HSBC Global Investment Funds€¦ · Multi Asset (72.2) Liquidity (64) Other (29.4)* Source: HSBC Global Asset Management as at December 2015. Any differences are due to rounding

Performance review: March 2016

HSBC Global Investment Funds UCITS IV Luxembourg SICAV

A selection of focus funds

This publication is intended for Professional Clients only and

should not be distributed to or relied upon by Retail Clients.

The information contained in this publication is not intended as

investment advice or recommendation.

Non contractual document.

2

About us…

Non-contractual document

There are over 50 funds in the

HSBC Global Investment Funds

range giving access to global,

regional and single country funds

with opportunities across asset

classes including equities, bonds

and multi-asset.

~2,500 employees

~500 investment professionals

USD424.1bn under

management

Investment and client service

operations in ~30 countries

HSBC Global Asset Management proposes

a focused range of developed and emerging

markets investment strategies, targeted to

institutional and wholesale clients

Investment expertise in fixed income, equity,

multi-asset and liquidity

Strong global investment platform supporting

local teams

– Experienced investment teams focused

on specific strategies

– Local resource provides valuable insight

and analysis

– Global platform supports cross-border

communications

– Objective of meeting clients expectations

– Risk management focus

Firm-wide statistics

By asset class (USDbn)

Fixed Income (191.3)

Equity (67.2)

Multi Asset (72.2)

Liquidity (64)

Other (29.4)*

Source: HSBC Global Asset Management as at December 2015. Any differences are due to rounding (*Other includes the asset of Hang Seng Bank,

in which HSBC has a majority holding)

Source: Investment professionals figures HSBC Global Asset Management as at 31 December 2015.

Equity funds

4

Introduction

Bill Maldonado

Global CIO Equities

Based in Hong Kong

“Our investment processes in all locations and for all

equity investment strategies are aligned with one

common approach.

Of course, different markets will have different biases

and characteristics and we need to allow for this. For

example, markets vary by number of stocks, liquidity,

market capitalisation etc. Our aim is to have a

consistent approach that can deal with these

differences, benefit from our local knowledge and

provide HSBC clients around the world with an

investment process they can trust for all equity

strategies”.

USD67.2 bn in equity

assets under

management across

developed and

emerging market

strategies

Analysts in major

developed and

emerging countries

~160 investment

professionals

~60 equity analysts

~20 quantitative

analysts and portfolio

engine

~10 macro-

economists

Source: HSBC Global Asset Management as at 31 December 2015. Any differences are due to rounding.


Smart Beta / Alternative Weighting Schemes

Passive

Cap-Weighted

Indexation

Active

Fundamental

Stock Selection

Fundamental

Indexation Lower Volatility Multi-Factor Single Factor

HSBC equity capabilities

Pure Factor Economic Scale

Indexation

(ESI)

Enhanced Multi-

Factor

Each equity capability is tailored to capture the essence of the investment opportunity. We believe that our clients’ alpha and be ta

equity investment objectives are best achieved through capabilities that have conceptual clarity and an investment process that is

differentiated by design and implemented with discipline.

Low cost, efficient passive cap-weighted indexation solutions capture equity beta across reference cap-weighted indices

Smart Beta strategies based on Alternative Weighting Schemes and systematic rebalancing aim to deliver better risk-adjusted

returns compared to traditional beta strategies

High conviction, active fundamental stock selection strategies focus on companies with an attractive combination of

profitability and valuation and aim to exploit large price deviations

With a differentiated investment approach, we believe HSBC strategies can be complementary and provide diversification within

existing equity allocations.

5

Equity capabilities and active equity investment process


Our equity solutions

Building blocks for strategic asset

allocation

Cap-weighted indexation

Smart Beta / Alternative Weighting

Schemes

– Single Factor: Pure Factor

– Multi-Factor: Enhanced Multi-Factor

– Fundamental Indexation: Economic Scale

Indexation (ESI)

– Lower Volatility

Active fundamental stock selection

– Core

– Dividend/Income

– Smaller Companies

– Real Estate

– Thematic

For illustrative purposes only. Source: HSBC Global Asset Management – December 2015.

1 Tax transparency dependent on client domicile and investment domicile. Clients should seek tax advice.

Please note that the products implementing the strategies described above may not be authorised/registered for sale in your country.

Investment vehicles

Available through:

Segregated mandate

Common Contractual Fund

(Dublin-domiciled)1

Cross-border and locally-

domiciled funds

Exchange-traded funds (cap-

weighted indexation)

HSBC credentials

Client-focused equity investment

capabilities

Investment capabilities with

conceptual clarity that use an

investment process differentiated

by design and implemented with

discipline

Proprietary fundamental research

Local insight, global perspective;

global network of investment

professionals

Strong investment governance

Strength, stability and values of

the HSBC Group

2 Investment approach that focuses on rigorous research focused on valuations and profitability, disciplined security selection and risk management.

*Visualiser is our internal data base application which seeks to retrieve the components of profitability and valuation of a given company at a given point in time for

cross comparison with universe and sector. The output is a graphical illustration (this is why we call it our “Visualiser’ tool) of the universe illustrating how individual

stocks position versus peers. Representative overview of the investment process, which may differ by product, client mandate or market conditions.

Implementation will depend on

the universe – stocks available – data availability

All active equity strategies

use our global process

based on Valuation and Profitability2

Common tools such as Visualiser*

To help management and

oversight of portfolios

Active equity investment process overview

An overview of our equity capabilities

6

HSBC GIF Euroland Equity

Denis Grandjean Frédéric Leguay

• Strong cooperation and daily communication between the fund manager and the equity analysts ensures the fund is reactive

to market opportunities

• Rigorous fundamental research allows the portfolio manager to understand the profitability scenario of each company and to

develop conviction on the most attractive profitability/valuation companies

• Portfolio construction based on conviction: balancing adequate diversification & sufficient level of relative risk

• An access to large and well diversified companies in the Eurozone: companies with solid balance sheets, resilient levels of

profitability and wide exposure to the global economy

Fund details

Domicile UCITS IV Luxembourg SICAV Minimum initial

investment

A share: USD5,000 or equivalent

I share: USD1,000,000

Mgt. company HSBC Investment Funds (Luxembourg) S.A. Dealing Daily at 10:00am (CET)

Investment advisor HSBC Bank Plc. Luxembourg Branch Valuation Daily at 5:00pm (CET)

ISIN code AC: LU0165074666

AD: LU0165074740

IC: LU0165074823

ID: LU0165075127

Ongoing charge Management fees

A share: 1.50%

I share: 0.75%

Administration fees

A share: 0.35%

I share: 0.25%

Risk/Reward

Profile 1

Risks not captured in

the SRRI

Exchange rate risk, Derivative risk,

Operational risk

*Comparative index is for illustrative purposes only as the fund has no official benchmark.

Any portfolio characteristics shown herein, including average position sizes and sector allocations among others, are for illustrative purposes only. The performance

figures displayed in the document relate to the past and past performance should not be seen as an indication of future returns. Representative overview of the

investment process, which may differ by product, client mandate or market conditions. Source: HSBC Global Asset Management. Data Source - © Copyright 2016

Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or

distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising

from any use of this information. 1Rating is based on price volatility over the last five years, and is an indicator of absolute risk; historical data may not be a reliable

indication for the future; the rating is not guaranteed to remain unchanged and the categorization may shift over time; the lowest rating does not mean a risk-free

investment.

Performance (%) as at 31 March 2016

YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) -7.7% -13.3% 31.1% 23.7% 10.8% 1.9% 30.5%

Morninstar category -6.7% -12.4% 27.1% 26.9% 10.9% 2.8% 21.9%

Excess return -1.0% -0.9% 4.0% -3.2% -0.1% -0.9% 8.6%

Morningstar quartile 4 3 2 3 2 3 1

Strategy details

Launch 04.04.03

Base currency EUR

AUM as at 31/03/2016 868 million

Comparative

Index* MSCI EMU Net

Morningstar category Eurozone Large Cap Equity

Liquidity Daily

Portfolio characteristics

Typical number of holdings 50-60 holdings

Individual stock weightings 1-5% average weights

Sector diversification Minimum of 15 out of 24 GICS industry

groups

Regional exposure

Primarily invested in the 10 developed

Eurozone countries (Austria, Belgium,

Finland, France, Germany, Ireland, Italy,

Netherlands, Portugal, Spain)

Capitalisation constraints Min. market cap of €1 bn (at purchase)

Cash Typically fully invested

Target tracking error* 3-5%

Turnover Expected to be moderate given the long

term investment horizon (< 30%)


Active Fundamental

Stock Selection

7

HSBC GIF Asia ex Japan Equity Smaller Companies

• The fund aims to capture growth opportunities in smaller and less-established Asia ex Japan equities by investing within a

rigorously applied risk management framework

• A disciplined and repeatable investment process, is designed to drive long-term alpha by focusing on bottom-up stock

selection

• Strong cooperation and daily communication between the fund manager and the equity analysts ensures the fund is reactive

to market opportunities

• Portfolio construction based on conviction: balancing adequate diversification & sufficient level of relative risk

Alex Kwan Elina Fung

Fund details


investment




Investment advisor HSBC Global Asset Management (HK) Valuation Daily at 5:00pm (CET)

ISIN code AC: LU0164939612 ; ACEUR: LU0622164845

AD: LU0082770016

IC: LU0164939885

ID: LU0149726845


A share: 1.50%

I share: 0.75%

Administration fees

A share: 0.35%

I share: 0.25%

Risk/Reward

Profile 1


the SRRI

Exchange rate risk, Derivative risk,

Operational risk, Focused strategy risk,

Emerging market risk









investment.


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 1.1% -5.2% 22.9% 37.3% 0.6% 9.5% 24.5%

Morningstar category -1.2% -8.3% 7.4% 20.6% -2.2% 5.8% 14.4%

Excess return 2.3% 3.1% 15.5% 16.7% 2.8% 3.7% 10.1%


Strategy details

Launch 21.11.97

Base currency USD


Comparative

Index*

MSCI Asia ex Japan

Small Cap Net

Morningstar category Asia ex-Japan Small/

Mid-Cap Equity

Liquidity Daily


Regional exposure

10 countries in Asia (e.g. Hong Kong,

China Taiwan, S. Korea, Malaysia,

Indonesia, India, Thailand, Philippines,

Singapore)

Typical number of holdings 60-90 holdings

Individual stock weightings Relative single company weights (bps) ± 300

Sector diversification Relative sector weight (bp) ± 700

Country diversification Relative country weight (bp): ± 500

Capitalisation constraints Typically invests in stocks with less than

USD 2 bn in market cap

Cash 0-5%

Target tracking error* 4-12%

Turnover 60%


Active Fundamental

Stock Selection

8

HSBC GIF Economic Scale Index GEM Equity

Fund details


investment




Investment advisor HSBC Global Asset Management (UK) Ltd Valuation Daily at 5:00pm (CET)


IC: LU0819121061


A share: 0.60%

I share: 0.30%

Administration fees

A share: 0.35%

I share: 0.30%

Risk/Reward

Profile 1


the SRRI

Exchange rate risk, Emerging market risk, Operational risk, Focused Strategy risk, Derivative risk, Liquidity risk.








investment.

Strategy details

Launch 20/03/2013

Base currency USD


Comparative

Index

HSBC ESI Emerging

Markets Net Total Return

Morningstar category Global Emerging Markets

Equity

Liquidity Daily


Fully invested in Emerging Markets

Typical number of holdings ~800

Reference currency USD

Fund’s tracking error vs

market cap equivalent 2-5%

Index tracking error 0.6%

Replication Full replication

Rebalancing Semi-annual

• The fund aims to track the HSBC Economic Scale Index Emerging Markets by investing in securities that are included in

the Index

• The strategy aims to track the Index while minimising as far as possible the tracking error between the fund‘s performance

and that of the Index

• HSBC Economic Scale Index methodology looks at stocks from a broad spectrum of companies across developed and

emerging markets. Stocks in the Index are screened on liquidity, availability and size. Semi-annual rebalancing is used to

capture “pricing errors” in stock markets

• The fund uses a full physical replication approach to replicate the Index

Joseph Molloy


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 7.7% -14.0% -14.5% - -20.0% 0.7% -

Morningstar category 4.6% -11.2% -13.9% -20.9% -14.4% -2.8% -1.6%

Excess return 3.1% -2.8 -0.6% - -5.6% 3.5% -

Morningstar quartile 1 4 3 - 4 1 -


Fundamental Indexation

Fixed Income funds

10

Introduction

Xavier Baraton

Global CIO Fixed Income

Based in London

Set portfolio

top-down

decisions

Set country

and industry

allocations

Determine

tactical bets

and arbitrages

Define the

investment

universe

Investment

recommendations

Analysts assign and

maintain internal ratings

Portfolio construction

Credit analysts Portfolio managers

Hold the final

responsibility for all investment

decisions

Main goal is to avoid

credit events

Portfolio construction,

position monitoring and risk management

Fixed Income investment process overview

USD191.3 bn in fixed

income assets under

management across

developed and

emerging market

strategies

Hubs in the major fixed

income markets

~140 investment

professionals

~48 credit analysts

~17 quantitative

analysts and portfolio

engine

~11 macro-economists

Our investment process is bottom-up

yet also embedded within a framework

based on top-down decision making on

positioning and sector allocation

- Fundamental analysis, autonomous

decision-making within a common

philosophy are the primary drivers of

performance

- Issuer and sector selection relies on the

global credit research platform

- Idea generation and discussion between

analysts and portfolio managers


“We are recognised as an active and specialised

fixed income manager with leadership in

Emerging Markets, Credit and other selected

areas such as short duration, asset backed

securities or inflation linked bonds.

Our investment process is robust and based on

a common approach around the world.

We also aim to use the best of our global

resources (ie macro teams) as well as local

insight when managing portfolios”.

Source: HSBC Global Asset Management as at 31 December 2015. Any differences are due to rounding.

11

Fixed income capabilities and investment philosophy

• Global Aggregate

• Global Government

• Global Short Duration

• Global Total Return

• Global Corporate

• Global High Income

• Global High Yield

• Global Short Duration High Yield

• Global ABS

• Global Inflation Linked

• EMD Core

• EMD Local Debt

• EMD Total Return

• EMD Credit

• EMD Investment Grade

• EMD Inflation Linked

• US Short Duration

• US Credit

• Argentina

• Brazil

• Canada

• China

• Hong Kong

• India

• Indonesia

• Mexico

• Singapore

• Taiwan

• Turkey

• UK

• Euro Aggregate

• Euro Government

• Euro Short Duration

• Euro Credit

• Euro Credit Total Return

• Euro High Yield

• Euro Convertibles

• Euro Inflation Linked

• Asia Local Debt

• Asia Credit

• Asia High Yield

• Focused on delivering sustainable, value-added performance in selected areas at the global fixed income market

• Targeted range of products in areas where we are confident we have expertise and are highly competitive

• Strong global, regional and single country capabilities

Global Country Regional

Source: HSBC Global Asset Management as at 31 December 2015. For informational purposes only and should not be construed as a recommendation for any

investment product or strategy. Not an exhaustive list of capabilities

Active fundamental approach for

emerging markets and credit

• Lack of research and investment

constraints (ie ALM, ratings) result

in inconsistencies between risk

premiums and fundamentals

• Macro and country analysis is an

effective and reliable approach for

determining emerging market

country and currency allocations

• Fundamental, bottom-up credit

research is our main foundation to

exploit relative value opportunities

Rates and G10 FX markets

utilise active fundamental

approach and judgment

combined with quantitative

techniques

• We look to exploit distortions

and inconsistencies between the

shape of yield curves and

economic and financial factors

• In these generally more liquid

and efficient markets, we also

develop and use sophisticated

modelling

Two fundamental tenets of our fixed

income investment philosophy

• Fixed income markets are inefficient

resulting from misunderstanding and

mispricing of risk

• Combining active management with

fundamental and in-depth research

enables us to add value in fixed income

portfolios

Investment philosophy

Capabilities


12

Global research platform

Extensive research resources support the fixed income process

10 Macro and global economic

professionals

Providing:

• Analysis and ad hoc studies of

global economics – growth,

inflation, fiscal policy, central

bank policy, geo-political events

• Formulation of top-down ‘House

View’, assessment of risks to

‘House View’ and its

assumptions, scenario analysis

• Assessment of consensus view

evolution, identifying

disagreements

• Proprietary research and thought

leadership

Macro and Investment Strategy

15 Quantitative professionals

dedicated to fixed income

Supporting:

• Asset allocation

• Alpha generation for developed

markets rates, FX and credit

• Risk calibration, risk monitoring

and portfolio optimization tools

• Modelling, screening and filtering

for

specific capabilities

• Proprietary research and thought

leadership

Fixed Income Quantitative Research,

Portfolio Analytics and Design

40+ Seasoned sector-specialist

credit analysts covering

developed and emerging market

credits

Covering:

• Definition of eligible investment

universe

• Issuer selection – assessment

of fundamentals, valuation and

technicals

• Sector allocation –

fundamentals (macro and

innovation trends, M&A activity,

competition, company relative

position), valuation

and technicals

• Credit allocation – rating

models, curve description, key

macro indicators

Global Credit Research

Global credit research platform - framework

• Our local/sector specialists can provide detailed issuer recommendations to various credit teams globally depending on

the currency of bond issue

- Our US Dollar funds can invest in a Brazilian meat producer that issues in USD

- Our RMB funds can invest in a European auto manufacturer that issues in RMB

Source: HSBC Global Asset Management as at 31 December 2015. The numbers in the boxes are the number of analysts in that region/industry combination


13

HSBC GIF Global Short Duration High Yield Bond

Fund details


investment




Investment advisor HSBC Global Asset Management (USA) Inc Valuation Daily at 5:00pm (CET)

ISIN code AC: LU0922809933, ACEUR: LU0930306138

ACHEURLU0922810519

IC: LU0922810196, ICEUR: LU0930306724

ICHEUR: LU0922810600


A share: 0.90%

I share: 0.45%

Administration fees

A share: 0.25%

I share: 0.20%

Risk/Reward

Profile 1


the SRRI

Exchange rate risk, Derivative risk, ABS risk, EM Fixed Income risk, Operational risk, Contingent Convertible Security risk









investment.

Strategy highlights

Strategy details

Launch 12/06/2013

Base currency USD


Comparative

Index*

BOA ML Global HY 1-3

Year BB-B US and Euro

Non Financial 2%

Constrained (USD

hedged)

Morningstar category Global HY Bond

Liquidity Daily


Currency of assets (hedged

to comparative index)

Min. 90% (and max. 10% in other

currencies)

Allocation BB and B high yield corporate bonds

(USD and EUR)

Tactical allocation Investment grade (max. 30%);

ABS, EMD local currency (max. 10%)

• A well-diversified non-investment grade and unrated bond portfolio with low interest rate exposure while benefiting from local

specialised resources:

- The fund consists of BB and B high yield corporate bonds managed by specialist sleeve managers: USD and Euro

- Issuer limit BB- and above: max. 5%; issuer limit B+ : max. 3%

- The overall lead portfolio manager is responsible for fund and risk monitoring, overlay and tactical management

• Ability to invest strategically or tactically in additional asset classes or segments

- Investment grade securities (max. 30% of the portfolio)

- ABS (max. 10%)

- Emerging market bonds (max. 10%)

• As least 90% of bonds are denominated in USD or hedged into USD, up to 10% in other currency exposure

• Rigorous fundamental bottom-up process

Mary Bowers


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 1.9% 1.7% - - 0.9% 1.2% -

Morningstar category 2.6% -3.5% 0.2% 14.1% -5.1% -1.1% 5.7%

Excess return -0.7% 5.2% - - 6.0% 2.3% -

Morningstar quartile 3 1 - - 1 2


14

HSBC GIF Global High Yield Bond

Fund details


investment





ISIN code ACHEUR: LU0850060020

AD: LU0780246079

IC: LU0780246319; ICHEUR: LU0850060707

ID: LU0780246400


A share: 1.10%

I share: 0.55%

Administration fees

A share: 0.25%

I share: 0.20%

Risk/Reward

Profile 1


the SRRI

Exchange rate risk, Derivative risk, Emerging market income risk, Operational risk, Contingent Convertible Security risk









investment.

Strategy highlights

Strategy details

Launch 20/07/2012

Base currency USD

AUM as at 31/03/2016 2,381 million

Comparative

Index*

BofA Merrill Lynch

Global High Yield BB-B

Constrained Hedged

USD

Morningstar category Global HY Bond

Liquidity Daily



to comparative index)

USD (and max. 10% in emerging markets

currency)

Allocation Well-diversified portfolio in US, euro and

emerging markets

Tactical allocation Investment grade

CCC-rated bonds

• A well-diversified non-investment grade and unrated bond portfolio while benefiting from local specialised resources:

- The core investment universe consists of BB and B corporate bonds in the US, Euro and emerging markets. These assets

are managed in three sleeves by specialist fund managers



- Investment grade securities

- CCC-rated bonds

• Euro assets are hedged into USD, up to 10% in local emerging markets currency


Mary Bowers


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 1.8% -2.7% - - -2.3% - -

Morningstar category 2.6% -3.5% 0.2% 14.1% -5.1% -1.1% 5.7%

Excess return -0.8% 1.8% - - 2.8% - -

Morningstar quartile 3 2 - - 2 - -


15

HSBC GIF Global High Income Bond

Fund details


investment





ISIN code AC: LU0524291613; ACHEUR: LU0807188023

AD: LU0770104676

IC: LU0524292264; ICHEUR: LU0807188452

ID: LU0524292009


A share: 1.25%

I share: 0.625%

Administration fees

A share: 0.25%

I share: 0.20%

Risk/Reward

Profile 1


the SRRI

Exchange rate risk, Derivative risk, ABS risk, Operational risk, Emerging market risk, Contingent Convertible Security risk









investment.

Strategy highlights

• A well-diversified bond portfolio while benefiting from local specialised resources:

- The fund consists of four core sleeves managed by specialist sleeve managers: USD BBB, USD BB, Euro (BBB / BB),

EMD USD and an off-benchmark allocation to ABS



- Investment grade securities

- B-rated entities

- ABS

- EMD local currency (up to 10% of fund)

• Euro assets hedged into USD, up to 10% EMD local currency risk


Jerry Samet

Potential sources of alpha

Issuers selection (fundamental) 50%

Regional allocation 15%

Sector allocation 10%

Credit allocation (beta) 15%

Duration 10%

Investment guidelines

Currency of

assets (hedged to

comparative

index)

USD (and max. 10% in

emerging markets

currency)

Allocation

Four sleeves: USD

BBB & BB, EUR BBB

& BB, EMD and ABS

Tactical allocation

Investment grade, B-

rated entities, ABS,

EMD local currency

(up to 10% of fund)

Strategy details

Launch 28.07.2010

Base ccy USD

AUM as at

31/03/2016 1,498 million

Comparative

Index*

35% Barclays EM USD, 20% Barclays

US Agg. Corp. Baa 15% Barclays US

HY Ba 15% Barclays

Euro Agg. Corp. Baa Hedged

USD15% Barclays Euro HY BB

(USD Hedged)

Morningstar

category US Flexible Bond

Liquidity Daily

Allocation

Typical number of high

yield bonds 600-800

Max. % per bond 4%


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 2.5% -0.8% 7.9% 28.8% -1.4% 5.5% 1.3%

Morningstar category 0.8% -1.6% 3.8% 15.1% -1.0% 2.4% 2.4%

Excess return 1.7% 0.8% 4.1% 13.7% -0.4% 3.1% -1.1%



16

HSBC GIF GEM Debt Total Return

Fund details


investment

M share: USD5,000 or equivalent

L share: USD1,000,000


Investment advisor HSBC Global Asset Management (USA) Inc. Valuation Daily at 5:00pm (CET)

ISIN code M1C: LU0283739885 ; M1CEUR:LU0551372856 M1CHEUR: LU0795840619 M1D: LU0283740032; M1DEUR: LU0551373078 M1DHEUR:LU0795840700 L1C: LU0310511422 L1CEUR: LU0551372344


M share: 1.00%

L share: 0.50%

Administration fees

M share: 0.35%

L share: 0.25%

Risk/Reward

Profile 1


the SRRI

Interest rate risk, Exchange rate risk, Derivative risk, Emerging market fixed income risk, Operational risk, Contingent Convertible Security risk, High Yield risk









investment.

Strategy highlights

• Seeks positive absolute returns while reducing volatility normally associated with emerging markets

• Average credit quality BBB+

• Flexible access to the full emerging markets debt opportunity set, both hard and local currency

• Asset allocation decision has proven to be a key driver of returns

• Ability to express short, medium, and long-term views irrespective of a benchmark

• Aims to capture growth in developing economies from Asia, Africa, Latin America, Middle East and former Soviet Union

• Managed on a total return basis without benchmark constraints to a clear philosophy that is based on the belief that emerging

markets are improving, evolving and inefficient

• Managed by an experienced team who have been managing emerging market debt using a focused and disciplined (yet

flexible) investment process

Nishant Upadhyay


Country allocation 35%

Issuer selection 15%

Currency 15%

Yield curve positioning 15%

Instrument selection 10%

Duration 10%


Hard currency Flexible

Local currency Flexible

USD cash Flexible

Duration 1-3 years

Typical number of securities

100 – 300

Typical number of countries

10 - 30

Strategy details

Launch 18.06.2007

Base ccy USD

AUM as at 31/03/2016 3,842 million

Comparative Index* n.a.

Liquidity Daily


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 3.5% 0.5% 5.8% 15.1% -2.2% 6.4% -1.8%


17

Fund details


investment




Investment advisor HSBC Global Asset Management (USA) Inc. Valuation Daily at 5:00pm (CET)

ISIN code AC: LU0566116140; ACEUR: LU0551370132 ACHEUR: LU0811140721; AD: LU0566116223; ADEUR: LU0551370215; ADHEUR: LU0543814684 IC: LU0164944026; ICEUR: LU0551370306 ICHEUR: LU0747734787; ID: LU0149732736 IDEUR: LU0551370561; IDHEUR: LU0431287282


A share: 1.25%

I share: 0.50%

Administration fees

A share: 0.35%

I share: 0.25%

Risk/Reward

Profile 1

Risks not

captured in the

SRRI

Interest rate risk, Exchange rate risk, Derivative risk, Emerging market fixed income risk, Operational risk, Contingent Convertible Security risk

*Comparative index is for illustrative purposes only as the fund has no official benchmark. Any portfolio characteristics shown herein, including average position sizes

and sector allocations among others, are for illustrative purposes only. The performance figures displayed in the document relate to the past and past performance

should not be seen as an indication of future returns. Representative overview of the investment process, which may differ by product, client mandate or market

conditions. Source: HSBC Global Asset Management. Data Source - © Copyright 2016 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is

proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither

Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. 1Rating is based on price volatility over the last

five years, and is an indicator of absolute risk; historical data may not be a reliable indication for the future; the rating is not guaranteed to remain unchanged and the

categorization may shift over time; the lowest rating does not mean a risk-free investment.

HSBC GIF Global Emerging Markets Bond

Strategy highlights

Strategy details

Launch 24/07/1998

Base currency USD

AUM as at

31/03/2016 3,953 million

Comparative Index* JPM EMBI Global

Morningstar category Global Emerging

Markets Bond

Liquidity Daily

• Aims to capture rapid growth in emerging markets by investing in emerging market bonds within a rigorously applied risk

management framework

• Invests predominantly in EM hard currency sovereign and quasi-sovereign bonds; tactical use of EM corporate debt and local

sovereigns and currencies

• Tactical use of emerging market corporate bonds and local currency opportunities offer potential for additional alpha

generation

• Spread compression and yield are key drivers of performance

• Managed by an experienced team who have been managing emerging market debt using a focused and disciplined (yet

flexible) investment process for over two decades

• Managed on an active fundamental basis by a small group of decision makers who are backed by over 200 emerging markets

investment professionals

Nishant Upadhyay


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 4.6% 1.6% 1.6% 24.3% -1.5% 5.0% -7.8%

Morningstar category 5.1% 1.2% -3.5% 11.8% -4.3% -0.2% -5.0%

Excess return -0.5% 0.4% 5.1% 12.5% 2.8% 5.2% -2.8%




Country allocation 50%


Currency 10%

Yield curve positioning 10%

Instrument selection 10%

Duration 5%


Hard currency sovereigns

70 - 90%

Hard currency quasi-sovereigns

15 - 25%

Hard currency corporates

5 - 15%

Local currency 5 - 15%

Duration +/- 2 year of

benchmark**

Typical number of securities

200 - 300

Typical number of countries

30 - 45

18

HSBC GIF Euro High Yield Bond

Fund details


investment




Investment advisor HSBC Global Asset Management (France) Valuation Daily at 5:00pm (CET)


AD: LU0165128421

IC: LU0165129072

ID: LU0165129155


A share: 1.10%

I share: 0.55%

Administration fees

A share: 0.25%

I share: 0.20%

Risk/Reward

Profile 1


the SRRI

Interest rate risk, Credit risk, Exchange rate risk, Liquidity risk, Operational risk, Contingent Convertible Security risk, Derivative risk, Emerging market risk









investment.

Strategy highlights

• Core investment universe: BB and B rated corporate bonds

• Investments on an opportunistic basis on Investment Grade or CCC-rated bonds

• All bonds held in the portfolio are denominated in Euro or hedged back to Euro

• Use of CDS (single names and indices) on a long and short basis

• Portfolio typically holds 60-75 High Yield issuers (maximum 4% per issuer) selected on the basis of inputs from the Credit

Research platform

Philippe Igigabel


Issuers selection (fundamental) 50%

Issuer selection (relative Value) 10%

Sector allocation 10%

Credit allocation 25%

Duration 5%


Currency of

assets

EUR

Euro or hedged back

to Euro (currently 8%

of GBP

denominated bonds)

Allocation Euro zone, Europe,

OECD countries

Tactical allocation

BB and B rated

corporate bonds

Investment Grade or

CCC-rated bonds on

an opportunistic basis

Strategy details

Launch 04.04.2003

Base ccy USD

AUM as at

31/03/2016 2,816 billion

Comparative

Index*

100% MERRILL LYNCH

Euro High Yield

Constraint BB-B

Morningstar

category EUR High Yield Bond

Liquidity Daily

Allocation


yield bonds 120-160

Max. % per bond n.a.


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 1.7% 0.5% 16.8% 39.6% 0.8% 6.3% 7.9%

Morningstar category 1.1% -0.6% 12.9% 30.5% 1.4% 3.8% 7.4%

Excess return 0.6% 1.1% 3.9% 9.1% -0.6% 2.5% 0.5%



19

HSBC GIF Euro Credit Bond

Fund details


investment






AD: LU0165124867

IC: LU0165125831

ID: LU0165125914


A share: 0.85%

I share: 0.425%

Administration fees

A share: 0.25%

I share: 0.20%

Risk/Reward

Profile 1


the SRRI

Interest rate risk, Credit risk, Exchange rate risk, Derivative risk, Operational risk, Contingent Convertible Security risk









investment.

Strategy highlights

Strategy details

Launch 04/04/2003

Base currency EUR

AUM as at 31/03/2016 1,216 billion

Comparative Index* 100% iBoxx Euro

Corporate Bond Index

Morningstar category EUR Corporate Bond

Liquidity Daily



to comparative index) EUR

Allocation Europe, non Europe

Corporate bonds

Tactical allocation

Investment grade

10 % maximum of its net assets in High

Yield issues

• Primarily invests in euro-denominated corporate bonds carrying a minimum credit rating of Baa3/BBB- (according to Moody’s

and Standard & Poor’s respectively), with the opportunity to invest up to 10% in High Yield issues

• The portfolio typically consists of 80-120 credit bonds. A breakdown of the type of active positions held in the portfolio is as

follows:

– 50 - 80 bond picking bets

– 2 - 8 sector bets

– 2 - 5 credit exposure bets

• The team seeks to invest in stable-to-improving credits at attractive valuations

• This involves proprietary valuation models designed to identify bonds that offer attractive risk premiums and in-depth credit

research to assess the effective risk entailed

Jean-Olivier Neyrat


YTD 1 Y 3 Y 5Y 2015 2014 2013


Morningstar category 1.6% -0.9% 10.2% 25.0% -0.5% 6.8% 2.7%

Excess return 0.0% -0.1% 2.1% 7.3% -0.1% 0.9% 0.4%



20

HSBC GIF Euro Credit Bond Total Return

Fund details


investment





ISIN code AC : LU0988492970

AD : LU0988493192

IC : LU0988493606

ID : LU0988493788


A share: 0.90%

I share: 0.45%

Administration fees

A share: 0.25%

I share: 0.20%

Risk/Reward

Profile 1


the SRRI

Interest rate risk, Credit risk, Exchange rate risk, Derivative risk, Operational risk, ABS risk, Contingent Convertible Security risk









investment.

Strategy highlights

• The fund benefits from bottom-up issuer selection based on the best ideas from our global credit platform as well as a

dynamic and flexible top-down input to express our views on macroeconomic scenarios

• The strategy has been designed for investors seeking diversified exposure to euro fixed income markets through a broad

investment universe (government bonds, agencies, covered, credit, hybrids, floaters, CDS)

• The fund’s flexibility is also facilitated by its large investment universe made of a broad range of sub-asset classes and

instruments such as:

− Euro or euro-hedged credit bonds (investment grade and high yield)

− CDS (either on indices or single names), futures and options

− Government bonds and cash (for beta and liquidity management)

Jean-Olivier Neyrat

Strategy details

Launch 12/12/2013

Base ccy EUR

AUM as at

31/03/2016 184 million

Comparative

Index* n.a.

Morningstar category OE EUR Flexible

Bond

Liquidity Daily


Duration & curve 40%

Credit allocation 35%



Currency of

assets (hedged to

comparative

index)

EUR

Non EUR

Allocation

- Europe, non

Europe

- Sovereigns,

Corporate bonds,

CDS


and high yield issues

Allocation


yield bonds 80-120

Max. % per bond n.a.


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 0.1% -2.2% - - -0.7% 7.0% -


Excess return -0.4% -0.2% - - -1.7% 1.8% -

Morningstar quartile 3 3 - - 3 1 -


21

HSBC GIF Euro Bond

Fund details


investment






AD: LU0165129403

IC: LU0165130088

ID: LU0165129825


A share: 0.75%

I share: 0.375%

Administration fees

A share: 0.25%

I share: 0.15%

Risk/Reward

Profile 1


the SRRI

Interest rate risk, Credit risk, Exchange rate risk, Derivative risk, Operational risk, Contingent Convertible Security risk









investment.

Strategy highlights

Strategy details

Launch 18/12/2001

Base currency EUR


Comparative Index*

Barclays Euro

AGGREGATE BOND

INDEX

Morningstar category EUR Diversified Bond

Liquidity Daily



to comparative index) EUR

Allocation Europe, OECD countries

Sovereigns and Corporate bonds


• Invests in a diversified range of government, covered, agencies/supranationals and corporate (financial and non-financial)

investment grade bonds (Baa3/BBB- according to Moody’s and Standard & Poor’s respectively) issued in Euro

• The portfolio typically consists of 80-100 issues. A breakdown of the type of active positions held in the portfolio is as follows:

– 35 - 45 bond picking bets

– 3 - 10 sector bets

– 1 - 3 credit exposure bets

Jean-Philippe Munch


YTD 1 Y 3 Y 5Y 2015 2014 2013



Excess return 1.5% 0.1% 4.4% 10.0% -1.4% 2.9% 0.6%



22

HSBC GIF RMB Fixed Income

Non contractual document

Fund details


investment




Investment advisor HSBC Global Asset Management (Hong Kong)

Limited

Valuation Daily at 5:00pm (CET)

ISIN code AC: LU0692309627; ACHEUR : LU0782296676

AD: LU0692309460

IC: LU0692310807; ICEUR: LU0708054647;

ID: LU0692310633


A share: 0.75%

I share: 0.375%

Administration fees

A share: 0.25%

I share: 0.20%

Risk/Reward

Profile 1


the SRRI

Interest rate risk, Exchange rate risk, Derivative risk, Focused strategy risk, Emerging market Fixed income risk, Operational risk









investment.

Strategy highlights

Strategy details

Launch 25/10/2011

Base currency USD


Comparative Index* Offshore Renminbi Overnight

Deposit Rate

Morningstar category RMB Bond

Liquidity Daily


Average credit quality A3/Baa3

Typical number of securities 50-100

• This fund is characterised by bottom-up issuer selection; seeking quality companies (highly sensitive to corporate governance

issues in some of the less well developed markets)

• The fund invests in offshore (CNH) Renminbi bonds; pure Renminbi exposure (no active currency allocation)

• The aim is to achieve a high quality / low duration portfolio

• Credit analysis is key in the investment process; analysis is based on a rigorous issuer selection process which relies on

fundamental research with a strong focus on qualitative factors; will buy high yield bonds on a selective basis, although the

allocation to these will be limited

• The credit research team (6 based in Hong Kong and 3 in China) leverages the integrated global credit research platform of

analysts based in New York, London, Paris and Hong Kong with sector and geographic specialisation

• Credit analysts define the universe of eligible investments. Their primary goal is to avoid credit events

• Portfolio managers are responsible for portfolio construction; they set portfolios betas, country and industry allocations as well

as tactical bets and arbitrages

Alfred Mui Gregory Suen


YTD 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 2.1% 0.2% 3.3% - -2.6% -0.7% 6.1%

Morningstar category 2.7% 0.9% 5.1% 17.3% -1.6% 0.5% 4.5%

Excess return -0.6% -0.7% -1.8% - -1.0% -1.2% 1.6%

Morningstar quartile 4 3 3 - 2 4 2


23

HSBC GIF Asian Currencies Bond

Non contractual document

Fund details


investment




Investment advisor HSBC Global Asset Management (Hong Kong)

Limited

Valuation Daily at 5:00pm (CET)

ISIN code AC: LU0210635099; ACEUR: LU0712166163

AD: LU0210635255

IC: LU0210635685;

ID: LU0210635842; IDEUR: LU0643830515


A share: 1.25%

I share: 0.625%

Administration fees

A share: 0.35%

I share: 0.25%

Risk/Reward

Profile 1


the SRRI

Interest rate risk, Credit risk, Exchange rate risk, Emerging market risk, Derivative risk, Operational risk









investment.

Strategy highlights

Strategy details

Launch 27/04/2011

Base currency USD


Comparative Index* iBoxx Pan Asia Bond ex

China and HK

Morningstar category EAA OE Asia Bond -

Local Currency

Liquidity Daily

Gordon Rodrigues Cecilia Chan


Target outperformance 100 bps

Target tracking error 0 - 3%

Average portfolio turnover 100 - 150%

Typical number of securities 50-75

Typical number of countries 8


YTD 1 Y 3 Y 5Y 2015 2014 2013

Fund (A share class Net) 8.2% -0.1% -6.0% - -8.0% 2.1% -7.2%

Morningstar category 5.4% 0.1% -4.0% 4.7% -5.3% 2.5% -6.1%

Excess return 2.8% -0.2% -2.0% - -2.7% -0.4% -1.1%

Morningstar quartile 1 3 4 - 4 3 3

• This strategy looks to take advantage of the rapidly growing local currency bond markets

- The new offshore renminbi market is an exciting innovation

- The market is dominated by government bonds, but corporates are a growing sector

• The strategy is managed against a comparative customised Markit iBoxx Pan Asia Bond ex HKD and CNY which is more

replicable than other indices. HKD excluded because of HKD peg and low yields; CNY because the onshore market is

inaccessible

• This strategy can be flexible, taking off benchmark positions in

- Corporate bonds

- Non-benchmark currencies (CNH and INR)

- Dollar bonds hedged back into local currencies


24

Active investment/ESG integration

We believe that Environment, Social and Governance (ESG)

issues can have a material effect on company fundamentals,

in terms of both opportunities and risks. ESG analysis can

highlight latent risks and provide early warning signals of a

potential deterioration of company fundamentals. Considering

ESG factors is an essential part of our investment due

diligence for active strategies.

We would expect company management to actively consider

ESG issues within their company strategy and operations. If

they do, the company would be better placed to strengthen its

competitive position and deliver sustained or improving cash

flow and profitability. Such companies would contribute to

sustainable economic growth.

Individual security analysis is assigned to individual

investment team members, who are responsible for both

financial and ESG analysis and, ultimately, the security

recommendation. This ensures that ESG factors are given

appropriate weighting in investment recommendations and

decision-making.

We capture ESG research in our "Global ESG Intranet

Research Platform.“ We add four proprietary analyses to our

internal and external data:

1. ESG Roadmap: Materiality of ESG factors by sector

2. ESG Rating: Visible in our investment team’s desktop

decision support system alongside information that

supports idea generation and portfolio construction

3. ESG Risk Category: We consider an Absolute approach

by assessing the company’s compliance with the United

Nations Global Compact. We also consider a Relative

approach by considering the company ESG Rating relative

to other companies within sectors. An additional layer of

“due diligence” is required for high risk companies, which

requires the investment case to be reviewed by the local

CIO who would make the final investment decision

4. Executive Summary: summary snapshot by company

Responsible Investment

Voting Reporting Engagement Active investment/

ESG integration

Reporting

As a signatory to the Montreal Carbon Pledge, on 1

December 2015, we reported our carbon footprint for equity

portfolios managed in Hong Kong, London and Paris.

Engagement

For active strategies, the investment team meets regularly

with companies, both investees and potential investments,

providing opportunities to engage with senior management

and monitor company performance. The principal objective of

our discussions is to understand how company management

is delivering sustainable profitability and shareholder returns.

We will raise ESG issues to understand management’s

perspective and strategy.

In addition, we aim to undertake specific engagement

activities with companies in serious breach of principles

outlined in the United Nations Global Compact. These

companies pose high risks to longer-term economic

sustainability and growth, and therefore equity market returns.

HSBC is a signatory to:

United Nations Principles for Responsible Investment

(UN PRI) from June 2006

Montreal Carbon Pledge (September 2015)

United Nations Environment Programme Finance

Initiative and Equator Principles (founder)

UN PRI HSBC Global Asset Management’s RI

Transparency Report is publicly available through the UN

PRI website

Holistic responsible investing approach

Voting

Proxies are voted per client instructions or, secondarily, per

our Global Proxy Voting policy which reinforces good

governance practices. We maintain a record of our voting

decisions including the rationale when we do not support

management.

Non-contractual document For illustrative purposes only. Source: HSBC Global Asset Management – March 2016

25

Investment and corporate materials Weekly iNews – over 400 clients are following us!

Investment communication pack

• Weekly, monthly updates (ID, IM)

• New World Insights (NWI)

• Investment Event (IE) publications

• Macro Insight

IW: Investment weekly IM: Investment monthly

IE: Investment Events Macro Insight

Bi-annual investment outlook (e-magazine w/ embedded videos)

• December – June | Macro Insight

– Overview

– Interviews with Global CIOs

– Webinars per asset class

– Outlook per asset class

China Insights India Insights Europe Insights

For illustrative purposes only. Source: HSBC Global Asset Management – March 2016

26

Investment and corporate materials Fund presentations Fund overviews

• HSBC Global Asset Management Overview

• Organisation, team, and capabilities

• Focus on Fund

• Investment process, portfolio construction

and risk management

• Key features of the fund; HSBC Credentials,

risks, fund details

Capability brochures Capability publications

Handbooks Educational publications

For illustrative purposes only. Source: HSBC Global Asset Management – March 2016

27

Important information

This publication is distributed by HSBC Global Asset Management (France) and is only intended for professional investors as defined by MiFID.

The information contained herein is subject to change without notice. All non-authorised reproduction or use of this commentary and analysis will be the responsibility of the user and will be likely to lead to legal proceedings. This document has no contractual value and is not by any means intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful. The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management on the markets, according to the information available to date. They do not constitute any kind of commitment from HSBC Global Asset Management (France). Consequently, HSBC Global Asset Management (France) will not be held responsible for any investment or disinvestment decision taken on the basis of the commentary and/or analysis in this document.

All data come from HSBC Global Asset Management unless otherwise specified. Any third party information has been obtained from sources we believe to be reliable, but which we have not independently verified. Representative overview of the investment process, which may differ by product, client mandate or market conditions.

The funds presented in this document may not be registered and/or authorised for sale in your country. The performance figures displayed in the document relate to the past and past performance should not be seen as an indication of future returns. It is important to remember that the value of investments and any income from them can go down as well as up and is not guaranteed. Please note that the fund is authorised to invest a in structured products and derivatives, which may be less liquid than standard bond issues. Please note that the fund is invested in investment grade, below investment grade and non rated issues. Non rated issues represent a higher risk of default compared to Investment Grade issues. Fluctuations in the rate of exchange of currencies may have a significant impact on fund performance.

Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (France) accepts no liability for any failure to meet such forecast, projection or target.

The above mentioned target/limits/objectives is/are to be considered on the recommended minimum investment period; there can be no assurance that the strategy of the fund will achieve this objective.

The funds mentioned may be exposed to Over the Counter (OTC) markets for all or part of its total assets. Certain funds will therefore be subject to the risk that its direct counterparty will not perform its obligations under the OTC transactions and that the Sub-Fund will sustain losses. Funds may be exposed to specific risk such as emerging markets, interest rates, credit risk, high yield risk, equity risk, fixed income risk, small caps risk, contingent convertible security risk, exchange risk, derivative risk, ABS risk, alternative risk, operational risk, focused strategy risk.

Investment in Financial Derivative Instruments (FDI) may result in losses in excess of the amount invested. This is because a small movement in the price of the underlying financial instrument may result in a substantial movement in the price of the FDI. The performance figures displayed in the document relate to the past and past performance should not be seen as an indication of future returns.

All subscriptions in any fund presented in this document are accepted only on the basis of the current prospectus, available on request from HSBC Global Asset Management (France), the centralisation agent, the financial department or the usual representative. Before subscription, investors should refer to the Key Investor Information Document (KIID) and/or the simplified prospectus of the fund as well as its complete prospectus. For more detailed information on the risk associated with the sub-fund, investors should refer to the complete prospectus of the sub-fund. The funds presented are a sub-funds of HSBC Global Investment Funds, a Luxemburg domiciled SICAV. Shares of the Company may not be offered or sold for sale or sold to any "U.S. Person within the meaning of the Articles of Incorporation, i.e. a citizen or resident of the United States of America (the "United States"), a partnership organised or existing under the laws of any state, territory or possession of the United States, or a corporation organised or existing under the laws of the United States or of any state, territory or possession thereof, or any estate or trust, other than an estate or trust the income of which from sources outside the United States is not includible in gross income for purposes of computing United States income tax payable by it.

Important information for Luxembourg investors: HSBC entities in Luxembourg are regulated and authorised by the Commission de Surveillance du Secteur Financier (CSSF).

Important information for Swiss investors: This document may be distributed in Switzerland only to qualified investors according to Art. 10 para 3, 3bis and 3ter of the Federal Collective Investment Schemes Act (CISA). The presented fund is authorised for distribution in Switzerland in the meaning of Art. 120 of the Federal Collective Investment Schemes Act. (Potential) investors are kindly asked to consult the latest issued Key Investor Information Document (KIID), prospectus, articles of incorporation and the (semi-)annual report of the fund which may be obtained free of charge at the head office of the representative: HSBC Global Asset Management (Switzerland) Ltd., Bederstrasse 49, P.O. Box, CH-8002 Zurich. Paying agent: HSBC Private Bank (Suisse) S.A., Quai des Bergues 9-17, P. O. Box 2888, CH-1211 Geneva 1.

HSBC Global Asset Management is the brand name for the asset management business of HSBC Group. The above document has been produced by HSBC Global Asset Management (France) and has been approved for distribution/issue by the following entities :

HSBC Global Asset Management (France) - 421 345 489 RCS Nanterre. Portfolio management company authorised by the French regulatory authority AMF (no. GP99026) with capital of 8.050.320 euros. Postal address: 75419 Paris cedex 08, France. Offices: HSBC Global Asset Management (France) - Immeuble Coeur Défense - 110, esplanade du Général Charles de Gaulle - 92400 Courbevoie - La Défense 4

HSBC Global Asset Management (Switzerland) Limited. Bederstrasse 49, P.O. Box, CH-8027 Zurich, Switzerland. (Website: www.assetmanagement.hsbc.com/ch)

Copyright © 2016. HSBC Global Asset Management (France). All rights reserved. Updated in April 2016.

AMFR_Ext_189_2016 valid until March 2017


28

Documents

HSBC Global Investment Funds€¦ · Multi Asset (72.2) Liquidity (64) Other (29.4)* Source: HSBC Global Asset Management as at December 2015. Any differences are due to rounding