ENG 繁 简
E Fund (HK) Greater China US Dollar Bond Fund
Important Notes Fund Information Portfolio Allocation Performance Distribution History Announcements Notices Documents Distributors
Investment Objective and Strategy


Objective

E Fund (HK) Greater China US Dollar Bond Fund aims to provide capital appreciation for investors. 

Investment strategy

Debt securities in general

The Sub-Fund aims to achieve its investment objective by investing not less than 70% of its Net Asset Value in a portfolio of USD denominated offshore debt securities issued or traded in Hong Kong and/or Singapore and/or other recognized debt securities markets.  These debt securities are issued by or fully guaranteed by:

i. listed or unlisted corporations which have their main operations (or majority of assets) in, or have their majority of their income derived from Greater China (comprising the PRC, Hong Kong, Macau and Taiwan), or 

ii. governments and/or government related entities in Greater China; and where the Manager believes such debt securities are being traded at significant discount to their underlying intrinsic values; 
and such debt securities shall be further limited to those:  

(a) issued by or fully guaranteed by PRC state-owned enterprises (including local state-owned enterprises, central state-owned enterprises and local government financing platform) and/or listed or unlisted PRC-related financial institutions, or 

(b) supported by standby letter(s) of credit that are provided by PRC commercial banks (each a “SBLC Bank”) 

For the avoidance of doubt, the issuers of the debt securities who have a majority of their income derived from Greater China as mentioned in (i) above may be based in or outside Greater China. The Sub-Fund’s investment in a single debt security will not exceed 5% of the Sub-Fund’s Net Asset Value. The Sub-Fund will not invest more than 30% of its Net Asset Value in “Dim Sum” bonds (i.e. bonds issued outside China but denominated in RMB). The Sub-Fund will not have any onshore China exposure. The Sub-Fund will not invest in perpetual bonds, Additional Tier 1 bonds, convertible bonds, exchangeable bonds, real estate companies, stocks, warrants and other equity securities. The Sub-Fund will also exclude industries involved in the production of the following: coal, steel, cement, non-ferrous metals, chemicals, ship-building, textiles and clothing, photovoltaics, paper-making and flat glass.

The debt securities in which the Sub-Fund may invest shall include, but are not limited to, non-convertible bonds, fixed and floating rate bonds and high-yield bonds. The Sub-Fund may invest up to 100% of its Net Asset Value in urban investment bonds through offshore bond markets. Urban investment bonds are debt instruments issued by Mainland local government financing vehicles ("LGFVs") in the offshore bond markets. These LGFVs are separate legal entities established by local governments and / or their affiliates to raise financing for public welfare investment or infrastructure projects. However, the Sub-Fund will not invest in urban investment bonds issued or guaranteed by LGFVs in any of the following cities/regions in Mainland China: Tianjin, Jilin, Liaoning, Heilongjiang, Inner Mongolia, Qinghai, Yunnan, Guizhou, Henan, Gansu, Ningxia, Xinjiang, Hainan and Tibet ("Excluded Areas").

The Sub-Fund will not invest in contingent convertible bonds.

The Sub-Fund may invest in debt securities rated at least Ba1 by Moody's, BB+ by Standard & Poor’s or BB+ by Fitch Ratings. In the case of a PRC issuer or guarantor, the Manager will select securities with a minimum credit rating of at least AA+ or above assigned by a PRC local credit rating agency. For a debt security which itself does not have a credit rating, the Manager will assess the debt security by reference to the credit rating of the issuer or the guarantor.   Subject to the above credit rating requirements, the aggregate investment in below investment grade securities and/or unrated securities will be limited to less than 30% of the Sub-Fund's Net Asset Value, and the Sub-Fund will not invest more than 5% of its Net Asset Value in debt securities issued and/or guaranteed by a single sovereign issuer (including its government, public or local authority) which is below investment grade and/or unrated.

"Investment grade" refers to at least Baa3 by Moody's or BBB- by Standard & Poor’s. In the limited case of a PRC issuer / guarantor, the Manager will generally select securities with a minimum credit rating of at least AA+ or above assigned by a PRC local credit rating agency. “Unrated” refers neither the bond itself nor its issuer has a credit rating. 

In the event the credit ratings of a security comprising the Sub-Fund’s portfolio are downgraded to below the above credit rating requirements or unrated, the Sub-Fund may continue to hold or divest from such instruments but will not make any additional investment of such instruments. 

The Sub-Fund will invest in a broadly diversified portfolio of debt securities with no fixed duration, term structure or industry sector weightings in the allocation of assets in Greater China. Selection of investments will be determined by the availability of attractive investment opportunities. It is intended that the weighted average duration of the portfolio of the Sub-Fund will be kept within 3 years. 

Financial derivative instruments and other investments

The Sub-Fund may also invest in units in any unit trust or shares in any mutual fund corporation or any other collective investment scheme (including those managed by the Manager or its connected persons) authorised by the SFC or in recognized jurisdiction schemes, and/or financial bonds issued by banks or securities firms, and/or securities issued and/or guaranteed by the following sovereign countries/regions (including their governments, public or local authorities): PRC, Hong Kong, Macau, United States, Canada, France, Germany, Japan, United Kingdom, Italy, in order to achieve their investment objectives, subject to the above credit rating requirements, and may hold cash, deposits, and other money market instruments (such as but not limited to treasury bills, commercial papers, certificates of deposit as considered appropriate by the Manager). The Sub-Fund will not invest more than 30% of its Net Asset Value in such instruments/investments. 

The Sub-Fund may invest in derivatives (including but not limited to swaps, futures and deliverable and non-deliverable forwards) for hedging purposes only. The Sub-Fund will not invest in any derivative instruments for investment purpose.  The Sub-Fund will not invest in collateralised and/or securitised products (such as asset backed securities, mortgage backed securities and asset backed commercial papers). The Manager will not enter into any securities lending, sale and repurchase or reverse repurchase transactions or other securities financing transactions in respect of the Sub-Fund. 

Fund Information

HKD
RMB
USD
Class A (Acc) Hedged RMB
Class A (Dis) Hedged RMB
Class A (Acc) HKD
Class A (Dis) HKD
Class A (Acc) USD
Class A (Dis) USD
Class I (Acc) Hedged RMB
Class I (Dis) Hedged RMB
Class I (Acc) HKD
Class I (Dis) HKD
Class I (Acc) USD
Class I (Dis) USD
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		1% (up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Up to 3% Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(RMB)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		GRTCHNU HK ISIN Code
 		HK0000897840
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		1% (up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Up to 3% Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(RMB)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EGRTCHS HK ISIN Code
 		HK0000897857
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		1% (up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Up to 3% Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(HKD)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EFCHNGD HK ISIN Code
 		HK0000897865
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		1% (up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Up to 3% Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(HKD)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EFGRTCN HK ISIN Code
 		HK0000897873
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		1% (up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Up to 3% Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(USD)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EFGRTEQ HK ISIN Code
 		HK0000897881
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		1% (up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Up to 3% Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(USD)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EFGRTWW HK ISIN Code
 		HK0000897899
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		0.36%(up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Nil Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(RMB)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EFGRTUD HK ISIN Code
 		HK0000897907
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		0.36%(up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Nil Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(RMB)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EEFCHUY HK ISIN Code
 		HK0000897915
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		0.36%(up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Nil Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(HKD)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EFGRTIH HK ISIN Code
 		HK0000897923
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		0.36%(up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Nil Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(HKD)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EFCHIND HK ISIN Code
 		HK0000897931
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		31 Jan, 2023
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		0.36%(up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Nil Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(USD)As of30 Aug, 2023 1.0131 AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EFGRTOP HK ISIN Code
 		HK0000897949
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.
Manager
 		E Fund Management (Hong Kong) Co., Limited
 		Inception Date
 		Not yet launched
Base Currency
 		USD Management Fee*
(% Net Asset Value of the Sub-Fund per annum)
 		0.36%(up to 3%)
Performance Fee
 		Nil Trustee Fee
 		Up to 1% p.a.,
current rate being 0.09% p.a.*
(as a % of the Sub-Fund’s Net Asset Value),
subject to a minimum monthly fee of USD4,000 (or equivalent)
Subscription Fee
 		Nil Switching Fee
 		Nil
Redemption Fee
 		Nil Dealing & Trading Frequency
 		Daily
Current NAV(USD)As of30 Aug, 2023 NA AUM(USD) as of 01 Sep, 2023
Historical NAV
 		Download Trustee
 		Bank of Communications Trustee Limited
Bloomberg Ticker
 		EFGRTYU HK ISIN Code
 		HK0000897956
*Please note that these fees may be increased up to a permitted maximum on giving 1 month’s notice to unitholders. Please refer to the section of the prospectus entitled “Fees and Expenses” for further details of the fees and charges payable.

Disclaimer
Copyright© 2012 - 2023. E Fund Management (Hong Kong) Co., Limited.E Fund Management (Hong Kong) Co., Limited is the issuer of this report. This report is neither an offer nor solicitation to purchase units of the fund; applications for units may only be made on forms of application available with the Explanatory Memorandum. Investments are subject to investment risks, fund value may go up as well as down and past performance is not indicative of future performance. Investors should read carefully the Explanatory Memorandum (including the section “Risk Factors”) for the relevant risks associated with the investment in the fund before investing.
Distribution of this report may be restricted in certain jurisdictions. This report does not constitute the distribution of any information or the making of any offer or solicitation by anyone in any jurisdiction in which such distribution or offer is not authorized or to any person to whom it is unlawful to distribute such a report or make such an offer or solicitation. This report is exempted from pre-vetting and authorization by the Securities and Futures Commission of Hong Kong and has not been reviewed by the Securities and Futures Commission of Hong Kong.
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.

Important information
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By proceeding to access information contained herein, users are deemed to be representing and warranting that they are either Hong Kong residents or are observing the applicable laws and regulations of their relevant jurisdictions.
Terms and Conditions

E Fund Management (Hong Kong) Co., Limited does not make representation that information and materials on this site are appropriate for use in all jurisdictions available on the web, or that transactions, securities, products, instruments or services offered on this site are available or indeed appropriate for sale or use in all jurisdictions, or by all investors or other potential clients. Those who access this site do so on their own initiative, and are therefore responsible for compliance with applicable local laws and regulations. By accessing each site, the entrant has agreed that he/she has reviewed the site in its entirety including any legal or regulatory jurisdictions.

To the best of its knowledge and belief, E Fund Management (Hong Kong) Co., Limited considers the information contained herein is accurate as at the date of publication. However, no warranty is given on the accuracy, adequacy or completeness of the information provided by third party. Neither E Fund Management (Hong Kong) Co., Limited, nor its affiliates, directors and employees assume any liabilities in respect of any errors or omissions provided by third party on this website. Under no circumstances should this information or any part of it be copied, reproduced or redistributed.

Investors should note investment involves risk. The price of units may go down as well as up and past performance is not indicative of future results. Investors should read the explanatory memorandum for details and risk factors in particular those associated with investment in emerging markets. Investors should not only base on this marketing material alone to make investment decisions. This website has not been reviewed by the Securities and Futures Commission of Hong Kong. Issuer: E Fund Management (Hong Kong) Co., Limited


The information provided herein is for informational purposes only and is not intended to provide professional advice and should not be relied upon in that regard. Persons accessing these pages are advised to obtain appropriate professional advice where necessary. Information posted on this site is current only as at the date of posting and may no longer be true or complete when viewed by you. All information contained herein may be changed or amended without prior notice, although E Fund Management (Hong Kong) Co., Limited does not undertake to update this site regularly.
Should the viewer leave this site via a link contained herein, and view content that is not provided by the E Fund Management (Hong Kong) Co., Limited, the viewer does so at its own risk. E Fund Management (Hong Kong) Co., Limited is not responsible for damages or losses caused by any delays, defects or omissions that may exist in the services, information or other content provided in such site, whether actual, alleged, consequential or punitive. E Fund Management (Hong Kong) Co., Limited makes no guarantees or representations as to, and shall have no liability for, any electronic content delivered by any third party or have any responsibility, including without limitation, the accuracy, subject matter, quality or timeliness of any electronic content.
Trademarks, Copyrights and other Intellectual Property


All copyright, patents, intellectual and other property rights in connection with the information contained herein are owned by E Fund Management (Hong Kong) Co., Limited or its affiliates. No rights of any kind are licensed, assigned or shall otherwise pass to persons accessing this


Jurisdiction and Governing Law


These Terms shall be governed by, and shall be construed in accordance with, the laws of Hong Kong.  The courts of Hong Kong shall have non-exclusive jurisdiction to hear and determine any suit, action or proceeding, and to settle any disputes, which may arise out of or in connection with these Terms and, for such purposes, you agree to submit  to the jurisdiction of the courts of Hong Kong.  Each party hereby waives any objection which it might at any time have to the courts of Hong Kong being nominated as the forum to hear and determine any proceedings and to settle any disputes and agrees not to claim that the courts of Hong Kong are not a convenient or appropriate forum.


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