匯、流動性、稅務、法律或監管事件所影響。

5. 新興和較落後市場的風險

基金可投資於新興和較落後市場。投資於新興和較落後市場涉及的風險較投資於已發展國家的證券為高，例如擁有權及保管權風險、政治和經濟風險、市場及結算風險、流動性及波動風險、法律及監管風險、執行及交易對手方風險，以及貨幣風險。基金的每股資產淨值亦可能負面地受影響，投資者繼而蒙受損失。

6. 有關派息的風險

－就採取一般派息政策的收息股份類別而言，支出將從資本（非收入）中支付，可分派收入因此而增加，而增加的部份可被視為從資本中支付的股息。資本增長將減慢，在低資本增長時期或會出現資本侵蝕。

－採取固定派息政策的收息股份類別將基於一個固定金額或每股資產淨值的一個固定百分比派息。因此，派發固定股息之股份類別，其股息款項可能同時由收入及資本中支付，或未必將股份類別賺到的大部份投資收入完全派發。


5

－投資於採取固定派息政策的收息股份類別不是儲蓄帳戶或定息派付投資的替代選擇。採取固定派息政策的收息股份類別所支付的派息百分比與此等股份類別或有關基金的預期或過往收入或回報並不相關。因此，派息可高於或低於已實際變現的收入及回報。

－採取固定派息政策的收息股份類別將繼續在有關基金錄得負回報或虧損的期間派息，此舉將進一步減少有關採取固定派息政策的收息股份類別的資產淨值。在極端情況下，投資者未必能取回原本的投資額。

－投資者應注意，正派息收益率並不意味正回報。此外，採取固定派息政策的收息股份類別並不分派固定金額，而不變的百分比會導致當有關採取固定派息政策的收息股份類別的資產淨值偏高時，絕對派息將會較高，以及當有關採取固定派息政策的收息股份類別的資產淨值偏低時，絕對派息將會較低。

－閣下應注意從資本中支付的派息，即相當於從閣下原本投資的金額中，或從該等金額賺取的任何資本收益中退回或提取部份款項，所以，該等派息可能導致每股資產淨值即時下跌。

－貨幣對沖股份類別的參考貨幣與基金的基本貨幣的利率差別可能對貨幣對沖股份類別的派息及資產淨值造成不利影響，導致從資本中支付的派息增加，使資本被侵蝕的程度較其他非貨幣對沖股份類別為高。

7. 有關對沖股份類別的風險

－對於股份類別之管理公司可將該等股份類別的股份全部對沖基金貨幣的情況下，將不會考慮基金組合內進行的貨幣投資或貨幣對沖交易。貨幣對沖股份類別之目的以減少股份類別和基金基本貨幣之間匯率浮動之影響，就基金之投資提供業績回報。然而，基金運用之對沖策略不保證一定有效。

－當進行該類對沖時，此種對沖的影響將反映於資產淨值，從而反映於該種股份類別的表現。同樣，由於該等對沖交易而引致的任何開支將由開支所涉及的股份類別承擔。

－懇請注意，參考貨幣相對於有關基金貨幣的價值不論下跌或上升，均可訂立該等對沖交易，因此當進行有關對沖，即可大幅保障有關股份類別投資者避免基金貨幣相對參考貨幣的價值下跌，惟亦會限制投資者享有基金貨幣升值之利。

－進行貨幣對沖不保證能完全消除就參考貨幣的貨幣風險。

8. 貨幣風險

資產和股份類別可以美元以外的貨幣為計算單位，部分或會不能自由兌換。基金可能因持有證券的貨幣、股份類別參考貨幣和美元之間的匯率變動及匯率控制而遭受不利影響，使基金所有股份類別承受匯率浮動和貨幣風險。對於對沖該等外匯／貨幣風險，基金或會難以或未能作出。


6

本基金過往的業績表現如何？

－往績並非預測日後業績表現的指標。投資者未必能取回全部投資本金。

－基金業績表現以歷年末的資產淨值作為比較基礎，股息會滾存再作投資。

－上述數據顯示基金的A類別（美元累積）總值在有關曆年內的升跌幅度。業績表現以美元計算，當中反映出基金的持續費用，但不包括基金可能向閣下收取的認購費及贖回費。

－如年內沒有顯示有關的業績表現，即代表當年沒有足夠數據用作提供業績表現之用。

－基金發行日：2004

－ A類別（美元累積）發行日：2004

－管理公司視A類別（美元累積）（即以基金的基本貨幣計值的零售股份類別）為基金的最適合代表股份類別。

註：這些年度的業績表現乃在不再適用的情況下取得的。在這些年度，基金出現重大變更，即費用下調。

本基金有否提供保證？

本基金並不提供任何保證。閣下未必能取回投資本金。

投資本基金涉及哪些費用及收費？

閣下或須繳付的收費

基金股份交易或須繳付以下費用。

費用金額

股份類別 A A1 D

認購費（首次認購費）以認購總金額之3.00% 為上限

以認購總金額之2.00% 為上限

無

轉換費不多於轉換股份價值的1.00%

贖回費無

-23.3%

41.2%

12.8%

-1.2%

15.9%

6.8% 1.9%

-2.3%

13.3%

6.7%

-30%

-15%

0%

15%

30%

45%

60%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

註


7

基金持續繳付的費用

以下收費將從基金總值中扣除，閣下的投資回報將會因而減少。

每年收費率（佔基金總值百分比）

股份類別 A A1 D

管理費 1.00% 1.00% 1.00%

存管費不多於0.005%

業績表現費（表現費）無

行政費不多於0.25%

分銷費無 0.50% 1.00%

保管服務費不多於0.3%

交易費用（由存管處徵收）每宗交易不多於150美元

會計及估值服務費不多於0.015%

註：截至本文件日期，本基金的D類股份並不向香港公眾發售。

其他費用

閣下進行基金股份交易或須繳付其他費用。有關由基金繳付的費用，請參閱銷售文件。

其他資料

－施羅德投資管理（香港）有限公司在基金每個交易日交易截止時間（即香港時間下午5時正）或之前直接或經配售商收妥的認購或贖回要求，一般按隨後釐定的基金相關資產淨值執行。閣下作出認購或贖回指示前，請向閣下的配售商查問其內部的交易截止時間，因其交易截止時間可能會較基金的為早。

－列載所有可供認購之收息股份類別的派息次數和計算股息基準的股息一覽表，以及採取(i)不固定派息政策或(ii)固定派息政策並從資本中支付股息之各收息股份類別過去12個月的股息成份（即從資本和可分派淨收入支付派息的百份比），可向施羅德投資管理（香港）有限公司索取及瀏覽施羅德網站(www.schroders.com.hk)。

－供香港投資者認購的其他股份類別的業績表現上載至網站www.schroders.com.hk。

－基金在每一交易日計算基金資產淨值及刊登股份價格，並上載至網站www.schroders.com.hk。該網站未經證監會審閱。


8

重要提示

閣下如有疑問，應諮詢專業意見。證監會對本概要的內容並不承擔任何責任，對其準確性或完整性亦不作出任何陳述。

Schroder ISF Global High Yield - HSBC · 2018-06-05 · Schroder ISF Global High Yield ... Macro...

Documents

Transcript of Schroder ISF Global High Yield - HSBC · 2018-06-05 · Schroder ISF Global High Yield ... Macro...