Important Notes:

Manulife Global Fund – Global Multi-Asset Diversified Income Fund ("Manulife Global Multi-Asset Diversified Income Fund" or "the Fund")

1. The Fund invests in a diversified portfolio of equity, equity-related, fixed income and fixed income-related securities of companies and/or governments globally (including emerging markets), which exposes investors to fixed income and equity (including REITs) market risk, and geographic concentration and currency risk.

2. The relevant distributing class of the Fund does not guarantee distribution of dividends, the frequency of distribution and the amount/rate of dividends. Dividends may be paid out of income, realized capital gains and/or out of capital of the Fund in respect of Inc share class(es). Dividends may be paid out of realized capital gains, capital and/or gross income while charging all or part of their fees and expenses to capital (i.e. payment of fees and expenses out of capital) in respect of MDIST (G) and R MDIST (G) share class(es). Dividends paid out of capital of the Fund amounts to a return or withdrawal of part of the amount of an investor’s original investment or from any capital gains attributable to that original investment and may result in an immediate decrease in the net asset value per share in respect of such class(es) of the Fund.

3. 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 likelihood of a higher degree of volatility, lower liquidity of investments, political and economic uncertainties, legal and taxation risks, settlement risk, custody risks and currency risks/control.

4. The Fund’s investment in fixed income and fixed income-related securities, as well as cash and cash equivalents, is subject to high yield bonds risk, credit/counterparty risk, interest rate risk, sovereign debt risk, valuation risk and credit rating and downgrading risk.

5. The Fund intends to use financial derivative instruments (“FDIs”) for investment, efficient portfolio management and/or hedging purposes. The use of FDIs exposes the Fund to additional risks, including volatility risk, management risk, market risk, credit risk and liquidity risk.

6. Investment involves risk. The Fund may expose its investors to capital loss. Investors should not make decisions based on this material alone and should read the offering document for details, including the risk factors, charges and features of the Fund and its share classes.

7. Given RMB is currently not a freely convertible currency, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. As offshore RMB (CNH) will be used for the valuation of RMB denominated Class(es), CNH rate may be at a premium or discount to the exchange rate for onshore RMB (CNY) and there may be significant bid and offer spreads and thus the value of the RMB denominated Class(es) will be subject to fluctuation. Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB denominated Class(es) of the Fund.

Manulife Global Fund – Preferred Securities Income Fund ("Manulife Preferred Securities Income Fund" or "the Fund")

1. The Fund invests primarily in preferred securities listed or traded on any regulated market in the world, including preferred stocks (including convertible preferred stocks) and subordinated debt securities, which exposes investors to fixed income and equity market risk, volatility and liquidity risk and currency risk. As the Fund may carry significant exposure to US-related issuers it may expose investors to geographical concentration risk.

3. The Fund’s investment in fixed income and cash and cash equivalents is subject to credit risk, interest rate risk, credit rating and downgrading risk and high-yield bonds risk.

4. The Fund intends to use financial derivative instruments (“FDIs”) for investment, efficient portfolio management and/or hedging purposes. The use of FDIs exposes the Fund to additional risks, including volatility risk, management risk, market risk, credit risk and liquidity risk.

5. Investment involves risk. The Fund may expose its investors to capital loss. Investors should not make decisions based on this material alone and should read the offering document for details, including the risk factors, charges and features of the Fund and its share classes.

6. Given RMB is currently not a freely convertible currency, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. As offshore RMB (CNH) will be used for the valuation of RMB denominated Class(es), CNH rate may be at a premium or discount to the exchange rate for onshore RMB (CNY) and there may be significant bid and offer spreads and thus the value of the RMB denominated Class(es) will be subject to fluctuation. Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB denominated Class(es) of the Fund.

Manulife Global Fund – USD Income Fund ("Manulife USD Income Fund" or "the Fund")

1. The Fund invests primarily in fixed income securities and fixed income related securities denominated in U.S. Dollar of issuers globally. In meeting its investment objective, the Fund may invest more than 30% of its net assets in issuers located in the United States, which may involve geographical concentration, collateralized/securitised products, sovereign debt, convertible securities, subordinated debt, high-yield bonds, liquidity, credit downgrade, interest rate, credit and rating of investment risks and risks associated with investments in debt instruments with loss-absorption features (including Contingent Convertible Debt Securities).

2. The relevant distributing class of the Fund does not guarantee distribution of dividends, the frequency of distribution, and the amount/rate of dividends. Dividends may be paid out of income, realized capital gains and/or out of capital of the Fund in respect of Inc share class(es). Dividends may be paid out of realized capital gains, capital and/or gross income while charging all or part of their fees and expenses to capital (i.e. payment of fees and expenses out of capital) in respect of MDIST (G) and R MDIST (G) share class(es). Dividends paid out of capital of the Fund amount to a return or withdrawal of part of the amount of an investor’s original investment or from any capital gains attributable to that original investment, and may result in an immediate decrease in the net asset value per share in respect of such class(es) of the Fund.

3. The Fund intends to use financial derivative instruments (“FDIs”) for investment, efficient portfolio management and/or hedging purposes. The use of FDIs exposes the Fund to additional risks, including volatility risk, management risk, market risk, credit risk and liquidity risk.

4. Investment involves risk. The Fund may expose its investors to capital loss. Investors should not base on this material alone to make investment decisions and should read the offering document for details, including the risk factors, charges and features of the Fund and its share classes.

Manulife Global Fund – Asia Pacific REIT Fund ("Manulife Asia Pacific REIT Fund" or "the Fund")

1. The Fund invests primarily in equities and equity-related securities in the Asia Pacific ex-Japan region, which exposes investors to equity market risk as well as geographic concentration and currency risk.

3. The Fund invests in real estate investment trusts (“REITs”), which may expose investors to sector concentration and real estate-related risks.

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Fund positioning update on US Fed rate cut

19 September 2024

The US Fed has lowered its benchmark rate by 50bps to 4.75%-5.0% at the September meeting. This may be signaling the era of easing has begun. How does our funds position respond to market conditions and help investors seek opportunities?

Manulife Global Multi-Asset Diversified Income Fund

With a globally diversified, unconstrained portfolio of 800 names¹, we believe the Fund is well prepared to manage global market rate cycles and maintain a high income payout level.

Equity: Equity holdings are globally diversified with a blended style across Value and Growth, and no one style bias dominating returns. Riding on the market volatility in August, the Fund reduced its underweight to the tech sector and selectively added some consumer discretionary and health care names. Overall, the equity sleeve maintained sector diversification, with overweight exposure towards Consumer Discretionary and Health Care, well positioned to capture a broader market return beyond just tech/comm services and mitigate the sector-driven volatility. In addition, the team has also added more diversified international ex-US names in July to manage a heavy US exposure and lower the valuation profile of the equities in the portfolio.
Fixed income: The fixed income sleeve is credit focused, naturally lower duration given high yield exposure, less duration sensitive whilst more credit sensitive towards the prospects of recession / default risks which have been moderating. This year the team has added exposure to investment grade space including preferreds as well as selective BB rated credit names to increase the defensiveness and lock in the yield before the Fed pivot. The team has been underweight CCC rated credit within high yield which has helped manage recent market volatility. We believe the portfolio will benefit from falling rates as high yield and preferred securities tend to thrive in falling rate environments. In addition, the team do not anticipate broad spread opportunities in the US but sees spread opportunities across emerging markets and Asia credits. A soft landing scenario may support EM and Asia credits to outperform particularly Asia credit due to attractive valuations and strong fundamentals. To conclude the team is prepared for rates to fall while being defensively positioned for an increase in market volatility.
Option writing: Persistent option writing implementation shows its strength during uncertain market conditions – writing index level calls and put options to enhance yield generation to offset against drawdowns in other parts of the portfolio. If rate cuts are as expected, without being proximate to a market scare, we believe option implied volatilities will remain low, and correlation low. If data forces the US Fed to cut more aggressively, we expect premiums to rise somewhat.

Manulife Preferred Securities Income Fund

With an average investment grade portfolio, the Fund aims to deliver consistent income with the flexibility to manage interest rate and economic cycles via a broad range of preferreds. We believe the Fund is well positioned for interest rate cuts and is prepared for market cycles:

Downside protection: We remain defensively positioned, overweight to natural gas and electric utilities – areas that offer downside protection amid periods of volatility and uncertainty. These sectors have produced significantly lower levels of volatility with the most substantial returns.
Flexibility: Another area of significant differentiation is investing up and down a company’s capital structure, depending on a combination of relative valuations and economic cycles. For example, the Fund could increase subordinated notes, or baby bonds, under a slower growth environment as they are the highest quality preferreds.
Duration: The fund will benefit from falling rates as preferreds thrive in falling rate environments. In particular, we have increased our preferred stock allocation, which possesses longer duration profiles and trades at deeper discounts relative to institutional par. As of Aug 2024, the portfolio duration was about 4.13 years, near the highest level since late 2020. The latest yield of AA (USD) MDIST (G) share class remains compelling at 7.26%².

Manulife USD Income Fund

The Fund aims to achieve stable income and returns by diversifying into more than 700 holdings with an average A+ credit rating. By combining the Opportunistic Credit, Securitized and US Government Bonds allocations, our dynamic asset allocations could help manage market cycles by identifying compelling opportunities based on evaluations of relative risk and return characteristics. We believe the portfolio is well positioned for the Fed rate cut cycle and could help weather the heightened market volatility.

Income: Investing in opportunistic credit sectors to enhance portfolio yield through a combination of traditional (e.g. UST/IG Corp) and non-traditional (e.g. preferred securities) income sources. The Fund’s portfolio yield has been enhanced after the repositioning to strategically increase the preferred securities exposure, with the latest yield of AA (USD) MDIST (G) share class at 6.48%².
Unconstrained approach: A flexible fixed-income mandate focusing on US Government bonds, securitized assets, and credit. The team will be overweight and underweight in each area based on economic cycles. For example, the Fund could increase HY Corp/preferred stock exposure during risk- on market environment and add US Treasury/IG Corp during risk-off sentiment.
Duration: maintaining a duration-neutral approach has led to a steady return stream, unlike peers who have moved duration around (unsuccessfully) based on Fed rate cut expectations. For example, at the end of 2023 the market priced in 6.3 cuts for the year. Today, the market is pricing in 4.4 times of 25bps cut from 1.8 in June. Incorrect bets on the number of rate cuts could potentially drag down portfolio returns.

We continue to position the strategy defensively in corporate credit with emphasis on financials and utilities, though with an eye toward relative value opportunities at the individual security level. The strategy also remains materially overweight in government agency residential mortgage-backed securities offering attractive values.

Manulife Asia Pacific REIT Fund³

Underpinned by a consistent focus on high quality REITs and diversified allocation across “new and traditional economy” REITs, the Fund remained well positioned amid a lower rate environment and should continue to deliver sustainable dividend payout, which should help investor manage volatility.

Lower interest costs: A rate cut is expected to be a macro tailwind for Asia REITs, as it should ease refinancing pressures which has been an offsetting factor to strong operational performance from REITs over the past two years. We see an increasing number of REITs with marginal cost of debt trading below prevailing debt cost on their books, which is a harbinger of lower interest costs.
DPU growth & accretive asset acquisitions: We are incrementally more positive and see brighter prospects for the sector in the coming year given potential for y-o-y growth in distribution going into 2025. Also, there is a greater opportunity for accretive asset acquisitions as spreads between cap rates and financing costs widen (in some cases, the spread moves back into positive territory). With lower financing cost and lower long-term yields, pressure on cap rates expansion will also ease and capital values of commercial assets would stabilise.
Fund positioning: Year to date, the Fund has enhanced income resilience by increasing position in suburban/necessity retail REITs across the region. We believe the defensive operating fundamentals should continue to support long term distribution payouts for investors. The Fund added data center and “new economy” industrial REITs, given the resilient cashflows and favorable supply-demand imbalance. Additionally, the Fund selectively added into names in ASEAN region to capture growth potential across the region. We continue to seek opportunities and focus on paying reasonable valuations for high quality Asia REITs.

1. Source: Manulife Investment Management, Barclays Point, as of 31 Aug 2024. Information about the asset allocation and portfolio holdings is historical and is not indication of the future composition. Diversification or asset allocation does not guarantee a profit nor protect against loss in any market. The above yield does not represent the distribution yield of the Fund and is not an accurate reflection of the actual return that an investor will receive in all cases.

2. Source: Manulife Investment Management, as of 3 September 2024. Distribution yield applies only to AA (USD) MDIST (G) Share class. Dividend rate is not guaranteed. Dividends may be paid out of capital. Refer to important note 2. Please note that a positive distribution yield does not imply a positive return. Past performance is not indicative of future performance. Annualised yield = [(1+distribution per unit/ex dividend NAV)^distribution frequency]–1, the annualised dividend yield is calculated based on the latest relevant dividend distribution with dividend reinvested, and may be higher or lower than the actual annual dividend yield. Diversification or asset allocation does not guarantee a profit nor protect against loss in any market.

3. The Fund is authorised by the Securities and Futures Commission of Hong Kong (“SFC”). SFC’s authorisation of the fund is not made under the Code on Real Estate Investment Trust and does not imply official recommendation.

3875041

Beyond the hyperbole: three macro takeaways from the 2024 US elections

What investors and policy watchers should take away from the 2024 election results depends, in part, on time horizon.

Read more
How might the US election and China’s stimulus package impact Asian fixed income?

Asia Fixed Income Team analyses how the US election and other recent major events could impact the region’s fixed income markets.

Read more
Assessing China’s latest stimulus measures

Greater China Equities Team analyses the latest round of strategic stimulus and explains why it warrants more than short-term tactical attention. The team also highlights a case study of Chinese companies that are ‘going-global’ to showcase this interesting juncture in the country’s corporate development.

Read more

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ABOUT US

OUR FUNDS

RESOURCES

Disclosures on Climate-related Risk Management

Climate Metrics Disclosure

Pre-contractual Disclosure

Disclosures on Liquidity Risk Management

This website may contain information provided, compiled or arrived at from sources believed to be reliable but Manulife Investment Management (Hong Kong) Limited does not make any representation as to the accuracy, correctness, usefulness or completeness of the information on this website and does not accept liability for any loss arising from the use hereof or the information and/or analysis contained herein.

Please take note that information provided here is for your reference only. No information contained here should be relied upon as investment advice or regarded as a substitute for any investment advice.

Investment involves risk. Investors should not only base on this website alone to make investment decisions and should read the offering documents for details, including the risk factors, charges and features of the products and services. This website has not been reviewed by the Securities and Futures Commission of Hong Kong. Issued by Manulife Investment Management (Hong Kong) Limited.

General Risk Disclosure

Funds offered on this platform may invest in equity, fixed income securities, exchange-traded funds, collective investment schemes and/or other instruments, including derivatives, and each of which has its specific investment objective/ policy with its specific features and different risk profile.
Distribution of dividends, the frequency of distribution and the amount/rate of dividends are not guaranteed. Dividend of certain share/unit classes, at the fund or the investment manager’s discretion, may be paid out of capital or gross income while charging / paying all or part of its fees and expenses out of its capital. This amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the net asset value per share/unit of the respective share/unit classes after the distribution date.
Some funds may invest in bonds or debt securities which may be subject to credit, liquidity, counterparty and market risks.
Some funds may invest in non-investment grade bonds and unrated securities which may be subject to greater credit and liquidity risks, and may be more volatile than higher rated securities. Some funds may invest in investment grade debt securities, which may be subject to ratings downgrades by the rating agencies that may affect the net asset value of the fund.
Some funds may invest in derivative instruments which may involve additional risks. (For example, leverage may cause greater volatility.)
Some funds may make extensive use of derivatives including more complex derivative instruments or strategies to achieve the investment objective, this may give rise to additional exposure in that performance may rise or fall more than it would have done otherwise. In adverse situations, the fund’s use of derivative instruments may become ineffective and the fund may suffer significant losses. The use of derivatives may give rise to leverage, liquidity, counterparty and valuation risks.
Some funds may invest in emerging economies or markets, where special risks, including liquidity, volatility, government policies, taxation, currency, currency repatriation, political and regulatory risks, may be substantially higher than the risks normally associated with more developed economies or markets.
Some funds may invest in securities of small and/or medium sized companies in the relevant markets. This can involve greater risk than is customarily associated with investments in larger and more established companies.
Some funds may invest in a single country/region and/or a particular industry sector which may be concentrated and subject to greater risks than diversified investments in several countries and/or regions and across sectors.
Some funds may invest directly in certain China A shares via the Stock Connect, which may involve risks related to investments via the Stock Connect and Mainland China investment.
Some funds may have significant exposure to Renminbi ("RMB") bonds/equity/assets or emerging markets, which will be subject to debt instrument, credit/counterparty, concentration, liquidity, volatility, currency, tax, economic, foreign exchange/multi-currency conversion, down-grading, regulatory and political risks and these risks could be substantially higher than the risks normally associated with more established markets.
Some funds with significant exposure to RMB bonds/equity/assets may hold a significant portion of assets in deposits if there are not sufficient RMB instruments to invest in. This may adversely affect the funds’ return and performance.
Some funds using Qualified Foreign Institutional Investor (“QFII”) quota to invest directly in debt instruments/shares in Mainland China may be subject to various requirements and restrictions under the laws of Mainland China related to QFII investment and custodial risks.
Some funds are subject to the risks of investing in other funds and the risks relating to asset allocation strategy and/or downside risk management process.
As RMB is not freely convertible, currency conversion is subject to exchange controls and restrictions. There can be no assurance that RMB will not be subject to devaluation. Insufficient amount of RMB for currency conversion or devaluation of RMB could adversely affect the value of investors’ investments in the RMB denominated class(es) of certain funds. The “Dim Sum” bond market is still a relatively small market which is more susceptible to volatility and illiquidity. Due to RMB concentration risk, the value of the funds with substantial RMB exposure may be more volatile than that of a fund having a more diverse portfolio of investments.
Some funds’ performance will be closely tied to the economic, political, regulatory, geopolitical, market, currency or other conditions in the European Economic Area and may be subject to increased liquidity, price, and foreign exchange risk.
Some funds may invest in Russia and some investments in Russian securities may be unlisted securities not dealt on a regulated market. The Russian market presents specific risks in relation to the settlement and safekeeping of securities.
Investment involves risk. Investors may expose to capital loss and should not invest solely based on the information on this website alone and should read the offering documents for details including the associated risk factors, charges and features of the funds and their share/unit classes. Past performance information is not indicative of future performance.

Manulife Global Fund

Manulife Global Fund is an umbrella fund comprising a number of sub-funds investing in equity and/or fixed income securities, each of which has a different investment objective and risk profile and may involve equity market, geographical concentration, sovereign debt, liquidity, volatility, credit downgrade, interest rate, counterparty risks. Certain investors may also be subject to the risk relating to RMB hedged share class.
The relevant distributing class of the sub-funds does not guarantee distribution of dividends, the frequency of distribution and the amount/rate of dividends. Dividends may be paid out of income, realized capital gains and/or out of capital of certain sub-funds in respect of Inc share class(es). Dividends may be paid out of realized capital gains, capital and/or gross income while charging all or part of their fees and expenses to capital (i.e. payment of fees and expenses out of capital) in respect of MDIST (G) and R MDIST (G) share class(es). Dividends paid out of capital of these sub-funds amounts to a return or withdrawal of part of the amount of an investor’s original investment or from any capital gains attributable to that original investment and may result in an immediate decrease in the net asset value per share in respect of such class(es) of the sub-funds.
Certain sub-funds invest in emerging economies or markets, where special risks, including liquidity, volatility, government policies, taxation, currency, currency repatriation, political and regulatory risks, may be substantially higher than the risks normally associated with more developed economies or markets.
Certain sub-funds invest in securities of small and medium sized companies in the relevant markets. This can involve greater risk than is customarily associated with investments in larger and more established companies.
Certain sub-funds concentrate their investments in a single country and/or a particular industry sector are subject to greater risks than diversified investments in several countries and/or regions and across sectors.
Certain sub-funds may invest directly in certain China A shares via Stock Connect, which may involve in risk related to Investments via Stock Connect and Mainland China investment.
Investment involves risk. The sub-funds may expose their investors to capital loss. Investors should not invest solely based on this material and should read the offering document for details including the risk factors, charges and features of the sub-funds and their share classes.
Each sub-fund intends to use financial derivative instruments (“FDIs”) for investment, efficient portfolio management and/or hedging purposes. The use of FDIs exposes the Fund to additional risks, including counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk.
Given RMB is currently not a freely convertible currency, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. As offshore RMB (CNH) will be used for the valuation of RMB denominated Class(es), CNH rate may be at a premium or discount to the exchange rate for onshore RMB (CNY) and there may be significant bid and offer spreads and thus the value of the RMB denominated Class(es) will be subject to fluctuation. Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB denominated Class(es) of certain sub-funds.

Manulife Advanced Fund SPC

Manulife Advanced Fund SPC is an umbrella fund comprising a number of sub-funds investing primarily in equity and bond securities, each of which has a different investment objective and risk level.
The sub-funds do not guarantee distribution of dividends, the frequency of distribution, and the amount/rate of dividends. A sub-fund may at its discretion pay dividend out of capital or gross income while charging / paying all or part of its fees and expenses out of its capital. This amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the net asset value per share of the respective share classes after the distribution date.
Certain sub-funds with significant exposure to Renminbi (“RMB”) bonds/equity/assets or emerging markets, may involve debt instrument, credit/counterparty, concentration, liquidity, volatility, currency, tax, economic, foreign exchange/multi-currency conversion, down-grading, regulatory and political risks and these risks could be substantially higher than the risks normally associated with the world's more established markets.
A bond sub-fund may hold a significant portion of assets in deposits if there are not sufficient RMB instruments for it to invest in. This may adversely affect its return and performance.
Certain sub-funds using invest directly in debt instruments/shares via QFII regime, the Bond Connect and/or the Foreign Access Regime are subject to various requirements and restrictions under the laws of Mainland China related to investment in QFII and/or China Interbank Bond Market and custodial risks.
RMB is not freely convertible and is subject to exchange controls and restrictions.
Certain sub-funds may have significant concentrated exposures to particular industry sectors and geography's, which subjects investors to concentration and equity market risk.
Certain sub-funds may invest in equities of small- and mid-capitalization companies, which can expose investors to liquidity and volatility risks, and is subject to greater risk than is customarily associated with investments in larger capitalization companies.
Investment involves risk. The sub-funds may expose to a high risk of capital loss. Investors should not invest solely based on this material and should read the offering document for details including the risk factors, charges and features of the sub-funds.

Manulife Hong Kong Series

Manulife Hong Kong Series (“the Series”) is an open-ended unit trust comprising a number of funds primarily investing in equities, debt securities, exchange-traded funds and/or collective investment schemes, each of which has a different investment objective and risk level.
The funds do not guarantee distribution of dividends, the frequency of distribution, and the amount/rate of dividends. Dividends may be paid out of capital and/or out of gross income of certain funds in respect of Inc classes, while charging/paying all or part of certain funds’ fees and expenses to/out of capital of certain funds. This represents a return or a withdrawal of part of an investor's original investment amount or capital gain attributable to that amount. Distributions will result in an immediate decrease in the net asset value of the relevant units. Class AA (RMB) Inc Hedged Unit of certain funds is subject to higher distribution risks than other non-hedged unit classes.
Certain funds may involve equity market, emerging markets, Dim Sum bond market, concentration, volatility, liquidity, credit, credit ratings, below investment grade and unrated securities, credit rating downgrading, interest rates, valuation, sovereign debt, unlisted debt securities, political and regulatory, currency, foreign exchange, derivative and structured product, hedging, and distribution risks. Certain investors may also be subject to the risk relating to RMB hedged share class..
Certain funds are subject to the risks of investing in other funds and the risks relating to asset allocation strategy and/or downside risk management process.
Certain fund is subject to the risks relating to investment in exchange traded funds, Strategic and Tactical Asset Rebalancing Strategy (“STARS”), small- and mid-capped companies, convertible bonds and the risks associated with securitised debt instruments and investments in loss-absorption features. Certain fund is a feeder fund that invests all or substantially all of its assets in another collective investment scheme (the “master fund”) and is therefore subject to the risks of investing in the master fund.
Certain fund will not have direct investments other than cash, cash equivalents and financial derivative instruments (such as futures, options and forwards).
Investment involves risk. The funds may expose its investors to capital loss. Investors should not make investment decisions based on this material alone but should read the offering document for details, including the risk factors, charges and features of the Fund and its unit classes.