as an important notice, please read this letter carefully
TRANSCRIPT
Date: 30 September 2021
Private and confidential
Policy Plan: [Name of the Policy Plan] (the “Plan”)
Policy Number: [Policy Number of the Policy Holder]
Dear Valued Customer,
As an important notice, please read this letter carefully and seek independent professional advice should you
have any questions about the content. Heng An Standard Life (Asia) Limited accepts responsibility for the
accuracy of the content of this letter.
Fund merger of the underlying fund corresponding to Barings Asia Balanced Fund - Class A USD Acc (Reference Code: 01RU) (the “Investment Choice”) (the “Merger”) Unless otherwise indicated, all capitalised terms in this letter shall have the same meaning as described in the prospectus (the “Prospectus”) and Hong Kong covering document of Barings Global Opportunities Umbrella Fund or Barings International Umbrella Fund, as appropriate (collectively, the “Hong Kong Offering Documents”).
We have been informed by the Directors of Baring International Fund Managers (Ireland) Limited (the “Directors”)
that the Directors decided to merge the underlying fund corresponding to the Investment Choice, namely, Barings
Global Opportunities Umbrella Fund - Barings Asia Balanced Fund (the “Merging Underlying Fund”) into Barings
International Umbrella Fund - Barings Global Balanced Fund (the “Receiving Underlying Fund”). As the unitholders
of the Investment Choice, the following changes applicable to the Merging Underlying Fund may have implications for
your investment.
After the Merger, the Investment Choice will be linked to the Receiving Underlying Fund, reference code and names
will be changed accordingly as below.
Current
Reference
Code
Reference
Code after
the Merger
Type Current Name Name after the Merger
01RU 14RU Name of the
Investment
Choice
Barings Asia Balanced Fund - Class A USD Acc
Barings Global Balanced Fund – Class A USD Acc
Name of the
Underlying
Fund
Barings Global Opportunities Umbrella Fund - Barings Asia Balanced Fund
Barings International Umbrella Fund - Barings Global Balanced Fund
2
Background and rationale for the Merger
The Directors have decided in consultation with the Investment Manager, which acts for both the Merging Underlying
Fund and the Receiving Underlying Fund, that it is in the best interests of the Merging Underlying Fund unitholders to
carry out the Merger. Following the Merger and consolidation of fund ranges, the Merging Underlying Fund unitholders
may benefit from the economies of scale achieved as a result of merging into the Receiving Underlying Fund which
belongs to an umbrella fund which has a larger pool of assets under management and a larger number of underlying
funds. The Receiving Underlying Fund is expected to have lower ongoing charges than that of the Merging Underlying
Fund (based on the latest ongoing charges as of 31 October 2020), ultimately resulting in a lower level of costs of
operating the Receiving Underlying Fund for the Merging Underlying Fund unitholders.
A comparison of key features of the Merging Underlying Fund and the Receiving Underlying Fund is set out in
Appendix. For details, please refer to their offering documents which are available from us upon request, free of
charge.
Effective date of the Merger
The Merger will be effective on 5 November 2021 (the “Merger Date”).
The first dealing day of the Receiving Underlying Fund as a result of the Merger is 8 November 2021.
Impact on unitholders in the Merging Underlying Fund
Re-balancing of Portfolio and Transfer of Assets
It is expected that certain re-balancing of the portfolio of the Merging Underlying Fund will be required before the
Merger can become effective. From the Last Dealing Date up to the Merger Date, any investments in the Merging
Underlying Fund that are not compatible with the portfolio of the Receiving Underlying Fund will be liquidated and the
relevant cash proceeds will be transferred to and invested in the Receiving Underlying Fund on the Merger Date. The
costs associated with portfolio trading of the Merging Underlying Fund’s assets to align with the Receiving Underlying
Fund’s portfolio will be borne by the manager of the Merging Underlying Fund. The Merger will involve the delivery
and/or transfer of the net assets of the Merging Underlying Fund to the Depositary to be held on behalf of the
Receiving Underlying Fund in exchange for the issue of Units in the Receiving Underlying Fund on the Merger Date.
Merger Costs
There are no unamortized preliminary expenses relating to the Merging Underlying Fund. All associated costs of the
Merger will be borne by Baring International Fund Managers (Ireland) Limited, including legal, advisory and
administration cost, as well as the costs associated with the transfer of assets of the Merging Underlying Fund to the
Receiving Underlying Fund (such as broker transactions costs, any stamp duty and other taxes or duties).
If there are any other costs or expenses arising from the Merger, they will be borne by Heng An Standard Life (Asia)
Limited.
New investment instructions will not be accepted temporarily
We will not accept: (1) any new premiums/contributions (including premiums/contributions by way of additional
contributions and switch-ins) towards the Investment Choice, and (2) any new allocation instructions for investing
regular premiums/contributions towards the Investment Choice with immediate effect, until the Investment Choice
resumes dealing on 8 November 2021.
3
Actions to take
(1) If you agree with the changes brought about by the Merger, no action is required from you. The number of notional
units of the Investment Choice held by you will change according to the exchange ratio1, and the total value of the
notional units of the Investment Choice held by you will not be changed.
(2) If you do not agree with changes brought about by the Merger:
(i) For policyholders with existing regular premiums/contributions allocation towards the Investment Choice
You may submit a request to us to redirect your allocation to other investment choice(s) available under the Plan,
free of charge, at or before 3:00 p.m. Hong Kong time, on 25 October 2021 (the “Redirection Cutoff Time”).
If we do not receive any instructions from you by the Redirection Cutoff Time, your existing regular premiums /
contributions allocation will continue towards the Investment Choice corresponding to the Receiving Underlying
Fund from 8 November 2021 onward.
(ii) For policyholders with existing holdings of the notional units of the Investment Choice
You may submit a request to us for switching-out your notional units from the Investment Choice to other
investment choice(s) available under the Plan, free of charge, at or before 3:00 p.m., Hong Kong time, on 27
October 2021 (the “Switching Cutoff Time”). If we do not receive any instruction from you by the Switching
Cutoff Time, the number of notional units held by you of the Investment Choice, which will correspond to the
Receiving Underlying Fund after the Merger Date, will be updated according to the exchange ratio1.
Suspension of all contributions, investment allocations and redemptions to the Investment Choice
As on the Merger Date, the assets and liabilities of the Merging Underlying Fund will be transferred to the Receiving
Underlying Fund. The first dealing date of the Receiving Underlying Fund will be 8 November 2021.
As a result, (i) all existing standing allocation instructions for investing regular premiums/contribution and (ii) all
redemptions and switch-outs of the Investment Choice will be suspended for dealing, with effect from 28 October
2021 to 5 November 2021 (the “Suspension Period”). The Investment Choice will be resumed for dealing on 8
November 2021. Any instructions submitted during the Suspension Period, if applicable, will only be processed when
the Investment Choice will be resumed for dealing as stated above.
Please note that switching of investment choices and / or redirection of regular premiums / contributions
allocation is free of charge.
Investment involves risks. For details regarding the Plan, the investment choices available under the Plan and the
underlying funds corresponding to such investment choices (including, without limitation, the investment objectives
and policies, risk factors and charges), please refer to the latest offering documents of the Plan (in particular the
document named “Investment Choices Brochure”) and the offering documents of the underlying funds, all of which are
available from us upon request and free of charge. You may also visit our website at www.hengansl.com.hk for
investment choices details.
Should you have any queries, please contact your Financial Adviser or our Customer Service Hotline on +852 2169
0300 or email us at [email protected].
Yours faithfully,
Customer Service Department
Heng An Standard Life (Asia) Limited
1 The calculation of the exchange ratio of units of the Merging Underlying Fund and the Receiving Underlying Fund based on the respective net asset values per unit on the Merger Date.
4
Appendix
Comparison of key features of the Merging Underlying Fund and the Receiving Underlying Fund
Merging Underlying Fund
Receiving Underlying Fund
Name of the
Underlying Fund
Barings Global Opportunities Umbrella Fund - Barings Asia Balanced Fund
Barings International Umbrella Fund - Barings Global Balanced Fund
Name and
reference code of
corresponding
investment choice
Barings Asia Balanced Fund - Class A USD Acc Reference code : 01RU
Barings Global Balanced Fund – Class A USD Acc Reference code: 14RU
Management
company
Baring International Fund Managers
(Ireland) Limited
Baring International Fund Managers (Ireland) Limited
Currency USD USD
Share class A acc A acc
Investment
objectives and
policies
The Merging Underlying Fund is aimed
specifically, but not exclusively, at
meeting the investment requirements
of Hong Kong-based retirement
schemes and its investment objective
and policies have been tailored
accordingly, namely, to achieve a long-
term annualised real rate of return in
excess of 2% per annum above Hong
Kong wage inflation, when measured
in Hong Kong Dollar terms.
Accordingly, the Merging Underlying
Fund will normally include a diversified
range of international equities and debt
securities, generally with a significant
exposure to Asian equities. Investment
may also be made in cash and money
market instruments where considered
appropriate in light of market
conditions.
Equities include equity-related
instruments such as convertible
securities, warrants, depository
receipts and other equity-related
securities. Debt securities may include
both fixed and floating rate securities
issued by governments, local
authorities, public international bodies
and corporate issuers rated at least
BBB- by Standard & Poor’s rating
agency or equivalent.
The Manager intends that
approximately 35% of the assets of the
Merging Underlying Fund will be
invested in Asian equities such as
equities listed in Hong Kong, Japan,
Singapore, Malaysia, Korea and
Thailand, approximately 40% in
equities listed in other markets and
approximately 25% in fixed income
The investment objective of the Receiving Underlying
Fund is to achieve a long-term capital growth.
The Receiving Underlying Fund invests in a
diversified range of international equities and debt
securities (including, without limit, in emerging
markets), generally with a focus on Asian equities.
Investments may also be made in cash and in money
market instruments on an ancillary basis or where
considered appropriate in light of market conditions
(as described below).
Under normal market circumstances, the Receiving
Underlying Fund intends to allocate around 60% of
its net asset value in equities and around 40% of its
net asset value in debt securities. However, this is an
indication only and this allocation may change if the
Investment Manager considers it to be in the
interests of the Unitholders to do so, taking into
account factors such as, but not limited to, economic
outlook, valuation of asset classes, market sentiment
and asset price trends. Depending on market
conditions, the indicative asset allocation of the
Receiving Underlying Fund is as follow:
Asset class
Equities and equity-
related instruments
Debt securities
(excluding contingent
convertible bonds)
Instruments with loss-
absorption features
Indicative
percentage of the
Receiving
Underlying Fund’s
net asset value
35%-75%
25%-65%
0 - Less than 30%
5
Merging Underlying Fund
Receiving Underlying Fund
securities denominated in major
currencies. However, this is an
indication only of the intended initial
asset allocation and the Manager may
change this allocation if they consider
it to be in the interests of unitholders to
do so.
As provided above, the Merging
Underlying Fund intends to invest
approximately 25% of its assets in
fixed income securities denominated in
major currencies. Please note that
such fixed income securities may
include debt instruments with loss
absorption features (“LAP”) e.g.
Additional Tier 1 (AT1), Tier 2, Tier 3,
external LAC debt instruments and
certain similar debt instruments issued
by a holding company of a financial
institution which exhibit LAP features)
out of which no more than 10% of the
Merging Underlying Fund’s assets may
be invested in AT1 securities. LAP is
intended to capture debt instruments
with features of contingent write-down
or contingent conversion to ordinary
shares on the occurrence of (a) when
a financial institution is near or at the
point of non-viability or (b) when the
capital ratio of a financial institution
falls to meet a specified level. The
policy of the Manager is to maintain a
well-diversified portfolio in terms of
asset classes, countries and
currencies.
Derivatives will only be used by the
Merging Underlying Fund for efficient
portfolio management purposes but
not investment purposes.
Cash, cash
equivalents and
money market
instruments
0-10% (up to 100% in
exceptional
circumstances as
disclosed below)
Under exceptional circumstances (e.g. economic
conditions, political risks or world events, high
downside risks during uncertainties, or closure of
relevant market(s) due to unexpected events, such
as political unrest, war or bankruptcy of large
financial institutions), the Receiving Underlying Fund
may temporarily invest up to 100% of its total assets
in cash, deposits, treasury bills, government bonds or
short-term money market instruments or have
substantial holdings in cash and cash equivalents.
Equities may include equity-related instruments such
as American depository receipts and global
depository receipts. The Receiving Underlying Fund
will primarily invest in securities that are listed or
traded on markets and exchanges which meets with
the regulatory criteria (regulated, operated regularly,
be recognised and open to the public).
The debt securities in which the Receiving
Underlying Fund may invest in include both fixed and
floating rate bonds issued by governments, local
authorities, public international bodies and corporate
issuers, as well as convertible bonds (excluding
contingent convertible bonds). The Receiving
Underlying Fund may invest in investment grade debt
securities and up to 10% of its net asset value in sub-
investment grade and/or unrated debt securities.
“Sub-investment grade” means a rating which is
“BB+” or lower from the rating agency Standard &
Poor’s or Fitch, “Ba1” or lower from Moody’s Investor
Services, or the equivalent rating of another
internationally recognised rating agency. “Unrated
debt security” means a debt security which neither
the security itself nor its issuer has a credit rating by
an internationally recognised rating agency. For the
avoidance of doubt, the Receiving Underlying Fund is
not expected to invest more than 10% of its net asset
value in debt securities issued and/or guaranteed by
a single sovereign issuer (including its government, a
public or local authority) which is rated sub-
investment grade. Where an eligible investment is
split-rated, the higher quality rating will apply in order
to determine eligibility for the Receiving Underlying
Fund. Where an eligible asset is not rated by an
internationally recognised rating agency, the
Investment Manager may determine its own
assessment of credit quality and assign an agency
equivalent rating to the asset.
The Receiving Underlying Fund will invest less than
30% of its net asset value in debt instruments with
6
Merging Underlying Fund
Receiving Underlying Fund
loss absorption features (“LAP”) (e.g. Tier 2, Tier 3,
external LAC debt instruments and certain similar
debt instruments issued by a holding company of a
financial institution which exhibit LAP features). LAP
is intended to capture debt instruments with features
of contingent write-down or contingent conversion to
ordinary shares on the occurrence of (a) when a
financial institution is near or at the point of non-
viability or (b) when the capital ratio of a financial
institution falls to meet a specified level.
Subject as otherwise provided, the Receiving
Underlying Fund may invest in securities issued by
companies of any market size, of any industry or
sector, or in any markets/region (as the case may be)
and in debt securities denominated and settled in any
currency and issued by any country in such
proportions as the Investment Manager deems
appropriate.
The Receiving Underlying Fund may also invest up to
10% of its net asset value in aggregate in collective
investment schemes (including ETF) in accordance
with the requirements of the Central Bank of Ireland
in order to gain exposure to a particular country,
countries, sector or sectors where, for example, such
an investment affords a practicable means of access.
Subject to the foregoing limit on exposure to
collective investment schemes, the Receiving
Underlying Fund may gain long exposure to
commodities and property indirectly through the use
of ETFs or collective investment schemes.
With regard to investment in China, no more than
20% of the net asset value of the Receiving
Underlying Fund may be invested directly or
indirectly in China A shares and B shares at any one
time and no more than 10% of its net asset value
may be invested in domestic Chinese bonds
(including urban investment bonds). It is anticipated
that this exposure will be obtained either directly
through investment in China A shares listed on the
Shanghai Stock Exchange and Shenzhen Stock
Exchange via the the Shanghai Hong Kong Stock
Connect Scheme and Shenzhen Hong Kong Stock
Connect Scheme and/or through the QFI regime or
indirectly through investment in other eligible
collective investment schemes or participation notes.
The Receiving Underlying Fund may use FDIs, such
as futures, options, warrants and forward contracts,
for hedging and non-hedging purposes. It is not
currently proposed to use total return swaps,
repurchase agreements, reverse repurchase
agreements or engage in stocklending on behalf of
the Receiving Underlying Fund.
7
Merging Underlying Fund
Receiving Underlying Fund
Key risk factors Investment risk
Risks of investment in equities and equity-related securities
Risks of investment in convertible bonds
Emerging market investment risks
Risks associated with investment in specific countries
Investment in small-capitalisation/mid-capitalisation companies
Risk of investment in fixed income securities
Interest rate risk
Credit risk and downgrading of investment grade securities risk
Counterparty risk
Currency risk
Risks associated with derivatives
Charges deducted from capital / risks relating to distribution
Risks associated with instruments with loss-absorption features
Investment risk
Risks of investment strategy
Risks of investment in equities and equity-related
securities
Risks associated with mid-capitalisation
companies
Risks of investment in debt securities
Emerging market investment risk
Risks associated with investment in specific
countries or regions
Risks associated with investment in China
Currency risk Risks associated with FDIs
Charges deducted from capital / risks relating to
distribution
Risks associated with instruments with loss-
absorption features
Use of Derivatives The net derivative exposure may be up to 50% of its net asset value.
The net derivative exposure may be up to 50% of its
net asset value.
Annual
Management Fee
1.00% 1.00%
Ongoing charges
over a year
1.62%*
* The ongoing charges figure is based
on the ongoing expenses chargeable
to the respective unit class for the 12-
month period ended 31 October 2020
expressed as a percentage of the
average net asset value of the
respective unit class for the same
period and is based on the information
in the latest interim financial
statements (covering the period from 1
May 2020 to 31 October 2020) and the
latest annual financial statements
(covering the period from 1 November
2019 to 30 April 2020). This figure may
vary from year to year.
1.45%*
* The ongoing charges figure is an estimate only and
is calculated by aggregating all the estimated
ongoing fees (expressed as a percentage of the net
asset value of the unit class). The actual figures may
be different upon actual operation of the unit classes
and the figures may vary from year to year.
8
私人及機密
保單計劃 ： [保單計劃名稱] (「計劃」)
保單編號 ： [保單持有人的保單編號]
親愛的客戶
此乃重要通知，請細閱本信件內容，如對其內容有任何疑問應諮詢獨立專業人士之意見。恒安標準人壽(亞洲)有限公司對本信件的內容的準確性負責。
有關連繫至霸菱傾亞均衡基金 - A類別美元累積 (參考編號:01RU) (「該投資選擇」)之相連基金的合併事宜（「合併」）
除非另有訂明，本信件所載所有詞彙應與霸菱環球組合傘子基金或霸菱國際傘子基金（如適用）的基金章程（「基金章程」）及香港說明文件（統稱「香港發售文件」）所述者具有相同涵義。
我們接獲Baring International Fund Managers (Ireland) Limited的董事(「董事」)通知，董事決定將該投資選擇之相連基金，霸菱環球組合傘子基金 - 霸菱傾亞均衡基金 (「被合併相連基金」)合併至霸菱國際傘子基金 - 霸菱環球均衡基金
(「接收相連基金」)。作為該投資選擇的單位持有人，以下有關被合併相連基金的更新對您的投資或會有所影響。
在合併後，該投資選擇將與接收相連基金相連，該投資選擇的名稱及參考編號亦將相應變更如下:
現有參考編號
合併後的參考編號
類型 現時名稱 合併後的名稱
01RU 14RU 投資選擇的名稱 霸菱傾亞均衡基金 - A 類別美元累積 霸菱環球均衡基金- A 類別美元累積
相連基金的名稱 霸菱環球組合傘子基金 - 霸菱傾亞均衡基金
霸菱國際傘子基金 - 霸菱環球均衡基金
合併的背景及理據
董事經諮詢為被合併相連基金與接收相連基金行事的投資經理後已決定進行合併乃符合被合併相連基金單位持有人的最佳利益。在合併及整合基金系列後，被合併相連基金單位持有人可受惠於合併至接收相連基金以達至規模經濟，而接收相連基金屬於較大管理資產總值及擁有較多相連基金的傘子基金。預期接收相連基金的經常性開支較被合併相連基金的經常性開支低（基於截至2020年10月31日的最新經常性開支），就被合併相連基金單位持有人而言，最終令接收相連基金的營運成本較低。
有關被合併相連基金與接收相連基金的主要特徵比較，您可參閱附錄。有關被合併相連基金及接收相連基金的詳情，請參閱其銷售文件，我們將按要求免費提供該等文件。
合併生效日期
合併將於2021年11月5日（「合併日期」）起生效。
因合併的接收相連基金的首個交易日是2021年11月8日。
對被合併相連基金單位持有人的影響
投資組合的重組及資產轉移
預期被合併相連基金投資組合將須於合併生效前進行若干重組。自最後交易日期至合併日期為止，與接收相連基金投資組合不相符的被合併相連基金中的任何投資將被清算，相關現金收益將在合併日期轉移至接收相連基金並進行投資。將被合併相連基金資產的投資組合交易與接收相連基金的投資組合保持一致所附帶的成本將由被合併相連基金的基金經理承擔。 合併將涉及將被合併相連基金的淨資產交付和／或轉移至代表接收相連基金持有的保管人，以交換在合併日期發行的接收相連基金的新單位。
9
合併的成本
概無與被合併相連基金有關的未攤銷初期開支。合併附帶的所有成本將由Baring International Fund Managers (Ireland)
Limited承擔，包括法律、諮詢及行政管理費用，以及被合併相連基金轉讓資產至接收相連基金附帶的成本（例如經紀交易成本、任何印花稅及其他稅項及徵稅）。
任何因合併產生的其他成本或費用，將由恒安標準人壽（亞洲）有限公司承擔。
暫時不接納新的投資指示
由即日起，我們不接納(1)對該投資選擇的任何新保費／供款（包括透過額外供款及轉入繳納的保費／供款），及(2)對該投資選擇投入定期保費／供款的任何新的分配指示，直至該投資選擇於2021年11月8日恢復交易。
應採取的行動
(1) 若您同意合併所帶來的改變，則毋需採取任何行動。根據換股比率1，您所持有該投資選擇的名義單位數目會有所更改，而您所持有該投資選擇名義單位的總價值將不會改變。
(2) 若您不同意合併所帶來的改變：
(i) 對於擁有該投資選擇的現存定期保費／供款分配的保單持有人
您可於香港時間2021年10月25下午3時正或之前（「轉移截止時間」）向我們提交申請，將您的分配免費轉移至計劃名下其他可選擇的投資選擇。若我們於轉移截止時間之前沒有收到您的任何指示，則您於該投資選擇的現存定期保費／供款分配，將於2021年11月8日起繼續維持在連繫至接收相連基金的該投資選擇。
(ii) 對於持有該投資選擇現有名義單位的保單持有人
您可於香港時間2021年10月27日下午3時正或之前（「轉換截止時間」）向我們提交申請，將您於該投資選擇的名義單位免費轉出至計劃名下其他可選擇的投資選擇。若我們於轉換截止時間之前沒有收到您的任何指示，您所持有該投資選擇（其將會由合併日期之後連繫至接收相連基金）的名義單位數目會根據換股比率1更新。
暫停接受所有對該投資選擇的供款、投資分配及贖回
於合併日期，被合併相連基金的資產及負債將轉移至接收相連基金。接收相連基金的首個交易日是 2021 年 11 月 8
日。
因此，於 2021 年 10 月 28 日至 2021 年 11 月 5 日期間(「暫停交易時段」)，暫停接受該投資選擇的(i)所有調配定期保費/ 供款的現行投資分配指示；以及(ii) 所有贖回及調配轉出指示。該投資選擇將於 2021 年 11 月 8 日恢復交易處理。所有於暫停交易時段收到的指示(如適用)，我們將於該投資選擇於上述恢復交易時處理。
務請注意，轉換投資選擇及／或轉移定期保費／供款分配將不收取費用。
投資涉及風險，有關保單計劃、於保單計劃內可供銷售的投資選擇及連繫至投資選擇的相連基金的詳細資料（包括但不限於投資目標及政策、風險因素及費用），您可參閱保單計劃的最新銷售文件（尤其是名為「投資選擇刊物」的文件）及相連基金的銷售文件，這些文件可按要求向我們索取並不收取費用。您亦可瀏覽我們的網站www.hengansl.com.hk以了解投資選擇的詳情。
如有任何查詢，請聯絡您的理財顧問，或致電客戶服務熱線+852 2169 0300 或發送電郵至 [email protected]。
恒安標準人壽（亞洲）有限公司
客戶服務部
謹啟
日期: 2021年9月30日
1 被合併相連基金和接收相連基金的股份兌換比率是根據 2021 年 10 月 8 日的各自每股資產淨值計算。
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附錄
被合併相連基金與接收相連基金的主要特徵比較
被合併相連基金
接收相連基金
相連基金名稱 霸菱環球組合傘子基金 - 霸菱傾亞均衡基金 霸菱國際傘子基金 - 霸菱環球均衡基金 連繫投資選擇的 名稱及參考編號
霸菱傾亞均衡基金 - A類別美元累積 參考編號: 01RU
霸菱環球均衡基金- A類別美元累積 參考編號: 14RU
管理公司 Baring International Fund Managers (Ireland) Limited
Baring International Fund Managers (Ireland) Limited
貨幣 美元 美元 股份類別 A類別美元累積 A類別美元累積 投資目標及政策
被合併相連基金特意（但非獨有地）為滿足香港退休計劃的投資需要而設，其投資目標及政策亦按此制訂，即達致較香港工資年增長率高2%的長遠年均實質回報率（以港元計）。故此，被合併相連基金一般會包含多元化的國際股票及債務證券，通常會大量投資於亞洲股票，另外亦會因應市場狀況，在適當情況下投資於現金及貨幣市場工具。 股票包括股票相關投資產品，例如可換股證券、認股權證、預託證券及其他股票相關證券。債務證券可包括由政府、本地官方機構、公共國際組織及企業發行商發行的定息及浮息證券，此等發行機構必須獲標準普爾的BBB-（或同等評級）或以上評級。 基金經理擬以被合併相連基金資產約35%投資於亞洲股票，例如在香港、日本、新加坡、馬來西亞、韓國及泰國上市的股票；約40%投資於在其他市場上市的股票；以及約25%投資於以主要貨幣計值的固定收益證券。然而，這僅為初步的資產分配意向，基金經理可按其認為符合單位持有人利益而調整分配。 一如上文規定，被合併相連基金擬將其約25%的資產投資於以主要貨幣計值的固定收益證券。請注意，該等固定收益證券可能包括具吸收虧損特點（「LAP」）的債務工具，例如：額外一級、二級、三級資本、外部LAC債務工具，以及由財務機構之控股公司所發行具有LAP特點的若干類似債務工具，其中不多於10%的被合併相連基金資產可投資於額外一級資本證券。LAP擬把握具備以下特點的債務工具：當(a) 財務機構瀕臨或陷入不可持續經營狀況或(b) 財務機構的資本比率降至特定水平時，可進行應急減值或應急轉換為普通股。基金經理的政策是維持將投資組合妥善分散投資於不同資產類別、國家及貨幣。 被合併相連基金將僅為有效投資組合管理目的運用衍生工具，概不會為投資目的而運用。
接收相連基金的投資目標為達致長遠資本增值。 接收相連基金投資於多元的國際股票及債務證券（包括但不限於新興市場），一般專注於亞洲股票。 亦可以輔助形式或基於市況被認為合適時對現金及貨幣市場工具作出投資（如下所述）。 在正常市場情況下，接收相連基金擬將其資產淨值約60%配置於股票及其資產淨值約40%配置於債務證券。然而，這僅供參考，只要投資經理認為配置符合單位持有人的利益，並經計及例如（但不限於）經濟前景、資產類別估值、市場氣氛及資產價格趨勢等因素，則配置可能產生變化。視乎市場情況，接收相連基金的指示性資產配置如下： 資產類別 股票及股票相關工具 債務證券(不包括或有可轉換債券) 具吸收虧損特點的工具 現金、現金等值及貨幣市場工具
接收相連基金資產淨值的指示性百分比 35%-75% 25%-65% 0 – 少於30% 0-10% (如下所述，在特殊情況下最高可達100%)
在特殊情況下，例如經濟狀況、政治風險或世界事件、不明朗情況下的較高下行風險或相關市場因突發事件（例如政治動盪、戰爭或大型財務機構破產）而關閉，接收相連基金可暫時將其高達100%的總資產投資於現金、存款、國庫債券、政府債券或短期貨幣市場工具，或大額持有現金及現金等價物。 股票可包括股票相關工具，例如美國預託證券及全球預託證券。接收相連基金將主要投資於在符合規管準則（受規管、定期營運、獲認可及開放予公眾投資）的市場及交易所上市或買賣的證券。
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接收相連基金投資的債務證券可能包括政府、地方機構、公共國際組織及公司發行人發行的固定及浮息債券，以及可轉換債券（不包括或有可轉換債券）。接收相連基金可投資於投資級別債務證券及可將其資產淨值的最多 10%投資於次投資級別及／或未獲評級的債務證券。「次投資級別」意味著信貸評級機構標準普爾或惠譽的「BB+」或更低評級、穆迪投資服務的「Ba1」或更低評級，或另一國際認可信貸評級機構的同等評級。「未獲評級的債務證券」意味著證券本身及其發行人均未獲國際認可信貸評級機構的信貸評級的債務證券。為免生疑問，預期接收相連基金不會將其資產淨值的10%以上投資於由次投資級別的單一主權國家（包括該國家的政府、公眾或當地政府）發行及／或擔保的債務證券。倘若某項合資格投資的評級有別，則將採用較高信貸評級以釐定其是否符合接收相連基金的投資資格。倘若某項合資格資產未獲國際認可信貸評級機構評級，則投資經理可自行評價以釐定其信貸質素及指派機構同等評級予該資產。 接收相連基金將其少於30%的資產淨值投資於具吸收虧損特點（「LAP」）的債務工具（例如：二級、三級資本、外部LAC債務工具，以及由財務機構之控股公司所發行具有LAP特點的若干類似債務工具）。LAP擬把握具備以下特點的債務工具：當(a)財務機構瀕臨或陷入不可持續經營狀況或(b) 財務機構的資本比率降至特定水平時，可進行應急減值或應急轉換為普通股。 除另有載明外，接收相連基金可按投資經理認為適合的比例投資於由任何市場規模、任何行業或界別或於任何市場／地區（視乎情況而定）的公司所發行的證券，以及以任何貨幣計值和結算及由任何國家發行的債務證券。 接收相連基金亦可根據愛爾蘭中央銀行的規定，將其資產淨值合共最多10%投資於集體投資計劃（包括ETF），以取得對某特定國家、有關國家、界別或有關界別（例如有關投資提供了切實可行的獲取途徑）的投資參與。接收相連基金可透過使用ETF或集體投資計劃，間接獲得商品及房地產的長倉，惟須遵守有關投資於集體投資計劃的上述限制。 就投資於中國而言，在任何時候均不可將接收相連基金資產淨值多於20%直接或間接投資於中國A股及B股，以及不可將其資產淨值多於10%投資於中國境內債券（包括城投債）。預期此項投資將可透過經滬港股票市場交易互聯互通機制及深港股票市場交易互聯互通機制及／或透過根據QFI制度投資於在上海證券交易所及深圳證券交易所上市的中國A股直接作出，或透過投資於其他合資格集體投資計劃或參與票據間接作出。 接收相連基金可運用金融衍生工具，包括期貨、期權、認股權證及遠期合約，以作對沖
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及非對沖用途。目前未提議運用總回報掉期、回購協議、逆回購協議或代表接收相連基金進行借股。
主要風險因素 - 投資風險
- 投資於股票及股票相關證券的風險
- 投資於可換股債券的風險
- 新興市場投資風險
- 投資於特定國家附帶的風險
- 投資於小型╱中型公司的風險
- 投資於固定收益證券的風險
- 利率風險
- 信貸風險及投資級別證券的評級下降風險
- 對手方風險
- 貨幣風險
- 衍生工具附帶的風險
- 從資本扣除的費用╱與分派有關的風險
- 投資於具有吸收虧損特點的工具附帶的風險
- 投資風險
- 投資策略的風險
- 投資於股票及股票相關證券的風險
- 投資於中型公司附帶的風險
- 投資於債務證券的風險
- 新興市場投資風險
- 投資於特定國家或地區附帶的風險
- 投資於中國附帶的風險
- 貨幣風險
- 與金融衍生工具相關的風險
- 從資本扣除的費用／與分派有關的風險
- 投資於具有吸收虧損特點的工具附帶的風險
使用衍生工具 衍生工具風險承擔淨額可高達相連基金資產淨值的 50%。
衍生工具風險承擔淨額可高達相連基金資產淨值的 50%。
年度管理費 1.00% 1.00%
每年持續收費比率 1.62%* *經常性開支比率是根據截至2020年10月31日的12個月期間，各個單位類別應支付的經常性開支計算，並以各個單位類別於同一期間的平均資產淨值的百分比表示，此乃根據最新中期財務報表的資料(涵蓋2020年5月1日至2020年10月31日期間) 及最新年度財務報表的資料(涵蓋2019年11月1日至2020年4月30日期間)。此比率每年均可能有所變動。
1.45%* *經常性開支比率僅為估計數字，並透過所有估計經常性開支（以單位類別的資產淨值的百分比表示）的總和來計算。實際經常性開支比率可能有別於估計數字，及每年均可能有所變動。