amundi hk - disruptive opportunities equity fund · companies, or ﬁxed income securities. this...

EQUITY ■

AMUNDI HK - DISRUPTIVE OPPORTUNITIES EQUITY FUNDMONTHLYREPORT

31/12/2019

1. This is an equity fund invested in global equities and money market instruments (including cash). The Sub-Fund mainly invests in the shares of companies that are either establishedon or which benefit from, fully or partly, disruptive innovation business models, i.e. new business models that can challenge or overtake common ones. The value of the Sub-Fundcould then be more volatile and the Sub-Fund may suffer significant losses.

2. The business of disruptive innovative companies may be subject to higher uncertainty and more fluctuations in their performance, therefore the Sub-Fund is exposed to highermarket volatility and higher turnover ratios.

3. Investing in this Sub-Fund may involve equity risk, market and volatility risk, currency risk and concentration risk. It may also involve risk related to the use of Financial DerivativeInstruments (FDI) for hedging and investment purposes, and risk of small and medium sized companies.

4. As RMB is not freely convertible, the investment in RMB classes may be adversely affected by the fluctuation in the exchange rate between RMB and other foreign currencies andthe liquidity of RMB at the relevant time. In case of sizable redemption requests for the RMB classes, the Manager has the absolute discretion to delay any payment of redemptionrequests from the RMB classes.

5. For hedged classes, there is no guarantee that the hedging techniques employed by the manager will fully and effectively achieve the desired result and effect. Furthermore thevolatility of the hedged classes may be higher than that of the equivalent class denominated in the Sub-Fund’s base currency. If the counterparties of the instruments used forhedging purpose default, Sub-Fund investors of the hedged classes may be exposed to currency exchange risk of the currency of denomination of the relevant class on anunhedged basis and may therefore suffer further losses.

6. For Distribution classes, the Manager may at its discretion determine to pay dividends out of income or capital of the Sub-Fund. In addition, the Manager may at its discretion paydividends out of gross income while charging / paying all or part of the Sub-Fund’s fees and expenses to the capital of the Sub-Fund, resulting in an increase in distributable incomefor the payment of dividends by the Sub-Fund, in which case, the Sub-Fund is effectively paying dividends out of capital. Payment of dividends out of capital amounts to a return orwithdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Such distributions may result in an immediate reduction in thenet asset value per unit of the Sub-Fund.

7. Investors must read the offering document carefully for further fund details, especially the details of risk factors. Investors should not only base on this marketing material alone tomake investment decisions.

NAV per unit : 15.58 ( USD )Fund size : 41.94 ( million USD )NAV and fund size as at : 31/12/2019Fund currency : USDReference Index : MSCI World Net Total Return Index

(net dividends reinvested)ISIN code : HK0000319415Bloomberg code : AHKGCCU HK

Key information Investment objective

To outperform global equity markets over a long termperiod by investing in the shares of companies which areeither established on or which benefit from, fully or partly,disruptive innovation business models.

Sub-fund launch date : 28/12/2016Type of shares : AccumulationManagement fee (p.a.) : 1.65%Subscription fee (max.) : 4.50%Switching fee (max.) : 1.00%Frequency of NAV calculation : Daily

Fund information

Performance28/12/2016 - 31/12/2019

reb

ase

d t

o 1

00

% ch

ang

e

12/16 06/17 12/17 06/18 12/18 06/19 12/19

80

100

120

140

160

-20

0

20

40

60

Portfolio Reference Index

Top 10 holdings

PortfolioSALESFORCE.COM INC 3.13%MARVELL TECHNOLOGY GROUP LTD 2.97%SOLAREDGE TECHNOLOGIES INC 2.86%MERCK & CO INC 2.70%PALO ALTO NETWORKS INC 2.68%TRANSUNION CORP 2.59%BOOKING HOLDINGS INC 2.49%EDWARDS LIFESCIENCES CORP 2.47%SMC CORP/JAPAN 2.46%COSTAR GROUP INC 2.36%

Risk indicators

Annualised portfolio volatility 3 yearsAnnualised portfolio volatility 16.09%Tracking error 8.12%Information ratio 0.44Sharpe ratio 0.91

Source of statistical information : Amundi All statistical information calculations are based on NAV ofClass Classic USD - Acc.

Download the fund documents here■ www.amundi.com.hk

AMUNDI HK - DISRUPTIVE OPPORTUNITIES EQUITY FUND

EQUITY ■

MONTHLYREPORT

31/12/2019

Cumulative performance * NAV 3 months 6 months 1 year 3 years 5 years Since launch YTD

USD - Acc. USD 15.58 7.30% 5.41% 33.28% 56.58% - 55.80% 33.28%USD - Dis. USD 11.99 7.28% 5.32% 33.19% - - 25.30% 33.19%Reference Index (in USD) - - 8.56% 9.14% 27.67% 42.66% - 42.73% 27.67%HKD - Dis. HKD 11.97 6.62% 5.15% 32.68% - - 25.09% 32.68%RMB - Dis. RMB 12.24 4.57% 6.77% 35.08% - - 27.91% 35.08%AUD (hedged) - Dis. AUD 11.89 6.95% 4.58% 31.46% - - 23.00% 31.46%CAD (hedged) - Dis. CAD 17.21 7.12% 4.90% 110.79% - - 74.80% 110.79%EUR (hedged) - Dis. EUR 10.42 6.54% 3.89% 29.12% - - 4.23% 29.12%GBP (hedged) - Dis. GBP 10.70 6.47% 4.09% 29.94% - - 7.56% 29.94%NZD (hedged) - Dis. NZD 12.93 7.03% 4.85% 48.02% - - 34.28% 48.02%RMB (hedged) - Dis. RMB 11.91 7.53% 5.51% 33.12% - - 27.69% 33.12%

Calendar year performance * 2015 2016 2017 2018 2019 Launch date ISIN

USD - Acc. - -0.50%^ 33.27% -11.84% 33.28% 28/12/2016 HK0000319415USD - Dis. - - 6.78%^ -11.90% 33.19% 11/09/2017 HK0000352978Reference Index (in USD) - 0.05% 22.40% -8.71% 27.67% 28/12/2016 -HKD - Dis. - - 6.88%^ -11.79% 32.68% 11/09/2017 HK0000352986RMB - Dis. - - 0.37%^ -5.66% 35.08% 17/11/2017 HK0000352994AUD (hedged) - Dis. - - 6.80%^ -12.39% 31.46% 11/09/2017 HK0000353000CAD (hedged) - Dis. - - - -17.08%^ 110.79% 06/08/2018 HK0000353018EUR (hedged) - Dis. - - - -19.27%^ 29.12% 17/09/2018 HK0000446416GBP (hedged) - Dis. - - - -17.22%^ 29.94% 06/08/2018 HK0000353026NZD (hedged) - Dis. - - 1.62%^ -10.74% 48.02% 17/11/2017 HK0000353034RMB (hedged) - Dis. - - 7.52%^ -10.78% 33.12% 11/09/2017 HK0000353042

* All performance figures are calculated based on NAV to NAV in denominated currencies with dividend reinvested. ^ Performance figures are calculated from the class launch date to 31 Dec of the corresponding calendar year.Last distribution/Annualised dividend yield**

Month Distribution Ex-dividend date Annualised dividend yield**USD - Dis. 12/2019 USD 0.00997 02/01/2020 1.0%HKD - Dis. 12/2019 HKD 0.00995 02/01/2020 1.0%RMB - Dis. 12/2019 RMB 0.01024 02/01/2020 1.0%AUD (hedged) - Dis. 12/2019 AUD 0.00005 02/01/2020 0.0%CAD (hedged) - Dis. 12/2019 CAD 0.00955 02/01/2020 0.7%EUR (hedged) - Dis. 12/2019 EUR 0.00000 02/01/2020 0.0%GBP (hedged) - Dis. 12/2019 GBP 0.00000 02/01/2020 0.0%NZD (hedged) - Dis. 12/2019 NZD 0.00421 02/01/2020 0.4%RMB (hedged) - Dis. 12/2019 RMB 0.02325 02/01/2020 2.3%

** Annualised dividend yield = [1+(1+monthly distribution per unit/ex-dividend NAV)^12-1]*[1+(1+quarterly distribution# per unit/ex-dividend NAV)^4-1]-1, where # is for Distribution II class. Theannualized dividend yield is calculated based on the last dividend distribution (ex-dividend date) with dividend reinvested, and may be higher or lower than the actual annual yield. ForDistribution II class, the Manager, on quarterly basis, will declare and pay any amount which per unit exceeds the Initial Offer Price after declaring the dividend for that calendar month to thoseregistered unitholders as at the end of the quarter. Therefore, the annualized dividend yield in March, June, September and December may materially higher than in other months due to thepotential quarterly distributions which is subject to the Sub-Fund’s performance. Investors in this share class may forgo the reinvestment potential of these quarterly distributions. Positivedistribution yield does not imply positive return. Dividend is not guaranteed.Portfolio breakdownSector breakdown

43.43 %

22.86 %

18.05 %

5.86 %

5.13 %

1.98 %

1.35 %

1.33 %

0 % 10 % 20 % 30 % 40 % 50 %

Information technology

Healthcare

Industrials

Consumer discretionary

Communication services

Materials

Financials

Energy

Real estate

Utilities

Consumer staples

Others & cash

Portfolio

Reference Index

Geographical breakdown

79.16 %

8.11 %

1.98 %

1.92 %

1.51 %

1.51 %

1.35 %

1.32 %

0.93 %

0.87 %

1.33 %

0 % 20 % 40 % 60 % 80 % 100 %

United States

Japan

Belgium

Germany

France

Brazil

China

Canada

Netherlands

Taiwan

Others & cash

Portfolio

Reference Index

All information is as of the date of this document unless otherwise specified. The issuer of this document is Amundi Hong Kong Limited. This document and the mentioned website have not been reviewed by the Securities and Futures Commission in Hong Kong (the“SFC”). Investors should not only base on this document alone to make investment decisions. Investment involves risk. The past performance information of the market, manager andinvestments and any forecasts on the economy, stock market, bond market or the economic trends of the markets which are targeted by the fund(s) are not indicative of future performance.Investment returns not denominated in HKD or USD is exposed to exchange rate fluctuations. The value of an investment may go down or up. The offering document(s) should be read forfurther details including the risk factors. The fund(s) may use financial derivatives instruments as part of the investment strategy and invest in securities of emerging markets or smallercompanies, or fixed income securities. This involves significant risks and is usually more sensitive to price movements. The volatility of fund prices may be relatively increased. Issuers of fixed-income securities may default on its obligation and the fund(s) will not recover its investment. Additional risk factors are described in the offering document(s). Investors are advised to be awareof any new risks that may have emerged in the prevailing market circumstances before subscribing the fund(s).This document is not intended for citizens or residents of the United States ofAmerica or to any «U.S. Person» , as this term is defined in SEC Regulation S under the U.S. Securities Act of 1933 and in the Prospectus of the Fund.

股票 ■

東方匯理香港組合 – 創新動力股票基金月報

31/12/2019

1. 本子基金投資於環球股票和貨幣市場工具（包括現金），並主要投資於根據破格性創新營業模式（即可挑戰或超越常用營業模式的新營業模式）新設立或全部或部分受惠於破格性創新營業模式的公司的股份。本子基金的價值或會非常波動及可能須承受重大損失。

2. 破格性創新公司的業務可能涉及較高的不確定性和其表現亦較為波動，所以本子基金須承受較高的市場波動和周轉率。3. 投資於本子基金涉及股票、市場及波動性、貨幣和集中風險，同時亦涉及運用作對沖和投資用途的金融衍生工具附帶的風險，以及中小型公司的風險。4. 由於人民幣不能自由兌換，投資於本子基金的人民幣類別可能會因人民幣與其他外幣之間的匯率變動及人民幣的流動性而受到不利的影響。在收到大量人民幣類別贖回要求的情況下，

基金經理有絕對酌情權延遲支付人民幣類別的贖回要求。5. 就對沖類別而言，概不保證基金經理運用的對沖技巧會充分而且有效地達至理想的結果和效用。此外，對沖類別的波動可能高於以基金基數貨幣計值的同等類別。如用作對沖的投資工

具的對手方違約，對沖類別的投資者或須承受相關計值貨幣的非對沖貨幣匯率風險，並可能因此蒙受進一步的損失。6. 就分派類別而言，基金經理可酌情決定從本子基金的收入或資本支付股息，而同時於／從本子基金的資本記入／支付本子基金全部或部分費用及支出，以致增加本子基金用作支付股息

的可分派收入，因此本子基金實際上可從資本支付股息。從資本中支付股息的情況相當於退還或提取投資者部分原有的投資或原有投資的資本收益。上述分派可能導致本子基金每單位資產淨值即時減少。

7. 投資者必須閱讀銷售文件以取得更詳盡資料，尤其當中所列載投資風險之陳述。投資者不可單靠本文而作出投資決定。

每單位資產淨值 : 15.58 ( 美元 )基金規模 : 41.94 ( 百萬美元 )每單位資產淨值和基金規模截至 : 31/12/2019基金貨幣 : 美元參考指數 : MSCI World Net Total Return 指數

(淨股息再投資)ISIN 號碼 : HK0000319415彭博代號 : AHKGCCU HK

重要資料投資目標

透過投資於根據破格性創新營業模式設立或全部或部分受惠於破格性創新營業模式的公司的股份，於長遠而言達至超越環球股票市場的表現。

子基金成立日期 : 28/12/2016股份類別 : 累算管理費 (每年) : 1.65%認購費 (最高) : 4.50%轉換費 (最高) : 1.00%資產淨值計算頻率 : 每日

基金資料

基金表現

28/12/2016 - 31/12/2019

以1

00為基數升

跌％

12/16 06/17 12/17 06/18 12/18 06/19 12/19

80

100

120

140

160

-20

0

20

40

60

基金參考指數

10大持股

基金SALESFORCE.COM INC 3.13%MARVELL TECHNOLOGY GROUP LTD 2.97%SOLAREDGE TECHNOLOGIES INC 2.86%MERCK & CO INC 2.70%PALO ALTO NETWORKS INC 2.68%TRANSUNION CORP 2.59%BOOKING HOLDINGS INC 2.49%EDWARDS LIFESCIENCES CORP 2.47%SMC CORP/JAPAN 2.46%COSTAR GROUP INC 2.36%

風險指標

基金年波幅率 3年基金年波幅率 16.09%循軌誤差 8.12%資料比率 0.44夏普指數 0.91統計資料來源：東方匯理資產管理所有統計資料均依據普通類別美元－累算之資產淨值計算。

從此處下載基金文件■ www.amundi.com.hk

東方匯理香港組合 – 創新動力股票基金

股票 ■

月報

31/12/2019

累積表現 * 每單位資產淨值 3個月 6個月 1年 3年 5年自成立至今年初至今

美元－累算美元 15.58 7.30% 5.41% 33.28% 56.58% - 55.80% 33.28%美元－分派美元 11.99 7.28% 5.32% 33.19% - - 25.30% 33.19%參考指數(以美元計) - - 8.56% 9.14% 27.67% 42.66% - 42.73% 27.67%港元－分派港幣 11.97 6.62% 5.15% 32.68% - - 25.09% 32.68%人民幣－分派人民幣 12.24 4.57% 6.77% 35.08% - - 27.91% 35.08%澳元(對沖)－分派澳元 11.89 6.95% 4.58% 31.46% - - 23.00% 31.46%加元(對沖)－分派加元 17.21 7.12% 4.90% 110.79% - - 74.80% 110.79%歐元(對沖)－分派歐元 10.42 6.54% 3.89% 29.12% - - 4.23% 29.12%英磅(對沖)－分派英磅 10.70 6.47% 4.09% 29.94% - - 7.56% 29.94%紐元(對沖)－分派紐元 12.93 7.03% 4.85% 48.02% - - 34.28% 48.02%人民幣(對沖)－分派人民幣 11.91 7.53% 5.51% 33.12% - - 27.69% 33.12%

年度表現 * 2015 2016 2017 2018 2019 成立日期 ISIN號碼

美元－累算 - -0.50%^ 33.27% -11.84% 33.28% 28/12/2016 HK0000319415美元－分派 - - 6.78%^ -11.90% 33.19% 11/09/2017 HK0000352978參考指數(以美元計) - 0.05% 22.40% -8.71% 27.67% 28/12/2016 -港元－分派 - - 6.88%^ -11.79% 32.68% 11/09/2017 HK0000352986人民幣－分派 - - 0.37%^ -5.66% 35.08% 17/11/2017 HK0000352994澳元(對沖)－分派 - - 6.80%^ -12.39% 31.46% 11/09/2017 HK0000353000加元(對沖)－分派 - - - -17.08%^ 110.79% 06/08/2018 HK0000353018歐元(對沖)－分派 - - - -19.27%^ 29.12% 17/09/2018 HK0000446416英磅(對沖)－分派 - - - -17.22%^ 29.94% 06/08/2018 HK0000353026紐元(對沖)－分派 - - 1.62%^ -10.74% 48.02% 17/11/2017 HK0000353034人民幣(對沖)－分派 - - 7.52%^ -10.78% 33.12% 11/09/2017 HK0000353042

* 所有表現資料以有關類別的貨幣、資產淨值對資產淨值、股息再投資計算。 ^ 表現資料由類別成立日至有關公曆年的12月31日計算。最近一次派息/年率化派息率**

月份派息除息日年率化派息率**美元－分派 12/2019 美元 0.00997 02/01/2020 1.0%港元－分派 12/2019 港幣 0.00995 02/01/2020 1.0%人民幣－分派 12/2019 人民幣 0.01024 02/01/2020 1.0%澳元(對沖)－分派 12/2019 澳元 0.00005 02/01/2020 0.0%加元(對沖)－分派 12/2019 加元 0.00955 02/01/2020 0.7%歐元(對沖)－分派 12/2019 歐元 0.00000 02/01/2020 0.0%英磅(對沖)－分派 12/2019 英磅 0.00000 02/01/2020 0.0%紐元(對沖)－分派 12/2019 紐元 0.00421 02/01/2020 0.4%人民幣(對沖)－分派 12/2019 人民幣 0.02325 02/01/2020 2.3%

** 年率化派息率 = [1+(1+每單位月度派息/除息日資產淨值)^12-1]*[1+(1+每單位季度派息#/除息日資產淨值)^4-1]-1，當中 # 代表分派II類別。年率化派息率乃基於最近一次派息(除息日)計算及假設收益再作投資，並可能高於或低於實際全年股息派息率。就分派II類別而言，基金經理將每季於有關公曆月向截至季末的已登記單位持有人宣佈股息之後，宣佈支付超出首次發售價的每單位款額。故此，透過潛在的季度派息，其年率化派息率在三月、六月、九月和十二月可能遠高於其他月份；而季度派息則視乎基金的表現。此股份類別的投資者可能放棄了這些季度派息的再投資潛力。正派息率並不代表正數回報，基金派息並無保證。

資產分佈

行業分佈

43.43 %

22.86 %

18.05 %

5.86 %

5.13 %

1.98 %

1.35 %

1.33 %

0 % 10 % 20 % 30 % 40 % 50 %

資訊科技

健康護理

工業

非必需消費品

通訊服務

物料

金融

能源

房地產

公用事業

必需消費品

其他及現金

基金

參考指數

地域分佈

79.16 %

8.11 %

1.98 %

1.92 %

1.51 %

1.51 %

1.35 %

1.32 %

0.93 %

0.87 %

1.33 %

0 % 20 % 40 % 60 % 80 % 100 %

美國

日本

比利時

德國

法國

巴西

中國

加拿大

荷蘭

台灣

其他及現金

基金

參考指數

所有資料截至本文日期，除非另外申明。本文乃由東方匯理資產管理香港有限公司編製。本文及所提及之網站並未得到香港證券及期貨事務監察委員會（「證監會」）的審閱。投資者不可單靠本文而作出投資決定。投資涉及風險。市場、基金經理以及投資的過往表現及任何基金投資的經濟市場、股市、債市或經濟趨勢預測並非將來表現依據。投資回報以非港元或美元為單位可能因匯率波動而令投資總值下跌或上升。投資可跌可升，投資者必須閱讀銷售文件以取得更詳盡資料，尤其當中所列載投資風險之陳述。基金或可能投資於金融衍生工具，作為其投資策略的其中一部份，亦有可能投資於新興市場、小型公司等證券或固定收益證券。這類型投資會涉及較大投資風險，對價格走勢亦會較為敏感。基金價格的波動性相對亦會增加。固定收益證券之發行人可能無法履行其義務及有關基金無法收回其投資。銷售文件內有更多風險因素之陳述。投資者必須留意一些因當時市場情況而產生的新風險，方可決定選購有關基金。本文不擬提供於美國公民、美國居民或任何根據美國1933年証券法下的規則S或基金說明書中所定義的「美國人士」。

PRODUCT KEY FACTS Amundi HK – Disruptive Opportunities Equity Fund

(a sub-fund of Amundi HK Portfolios) Issuer: Amundi Hong Kong Limited

January 2020

• This statement provides you with key information about this product. • This statement is a part of the Explanatory Memorandum. • You should not invest in this product based on this statement alone.

Quick Facts

Manager: Amundi Hong Kong Limited 東方匯理資產管理香港有限公司

Trustee: HSBC Institutional Trust Services (Asia) Limited

滙豐機構信託服務（亞洲）有限公司

Dealing Frequency: Daily (any business day during which banks are open for normal banking business in Hong Kong but excluding Saturdays and Sundays, or days as the Manager and the Trustee may agree)

Ongoing charges over a year#: Class Classic Classes: 2.45%

Base currency: USD

Dividend policy: For Distribution classes: Dividends will be declared and paid monthly (however, the rate of distribution is not guaranteed)^

For Accumulation classes: No dividends will be declared

^Dividend payments may, at the sole discretion of the Manager, be made out of the Sub-Fund’s income and/or capital, or be paid out of gross income while charging/paying all or part of the Sub-Fund’s fees and expenses to/out of the capital of the Sub-Fund, resulting in an increase in distributable income for the payment of dividends by the Sub-Fund, in which case, the Sub-Fund is effectively paying dividends out of capital. Distributions out of capital or effectively out of capital may result in an immediate decrease of the net asset value per unit of the Sub-Fund.

Financial year end: 31 December

Min. Investment:

Initial: USD1,000

Additional: USD1,000

#The ongoing charges figure is based on the expenses for the period from 1 January 2019 to 30 June 2019 and expressed as a percentage

of the average net asset value for the corresponding period annualized. This figures may vary from year to year.

What is this product?

Amundi HK – Disruptive Opportunities Equity Fund is a sub-fund constituted in a form of unit trust under Amundi HK Portfolios which is an umbrella unit trust governed by the laws of Hong Kong.

Investment Objectives

The investment objective of the Sub-Fund is to outperform global equity markets over a long-term period by investing in the shares of companies which are either established on or which benefit from, fully or partly, disruptive innovation business models.

Investment Strategy

The Sub-Fund aims to achieve the investment objective by investing at least 75% of its net asset value in a diversified portfolio of securities of companies which create a new market (such as through new products, services, solutions or distribution channels) that, in the opinion of the Manager, can challenge and may eventually overtake existing business models (known as “disruptive innovation companies”). These companies are developed based on a different business model rather than more commonly used business models established in the relevant industry. The Manager considers that such disruptive innovation companies

Amundi HK – Disruptive Opportunities Equity Fund (a sub-fund of Amundi HK Portfolios)

may benefit from the above structural changes by way of innovations, and could be identified from different economic sectors such as healthcare, internet economy, technology, industrials, environment, consumer discretionary, financials etc. Disruptive innovation companies are considered to have the potential for revolutionizing an industry and significant societal impact, which breakthrough an industry’s conventional approach in doing business.

The Sub-Fund may invest up to 100% of its net asset value in equities and equity equivalent securities (such as American depository receipts, global depository receipts).

Depending on market conditions, up to 25% of the net asset value of the Sub-Fund may be invested in cash and money market instruments. The Sub-Fund will only invest up to 10% of its Net Asset Value in physical exchange traded funds.

The Sub-Fund may invest in China A shares via the Stock Connects within a maximum of 10% of its assets.

The Sub-Fund may invest in financial derivative instruments (such as warrants, options and futures) for hedging or investment purposes to the extent permitted under Chapter 7 of SFC’s Code on Unit Trusts and Mutual Funds and the provisions set out under the section headed “INVESTMENT AND BORROWING RESTRICTIONS” in the Explanatory Memorandum.

The Sub-Fund is not subject to any limitation on the portion of its net asset value that may be invested in any one country, region or sector, except that the Sub-Fund will not invest more than 10% of its non-cash assets in Mainland China market. The Sub-Fund adopts a mix of top-down and bottom-up approach.

The Sub-Fund will not be involved in any securities financing transactions.

Use of derivatives / investment in derivatives

The Sub-Fund’s net derivative exposure may be up to 50% of the Sub-Fund’s net asset value.

What are the key risks?

Investment involves risks. Please refer to the Explanatory Memorandum for details including the risk factors.

1. General investment risk: The Sub-Fund’s investment portfolio may fall in value due to any of the key risk factors below and therefore your investment in the Sub-Fund may suffer losses. There is no guarantee of the repayment of principal.

2. Concentration risk: The Sub-Fund’s investments may be concentrated on specific countries, regions or sectors. The value of the Sub-Fund may be more volatile than that of a fund having a more diverse portfolio of investments.

3. Equity, market and volatility risk: The Sub-Fund may invest directly or indirectly (e.g. through American depository receipts, global depository receipts) in equities and are thus, subject to the market risks generally associated with equity investment, namely, the market value of the stocks may go down as well as up. Factors affecting the stock values are numerous, including but not limited to changes in investment sentiment, political environment, economic environment, the business and social conditions in local and global marketplace and issuer-specific factors. Securities exchanges typically have the right to suspend or limit trading in any security traded on the relevant exchange; a suspension will render it impossible to liquidate positions. It is possible that your investment value could suffer substantial loss. High market volatility and potential settlement difficulties in the markets may also result in significant fluctuations in the prices of the securities traded on such markets and thereby may adversely affect the value of the Sub-Fund.

4. Risks relating to investment in disruptive innovation companies: The Sub-Fund mainly invests in disruptive innovation companies that are developed based on a different business model rather than more commonly used business models. The business model employed by these companies may not have a proven history of success and viability and some of these companies may be in their preliminary stage of development and may have a smaller operating scale and shorter operating history. Therefore their businesses are subject to higher uncertainty and more fluctuations in their performance. As a result, their stability and resistance to market risks may be lower. Hence, they are subject to higher market volatility and higher turnover ratios than companies that adopt more traditional and well-established business models. Companies pursuing disruptive innovation may be less profitable at the outset and the Sub-Fund may suffer losses by investing in them. The laws and regulations applicable to the disruptive innovations may be evolving which may have an adverse impact on the business models adopted by these companies, and thus affecting the value of the Sub-Fund.

5. Risk of small and medium sized companies: The Sub-Fund may invest in small and medium sized companies which may involve a higher degree of risk, due to higher risks of failure or bankruptcy and illiquid nature of the small and medium sized companies’ shares. Investment in small and medium sized companies’


shares are likely to have a higher risks of price volatility from adverse economic developments and the Sub-Fund may suffer loss.

6. Currency risk: The Sub-Fund may invest in whole or in part in underlying assets quoted in other currencies

than the Sub-Fund’s base currency. Also, a class of units may be designated in a currency other than the Sub-Fund’s base currency. The performance and the net asset value of the Sub-Fund may therefore be affected unfavourably by movements in the exchange rate between these currencies and the base currency of the Sub-Fund and by changes in exchange rate controls. As a result of the Sub-Fund’s exposure to currency risk, the Sub-Fund may suffer loss.

7. Risks related to distribution policy: For distribution classes, the Manager may at its discretion determine to pay dividends out of capital and/or effectively out of capital of the Sub-Fund, amounting to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the net asset value per unit of the Sub-Fund. In addition, returns to investors will vary from year to year depending on the dividend income and capital returns generated by the underlying investments. The Manager will declare and pay dividends every calendar month for those registered unitholders as at the end of a calendar month. However, the rate of distribution is not guaranteed and is subject to the discretion of the Manager.

The distribution amount and net asset value of the hedged unit classes may be adversely affected by differences in the interest rates of the reference currency of the hedged unit classes and the Sub-Fund’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and/or effectively out of capital (as the case may be) and hence a greater erosion of capital than other non-hedged unit classes.

8. RMB class related risk: RMB is currently not a freely convertible currency. The supply of RMB and the conversion of foreign currency into RMB are subject to exchange control policies and restrictions imposed by the Mainland authorities. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. As such, in case of sizable redemption requests for the RMB classes are received, the Manager has the absolute discretion to delay any payment of redemption requests from the RMB classes where it determines that there is not sufficient RMB for currency conversion by the Sub-Fund for settlement purpose. In any event, for proper redemption requests received before the dealing deadline, realisation proceed will be paid no later than one calendar month after the relevant dealing day when the redemption requests were received.

When calculating the value of the RMB classes, the offshore RMB in Hong Kong (the “CNH”) will be used. The CNH rate may be at a premium or discount to the exchange rate for onshore RMB in China (the “CNY”) and there may be significant bid and offer spreads. While CNH and CNY represent the same currency, they are traded in different and separate markets which operate independently. As such, CNH does not necessarily have the same exchange rate and may not move in the same direction as CNY. Any divergence between CNH and CNY may adversely impact investors.

The value of the RMB classes thus calculated will be subject to fluctuation. The exchange rate of RMB may rise or fall. Non-RMB based investors are exposed to foreign exchange risk and there can be no assurance that RMB will not be subject to devaluation against the investors’ base currencies (for example HKD). Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB classes of the Sub-Fund. Non-RMB based (e.g. Hong Kong) investors may have to convert Hong Kong dollar or other currencies into RMB when investing in the RMB classes. Subsequently, investors may also have to convert the RMB redemption proceeds (received when selling the units) and RMB dividends received (if any) back to Hong Kong dollar or other currencies. During these processes, investors will incur currency conversion costs and may suffer losses in the event that RMB depreciates against Hong Kong dollar or such other currencies upon receipt of the RMB redemption proceeds and/or RMB dividends (if any).

9. Hedging risk: Each of the hedged classes of units will hedge the Sub-Fund’s base currency (i.e. USD) back to its currency of denomination, on a best effort basis, with an objective to align the performance of the hedged class to that of the equivalent class denominated in the Sub-Fund’s base currency. The effects of hedging will be reflected in the net asset values of the hedged class. The Manager is also permitted but not obliged to use hedging techniques to attempt to offset market risks. However, there is no guarantee that the hedging techniques employed by the Manager will fully and effectively achieve the desired result and effect. Furthermore the volatility of the hedged class may be higher than that of the equivalent class denominated in the Sub-Fund’s base currency. The hedging strategy will limit the hedged class from benefiting from any potential gain resulting from the appreciation of the base currency against the hedged class currency of denomination and investors have to bear the associated hedging costs which may be significant depending on the prevailing market conditions.


33.3%

-11.8%

22.4%

-8.7%-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

2014 2015 2016 2017 2018

Class Classic USD - Acc reference index

How has the fund performed?

Is there any guarantee?

This Sub-Fund does not have any guarantees. You may not get back the full amount of money you invest.

What are the fees and charges?

Charges which may be payable by you

You may have to pay the following fees when dealing in the units of the Sub-Fund.

Fee What you pay

Subscription fee (Preliminary Charge) Classic Classes: 4.5% of the issue price (maximum)

Switching fee Classic Classes: 1% of the issue price of the new units (maximum)

Redemption fee (Realisation Charge) Classic Classes: Currently is none (maximum is 1% of the realisation price)

Ongoing fees payable by the Sub-Fund

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

Annual rate (as a % of the Net Asset Value of the Sub-Fund)

Management fee Classic Classes: 1.65% (maximum is 2.00%)

Trustee fee Classic Classes: currently is 0.11%, subject to an annual minimum fee of USD40,000 (annual minimum fee for the first 12 months from launch is USD20,000)

Performance fee Not Applicable

Administration fee None

Registrar’s Fee An annual maintenance fee of USD4,000 for maintaining the register of unitholders for the first 30 unitholders and thereafter USD100 per annum per unitholder

• Past Performance information is not indicative of future performance. Investors may not get back the full amount invested.

• The computation of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.

• Class Classic USD accumulation class denominated in the Sub-Fund’s base currency is chosen by the manager as the representative share.

• These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

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

• The reference index of the Sub-Fund is “MSCI World Net Total Return Index (net dividends reinvested)”

• Fund launch date: 2016 • Class launch date: 2016


Other fees

You may have to pay other fees when dealing in the units of the Sub-Fund. The Sub-Fund will also bear the costs which are directly attributable to it, as set out in the Explanatory Memorandum.

Additional Information

You generally buy and redeem units at the Sub-Fund’s next-determined NAV after HSBC Institutional Trust Services (Asia) Limited, the Trustee of the Sub-Fund, receives your request in good order on or before 5 p.m. (Hong Kong time) being the dealing cut-off time. Investors are reminded that the distributors may have different cut-off time. Please pay attention to the dealing cut-off time of the respective distributors.

The net asset value (NAV) of this Sub-Fund is calculated and the price of units published each business day. They are available online at http://www.amundi.com.hk/retail* in English and http://www.amundi.com.hk/zh_retail* in Chinese in Chinese.

The compositions of dividends (i.e. the relative amounts paid out of (i) net distributable income and (ii) capital) are available by the Manager on request and can be found online at http://www.amundi.com.hk*.

*The above website has not been reviewed by the Securities and Futures Commission (“SFC”).

Important

If you are in doubt, you should seek professional advice.

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

http://www.amundi.com.hk/retailhttp://www.amundi.com.hk/zh_retail

產品資料概要東方匯理香港組合–創新動力股票基金

（東方匯理香港組合之子基金）

發行人：東方匯理資產管理香港有限公司

2020 年 1 月

• 本概要提供本基金的重要資料。 • 本概要是基金說明書的一部分。

• 請勿單憑本概要作出投資決定。

資料便覽

基金經理：東方匯理資產管理香港有限公司

受託人：滙豐機構信託服務（亞洲）有限公司

交易頻密程度：每日（香港的銀行開門經營正常銀行業務的任何營業日，但不包括星期六

及星期日或基金經理與受託人同意的日子）

全年經常性開支比率#：普通類別：2.45%

基數貨幣：美元

派息政策：就分派類別而言：將每月宣佈及支付股息（然而，不保證分派比率）^

就累算類別而言：不會宣佈派息

^基金經理可全權酌情決定從子基金的收入及/或資本支付股息，或從總收

入中支付股息而同時於/從子基金的資本記入/支付子基金全部或部分費用

及支出，以致子基金用作支付股息的可分派收入增加，而因此子基金實際

上可從資本支付股息。從資本分派股息或實際上從資本支付股息可能導致

子基金的每單位資產淨值即時減少。

財政年度終結日： 12 月 31 日

最低投資額：首次：1,000 美元

其後：1,000 美元

#經常性開支比率是以 2019 年 1 月 1 日至 2019 年 6 月 30 日期間的六個月開支，以及其相應期間的平均資產淨值經年率化作百分比顯

示。有關數據或會按年變動。

本基金是甚麼產品?

東方匯理香港組合 – 創新動力股票基金是在東方匯理香港組合之下以單位信託基金形式組成的子基金。東

方匯理香港組合是受香港法律管限的傘子型單位信託基金。

投資目標

子基金的投資目標是透過投資於根據破格性創新營業模式設立或全部或部分受惠於破格性創新營業模式的

公司的股份，於長遠而言達至超越環球股票市場的表現。

投資策略

子基金的目標，是藉至少以其資產淨值的 75%投資於創建新市場（例如透過新產品、服務、解決方案或經

銷渠道）的公司的多元化證券投資組合，以達到投資目標，而該等公司是基金經理認為能夠挑戰並可能超

越現有營業模式的（稱為「破格性創新公司」）。這些公司是基於不同的營業模式發展而成，而非建基於

在相關行業建立且更為常用的營業模式。基金經理認為該等破格性創新公司可藉由創新而受惠於上述結構

性改變，並可從不同的經濟行業界別識別出來，例如健康護理、互聯網經濟、科技、工業、環保、非核心

消費品、金融等。破格性創新公司被視為具有革新行業的潛力及重大的社會影響，可突破其行業的傳統經

東方匯理香港組合 –創新動力股票基金


營方式。

子基金最多可以其資產淨值的 100%投資於股票及等同股票的證券（例如美國預託證券、環球預託證券）

。

視乎市場情況而定，子基金最多可以其資產淨值的 25%投資於現金及貨幣市場工具。子基金最多只可以其

資產淨值的 10%投資於實物資產交易所買賣基金。

子基金可透過互聯互通機制投資於中國 A股，但以其資產的 10%為上限。

在證監會的《單位信託及互惠基金守則》第 7 章及基金說明書標題為「投資及借貸限制」一節的條文許可

下，子基金可投資於金融衍生工具（例如權證、期權及期貨）作對沖或投資用途。

對於子基金可以其資產淨值的若干比例投資於任何一個國家、地區或行業，並未設定任何限制，惟子基金

不會以超過其非現金資產的 10%投資於中國大陸市場。子基金採用由上而下及由下而上的混合取向。

子基金不會進行證券融資交易。

運用金融衍生工具

子基金的衍生工具風險承擔淨額以子基金資產淨值的 50%為限。

本基金有哪些主要風險?

投資涉及風險。請參閱基金說明書，了解風險因素等資料。

1. 一般投資風險：子基金投資組合的價值或會因下文所述任何主要風險因素而下跌，閣下在子基金的投資

可能蒙受損失。概不保證可付還本金。

2. 集中風險：子基金的投資或會集中於特定的國家、地區或行業。與具有較多元投資組合的基金相比，子

基金的價值可能較為波動。

3. 股票、市場及波動性風險：子基金可直接或間接投資於股票（例如透過美國預託證券、環球預託證券）

，故此須承受股票投資一般相關的市場風險，即股票市值可升亦可跌。影響股票價值的因素眾多，包括但

不限於投資情緒、政治環境、經濟環境，以及當地和環球市場的業務和社會狀況之轉變，及與發行人有關

的特定因素。證券交易所通常有權暫停或限制買賣任何在有關交易所買賣的證券；暫停將使得其無法進行

平倉。閣下的投資價值有可能蒙受重大損失。市場波動性高及在市場潛在的結算困難亦可能導致在該等市

場買賣的證券價格大幅波動，從而可能對子基金的價值有不利的影響。

4. 與投資於破格性創新公司有關的風險：子基金主要投資於基於不同的營業模式發展而成，而非建基於更

為常用的營業模式的破格性創新公司。這些公司所採用的營業模式未必擁有經驗證為成功及可行的歷史，

其中一些公司可能尚在發展初期，而且營運規模較小和營運歷史不長。因此，其業務具有較高的不確定性

，其表現亦較為波動。故其穩定性及抗衡市場風險的能力或會較低。因此，與採用較傳統及穩健的營業模

式的公司相比，這些公司的市場波動性和周轉率相對亦較高。奉行破格性創新模式的公司起步時盈利能力

較低，子基金投資於其中或會蒙受損失。適用於破格性創新模式的法律法規仍在演變中，對這些公司採用

的營業模式或會帶來不利的影響，從而影響子基金的價值。

5. 中小型公司的風險：子基金可投資於中小型公司，由於中小型公司具有較高的失敗或破產風險及其股票

缺乏流通性，有關投資可能涉及較高程度的風險。投資於中小型公司的股份很可能由於不利的經濟發展而

具有較高的價格波動風險，子基金或會蒙受損失。

6. 貨幣風險：子基金可投資於基金的基數貨幣以外的其他貨幣報價的全部或部分相關資產。另外，某類別

單位可能以基金的基數貨幣以外的貨幣計值。因此，子基金的表現及資產淨值可能受到這些貨幣與子基金

基數貨幣之間的匯率變動及匯率管制變更的不利影響。由於子基金承受貨幣風險，子基金或會蒙受損失。

7. 與分派政策有關的風險：就分派類別而言，基金經理可酌情決定從子基金的資本及/或實際上從子基金

的資本支付股息，此情況相當於退還或提取投資者部分原有的投資或任何歸屬於該原有投資的資本收益。

上述分派可能導致子基金每單位資產淨值即時減少。此外，投資者的回報視乎相關投資所產生的股息收入

及資本回報而定，每年有所不同。基金經理將於每一公曆月為截至該公曆月底的已登記單位持有人宣佈支



付股息。然而，子基金不保證分派比率，概由基金經理酌情決定。

對沖單位類別的分派額及資產淨值可能受對沖單位類別的參考貨幣與子基金的基數貨幣之間的息差的不利

影響，以致從資本及/或實際上從資本支付（以適用者為準）的分派額增加，因而導致出現較其他非對沖單

位類別較大的資本侵蝕情況。

8. 與人民幣類別有關的風險：人民幣現時並非自由兌換貨幣。人民幣的供應及將外幣兌換為人民幣均受中

國當局的外匯管制政策和限制所規限。在特殊情況下，以人民幣支付贖回款項及/或股息或會因適用於人民

幣的外匯管制及限制而有所延誤。因此，在收到大量人民幣類別贖回要求的情況下，基金經理如認為沒有

足夠的人民幣以供子基金進行貨幣兌換結算，基金經理有絕對酌情權延遲支付人民幣類別的贖回要求。在

任何情況下，對於在交易截止時間之前收到的正式贖回要求，贖回所得款項將在不遲於收到贖回要求的有

關交易日之後的一個公曆月支付。

計算人民幣類別的價值時將採用香港的離岸人民幣（「CNH」）。CNH 兌中國在岸人民幣（「CNY」）的

匯率可以出現溢價或折價，並可能出現相當幅度的買賣差價。雖然 CNH 和 CNY 是同一貨幣，但在獨立運

作的不同市場買賣。因此，CNH 與 CNY 的匯率未必相同，其走勢方向亦未必一致。CNH 與 CNY 的差異

可能對投資者有不利的影響。

如此計算出來的人民幣類別的價值將浮動不定。人民幣匯率可升可跌。並非以人民幣為主的投資者須承受

外匯風險，不能保證人民幣兌投資者的基數貨幣（例如港元）不會貶值。人民幣貶值可能對投資者在子基

金的人民幣類別投資的價值造成不利的影響。並非以人民幣為主（例如香港）的投資者在投資於人民幣類

別時可能須將港元或其他貨幣兌換為人民幣。其後，投資者亦可能須將人民幣贖回款項（於出售單位時收

到）及所收取的人民幣股息（若有）再兌換為港元或其他貨幣。在這些過程中，當收到人民幣贖回款項及/

或人民幣股息（若有）時，如人民幣兌港元或其他貨幣貶值，投資者將招致貨幣兌換費用並可能蒙受損失

。

9. 對沖風險：每個對沖類別的單位將以子基金的基數貨幣（即美元）對沖其計值貨幣，在盡最大努力的基

礎上，以使對沖類別的表現緊貼以子基金基數貨幣計值的同等類別的表現為目標。對沖的效果將反映於對

沖類別的資產淨值。基金經理亦可以但並沒有責任運用對沖技巧試圖抵銷市場風險。然而，概不保證基金

經理運用的對沖技巧會充分而且有效地達至理想的結果和效用。此外，對沖類別的波動可能高於以子基金

基數貨幣計值的同等類別。對沖策略將限制對沖類別受惠於基數貨幣兌對沖類別計值貨幣升值時可能取得

的潛在收益，投資者須承擔有關對沖費用，對沖費用可能不少，視乎當時市況而定。

本基金過往的業績表現如何?

• 往績並非預測日後業績表現的指標。投

資者未必能取回全部投資本金。

• 子基金業績表現以歷年末的資產淨值作

為比較基礎，股息會滾存再作投資。

• 以子基金基本貨幣計價的普通類別美元

-累算股份類別是由基金經理選取為代

表股份。

• 上述數據顯示本股份類別總值在有關歷

年內的升跌幅度。業績表現以美元計算

，當中反映出子基金的持續費用，但不

包括子基金可能向閣下收取的認購費及

贖回費。

• 如年內沒有顯示有關的業績表現，即代

表當年沒有足夠數據用作提供業績表現

之用。

• 子基金的參考指數為「MSCI World

Net Total Return 指數（淨股息再投資

）」

• 基金成立日期﹕2016 年

• 類別成立日期﹕2016 年

33.3%

-11.8%

22.4%

-8.7%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

70%

2014 2015 2016 2017 2018

普通類別美元 -累算參考指數



本基金有否提供保證?

本子基金並不提供任何保證。閣下未必能取回投資本金。

投資本基金涉及哪些費用及收費?

閣下或須繳付的收費

子基金單位交易或須繳付以下費用。

費用金額

認購費（初步費用）普通類別：發行價的4.5%（最高）

轉換費普通類別：新單位發行價的1%（最高）

贖回費（變現費）普通類別：現時沒有（最高為變現價的1%）

子基金持續繳付的費用

以下收費將從子基金中扣除，閣下的投資回報將會因而減少。

每年收費率（佔子基金資產淨值百分比）

管理費普通類別：1.65%（最高為2.00%）

受託人費用普通類別：現為0.11%，最低收費為每年40,000美元（從推出起首12

個月的年度最低費用為20,000美元）

表現費不適用

行政管理費沒有

過戶登記處費用維持首30位單位持有人的單位持有人登記冊的年度維持費為4,000美

元，其後每位單位持有人每年100美元

其他費用

子基金單位交易或須繳付其他費用。子基金亦將承擔基金說明書所述直接歸屬於子基金的費用。

其他資料

於交易截止時間即下午五時（香港時間）或之前經子基金受託人滙豐機構信託服務（亞洲）有限公司收妥

的認購及贖回要求，一般按子基金隨後釐定的資產淨值執行。投資者宜謹記，分銷商各有不同的截止時間，

請留意不同分銷商的交易截止時間。

本子基金在每一營業日計算資產淨值及公佈單位價格。詳情請瀏覽以下網站

http://www.amundi.com.hk/retail*（英文）及http://www.amundi.com.hk/zh_retail*（中文）。

股息成分資料（即從(i)可分派淨收入及(ii)資本支付的相對款額）可向基金經理索閱，亦可於以下網站閱

覽： http://www.amundi.com.hk*。

*上述網站並未經證券及期貨事務監察委員會（「證監會」）審核。

重要提示

閣下如有疑問，應諮詢專業意見。

證監會對本概要的內容並不承擔任何責任，對其準確性或完整性亦不作出任何陳述。
http://www.amundi.com.hk/retailhttp://www.amundi.com/hkg/home_prod_offr*http://www.amundi.com/hkg/home_prod_offr*http://www.amundi.com.hk/zh_retail

amundi hk - disruptive opportunities equity fund · companies, or ﬁxed income securities. this...

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