Sustainably Invested

HK-HE

Share Class AD

AD LU0323240290 30 Nov 2020

Yes

Distributing

13.36 37.23 49.29 85.84 Annually

Daily

USD 1,000

4.50%

1.50%

-3.19

Luxembourg

LU0323240290

USD 13.26

Fund Size

HSCLADU LX

Manager

1Result is cumulative when calculation period is

over one year. 2The calendar year return of the first year is

calculated between share class inception date

and calendar year end of first year if the share

class has less than 5-year history.

Share Class Details

• The Fund invests mainly in equities.

• The Fund is subject to the emerging market risk and concentration risks associated with investing in a specific sector.

• Because the Fund’s base currency, investments and classes may be denominated in different currencies, investors may be affected adversely

by exchange controls and exchange rate fluctuations.

• The Fund may invest in financial derivative instruments for investment purpose which may lead to higher volatility to its net asset value.

• The Fund’s investments may involve substantial credit, currency, volatility, liquidity, interest rate, tax and political risks. Investors may suffer

substantial loss of their investments in the Fund.

• Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in this

document and should read the offering document of the Fund for details.

Investment Objective

The Fund aims to provide long term total return by investing in companies that may benefit from the transition to a low carbon economy. The

Fund aims to do this with a lower carbon intensity and a higher environmental, social and governance (“ESG”) rating than the weighted average

of the constituents of the MSCI AC World Net index.

Investment Strategy

The Fund invests in normal market conditions a minimum of 70% in equities and equity equivalent securities of companies with revenue

exposure to climate transition themes. The minimum revenue exposure threshold will be at least 10% of the relevant company’s total revenue.

The Fund will not invest in equities and equity equivalent securities of companies or REITs considered non-compliant with the United Nations

Global Compact Principles or have material exposure, exceeding a revenue exposure threshold, to specific excluded activities. The revenue

exposure threshold will not be higher than 30% of the relevant company’s total revenue. Investments in Chinese equities include, but are not

limited to, China A&B-shares. The Fund may invest up to 10% in units or shares of UCITS and/or other Eligible UCIs. The Fund may also invest

up to 10% in eligible closed-ended Real Estate Investment Trusts (“REITs”). See the Prospectus for a description of the investment objectives

and derivative usage.

Risk Disclosure

Fund Objective and Strategy

HSBC Global Investment Funds - Global Equity Climate Change

30 Nov 2020

AD 31.43 13.08

3Y¹ 5Y¹

AD 2.91 22.68 -13.24 29.77

3M 1YPerformance (%) YTD 1M

2017 2018 2019Calendar Year

Performance (%)²2015 2016

Reference Performance Benchmark: MSCI AC World Net since 30 Sep

2011. Prior to that, the benchmark was HSBC Global Climate Change.

Fund change that may have material impact on performance: 30 Sep

2011 and 2 Dec 2013 – investment objective changed. 16 Nov 2018 -

Change in the manner of charging sales charge / switching charge.

Scan the QR code for fund documents

Angus Parker

USD 89,830,516

Bloomberg Ticker

Reference

BenchmarkMSCI AC World Net

Past performance is not an indicator of future returns. The figures are calculated in the

share class base currency, NAV to NAV basis with dividend reinvested, net of fees. If

investment performance is not denominated in HKD or USD, HKD or USD based

investors are exposed to exchange rate fluctuations.

Source: HSBC Global Asset Management, data as at 30 November 2020

Reference

Benchmark11.27 12.33 5.79 15.01 29.46

ISIN

Share Class Inception

Date09 Nov 2007

Management Fee

Share Class Base

CurrencyUSD

Domicile

Dealing Frequency

Min. Initial Investment

Max. Initial Charge

3-Year Risk

MeasuresAD

Reference

Benchmark

Volatility 18.33% 18.22%

Characteristics Fund

27.24Reference

Benchmark-2.36 7.86 23.97 -10.01

Information

Ratio1.26 -

Beta 0.98 -

Avg Market

Cap (USD mil)158,786 272,713

Reference

Benchmark

Number of Holdings

ex Cash52 3,125

67.30

NAV per Share

UCITS V Compliant

Distribution Type

Distribution Frequency

##

Monthly Performance Commentary

Market Review

MSCI All Country World rose in November as investors returned to risk assets following positive COVID-19 vaccine developments from Pfizer and

BioNTech, Moderna and AstraZeneca. US stocks rose in the month as the COVID-19 vaccine progress raised hopes of an economic recovery on

the horizon. Joe Biden came out victorious in the US election, although investor expectations of a Democratic Senate were reduced, which unwound

the risks related to Biden’s tax and regulatory agenda and fueled further risk-on sentiment. The S&P500 rose 10.8% in the month. European stocks

rallied on the back of positive COVID-19 vaccine developments. The was against the backdrop of ongoing challenges in tackling the COVID-19

pandemic in Europe and the continued deadlock between the UK and EU over a Brexit agreement as the end of the post-Brexit transition period

nears. The Stoxx Europe 600 rose 13.7% and the FTSE All Share rose 12.4% in the month. Asian stocks posted strong gains in the month as

investor sentiment improved over COVID-19 vaccine developments and easing political uncertainty in the US. Optimism was further supported by a

bout of upbeat economic data releases in Asia including strong monthly industrial profit growth in Mainland China and better-than-expected export

data in South Korea. The Shanghai Composite rose 5.2%, the SENSEX rose 11.5%, the KOSPI rose 16.2%, and the Nikkei 225 rose 16.0% in the

month.

Fund Review

Our stock selection in Utilities and Consumer Discretionary were the main drivers of outperformance in the month, whilst our underweight position to

Financials was a detractor. Top contributors to performance included Plastic Omnium, Neste and Azure Power. Plastic Omnium, a France-based

automotive supplier, rose in the monthly as management raised next year’s profitability guidance, owing to better-than-expected market recovery

and cost saving measures. Neste, a Finland-based energy company, rallied as the company announced the acquisition of a refinery plant in

Rotterdam to expand its raw material pretreatment capacity for the production of renewable products, which further cements its global leadership in

renewable fuels. Azure Power, an India-based solar power producer, performed strongly as it delivered robust quarterly results and indicated

resilient demand in the next quarter. Top detractors from performance included Xinyi Solar, Kingspan and Tencent. Xinyi Solar, a Mainland China-

based solar glass manufacturer, underperformed in a rising market following six months of strong price performance. Kingspan, an Ireland-based

building products manufacturer, fell as the market weighed on the company’s weaker-than-expected quarterly organic sales growth, despite guiding

for full-year profitability that was better than what analysts had expected. Tencent, a Mainland China-based internet company, fell after Mainland

China’s competition regulator drafted new anti-monopoly laws targeted at the internet sector which could negatively impact Tencent’s WeChat

messaging platform, but we think that the company’s focus on gaming, where it is not subject to the anti-monopoly regulation, and advertising,

where it does not have a dominant market position, should make the impact manageable – this was a detractor to performance as we own

American Depository Receipts of the company.

Outlook

While the COVID-19 pandemic represents a very significant challenge for the global economy, our measure of the global equity risk premium

(excess return over cash) continues to look attractive. Market volatility will remain high and corporate profits will be under pressure from a sudden

stop in economic activity and a recession, however, recent market underperformance and a much looser global policy setting has improved long-

term prospective returns.

Risks – the outbreak and quick spread of COVID-19 highlights that we remain in an “age of uncertainty”. What began in Mainland China as a

localised shock has now become a “sudden stop” in global activity. Global corporate earnings growth is expected to significantly deteriorate and

requires close monitoring. Volatility is likely to remain elevated, but there are risks that containment measures create lasting damage to the supply-

side of the economy.

Approach – the global equity portfolios aim to deliver diversified global equity exposure, balancing return potential and risk exposure, by investing in

companies with an attractive combination of profitability and valuation. These quality companies typically have sustainable business models, strong

balance sheets and good management.

##

Carbon Intensity 77.38 167.35

Carbon Intensity measures the quantity of carbon emission of a company (tonnes CO²e/USD million)

Ten Lowest Carbon Intensity Issuers

1

2

3

NN GROUP NV 0.45 MERITZ SECURITIES CO LTD 10161639 0.14 4

AVIVA PLC 0.67 SUL AMERICA SA - UNITS 10176548 0.24 5

6

7

8

AMERISOURCEBERGEN CORP 0.76 PARTNERS GROUP HOLDING AG 10221643 0.30 9

UNITEDHEALTH GROUP INC 0.76 CHINA LIFE INSURANCE CO LTD 10222021 0.31 #

AFLAC INC 0.77 SAMPO OYJ-A SHS 10126643 0.34

DNB ASA 0.77 INDUSTRIVARDEN AB-A SHS 10228343 0.38

LINCOLN NATIONAL CORP 0.79 GJENSIDIGE FORSIKRING ASA 10229284 0.44

ASSICURAZIONI GENERALI 0.98 ABN AMRO BANK NV-CVA 10228455 0.45

Ten Highest Carbon Intensity Issuers

1

2

3

4

5

6

7

8

9

#

AIR PRODUCTS & CHEMICALS INC 3058.18 CHINA RESOURCES POWER HOLDIN 10225820 22724.01

NEXTERA ENERGY INC 2307.87 CHINA SHENHUA ENERGY CO-A 10331640 17939.06

DOMINION ENERGY INC 2088.31 NTPC LTD 10195555 17637.69

CMS ENERGY CORP 1941.29 CHINA POWER INTERNATIONAL 10220935 12378.47

LINDE PLC 1893.59 CHINA RESOURCES CEMENT 10217749 12066.16

REPUBLIC SERVICES INC 1344.84 SDIC POWER HOLDINGS CO LTD-A 10297987 11806.20

CRH Plc (London Listing GBP) 1211.05 INDOCEMENT TUNGGAL PRAKARSA 10222156 11285.30

Source of analytics: S&P Trucost / MSCI

Fund

Carbon Intensity

(tonnes CO²e/USD

million)

Carbon Footprint FundReference

Benchmark

Fund

Carbon Intensity

(tonnes CO²e/USD

million)

Reference Benchmark

Carbon Intensity

(tonnes CO²e/USD

million)

ABN AMRO BANK NV-CVA0.45 PEOPLE'S INSURANCE CO GROU-H 10222499 0.13

Weighted Average Carbon Intensity

DescriptionCarbon Intensity Description, Portfolio's exposure to carbon-intensive

companies, expressed in tons CO²e/USD million revenue.

Formula

Methodology

Carbon Intensity Methodology, Scope 1 and Scope 2 GHG emissions are

allocated based on portfolio weights (the current value of the investmnet

relative to the current portfolio value), rather than the equity ownership

approach. Gross values should be used.

Reference Benchmark

Carbon Intensity

(tonnes CO²e/USD

million)

SWISS RE AG

0.68 IGM FINANCIAL INC 10142542 0.30

Company carbon data, can often be “partially disclosed”, i.e. partial geographic coverage, or incomplete operational data. Trucost* undertakes analysis and

research to assess company reported results. The proprietary Trucost model enables an estimate of total emissions which relies on more than just reported

financial data. Where securities are not covered by Trucost, HSBC assigns a proxy value based on the average intensity score of comparable

companies.*Trucost are a division of S&P Global; they assess risks relating to climate change, natural resource constraints, and broader environmental,

social, and governance factors.

FORTUM OYJ

3281.93 CHINA GREAT WALL SECURITIE-A 10482073 25061.47

CF INDUSTRIES HOLDINGS INC4307.61 SHANXI XISHAN COAL & ELEC-A 10297911 43492.65

LAFARGEHOLCIM LTD-REG

5113.89 LUENMEI QUANTUM CO LTD-A 10482023 57768.37

##

Fund 7.4 6.4 5.4 4.9

Reference Benchmark 6.0 6.3 4.8 4.6

ESG for Ten Highest Holdings by Weight

MICROSOFT CORP 3.4% 10.0 7.6 6.3 5.0 28.0

NESTE OYJ 3.1% 10.0 6.0 10.0 6.6 163.2

KINGSPAN GROUP PLC 2.8% 8.2 7.5 4.5 6.0 79.9

AZBIL CORP^ 2.8% 4.8 0.2 0.7 0.6 10.8

TRANE TECHNOLOGIES PLC 2.8% 10.0 7.4 6.3 5.4 34.3

Xinyi Solar Holding Co Ltd (968) (China) 2.8% 5.2 8.6 4.5 3.1 77.5

ACCENTURE PLC-CL A 2.6% 8.8 7.1 4.9 5.2 8.2

LEGRAND SA 2.6% 7.5 7.3 2.8 6.6 26.6

TAIWAN SEMICONDUCTOR-SP ADR 2.6% 8.4 5.8 8.7 4.7 255.5

INFINEON TECHNOLOGIES AG 2.6% 8.1 5.1 7.6 5.7 102.6

APPLE INC 10127829 3.6% 6.4 3.8 5.5 3.2 3.1

MICROSOFT CORP 10127941 2.7% 10.0 7.6 6.3 5.0 28.0

AMAZON.COM INC 10127765 2.4% 5.5 4.0 4.7 4.9 40.1

FACEBOOK INC-CLASS A 10179044 1.2% 1.6 10.0 1.8 3.5 27.3

ALPHABET INC-CL C 10137813 0.9% 5.1 7.0 5.7 1.2 32.3

ALPHABET INC-CL A 10129278 0.9% 5.1 7.0 5.7 1.2 32.3

ALIBABA GROUP HOLDING-SP ADR 10127287* 0.9% 5.6 7.8 5.7 0.9 45.2

TESLA INC 10190840 0.7% 7.1 9.3 2.0 3.9 24.4

TENCENT HOLDINGS LTD 10110703 0.7% 5.1 9.0 5.1 2.4 16.0

TAIWAN SEMICONDUCTOR MANUFAC 10217598 0.7% 8.4 5.8 8.7 4.7 255.5

ESG for Ten Lowest Holdings by Weight

KION GROUP AG-RTS 0.000% 6.9 5.6 5.8 4.8 24.7

BANCO SANTANDER SA - RIGHTS 0.000% 5.4 7.0 4.0 4.0 5.8

ALSTOM SA - RIGHTS*^ 0.000% 5.2 0.6 0.7 1.2 90.0

AIR LIQUIDE SA* 0.000% 5.9 5.5 9.3 4.4 989.5

RED ELECTRICA CORPORACION SA 0.000% 10.0 8.7 9.3 6.2 504.1

EQUINOR ASA 0.000% 9.3 6.4 7.4 5.0 191.3

ARKEMA 0.000% 6.8 5.2 2.7 6.2 338.6

ALSTOM 0.000% 8.3 7.1 6.8 5.6 25.2

PRYSMIAN SPA 0.000% 6.6 5.4 5.0 6.7 63.5

RAIFFEISEN BANK INTERNATIONA 0.000% 6.2 3.3 4.9 4.8 5.1

SUOFEIYA HOME COLLECTION C-A 10440994 0.000% 1.1 6.2 2.2 3.1 48.8

VENUSTECH GROUP INC-A 10440945 0.000% 4.1 3.7 4.4 3.4 9.3

TIANJIN CHASE SUN PHARM-A 10440875 0.000% 4.7 2.1 4.8 3.9 30.3

GUANGDONG HEC TECHNOLOGY H-A 10440653 0.000% 1.8 2.3 3.6 1.0 739.3

OCEANWIDE HOLDINGS CO LTD -A 10426919 0.000% 3.3 4.5 4.7 3.5 11.9

INNER MONGOLIA FIRST MACHI-A 10443150 0.000% 2.2 2.7 5.1 2.8 36.6

VISIONOX TECHNOLOGY INC-A 10531615 0.000% 2.3 5.0 3.9 2.0 101.9

SHENZHEN AIRPORT CO-A 10421534 0.000% 2.2 5.1 3.7 2.9 1139.7

TRANSFAR ZHILIAN CO LTD-A 10427650 0.000% 3.8 4.1 5.3 5.0 110.6

CHINA NATIONAL ACCORD MEDI-A 10440975 0.000% 6.1 7.3 6.7 4.2 38.4

Source of analytics: S&P Trucost / MSCI

Weight ESG E S GCarbon

Intensity

S GCarbon

Intensity

Reference Benchmark

ESG ESG E S G

Fund Weight ESG E

Reference Benchmark Weight

Fund Weight

Carbon

IntensityESG E S G

S GCarbon

IntensityESG E

##

Sector Allocation (%) Geographical Allocation (%)

Top 10 Holdings (%) Location Sector Weight (%)

United States Information Technology 3.40

Finland Energy 3.10

Ireland Industrials 2.84

Japan Information Technology 2.82

United States Industrials 2.77

Mainland China Information Technology 2.76

United States Information Technology 2.61

France Industrials 2.59

Taiwan Information Technology 2.57

Germany Information Technology 2.56

Kingspan Group PLC

Azbil Corp

Neste Oyj

Microsoft Corp

Trane Technologies PLC

Xinyi Solar Holdings Ltd

Legrand SA

Accenture PLC

Source: HSBC Global Asset Management, data as at 30 November 2020

Taiwan Semiconductor Co Ltd

Infineon Technologies AG

Index Disclaimer

Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be

used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute

investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such.

Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI

information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each

of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI

Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-

infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event

shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or

any other damages. (www.msci.com)

Important Information

This document is prepared for general information purposes only and does not have any regard to the specific investment objectives, financial

situation and the particular needs of any specific person who may receive it. Any views and opinions expressed are subject to change without

notice. This document does not constitute an offering document and should not be construed as a recommendation, an offer to sell or the

solicitation of an offer to purchase or subscribe to any investment. Any forecast, projection or target where provided is indicative only and is not

guaranteed in any way. HSBC Global Asset Management (Hong Kong) Limited (“AMHK”) accepts no liability for any failure to meet such forecast,

projection or target. AMHK has based this document on information obtained from sources it reasonably believes to be reliable. However, AMHK

does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or completeness of such information. Investment

involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk

factors. This document has not been reviewed by the Securities and Futures Commission. Copyright © HSBC Global Asset Management (Hong

Kong) Limited 2020. All rights reserved. This document is issued by HSBC Global Asset Management (Hong Kong) Limited.

0.00

18.96

1.28

0.33

0.19

0.66

2.48

5.37

2.93

6.79

3.71

57.31

1.97

11.14

3.01

3.10

4.02

4.27

4.67

5.98

8.19

8.88

10.09

34.67

Cash & Others

Other Locations

Netherlands

Finland

Ireland

Denmark

Germany

Mainland China

France

Japan

United Kingdom

United States

AD Reference Benchmark

0.00

11.99

7.50

0.00

2.65

13.40

3.03

9.34

3.06

12.98

4.82

21.38

9.86

1.97

1.24

1.64

1.69

1.76

2.37

3.10

3.50

5.41

7.91

9.03

27.62

32.75

Cash & Others

Health Care

Consumer Staples

Pooled

Real Estate

Financials

Energy

Communication Services

Utilities

Consumer Discretionary

Materials

Information Technology

Industrials

AD Reference Benchmark

##

Terms of Glossary

Accumulation Share: a type of share where the income earned by the Fund is retained in the Fund

ACD: HSBC Global Asset Management (UK) Limited, the Authorised Corporate Director of the Company

Actively Managed: where the fund manager uses their expertise to pick investments to achieve the fund’s objectives

Beta: an historical measure of volatility to measure how a fund moves versus its benchmark (i.e. an Index)

Collective Investment Scheme: a fund that more than one person contributes to with the aim of increasing the value of their investments or

receiving income from a pooled investment. A fund manager will invest the pooled money into one or more types of asset, such as stocks,

bonds or property

Developed Markets: countries with relatively high levels of personal income and established economies

Emerging Markets (EM): countries that are progressing toward becoming advanced, usually shown by some development in financial

markets, the existence of some form of stock exchange and a regulatory body

Equities: shares issued by a company

Futures: a financial contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a

financial instrument, at a predetermined future date and price

Growth: the increase in the value of investments

Hedge Funds: an investment fund that pools money from investors and invests in a variety of assets, often with complex investment strategies

and risk management techniques

Hedge or Hedging: using derivative type investments as a way to reduce risk

Income: money generated by a fund, such as interest from a bond or a dividend from a share, which can be paid out to its investors or paid

back into the fund and reinvested

Income Share: the type of Share where the income earned by the Fund is paid out to you

Information Ratio: a measure of the risk-adjusted return of a fund against its benchmark

Market Capitalisation: the total dollar market value of a company’s outstanding shares. Commonly referred to as “market cap”, it is calculated

by multiplying a company’s shares outstanding by the current market price of one share

Net Asset Value (NAV): the value of the scheme property of a fund less the liabilities of the fund

Ongoing Charges Figure: a measure of what it costs to invest in a fund. It includes the fee paid to the ACD and other operating costs

Price Earnings (P/E) Ratio: the price paid for a share divided by the annual profit earned by the firm per share

Preference Shares: shares of a company which entitle the holder to a fixed dividend, whose payment takes priority over that of ordinary share

dividends. Preference shares may be convertible to the ordinary shares of a company

Property-related securities: shares of property companies that own, manage or develop property and Real Estate Investment Trusts (REITs),

which are investment companies that own buildings and land

Return(s): the money made or lost on an investment

Share(s): an equally valued holding in a fund of a company, representing part ownership of that fund, (including larger denomination shares

and smaller denomination shares)

Sharpe ratio: a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations

Volatility: a measure of the size and frequency of changes in the value of an investment over a short space of time

Yield: the income from an investment, usually stated as a percentage of the value of the investment

##

Supplement Information Sheet

AD USD

IC USD

Distribution Frequency

HSBC Global Investment Funds - Global Equity Climate Change

30 Nov 2020

-

The above table cites the last dividend paid within the last 12 months only.

Dividend is not guaranteed and may be paid out of capital, which will result in capital erosion and reduction in net asset value. A positive

distribution yield does not imply a positive return. Past distribution yields and payments do not represent future distribution yields and

payments. Historical payments may be comprised of both distributed income and capital.

The calculation method of annualised yield prior to August 2019 is the simple yield calculation: (dividend amount / NAV per share or units as

of ex-dividend date) x n; The calculation method of annualised yield from August 2019 is the compound yield calculation: ((1 + (dividend

amount / ex-dividend NAV))^n)-1, n depends on the distributing frequency. Annually distribution is 1; semi-annually distribution is 2; quarterly

distribution is 4; monthly distribution is 12.

The annualised dividend yield is calculated based on the dividend distribution on the relevant date with dividend reinvested, and may be

higher or lower than the actual annual dividend yield.

- - -

Annually - - -

Share Class

Share

Class

Base

Currency

Dividend ex-date Dividend Amount

Annualised Yield

(Distribution is not

guaranteed and may

be paid out of

capital)

##

可持續投資

HK-HT

股份類別 AD

AD LU0323240290 30/11/2020

是

派息

13.36 37.23 49.29 85.84 每年

12.33 15.01 29.46 67.30 每日

美元 1,000

4.50%

1.50%

-3.19 美元

-2.36 盧森堡

LU0323240290

基金 2007年11月9日

美元 13.26

波幅 基金規模

資訊比率 1.26 - HSCLADU LX

貝他值 0.98 -

基金經理

1當計算期超過一年，業績為累積表現。 2如股份類別成立少於五年，其首年年度表現為成立日至年底。

股份類別詳情

•本基金主要投資於股票。•本基金涉及新興市場風險及投資於特定行業產生的集中性風險。•由於本基金的基本貨幣、投資及份額類別可按不同的貨幣計值，故此，外匯管制及匯率波動可能對投資者構成不利影響。•本基金可投資於金融衍生工具作投資用途，可能使本基金的資產淨值較波動。•本基金之投資可能涉及重大的信貸、貨幣、波動性、流動性、利率、稅務及政治風險。投資者投資於本基金可能蒙受重大損失。•基金產品並不等同於定期存款。投資者不應僅就此文件提供之資料作出投資決定，而應細閱本基金之銷售文件。

投資目標

本基金旨在透過投資於可能受惠於向低碳經濟轉型的公司，提供長期總回報。相較摩根士丹利所有國家世界浄回報指數成分加權平均評級，本基

金的碳密度更低，而環境、社會及治理（「ESG」）評級更高。

投資策略

本基金於正常市況下至少將70%的資金投資於收入可受惠於氣候轉型主題公司的股權及股權類證券。最低收入風險敞口門檻將為相關公司總收入的至少10%。本基金不會投資於被視為不符合聯合國全球契約原則或對特定除外活動擁有超出收入風險敞口門檻之重大風險的公司或REIT的股權及股權類證券。收入風險敞口門檻不會高於相關公司總收入的30%。於中國股票的投資包括但不限於中國A股及B股。本基金可將不超過10%的資金投資於UCITS及／或其他合資格UCI的單位或股份。本基金亦可將不超過10%的資金投資於合資格封閉式房地產投資信託基金（「REIT」）。請參閱基金說明書，了解關於投資目標及衍生工具使用的說明。

風險披露

基金投資目標及策略

滙豐環球投資基金 - 環球股票氣候變化概念

2020年11月30日

參考基準 11.27 5.79

AD 31.43 13.08

5年¹

3年風險衡量

指標52

AD 2.91 22.68 -13.24 29.77 股份類別基本貨幣

基金表現 (%)年初至

今1個月

參考基準 7.86 23.97 -10.01 27.24

3個月 1年 3年¹

參考表現基準：由2011年9月30日起，基準為摩根士丹利所有國家世界淨回報指數。此前為滙豐全球氣候變遷指數。

對本基金表現可能有重大影響的變動：2011年9月30日及2013年12月2日－更改投資目標。

查閱基金文件請掃描二維碼

Angus Parker

美元 89,830,516

彭博代號

參考基準摩根士丹利所有國家世界

淨回報指數

過去的業績並不代表將來的表現。表現以股份類別基本貨幣計算，資產淨值對資產淨值，將股

息再作投資，並已扣除費用。如投資業績非以港元或美元計算，以港元或美元作投資的投資者

須承受匯率波動的風險。

資料來源：滙豐環球投資管理，數據截至2020年11月30日

AD 參考基準持倉數量（不包括現金）

2019

UCITS V合規

派息類型

派息頻率

交易頻率

最低初始認購額

首次認購費最高達

管理費年度回報表現 (%)² 2015 2016 2017 2018

投資組合特點 參考基準 股份類別成立日期

每股資產淨值

18.33% 18.22%3,125

平均市值（美元 百萬）

158,786 272,713

註冊地

ISIN代號

##

每月表現評論

市場回顧11月，摩根士丹利所有國家世界指數上升，原因是輝瑞、BioNTech、Moderna和阿斯利康的新冠疫苗研發取得積極進展，投資者重新開始購買風險資產。由於新冠疫苗的進展提升市場對經濟復甦的憧憬，月內美國股市走高。拜登在美國大選中勝出，雖然導致投資者對民主黨掌控參議院的預期有所降低，但是這消除了拜登稅務及監管議程的相關風險，並且進一步推動風險氣氛。本月標普500指數升10.8%。在疫苗研製取得進展的情況下，歐洲股票反彈。而背景情況是歐洲面臨疫情防控的持續挑戰，脫歐後過渡期臨近，但英國和歐盟在脫歐協議問題上繼續陷入僵局。本月，Stoxx

Europe 600指數升13.7%，富時綜合指數升12.4%。

月內亞洲股票錄得強勁收益，原因是新冠疫苗的進展以及美國政治不確定因素減退，令投資氣氛改善。亞洲公布一系列樂觀的經濟數據，包括中國內地月度工業利潤實現強勁增長，以及南韓出口數據超過預期，為投資者的樂觀取態提供進一步支持。本月，上證綜合指數升5.2%，印度SENSEX

指數升11.5%，而南韓KOSPI指數升16.2%，日經225指數升16.0%。

基金回顧公用事業及可選消費品的選股是本月基金表現領先的主要推動因素，但持輕金融股構成拖累。對基金表現貢獻最大的個股包括Plastic

Omnium、Neste和Azure Power。法國汽車供應商Plastic

Omnium本月股價上揚，原因是管理層考慮到市場復甦形勢較預期理想及實行成本節約措施，上調明年的利潤指引。芬蘭能源公司Neste股價反彈，原因是該公司宣布收購一家位於荷蘭鹿特丹的煉油廠，為生產可再生產品擴大原材料預處理能力，這將進一步鞏固該公司在可再生燃料方面的環球領先地位。印度太陽能發電公司Azure

Power表現出色，該公司季度業績強勁，並表示下一年需求穩健。對基金表現拖累最大的個股包括信義光能、Kingspan和騰訊。在連續6個月股價錄得強勁表現後，在市場普遍上升的情況下，中國內地光伏玻璃製造商信義光能表現遜色。愛爾蘭建築產品製造商Kingspan公司股價下滑，原因在於雖然全年盈利指引高於分析師預期，但該公司的季度內部銷售增長率遜於預期。中國內地互聯網公司騰訊股價下跌，因為中國內地監管機構擬訂針對互聯網行業實施新反壟斷法，可能對騰訊的微信平台產生負面影響。我們認為，該公司專注於遊戲業務，其不受反壟斷法約束，而騰訊在廣告市場上並非處於主導地位，因此影響在可控範圍之內。持有該公司的美國預託證券對基金表現構成打擊。

展望雖然新冠肺炎疫情對環球經濟構成極其嚴峻的挑戰，但我們計算得出的環球股票風險溢價（與現金相比的超額回報）持續具吸引力。市場仍會劇烈波動，而企業盈利亦會因經濟活動突然停滯及經濟衰退而承受壓力，然而近期市場表現欠佳及全球疫情防控政策大為放寬，已改善長遠預期回報。

風險 –

新冠肺炎的爆發和迅速蔓延，突顯我們仍然處於「不確定的時代」。一開始局限於中國內地的「休克」如今演變為全球經濟活動的「驟停」。環球企業的盈利增長預期嚴重惡化，需要密切監測。波動率料將維持於高位，同時存在疫情控制措施可能對經濟的供給側產生持久破壞的風險。

方法 –

環球股票投資組合旨在透過投資具吸引力的盈利及估值的公司，提供分散的環球股票配置，並平衡回報潛力及風險配置。該等高質素的公司一般具有可持續發展的商業模式、強勁的資產負債表以及良好的管理。

##

碳強度 77.38 167.35

碳強度衡量一家公司的碳排放量（噸二氧化碳/百萬美元）

最低碳強度證券發行人前十

1

2

3

NN GROUP NV 0.45 MERITZ SECURITIES CO LTD 10161639 0.14 4

AVIVA PLC 0.67 SUL AMERICA SA - UNITS 10176548 0.24 5

6

7

8

AMERISOURCEBERGEN CORP 0.76 PARTNERS GROUP HOLDING AG 10221643 0.30 9

UNITEDHEALTH GROUP INC 0.76 CHINA LIFE INSURANCE CO LTD 10222021 0.31 #

AFLAC INC 0.77 SAMPO OYJ-A SHS 10126643 0.34

DNB ASA 0.77 INDUSTRIVARDEN AB-A SHS 10228343 0.38

LINCOLN NATIONAL CORP 0.79 GJENSIDIGE FORSIKRING ASA 10229284 0.44

ASSICURAZIONI GENERALI 0.98 ABN AMRO BANK NV-CVA 10228455 0.45

最高碳強度證券發行人前十

1

2

3

4

5

6

7

8

9

#

AIR PRODUCTS & CHEMICALS INC 3058.18 CHINA RESOURCES POWER HOLDIN 10225820 22724.01

NEXTERA ENERGY INC 2307.87 CHINA SHENHUA ENERGY CO-A 10331640 17939.06

DOMINION ENERGY INC 2088.31 NTPC LTD 10195555 17637.69

CMS ENERGY CORP 1941.29 CHINA POWER INTERNATIONAL 10220935 12378.47

LINDE PLC 1893.59 CHINA RESOURCES CEMENT 10217749 12066.16

REPUBLIC SERVICES INC 1344.84 SDIC POWER HOLDINGS CO LTD-A 10297987 11806.20

CRH Plc (London Listing GBP) 1211.05 INDOCEMENT TUNGGAL PRAKARSA 10222156 11285.30

分析來源：S&P Trucost／滙豐

基金碳強度（噸二氧化碳/百萬

美元）參考基準

碳強度（噸二氧化碳/百萬

美元）

碳足跡 基金 參考基準

基金碳強度（噸二氧化碳/百萬

美元）參考基準

碳強度（噸二氧化碳/百萬

美元）

公司碳數據往往可｢局部披露｣，即局部地理覆蓋或不完整營運資料。Trucost*負責分析和研究，以評估公司所報告的結果。專屬Trucost模型能夠估算總排放量，而不僅只依賴報告的財務資料。對於Trucost未覆蓋的證券，滙豐根據可比公司的平均強度分數分配代理值。*

Trucost為隸屬於S&P_Global的部門，主要評估與氣候變化、自然資源限制以及更廣泛的環境、社會和治理因素相關的風險。

ABN AMRO BANK NV-CVA0.45 PEOPLE'S INSURANCE CO GROU-H 10222499 0.13

加權平均碳強度

方法表述 碳強度說明，投資組合對碳密集型公司的持倉以CO²e∕百萬美元收入表示。

計算公式

研究方法碳強度方法，範圍1和範圍2溫室氣體排放基於投資組合權重（相對於當前投資組合價值的投資現值）而非權益所有權方法。應使用總價值。

LAFARGEHOLCIM LTD-REG

5113.89 LUENMEI QUANTUM CO LTD-A 10482023 57768.37

SWISS RE AG

0.68 IGM FINANCIAL INC 10142542 0.30

CHINA GREAT WALL SECURITIE-A 10482073 25061.47

FORTUM OYJ

3281.93

CF INDUSTRIES HOLDINGS INC4307.61 SHANXI XISHAN COAL & ELEC-A 10297911 43492.65

##

基金 7.4 6.4 5.4 4.9

參考基準 6.0 6.3 4.8 4.6

按權重計十大持倉的環境、社會和治理分值

MICROSOFT CORP 3.4% 10.0 7.6 6.3 5.0 28.0

NESTE OYJ 3.1% 10.0 6.0 10.0 6.6 163.2

KINGSPAN GROUP PLC 2.8% 8.2 7.5 4.5 6.0 79.9

AZBIL CORP^ 2.8% 4.8 0.2 0.7 0.6 10.8

TRANE TECHNOLOGIES PLC 2.8% 10.0 7.4 6.3 5.4 34.3

Xinyi Solar Holding Co Ltd (968) (China) 2.8% 5.2 8.6 4.5 3.1 77.5

ACCENTURE PLC-CL A 2.6% 8.8 7.1 4.9 5.2 8.2

LEGRAND SA 2.6% 7.5 7.3 2.8 6.6 26.6

TAIWAN SEMICONDUCTOR-SP ADR 2.6% 8.4 5.8 8.7 4.7 255.5

INFINEON TECHNOLOGIES AG 2.6% 8.1 5.1 7.6 5.7 102.6

APPLE INC 10127829 3.6% 6.4 3.8 5.5 3.2 3.1

MICROSOFT CORP 10127941 2.7% 10.0 7.6 6.3 5.0 28.0

AMAZON.COM INC 10127765 2.4% 5.5 4.0 4.7 4.9 40.1

FACEBOOK INC-CLASS A 10179044 1.2% 1.6 10.0 1.8 3.5 27.3

ALPHABET INC-CL C 10137813 0.9% 5.1 7.0 5.7 1.2 32.3

ALPHABET INC-CL A 10129278 0.9% 5.1 7.0 5.7 1.2 32.3

ALIBABA GROUP HOLDING-SP ADR 10127287* 0.9% 5.6 7.8 5.7 0.9 45.2

TESLA INC 10190840 0.7% 7.1 9.3 2.0 3.9 24.4

TENCENT HOLDINGS LTD 10110703 0.7% 5.1 9.0 5.1 2.4 16.0

TAIWAN SEMICONDUCTOR MANUFAC 10217598 0.7% 8.4 5.8 8.7 4.7 255.5

按權重計十個最低持倉的環境、社會和治理分值

KION GROUP AG-RTS 0.000% 6.9 5.6 5.8 4.8 24.7

BANCO SANTANDER SA - RIGHTS 0.000% 5.4 7.0 4.0 4.0 5.8

ALSTOM SA - RIGHTS*^ 0.000% 5.2 0.6 0.7 1.2 90.0

AIR LIQUIDE SA* 0.000% 5.9 5.5 9.3 4.4 989.5

RED ELECTRICA CORPORACION SA 0.000% 10.0 8.7 9.3 6.2 504.1

EQUINOR ASA 0.000% 9.3 6.4 7.4 5.0 191.3

ARKEMA 0.000% 6.8 5.2 2.7 6.2 338.6

ALSTOM 0.000% 8.3 7.1 6.8 5.6 25.2

PRYSMIAN SPA 0.000% 6.6 5.4 5.0 6.7 63.5

RAIFFEISEN BANK INTERNATIONA 0.000% 6.2 3.3 4.9 4.8 5.1

SUOFEIYA HOME COLLECTION C-A 10440994 0.000% 1.1 6.2 2.2 3.1 48.8

VENUSTECH GROUP INC-A 10440945 0.000% 4.1 3.7 4.4 3.4 9.3

TIANJIN CHASE SUN PHARM-A 10440875 0.000% 4.7 2.1 4.8 3.9 30.3

GUANGDONG HEC TECHNOLOGY H-A 10440653 0.000% 1.8 2.3 3.6 1.0 739.3

OCEANWIDE HOLDINGS CO LTD -A 10426919 0.000% 3.3 4.5 4.7 3.5 11.9

INNER MONGOLIA FIRST MACHI-A 10443150 0.000% 2.2 2.7 5.1 2.8 36.6

VISIONOX TECHNOLOGY INC-A 10531615 0.000% 2.3 5.0 3.9 2.0 101.9

SHENZHEN AIRPORT CO-A 10421534 0.000% 2.2 5.1 3.7 2.9 1139.7

TRANSFAR ZHILIAN CO LTD-A 10427650 0.000% 3.8 4.1 5.3 5.0 110.6

CHINA NATIONAL ACCORD MEDI-A 10440975 0.000% 6.1 7.3 6.7 4.2 38.4

分析來源：S&P Trucost／滙豐

環境、社會和治理 環境、社會和治理 環境 社會 治理

基金 比重環境、社會

和治理環境 社會

基金 比重環境、社會

和治理環境 社會 治理

治理 碳強度

參考基準 比重環境、社會

和治理環境 社會 治理 碳強度

碳強度參考基準 比重環境、社會

和治理環境 社會 治理

碳強度

##

行業分佈 (%) 地區分佈 (%)

十大持倉 (%) 地區 股票行業 比重 (%)

美國 資訊科技 3.40

芬蘭 能源 3.10

愛爾蘭 工業 2.84

日本 資訊科技 2.82

美國 工業 2.77

中國內地 資訊科技 2.76

美國 資訊科技 2.61

法國 工業 2.59

台灣地區 資訊科技 2.57

德國 資訊科技 2.56

Trane Technologies PLC

Xinyi Solar Holdings Ltd

指數免責聲明

資料來源：MSCI。MSCI數據僅可供經理人內部使用，不得以任何形式複製或再傳播，亦不得用作任何金融工具或產品或指數的基礎或作為其成分。MSCI數據不擬構成投資意見或作出（或不作出）任何種類投資決定的建議，故不得加以依賴。歷史數據和分析不應被視作任何未來表現分析、預測或預估的指示或保證。MSCI數據乃以「按原狀」的基礎提供，而使用此等數據的人士需承擔任何使用此等數據的全部風險。MSCI、其聯屬機構及曾參與或涉及編制、計算或創造任何MSCI數據的他方(統稱「MSCI有關各方」)各自特此明確就此等數據的所有保證(包括但不限於此等數據的原創性、準確性、完整性、適時性、非侵權性、適銷性及任何特定用途的適用性)作出免責聲明。不受限於前述的情況，MSCI有關各方在任何情況下不會有任何直接的、間接的、特殊的、附帶性的、懲罰性的、相應性的（包括但不限於利益損失）或其他任何損害賠償的責任。(www.msci.com)

資料來源：滙豐環球投資管理，數據截至2020年11月30日

Taiwan Semiconductor Co Ltd

Infineon Technologies AG

Legrand SA

Accenture PLC

重要資訊

本文件只提供一般性資料，並不針對任何可能收到本文件的人士的具體投資目標、財務狀況和特別需求。在此表達之意見可因應情況修改而不作另行通知。本文件並非銷售文件，且不構成建議、要約出售或招攬購買或認購任何投資。本文件所載任何預測、預計或目標僅供説明用途，且並非任何形式的保證。滙豐環球投資管理（香港）有限公司（「滙豐環球投資管理」）就預測、預計或目標未能達成概不承擔任何責任。本文件內的資料乃取自滙豐環球投資管理合理地相信可靠的來源。然而，無論明示或暗示，滙豐環球投資管理不保證、擔保或代表本文件內該等資料的準確性、有效性或完整性。投資附帶風險，過去的業績並不代表將來的表現。請參閱銷售文件以便獲取其它資料，包括風險因素。此文件並未經證券及期貨事務監察委員會批閱。版權 © HSBC Global Asset Management (Hong Kong) Limited

（滙豐環球投資管理（香港）有限公司）2020。版權所有。本文件由HSBC Global Asset Management (Hong Kong) Limited

（滙豐環球投資管理（香港）有限公司）刊發。

Kingspan Group PLC

Azbil Corp

Neste Oyj

Microsoft Corp

0.00

18.96

1.28

0.33

0.19

0.66

2.48

5.37

2.93

6.79

3.71

57.31

1.97

11.14

3.01

3.10

4.02

4.27

4.67

5.98

8.19

8.88

10.09

34.67

現金及其他

其他地區

荷蘭

芬蘭

愛爾蘭

丹麥

德國

中國內地

法國

日本

英國

美國

AD 參考基準

0.00

11.99

7.50

0.00

2.65

13.40

3.03

9.34

3.06

12.98

4.82

21.38

9.86

1.97

1.24

1.64

1.69

1.76

2.37

3.10

3.50

5.41

7.91

9.03

27.62

32.75

現金及其他

健康護理

消費必需品

基金

房地產

金融

能源

通信服務

公用事業

可選消費品

物料

資訊科技

工業

AD 參考基準

##

詞彙表

累積股份: 基金賺取的收益留存於基金的股份類別

授權公司董事(ACD): HSBC Global Asset Management (UK) Limited，本公司的授權公司董事

主動管理: 基金經理利用其經驗篩選投資項目以實現基金目標

貝他值: 衡量過往波幅的指標，用於衡量某一基金相對於其基準（即某一指數）的走勢

集合投資計劃:

超過一人出資、其目標為增加投資價值或自集合投資中所收取收益的基金。基金經理將集合資金投資於一個或多個類別的資產，如股票、債券

或房地產

成熟市場: 個人收入較高且經濟成熟的國家

新興市場: 正在向成熟市場邁進的國家，通常表現為金融市場出現一定程度的發展、存在某種形式的證券交易所及監管機構

股票: 一間公司所發行的股份

期貨: 一種金融合約，據此買方（賣方）有責任於預定的未來日期按預定的價格購買（出售）某一項資產，例如實物商品或金融工具

增長: 投資價值增加

對沖基金: 集合投資者的資金並投資於各類資產的投資基金，通常包含複雜的投資策略和風險管理技術

對沖: 採用衍生工具類投資以減少風險的一種途徑

收益: 基金所產生的資金回報，例如債券利息或股份股息，可派付予投資者或歸還予基金進行再投資

收益股份: 基金賺取的收益派付予投資者的股份類別

資訊比率: 衡量某一基金相對於其基準的經風險調整回報的指標

市值: 一間公司已發行股份的市場價值總額。按公司的已發行股份數乘以每股當前市價計算

資產淨值: 基金的計劃資產價值減去該基金的負債

經常性開支: 對基金進行投資的成本的衡量指標。 其包含支付予ACD的費用及其他營運成本

市盈率: 就一股股份支付的價格除以公司一年所賺取的每股利潤

優先股: 持有人可享有固定股息的公司股份，該股息的派付優先於普通股股息。 優先股可轉換為公司的普通股

房地產相關證券: 擁有、管理或發展房地產及房地產投資信託（擁有樓宇及土地的投資公司）的房地產公司股份

回報: 投資賺取或損失的資金

股份: 某間公司的基金等價持倉，代表該基金的一部分所有權，包括較大面值股份及較小面值股份

夏普比率: 計算經風險調整回報的指標，此比率已成為該等計算的行業標準

波幅: 某一投資在短期內的變動幅度及頻率的衡量指標

孳息（率）: 投資的收益，通常以投資價值的百分比表示

##

補充資料

AD 美元

IC 美元

股份類別

滙豐環球投資基金 - 環球股票氣候變化概念

2020年11月30日

-

上表僅引用過去12個月內支付的最後一次股息。

並不保證會支付股息，且可能自資本中支付，這會導致資本侵蝕及資產淨值減少。正分派收益率並不表示正回報率。過往分派收益率和付款並不代表未來的分派收益率和付款。過往付款可能同時包含分派收益及資本。

2019年8月之前的年化收益率的計算方法為簡單收益率計算法：（股息金額／ 除權日的每股或每單位資產淨值） x n；

2019年8月起的年化收益率的計算方法為複合收益率計算法： （（1 +（股息金額／ 除權後資產淨值））^n）-1，n取決於分派頻率。

每年分派為1；每半年分派為2；每季分派為4；每月分派為12。年化股息收益率根據相關日期的股息分派計算（股息再投資），並可能高於或低於實際每年股息收益率。

- - -

每年 - - -

股份類別基

本貨幣派息頻率 除息日 每股股息

年化股息率

（派息不獲保證及可從

股本中分派）

##

PRODUCT KEY FACTS產品資料概要

HSBC Global Investment Funds –

Global Equity Climate Change

滙豐環球投資基金 - 環球股票氣候變化概念

October 2020 2020年10月

This statement provides you with key information about the HSBC Global Investment Funds – Global Equity Climate Change 本概要提供有關滙豐環球投資基金 - 環球股票氣候變化概念的重要資料

This statement is part of the offering document 本概要是銷售文件的一部分

You should not invest in this product based on this statement alone投資者切勿單憑本概要作投資決定

Quick facts 基本資料Fund manager 基金經理 HSBC Investment Funds (Luxembourg) S.A.

Investment adviser 投資顧問 HSBC Global Asset Management (UK) Limited (Internal delegation, UK / 內部委託,英國)

Custodian 保管人 HSBC France, Luxembourg Branch

Ongoing charges over a year

全年經常性開支比率

Class AD / AD類 1.85%^

Dealing frequency 進行交易 Daily on every dealing day / 每一個交易日

Base currency 基本貨幣 USD / 美元

Dividend policy 股息政策 Class AD – Declared annually on a discretionary basis, and if declared, dividends will be paid annually AD類 – 按酌情基準每年宣佈，如獲宣佈，將會每年派發股息。

Financial year end 財政年度終結日 31 March / 3 月 31日

Minimum investment (initial and subsequent)最低認購額（首次及其後）

Class A – USD1,000 | HKD10,000 | AUD1,500 | EUR850 | RMB10,000 | CAD1,000 | GBP650 | SGD1,250 | CHF1,000 A類 - 1,000美元 | 10,000港元 | 1,500澳元 | 850歐元 | 10,000人民幣 | 1,000加元 | 650英鎊 | 1,250新加坡元 | 1,000瑞士法郎

^ The figure is based on ongoing expenses chargeable to the class (including, where applicable and in accordance with SFC requirements, estimated expenses for

investing in shares or units of other funds) expressed as a percentage of the class’s average net asset value for the 12 months to the end of January 2020. This figure

may vary from year to year.

此數字是根據該類別的經常性開支(並根據證監會的要求，包括投資於其他基金的股份或單位的估計開支(如適用)) 表示為該類別截至 2020年 1月底止 12個月的

平均資產淨值的百分比。此數字每年均可能有所變動。

What is this product? 本基金是甚麼產品？This is a sub-fund (the “Fund”) of an umbrella fund constituted in the form of a mutual fund. It is domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier.

本附屬基金（「基金」）所屬的傘子基金以互惠基金形式組成。本基金在盧森堡註冊成立，在當地由Commission de Surveillance du Secteur Financier監管。

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Objectives and Investment Strategy 目標及投資策略Investment Objectives and Strategy 投資目標及策略：The Fund aims to provide long term total return by investing in companies that may benefit from the transition to a low carbon economy. The Fund aims to do this with a lower carbon intensity and a higher environmental, social and governance (“ESG”) rating, calculated respectively as a weighted average of the carbon intensities and ESG ratings given to the issuers of the Fund’s investments, than the weighted average of the constituents of the MSCI AC World Net index. 本基金透過投資於可能受惠於向低碳經濟轉型的公司，旨在提供長期總回報。本基金擬在較低的碳密度和較高的環境、社會和治理（「ESG」）評級（分別按本基金的投資的發行人的加權平均碳密度及 ESG 評級計算，而非 MSCI 所有國家世界淨回報指數的成分的加權平均）的前提下實現該目標。

The Fund invests in normal market conditions a minimum of 70% of its net assets in equities and equity equivalent securities of companies with revenue exposure to climate transition themes (“Climate Transition Themes”) which are domiciled in, based in, carry out business activities in, or are listed on a Regulated Market in, any country including both developed markets and Emerging Markets. The Fund may also invest in eligible closed-ended Real Estate Investment Trusts (“REITs”).

本基金於正常市況下將其至少 70%的淨資產投資於在任何國家（包括已發展市場及新興市場）註冊、位於該國、在該國進行商業活動或在該國受

規管市場上市且收入受惠於氣候轉型主題（「氣候轉型主題」）的公司的股票及等同股票的證券。本基金亦可投資於合資格封閉式房地產投資信

託基金（「REIT」）。

Climate Transition Themes may include, but are not limited to, renewable energy, energy efficiency, clean transportation and green buildings. Climate Transition Themes are proprietary to HSBC, determined with reference to the eligible activities of the Green Bond Principles of the International Capital Market Association and the Climate Bonds Taxonomy of the Climate Bonds Initiative, subject to ongoing research and may change over time as new themes are identified. The Investment Adviser may rely on its own research to identify suitable companies meeting a minimum revenue exposure threshold to Climate Transition Themes. The minimum revenue exposure threshold will depend on the specific Climate Transition Theme but will be at least 10% of the relevant company’s total revenue.

氣候轉型主題可能包括但不限於可再生能源、節能、清潔交通及綠色建築。氣候轉型主題為滙豐專有，透過參考國際資本市場協會的綠色債券原

則及氣候債券倡議的氣候債券分類法的合資格活動進行釐定，惟視乎持續的研究而定，並可能因新的主題被識別而隨著時間變更。投資顧問可能

倚賴其自身的研究，以識別符合氣候轉型主題最低收入敞口閾值的合適公司。最低收入敞口閾值將取決於特定氣候轉型主題，但至少為相關公司

總收入的 10%。

The Fund will not invest in equities and equity equivalent securities of companies or REITs considered non-compliant with the United Nations Global Compact Principles or have material exposure, exceeding a revenue exposure threshold, to specific excluded activities (“Excluded Activities”). These Excluded Activities are proprietary to HSBC and may include, but are not limited to, coal, unconventional oil & gas extraction and tobacco and may change over time. The revenue exposure threshold will depend on the specific Excluded Activity but will not be higher than 30% of the relevant company’s total revenue. The Investment Adviser may rely on expertise, research and information provided by well-established financial data providers to identify companies exposed to these Excluded Activities. 本基金不會投資於被視為違反聯合國全球契約原則或對特定除外活動（「除外活動」）擁有超出收入敞口閾值的重大收入敞口的公司或 REIT 的股票或等同股票的證券。該等除外活動為滙豐專有，可能包括但不限於煤炭、非傳統油氣開採及煙草，並可能隨著時間變更。收入敞口閾值將取決於特定除外活動，但不高於相關公司總收入的 30%。投資顧問可能倚賴成熟的金融數據提供商提供的專業知識、研究及資料，以識別涉及該等除外活動的公司。

After identifying the eligible investment universe, the Investment Adviser aims to construct a portfolio with lower carbon intensity and higher ESG rating, calculated respectively as a weighted average of the carbon intensities and ESG ratings given to the issuers of the Fund’s investments, than the weighted average of the constituents of the MSCI AC World Net index. When assessing companies’ carbon intensity and ESG rating, the Investment Adviser may rely on expertise, research and information provided by well-established financial data providers.

在識別合資格投資範圍後，投資顧問將構建較低的碳密度和較高的 ESG 評級（分別按本基金的投資的發行人的加權平均碳密度及 ESG 評級計

算，而非 MSCI 所有國家世界淨回報指數的成分的加權平均）的投資組合。在評估相關公司的碳密度及 ESG 評級時，投資顧問可能倚賴成熟的金

融數據提供商提供的專業知識、研究及資料。

Investments in Chinese equities include, but are not limited to, China A-shares and China B-shares (and such other securities as may be available) listed on stock exchanges in the People's Republic of China (“PRC”). The Fund may directly invest in China A-shares through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect, subject to applicable quota limitations. Furthermore, the Fund may gain exposure to China A-shares indirectly through China A-shares Access Products (“CAAP”) such as, but not limited to, participation notes linked to China A-shares. 於中國股票的投資包括但不限於在中華人民共和國（「中國」）的證券交易所上市的中國 A 股及中國 B 股（及可能供認購的其他證券）。本基金可透過滬港股票市場交易互聯互通機制及／或深港股票市場交易互聯互通機制直接投資於中國 A 股，惟須受適用額度限制所規限。此外，本基金可透過中國 A股連接產品（「中國 A 股連接產品」，例如但不限於與中國 A 股掛鈎的參與票據）間接投資於中國 A 股。

The Fund may invest up to 10% of its net assets in China A-shares through the Shanghai-Hong Kong Stock Connect and/or the Shenzhen-Hong Kong Stock Connect and up to 10% of its net assets in CAAPs. The Fund's maximum exposure to China A-shares (through the Shanghai-Hong Kong Stock Connect, the Shenzhen-Hong Kong Stock Connect or CAAP) and China B-shares is 20% of its net assets. The Fund will not invest more than 10% of its net assets in CAAPs issued by any single issuer of CAAPs. 本基金可將其最多 10% 的淨資產透過滬港股票市場交易互聯互通機制及／或深港股票市場交易互聯互通機制投資於中國 A 股，及將其最多 10% 的淨資產投資於中國 A 股連接產品。本基金對中國 A 股（透過滬港股票市場交易互聯互通機制、深港股票市場交易互聯互通機制或中國 A 股連接產品）及中國 B 股的最大投資參與為其淨資產的 20%。本基金不會將其超過 10% 的淨資產投資於由中國 A 股連接產品任何單一發行人發行的中國 A 股連接產品。

3

The Fund normally invests across a range of market capitalisations without any capitalisation restriction. 本基金通常投資於不同市值的公司，沒有任何市值限制。

The Fund will not invest more than 10% of its net assets in REITs. 本基金不會將其淨資產多於 10% 投資於 REITs。

The Fund may invest up to 10% of its net assets in units or shares of UCITS and/or other Eligible UCIs (including other sub-funds of HSBC Global Investment Funds). 本基金可將其最多 10% 的淨資產投資於 UCITS 及／或其他合資格 UCIs（包括滙豐環球投資基金的其他附屬基金）的單位或股份。

The Fund may use financial derivative instruments for hedging and cash flow management (for example, Equitisation). The Fund may also use, but not extensively, financial derivative instruments for investment purposes. The financial derivative instruments the Fund is permitted to use include, but are not limited to, futures and foreign exchange forwards (including non-deliverable forwards). Financial derivative instruments may also be embedded in other instruments in which the Fund may invest. 本基金可使用金融衍生工具作對沖及現金流管理（例如股權化）用途。本基金亦可使用金融衍生工具作投資目的，但不可廣泛使用。本基金獲准使用的金融衍生工具包括但不限於期貨及外匯遠期（包括非可交付遠期）。金融衍生工具亦可嵌入於本基金可投資的其他工具。

The Fund is actively managed and does not track a benchmark. The reference benchmark for Fund market comparison purposes is MSCI AC World Net. 本基金進行主動管理，不跟蹤基準指數。供本基金市場比較的參考基準為摩根士丹利所有國家世界淨回報指數。

The Investment Adviser will use its discretion to invest in securities not included in the reference benchmark based on active investment management strategies and specific investment opportunities. It is foreseen that a significant percentage of the Fund's investments will be components of the reference benchmark. However, their weightings may deviate materially from those of the reference benchmark. 投資顧問將根據主動投資管理策略及特定投資機會酌情投資於並未納入參考基準的證券。預計本基金的大部分投資將為參考基準的成分。然而，相關權重可能與參考基準的權重存在較大偏離。

Use of derivatives 衍生工具的使用 The Fund’s net derivative exposure may be up to 50% of the Fund’s net asset value.

本基金衍生工具的淨投資比例範圍最高可達本基金資產淨值的50%。

4

What are the Key Risks? 本基金有哪些主要風險？

Investments involve risks. Please refer to the offering document for details including risk factors.

投資涉及風險。請參閱銷售文件以便獲取其他資料，包括風險因素。

Investment risk 投資風險 The Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Fund may suffer

losses. There is no guarantee of the repayment of principal. 本基金的投資組合價值可能因下列任何主要風險因素而下跌，故閣下於本基金的投資可能會蒙受虧損。概不保證可償還本金。

General liquidity risk 一般流動性風險 The Fund’s investment portfolio will be exposed to liquidity risks – meaning it may take time to sell assets and/or assets may need to be sold at a

discount. This risk is greater in exceptional market conditions when a large number of market participants may seek to liquidate their investments which may include the Fund. The Fund may employ a number of techniques to manage liquidity including pricing adjustments and temporarily suspending redemptions. 本基金的投資組合將承受流動性風險－意味著其需時出售資產及／或資產可能需以折讓價出售。當出現大量市場參與者尋求變現其投資（可能包括本基金）的特殊市況時，此風險便較大。本基金可運用若干技巧管理流動性，包括定價調整及暫時停止贖回。

Currency risk 貨幣風險 Underlying investments of the Fund may be denominated in currencies other than the Base Currency of the Fund and the class of shares may be

designated in a currency other than the Base Currency of the Fund. 本基金的相關投資可能以本基金的基本貨幣以外的貨幣計價，及股份類別可能被指定本基金的基本貨幣以外的貨幣。

Where the currency of the underlying assets differs to the currency used to quote a share’s price (whether expressed in the Base Currency or another designated currency), such price may be affected unfavourably by fluctuations in exchange rates between these currencies. 若相關資產的貨幣有別於用作股份報價的貨幣（無論以基本貨幣還是其他指定貨幣列示），該價格可能因此等貨幣之間的匯率波動而受到不利影響。

Exchange rates may be affected by changes to exchange rate controls amongst other political and economic events. 匯率可能受匯率管控，以及其他政治及經濟事件變化影響。

General equity market risk 一般股票市場風險

The Fund’s investment in equity securities is subject to general market risks, whose value may be adversely impacted due to various factors, such as changes in investment sentiment, political and economic conditions, liquidity risks and issuer-specific factors. Further, risks may be exacerbated for certain markets and segments (e.g. smaller capitalization companies). 本基金投資於股票證券，須承受一般市場風險，其價值可能因多項因素（例如投資氣氛、政治及經濟狀況之改變、流動性風險及發行人相關風險因素）而受到不利影響。此外，若干市場及板塊（例如小型公司）的風險可能加劇。

Geographic concentration risk 地域集中風險

The Fund’s investments are concentrated in a certain geographical region(s). The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments. 本基金集中投資於若干地區。本基金的價值可能比具有更廣泛投資組合的基金更反覆波動。

Further, the value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting such geographical region(s). 此外，本基金的價值可能較容易受到影響有關地區的不利經濟、政治、政策、外匯、流動性、稅務、法律或監管事件的影響。

Emerging market risk 新興市場風險

The Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as greater liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a higher degree of volatility. 本基金投資於新興市場，新興市場可能涉及投資於較發達市場一般不會涉及的較多風險及特殊考慮因素，例如較高的流動性風險、貨幣風險／管制、政治及經濟不確定因素、法律及稅務風險、結算風險、託管風險，以及大幅波動的可能性。

Securities exchanges in emerging markets typically have the right to suspend or limit trading in any security traded on the relevant exchange. The government or the regulators may also implement policies that may affect the financial markets. All these may have a negative impact on the Fund.

新興市場的證券交易所一般有權暫停或限制在相關證券交易所買賣的任何證券。政府或監管機構亦可能實施可能影響金融市場的政策。上述因

素均可能對本基金產生不利影響。

ESG investment policy risk ESG 投資政策風險

The Fund may invest based on carbon footprint and/or ESG ratings and/or certain inclusion / exclusion themes as set out in the investment policy (“Green Criteria”). The use of Green Criteria may affect the Fund’s investment performance and, as such, the Fund may perform differently compared to similar funds that do not use such criteria. For instance, Green Criteria used in the Fund’s investment policy may result in the Fund forgoing opportunities to buy certain securities when it might otherwise be advantageous to do so, and/or selling securities due to Green Criteria when it might be disadvantageous to do so. As such, the application of Green Criteria may restrict the ability of the Fund to acquire or dispose of its investments at a price and time that it wishes to do so, and may therefore result in a loss to the Fund. The use of Green Criteria may also result in the Fund being concentrated in companies with a focus on Green Criteria and its value may be more volatile than that of a fund having a more diverse portfolio of investments. 本基金可根據投資政策所列碳足跡及／或ESG評級及／或特定的納入/除外主題（「綠色標準」）進行投資。綠色標準的使用可能影響本基金的投資表現，因此，本基金的表現可能有別於不使用該標準的類似基金。例如，本基金的投資政策中使用的綠色標準可能導致本基金因綠色標準而放棄買入本來適合買入的證券的機會及／或賣出可能不應賣出的證券。因此，採用綠色標準可能限制本基金按其理想的價格及在其理想的時間買入或出售投資的能力。使用綠色標準亦可能導致本基金集中於專注綠色標準的公司，其價值可能比投資組合更為分散的基金波動更大。

5

There is a lack of standardised taxonomy of Green Criteria evaluation methodology and the way in which different funds apply such Green Criteria may vary.

綠色標準評估方法缺乏標準的分類法，不同基金應用該綠色標準的方式亦可能不同。 The Investment Adviser’s evaluation of a company’s Green Criteria may be dependent upon information and data from third party Green Criteria

data providers, which may be incomplete, inaccurate or unavailable. As a result, there is a risk associated with the assessment of a security or issuer based on such information or data. 投資顧問對一間公司綠色標準的評估可能取決於來自第三方綠色標準數據提供商的資料及數據，該資料及數據可能不完整、不準確或不可得。因此，存在與基於該資料或數據評估證券或發行人相關的風險。

Risk associated with small / mid-capitalisation companies 與中小型公司有關的風險

The stock of small/mid-capitalisation companies may be exposed to greater liquidity risk, be more volatile and be more sensitive to adverse economic developments than those of larger capitalisation companies in general. 一般而言，相比較大型公司，中小型公司的股票可能承受較高的流動性風險、較為波動及對經濟的不利發展較為敏感。

Derivative instrument risk 衍生工具風險

Risks associated with financial derivative instruments include counterparty/credit risk, greater liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. 與金融衍生工具相關的風險包括對手方／信貸風險、較大的流動性風險、估值風險、波動性風險及場外交易風險。

The use of derivatives for investment purposes may involve leverage. Leverage can result in a loss significantly greater than the amount invested in derivatives by the Fund leading to a higher risk of significant loss by the Fund.

使用衍生工具作投資用途可能涉及槓桿。槓桿可能導致損失遠遠大於本基金對衍生工具的投資金額，令本基金遭受重大損失的風險增加。

6

How has the Fund performed? 本基金過往的業績表現如何？

Past performance information is not indicative of future performance. Investors may not get back the full amount invested. 過去業績並不代表將來的表現。投資者可能不能取回全部投資金額。

The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested. 業績表現以曆年末的資產淨值作為比較基礎，股息會滾存再作投資。

These figures show by how much the share class 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. 數據顯示股份類別於上述曆年的價值升跌。業績數據以美元計算，包括經常性開支但不包括您可能需支付的認購費用及贖回費用。

The Fund has formally adopted MSCI AC World Net index as the reference performance benchmark of the Fund with effect from 2016. The reference performance benchmark is shown for comparison purposes only and the Fund may not be managed to the reference performance benchmark. 本基金已由 2016 年起正式採用摩根士丹利所有國家世界淨回報指數（MSCI AC World Net）作為本基金的參考表現基準。所示參考表現基準僅供比較用途，而本基金不一定依據參考表現基準予以管理。

Fund launch date: 09/11/2007 基金成立日期：2007年 11 月 9 日

Class AD launch date: 09/11/2007 AD類成立日期：2007年 11 月 9日

Class AD share class open for investment by Hong Kong retail investors and denominated in the Fund’s base currency. AD類乃開放予香港零售投資者投資及以本基金的基本貨幣計價的股份類別。

Is there any guarantee? 本基金有否提供保證？This Fund does not have any guarantees. You may not get back the full amount of money you invest.本基金並不提供任何保證。閣下未必能全數取回投資本金。

0.8

-18.9

18.6

23.3

-0.8-3.2

2.9

22.7

-13.2

29.8

7.9

24.0

-10.0

27.2

-30.0

-20.0

-10.0

0.0

10.0

20.0

30.0

40.0

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

%

HSBC Global Investment Funds - Global Equity Climate Change (AD)滙豐環球投資基金– 環球股票氣候變化概念 (AD)

Fund 基金 Benchmark 基準

7 Issued by HSBC Global Asset Management (Hong Kong) Limited由滙豐環球投資管理（香港）有限公司刊發

What are the fees and charges? 本基金涉及哪些費用？ Charges which may be payable by you 認購本基金時閣下或須支付的費用

You may have to pay the following fees when dealing in the Fund.

閣下買賣本基金時可能須要支付以下費用。

Fees 費用 What you pay 您須支付

Subscription fee 認購費 Up to 4.50% of the total subscription amount* 最高達認購總額的4.50%*

Switching fee 轉換費 Up to 1% of the Switch-Out proceeds* 最高達轉出所得款項的1%*

Redemption fee 贖回費 Nil* 無*

* You may need to bear additional costs under certain situations in order to mitigate any adverse impacts to the Fund caused by the transactions. Please refer to the offering document for further details. 為減輕交易可能對本基金造成的不利影響，閣下可能在某些情況下承擔額外費用。進一步詳情請參閱銷售文件。

Ongoing fees payable by the Fund 本基金持續繳付的費用The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments.

以下收費將從本基金總值中扣除，閣下的投資回報將會因而減少。

Fees 費用 Annual rate (as a % of the Net Asset Value of the Fund) 年率（以本基金資產淨值之%）

Management fee 管理費 1.50%

Custodian fee 保管費 Not applicable, included in Administrative fee 不適用，已包括在行政費內

Administrative fee 行政費 0.35%#

Performance fee 表現費 Not applicable 不適用# The fees and charges may be increased up to maximum level as specified in the offering document by giving at least one month’s prior notice to investor.

費用可增至銷售文件所定的最高水平，但須予最少1個月預先通知投資者。

Other fees 其他收費 You may have to pay other fees and charges when dealing in the Fund.

閣下買賣本基金時可能須要支付其他費用。

Additional information 其他資料 You generally buy and redeem shares at the Fund’s next-determined subscription price and redemption price with reference to the Net Asset Value

(NAV) after the intermediaries receive your request in good order on or before 4:00pm (HK Time), being the Fund’s dealing cut-off time.一般而言，閣下認購及贖回本基金股份的價格，是在中介人於香港時間下午4時或之前（即本基金的交易截止時間）收到閣下的完整指示後，參照本基金資產淨值而釐定的下一個認購價及贖回價。

Intermediaries who sell the Fund may impose earlier cut-off times for receiving instructions for subscriptions, redemptions or switching. Investors should pay attention to the arrangements of the intermediary concerned. 銷售本基金的中介人可能就接受認購、贖回或轉換指示實施較早的截止時間。投資者須注意有關中介人的安排。

Investors may obtain the past performance information of other share classes offered to Hong Kong investors at www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the SFC). 投資者可瀏覽 www.assetmanagement.hsbc.com/hk（網頁並未經證監會批閱）以取得向香港投資者發售的其他股份類別的往績表現資料。

The net asset value of the Fund is calculated and the price of the Fund is published on each dealing day. The Fund prices are available online at www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the SFC).本基金的資產淨值及價格均於每個交易日計算及刊登。本基金價格刊登於 www.assetmanagement.hsbc.com/hk （網頁並未經證監會批閱）。

Important 重要資料 If you are in doubt, you should seek professional advice.

閣下如有疑問，請應諮詢專業意見。

The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.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。