new 聯博－美國增長基金 - hsbc · 2020. 9. 30. · frank caruso, cfa john h. fogarty, cfa...

1.

3. 過往派息記錄 ‡持有優質及增長型股帶來具吸引力的經風險調整後回報

截至 2020 年 9 月 30 日。過往表現亦非未來業績的保證。業績基於聯博美國增長投資組合 - A 股與羅素 1000 增長指數淨回報；投資領域是晨星 EAA 基金美國大型增長型股。自當前團隊成立以來：2012 年 3 月 31 日。投資者不能直接投資某一指數，其表現亦不反映任何聯博基金的表現。非管理式指數並不反映與主動型管理基金相關的費用及開支。資料來源：晨星及聯博

聯博－美國增長基金

重要事項1 本基金主要投資於美國發行人發行的股票證券。2 投資於本基金亦可能涉及一般投資風險、股本證券風險、集中風險、貨幣風險及人民幣類別風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。

閣下於本基金的投資可能會價值全失。3 本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。金融衍生工具的槓桿元素／成份可導致損失大幅高於本基金投資於金融

衍生工具的金額。投資金融衍生工具可導致本基金蒙受重大損失的高度風險。4 本基金可從資本中或實際上以資本撥付派息（此舉可構成部分退回或撤回投資者原本的投資）或來自原本投資應佔的任何資本收益，由此即時減低每股資

產淨值。5 投資者不應只依賴本文件而作出投資決定。

過往表現並非未來業績的保證。僅供說明用途。截至 2019 年 12 月 31 日。基於聯博美國增長基金。投資者不能直接投資某一指數，其表現亦不反映包括聯博基金在內的任何特定投資的表現。非管理式指數並不反映與主動型管理基金相關的費用及開支。資料來源：羅素投資、標準普爾及聯博

AD類股份以下 AD 類別旨在每月宣派及派付股息。派息並無保證，派息可從資本中支付（注意重要事項 4）

月份資產淨值（美元）股息（美元）

09/30/2020 34.06 0.042308/31/2020 35.41 0.042307/31/2020 33.45 0.042306/30/2020 31.59 0.042305/29/2020 31.05 0.042304/30/2020 28.70 0.042303/31/2020 25.34 0.042302/28/2020 27.36 0.042301/31/2020 28.76 0.042312/31/2019 28.69 0.042311/29/2019 28.05 0.042310/31/2019 27.07 0.0423

本基金備有歐元及港元報價貨幣。澳元、歐元及人民幣對沖股份類別亦供發售^。

基於經風險調整後的回報，對美國大型增長型股票類別

OVERALL MORNINGSTAR RATINGA類美元股份

TM

(U.S. Large-Cap Growth Equity Category)的578隻基金進行評級。

2.

*

16.3% 13.9% 1.1 1.00 - -16.0% - -

13.4% 14.8% 0.9 0.99 -2.3% -18.5% 94.6% 109.3%

16.0% 12.9% 1.2 0.89 1.3% -12.1% 94.5% 89.7%

23

9 7 12 111

49

3

0

50

100回報標準差夏普比率貝塔阿爾法最大跌幅上行捕獲下行捕獲

百分位

聯博美國增長基金

羅素1000增長指數

晨星EAA美國大型增長型股票均值

資料來源：聯博，截至 2020 年 9 月 30 日。

帶來相對更持續強勁的基本因素表現長期每股盈利復合增長（百分比）

聯博美國增長基金A股（美元）與晨星EAA美國大型增長型股票平均值

1617

19

16

19 18

25

111312

16

1210

15

26

97

12

9

46

11

22

4

2012 2013 2014 2015 2016 2017 2018 2019

聯博美國增長基金羅素1000增長指數標普500指數0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2011 2012 2013 2014 2015 2016 2017 2018 2019

聯博美國增長基金

羅素1000增長指數

標普500指數

按年每股盈利增長（百分比）

第4季 2020

6. 基金投資組合配置

持倉以總投資額的百分比呈列及可隨時變更。因四捨五入的關係，各項數據的總和未必等同總額。資料來源：聯博，截至 2020 年 9 月 30 日。

此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽www.abfunds.com.hk或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。

本基金為 AB SICAV I （即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律註冊成立的開放型可變資本投資公司(société d'investissement à capital variable)，法定名稱為 AB SICAV I。在 2016 年 2 月 5 日之前，聯博的法定名稱為 ACMBernstein SICAV，營業名稱為 AllianceBernstein。自 2018 年 5 月 4 日起，美國增長基金已從 AB FCP I 重組為 AB SICAV I。

本文件所包含資訊反映截至本文件日期聯博及其相信為可靠的來源的觀點。本公司不就本文件所匯集的任何數據的準確性作出聲明或保證。另外，此等資料內的任何預計、預測或意見不保證一定會實現。於本文件表達的觀點可在本文件發行日期之後隨時變更。此等資料僅作資訊用途，當中包含的任何資訊在任何情況下均不可視作投資忠告。本文件所包含的任何資料亦不可視作與AB 或其任何附屬公司或代理所營辦或提供的任何金融投資工具、產品或服務有關的任何銷售或市場推廣資料。

以往表現並非未來業績的保證。本基金股份只可根據本基金的現行認購章程連同最近的財務報表發售。如有提及任何個別證券，目的僅為說明本公司投資理念的應用，不可視為聯博所作推薦。本資料所指明及所述的個別證券，並不代表為本基金買入、賣出或建議的所有證券，本基金於任何特定時間可能持有，亦可能不持有。不應假定投資於此等證券在以往或將來均可獲得利潤。

投資風險─投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。本基金旨在作為分散投資的工具，並非完整投資計劃。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程包括風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。

* Overall Morningstar Rating 是晨星有限公司 2020 版權所有。晨星提供的資料：(1) 為晨星的獨有資產；(2) 未經許可不得複製或轉載；及 (3) 晨星未就資料的完整性、準確性及即時性作出任何保證。晨星及其內容供應商對於因使用相關資料而作出的交易決定均不承擔任何責任。過往績效紀錄不能保證未來投資結果。晨星將同類型基金比較，以其表現為基礎（經考慮風險及銷售費用而調整後），從一到五星評級。於晨星各分類內，表現首 10% 的基金評為五星，接下來的 22.5% 的基金評為四星，中間35% 的基金評為三星，接下來 22.5% 的基金評為兩星，而尾 10% 的基金評為一星。基金評級分為三個時段：三年、五年和十年；評級會結合並產生一個整體評級。基金成立少於三年並不獲評級。評級是客觀的，完全以歷來表現的數學評價為基礎。評級為鑑定值得進一步研究的基金的有用工具，不應被視作買入或贖回基金的信號。截至 2020 年 9 月 30 日。

^ 貨幣對沖股份類別運用對沖技術，嘗試減低 ( 但並不能完全消除 ) 基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其他報價貨幣類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。

‡ 聯博—美國增長基金歷年表現：AD 類，美元 ─ 9.64% (2015) ，1.52% (2016)，30.19% (2017)，0.74% (2018)，33.10% (2019) 及 20.21% (2020 年初至今）。資料來源：聯博，按資產淨值比較計算，股息用於再投資，以美元計，截至 2020 年 9 月 30 日。基金成立日期： 2014 年 3 月 6 日。

此文件並未經證監會審閱。此文件的發行者為聯博香港有限公司。© 2020 AllianceBernstein L.P. [A/B] 標誌為 AllianceBernstein的服務標記，而AllianceBernstein ®為註冊商標，須獲得其擁有人AllianceBernstein L.P. 的批准方可使用。

（本文件刊發日期：2020 年 11 月 12 日）

AGP-PRF-CH-HK-1120

4. 業務增長的優勢 5. 基本資料基金管理團隊：

Frank Caruso, CFAJohn H. Fogarty, CFAVinay Thapar

基金成立日： 06/01/1997 （A 股，美元）

基準貨幣：美元

^ 報價貨幣：歐元、港元

^ 貨幣對沖股份類別：澳元、歐元、人民幣

淨資產： 6,053.80 百萬美元

資料來源：聯博資料來源：聯博，截至 2020 年 9 月 30 日。

資訊科技 29.08%健康護理 23.42%通訊服務 15.12%非必需消費品 13.31%主要消費品 5.63%工業 4.14%原物料 1.75%金融 0.28%其它 7.27%

行業分佈十大持股行業持股量

Microsoft 資訊科技 7.30%Alphabet 通訊服務 6.97%Facebook 通訊服務 5.25%Amazon.com 非必需消費品 5.11%UnitedHealth Group 健康護理 4.63%Visa 資訊科技 4.43%Monster Beverage 主要消費品 3.73%Zoetis 健康護理 3.63%Vertex Pharmaceuticals 健康護理 3.36%Intuitive Surgical 健康護理 3.18%合共 47.59%

貫徹持久優異

持續取得盈利的業務

長線投資和發展的業務

長期投資表現吸引

可以將盈利再投資以把握週期行業以外的長期增長趨勢

基金銷售文件可於「重要文件」一欄下載:

第4季 2020美國增長基金

1.

3. Past Dividend Payout Record‡

As of 30 September 2020. Past performance does not guarantee future results. Performance based on the AB American Growth Portfolio - Class A shares vs. Russell 1000 Growth Net Return; universe is Morningstar EAA Fund US Large-Cap Growth Equity. Since current team inception: 31 March 2012. An investor cannot invest directly in an index, and its performance does not reflect the performance of any AB portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio.Source: Morningstar and AB

2.

AB–AMERICAN GROWTH PORTFOLIO

Important Information1. The portfolio invests primarily in equity securities of U.S. issuers.2. Investment in the portfolio may also involve general investment risk, equity securities risk, concentration risk, currency risk and Renminbi share class risk. The value of

the portfolio can be volatile and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.3. The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. The

leverage element/component of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instrument by the Portfolio. Exposure to financial derivative instruments may lead to a high risk of significant loss by the Portfolio.

4. Dividends may be paid from capital or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.

5. Investors should not rely on this document alone to make investment decisions.

Past performance does not guarantee future results. For illustrative purposes only.As of 31 December 2019. Based on AB American Growth Portfolio. An investor cannot invest directly in an index, and its performance does not reflect the performance of any AllianceBernstein (AB) portfolio. The unmanaged index does not reflect fees and expenses associated with the active management of a portfolio.Source: Russell Investments, S&P and AllianceBernstein ("AB")

Exposure to Quality and Growth Leads to Attractive Risk-Adjusted Returns

Source: AB, as of 30 September 2020.

Class ADThe share class below intend to declare and pay monthly dividends. Dividend amount is not guaranteed and may be paid from capital of the Portfolio. (See Important Information 4)

Month NAV (US$) DIV (US$)09/30/2020 34.06 0.042308/31/2020 35.41 0.042307/31/2020 33.45 0.042306/30/2020 31.59 0.042305/29/2020 31.05 0.042304/30/2020 28.70 0.042303/31/2020 25.34 0.042302/28/2020 27.36 0.042301/31/2020 28.76 0.042312/31/2019 28.69 0.042311/29/2019 28.05 0.042310/31/2019 27.07 0.0423

The portfolio is available in EUR and HKD reportingcurrencies. AUD, EUR and RMB Hedged

Share Classes are also offered.^

OVERALL MORNINGSTAR RATINGTMClass A USD Shares

Rated against 578 funds in the U.S. Large-Cap Growth Equity Category, based on risk-adjusted returns.

23

9 7 12 111

49

3

0

50

100Returns Standard

DeviationSharpeRatio

Beta Alpha MaxDrawdown

UpCapture

DownCapture

Perc

entil

e

AB AmericanGrowth

Russell1000 Growth

MorningstarEAA US Large Growth Average

16.3% 13.9% 1.1 1.00 - -16.0% - -

13.4% 14.8% 0.9 0.99 -2.3% -18.5% 94.6% 109.3%

16.0% 12.9% 1.2 0.89 1.3% -12.1% 94.5% 89.7%

*

1617

19

16

19 18

25

111312

16

1210

15

26

97

12

9

46

11

22

4

2012 2013 2014 2015 2016 2017 2018 2019

AB American Growth Portfolio Russell 1000 Growth S&P 500

A Relatively Strong Fundamental PerformanceYear-over-Year EPS Growth (Percent) EPS Growth Compounds over Time (Percent)

AB American Growth A-Shares (USD) vs. Morningstar EAA US Large-Cap Growth Category Average

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

2011 2012 2013 2014 2015 2016 2017 2018 2019

AB American Growth Portfolio

Russell 1000 Growth

S&P 500

4Q 2020

6. Portfolio Composition

Holdings are expressed as a percentage of total investments and may vary over time. Numbers may not sum due to rounding.Source: AB, as of 30 September 2020.

Portfolio Management Team:


Inception Date: 06/01/1997 (Class A – USD)

Base Currency: USD

^Reporting Currencies: EUR, HKD

^Currency Hedged Share Classes: AUD, EUR, RMB

Net Assets: US6,053.80 Million

This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing in AllianceBernstein funds, investors should review the fund’s full prospectus, together with the fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report, may be o btained free of charge from www.abfunds.com / www.alliancebernstein.com or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.The Portfolio is part of AB SICAV I (referred to as “AB”). AB is an open-ended investment company with variable capital (société d’investissement à capital variable) incorporated under the laws of the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal name was ACMBernstein SICAV, its trading name was AllianceBernstein. Effective 4 May 2018, American Growth Portfolio has been restructured from AB FCP I into AB SICAV I.The information contained herein reflects, as of the date hereof, the views of AB and sources believed by AB to be reliable. No representation or warranty is made concerning the accuracy of any data compiled herein. In addition, there can be no guarantee that any projection, forecast or opinion in these materials will be realized. The views expressed herein may change at any time subsequent to the date of issue hereof. These materials are provided for informational purposes only and under no circumstances may any information contained herein be construed as investment advice. Neither may any information contained herein be construed as any sales or marketing materials with respect to any financial instrument, product or service sponsored or provided by AB or any affiliate or agent thereof.Past performance is no guarantee of future results. Please refer to the Prospectus for the full list of share classes and currencies offered. Shares of the Portfolio are offered only pursuant to the Portfolio’s current prospectus together with the most recent financial statements. References, if any, to specific securities are presented to illustrate the application of our investment philosophy only and are not to be considered recommendations by AB. Any specific securities identified and described in the material do not represent all of the securities purchased, sold or recommended for the Portfolio, and may or may not be held by the Portfolio at any given time. It should not be assumed that investments in the securities were or will be profitable.Investment Risks—Investment in the Portfolio entails certain risks. Investment returns and principal value of the Portfolio will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Portfolio is meant as a vehicle for diversification and does not represent a complete investment program. These and other risks are described in the Portfolio’s prospectus. Prospective investors should read the prospectus carefully including risk factors and discuss risk and the Portfolio’s fees and charges with their financial advisor to determine if the investment is appropriate for them.* Overall Morningstar Rating is a copyright of Morningstar, Inc., 2020. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed;

and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Morningstar rates funds from one star to five stars based on how well the funds have performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods, in three years, five years, and ten years, and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They are a useful tool for identifying funds worthy of further research, but should not be considered buy or sell recommendations. As of 30 September 2020.

^ Currency-hedged share classes use hedging techniques in an attempt to reduce — but not eliminate — fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in the investor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Convenience Pricing/Reporting Currencies which offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of the purchase or redemption. Convenience pricing/Reporting Currencies involves no currency hedging and does not seek to provide any protection from currency fluctuations.

‡ The calendar year performance for AB – American Growth Portfolio (Class AD, USD) — 9.64% (2015), 1.52% (2016), 30.19% (2017), 0.74% (2018), 33.10%(2019) and 20.21% (2020 YTD). Source: AB, calculated on an NAV-to-NAV basis with dividend reinvested, in U.S. Dollars, as of 30 September 2020. Portfolio Inception Date: 6 March 2014.

This document has not been reviewed by the Securities and Futures Commission. The issuer of this document is AllianceBernstein Hong Kong Limited. © 2020 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P.

(Issue date of this document: 12 Nov 2020)

AGP-PRF-EN-HK-1120

Source: AB Source: AB, as of 30 September 2020.

Information Technology 29.08%Health Care 23.42%Communication Services 15.12%Consumer Discretionary 13.31%Consumer Staples 5.63%Industrials 4.14%Materials 1.75%Financials 0.28%Other 7.27%

4. What Growth Means to Us 5. Fund Profile

Sector Allocation Top 10 HoldingsSector Holding

Microsoft Information Technology 7.30%Alphabet Communication Services 6.97%Facebook Communication Services 5.25%Amazon.com Consumer Discretionary 5.11%UnitedHealth Group Health Care 4.63%Visa Information Technology 4.43%Monster Beverage Consumer Staples 3.73%Zoetis Health Care 3.63%Vertex Pharmaceuticals Health Care 3.36%Intuitive Surgical Health Care 3.18%Total 47.59%

Persistence Longevity Compounding

Businesses with consistently high

profitability

Businesses withlong runways to invest and grow

Attractive longterm investment

performance

Businesses with the Opportunity to Reinvest Profitably for Long-Term, Non-Cyclical Growth

Offering documents canbe downloaded from"Quick Links" Section:

4Q 2020AMERICAN GROWTH PORTFOLIO

Jan 2021年1月

All data as of 所有資料截至 31/01/2021

AB - American Growth Portfolio聯博－美國增長基金

∆

Important Information 重要事項1 Investment in the portfolio may also involve general investment risk, equity securities risk, concentration risk, currency risk and Renminbi share class risk. The value of the portfolio can be volatile

and can go down substantially within a short period of time. It is possible that the entire value of your investment in the portfolio can be lost.投資於本基金亦可能涉及一般投資風險、股本證券風險、集中風險、貨幣風險及人民幣類別風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。

2 The portfolio is entitled to use financial derivative instruments for hedging and efficient portfolio management purposes which may involve additional risks. The leverage element/component ofa financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instrument by the Portfolio. Exposure to financial derivativeinstruments may lead to a high risk of significant loss by the Portfolio.本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。金融衍生工具的槓桿元素／成份可導致損失大幅高於本基金投資於金融衍生工具的金額。投資金融衍生工具可導致本基金蒙受重大損失的高度風險。

3 Dividends may be paid from capital or effectively out of the capital of the Portfolio, which may amount to a partial return or withdrawal of an investor’s original investment or from any capitalgains attributable to that original investment and result in an immediate decrease of the Net Asset Value per Share.本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。

4 Investors should not rely on this document alone to make investment decisions.投資者不應只依賴本文件而作出投資決定。

Portfolio Objective/ Strategy/ Key Features 基金目標/ 策略/ 特色The Portfolio is a U.S. large capitalization equity portfolio seeking long-term capital appreciationthrough investments in equity securities of United States issuers. The Portfolio primarily invests in alimited number of high quality, well-established companies based in the United States. Thesecompanies are generally targeted by the Portfolio Manager for their superior industry positions, strongmanagement capabilities, and attractive growth rates.

本基金為美國大型股票證券之投資組合，透過投資於美國發行的股票證券，替投資者追求長期資本增值。本基金投資於小部份優質而根基穩固的美國公司。基金經理選擇投資對象時，著眼於行內處於領導地位、管理能力卓越以及增長率可觀的公司。

Portfolio Composition^ 投資組合配置^

Sector Allocation^^ 行業分佈^^Information Technology資訊科技 31.80%Health Care 健康護理 23.94%CommunicationServices 通訊服務 15.07%Consumer Discretionary非必需消費品 13.71%Consumer Staples主要消費品 5.52%Industrials 工業 4.17%Materials 原物料 1.60%Financials 金融 0.24%Other 其它 3.95%

^ Holdings are expressed as a percentage of total investments and may vary over time.投資組合配置比重以總投資比重之百分比表示，可能隨時間而改變。

^^ Excludes sectors with no portfolio holdings.基金沒有持股的行業不包括在內。

1. As a percentage of purchase price for Classes A and AD only.適用於 A 股及 AD 股之費用，以認購價格之百分比計算。

2. As an annual percentage of average daily Net Asset Value.以每日平均資產淨值之年度百分比率計費用。

Profile 基金資料Domicile註冊地點 Luxembourg 盧森堡

Inception Date基金成立日

06/01/1997（Class A – USD）（ A 股–美元）

Fiscal Year End財政年度終結 31 May（5 月 31 日）

Net Assets淨資產 $6,318.08 Million 百萬美元

Subscription/Redemption認購/贖回

Daily 每日

Base Currency基準貨幣 USD 美元

Reporting Currencies其他報價貨幣 EUR, HKD 歐元，港元

Currency HedgedShare Classes†

貨幣對冲股份類別†AUD, EUR, RMB澳元，歐元，人民幣

Initial Sales Charge1

首次銷售費 1Up to 最多為 5.00%（Class A, AD 股）

Management Fee2

管理費 21.50%

Management CompanyFee2

管理公司費 20.10%

Total No. Of Holdings總持股數量 50

Portfolio ManagementTeam基金管理團隊


For fees applicable to other share classes, please refer to the offeringdocuments for details.有關其他股份類別的費用詳情，請參閱基金銷售文件。

Offering documents canbe downloaded from"Quick Links" Section:基金銷售文件可於「重要文件」一欄下載:

English 中文

Jan 2021年1月

All data as of 所有資料截至 31/01/2021

Top 10 Holdings 十大持股Sector 行業 Holding 持股量

Microsoft Information Technology 資訊科技 8.08%Alphabet Communication Services 通訊服務 7.48%Amazon.com Consumer Discretionary 非必需消費品 5.54%UnitedHealth Group Health Care 健康護理 5.02%Facebook Communication Services 通訊服務 4.76%Visa Information Technology 資訊科技 4.40%Zoetis Health Care 健康護理 3.62%Monster Beverage Consumer Staples 主要消費品 3.28%Vertex Pharmaceuticals Health Care 健康護理 3.14%Qualcomm Information Technology 資訊科技 2.98%Total 合共 48.30%

Calendar Year Returns 年度回報%~

-20

0

20

40

2016 2017 2018 2019 2020 2021 YTD

2016 2017 2018 2019 2020 2021 YTD年初迄今Class A – USDA 股–美元 1.53 30.20 0.74 33.07 32.93 -2.59

Cumulative Total Returns 總累積回報%~

1 Year（年）

3 Year（年）

5 Year（年）

10 Year（年）

SinceInception成立迄今

Class A – USDA 股–美元 29.00 62.33 145.06 314.35 678.38

Please refer to Profile section for Inception Date of Class A – USD.請見基金資料有關 A 股 – 美元的成立日。Source: AllianceBernstein (AB), calculated on an NAV-to-NAV basis, with dividend reinvested, in U.S. Dollars資料來源：AB，按資產淨值比資產淨值計算，股息用於再投資，以美元計。

Past performance is no guarantee of future results. Total returns, provided by AB, include the change in netasset value and reinvestment of any distributions paid on Portfolio shares for the period shown, but do notreflect sales charges. The information on this page is for information purposes only and should not beconstrued as an offer to sell, or solicitation of an offer to buy, or a recommendation for the securities of thePortfolio.過往的業績不保證將來的表現。AB 所提供的總回報包括期內之資產淨值變化及股息或利息之再投資，但是並不反映認購費。本頁資訊僅作參閱之用，不應被視作銷售或誘導讀者購買或推薦本基金之證券。

NAV Information (as of 31/01/2021)†資產淨值資料（截至 2021 年 01 月 31 日）†

NAV基金淨值 Bloomberg ISIN

Class A – USDA 股–美元 146.18 ALLAMAI:LX LU0079474960

Class A – EUR(H)A 股–歐元（對沖） 71.04 ALAMAEH:LX LU0511403387

Class AD – USDAD 股–美元 36.47 ALABADI:LX LU1035775433

Class AD – HKDAD 股–港元 282.76 ACMGPAD:LX LU1069344957

Class AD – AUD(H)AD 股–澳元（對沖） 34.52 ALAADAH:LX LU1035775862

Class AD – RMB(H)AD 股–人民幣（對沖） 138.52 AAGADRH:LX LU1366339536

∆ Overall Morningstar Rating is a copyright of Morningstar, Inc., 2021. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied ordistributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Pastperformance is no guarantee of future results.Morningstar rates funds from one star to five stars based on how well the funds have performed (after adjusting for risk) in comparison to similar funds. Within each Morningstar Category, the top 10% of funds receivefive stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods, in three years, five years, and ten years,and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They are auseful tool for identifying funds worthy of further research, but should not be considered buy or sell recommendations.∆ Overall Morningstar Rating 是晨星有限公司 2021 版權所有。晨星提供的資料：(1)為晨星的獨有資產；(2)未經許可不得複製或轉載；及(3)晨星未就資料的完整性、準確性及即時性作出任何保證。晨星及其內容供應商對於因使用相關資料而作出的交易決定均不承擔任何責任。過往績效紀錄不能保證未來投資結果。晨星將同類型基金比較，以其表現為基礎（經考慮風險及銷售費用而調整後），從一到五星評級。於晨星各分類內，表現首 10%的基金評為五星，接下來的 22.5％的基金評為四星，中間 35％的基金評為三星，接下來 22.5％的基金評為兩星，而尾 10%的基金評為一星。基金評級分為三個時段：三年、五年和十年；評級會結合並產生一個整體評級。基金成立少於三年並不獲評級。評級是客觀的，完全以歷來表現的數學評價為基礎。評級為鑑定值得進一步研究的基金的有用工具，但不應被視作買入或贖回基金的信號。† Currency-hedged share classes use hedging techniques in an attempt to reduce—but not eliminate—fluctuations between the investor’s holdings in a particular currency-hedged share class denominated in theinvestor’s investing currency and the portfolio’s base currency. The goal is to deliver returns that track the portfolio’s base currency returns more closely. Stand-alone currency symbols represent convenience pricing,which offers the ability to purchase or redeem shares using the currency indicated, which is then converted into the base currency of the portfolio using a market rate at the time of purchase or redemption.Convenience pricing involves no currency hedging and does not seek to provide any protection from currency fluctuations.†對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。單獨的貨幣符號代表其它報價貨幣類別，即可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。~ Reflects a 1.74% and 8.93% increase in NAV on January 18, 2011 and December 23, 2008, respectively, from the proceeds of the Enron class action settlement.~ 本基金於 2011 年 1 月 18 日及 2008 年 12 月 23 日資產淨值分別上揚 1.74%與 8.93%，反映安然公司集體訴訟之清算所得。Investment in the Fund entails certain risks. Investment returns and principal value of the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. The Fund ismeant as a vehicle for diversification and does not represent a complete investment program. Returns denominated in a currency other than the base currency of the fund may increase or decrease as a result offoreign exchange currency fluctuations. These and other risks are described in the Fund’s prospectus. Prospective investors should read the prospectus including risk factors carefully and discuss risk and the fund’sfees and charges with their financial adviser to determine if the investment is appropriate for them.投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。本基金旨在作為分散投資的工具，並非完整投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。This information is directed solely at persons in jurisdictions where the funds and relevant share class are registered or who may otherwise lawfully receive it. Before investing, investors should review the fund’s fullprospectus, together with the fund’s Product Key Facts and the most recent financial statements. Copies of these documents, including the latest annual report and, if issued thereafter, the latest semi-annual report,may be obtained free of charge from www.abfunds.com.hk or by contacting the local distributor in the jurisdictions in which the funds are authorized for distribution.此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽 www.abfunds.com.hk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。The Portfolio is part of AB SICAV I (referred to as “AB”). AB is an open-ended investment company with variable capital (société d’investissement à capital variable) incorporated under the laws of the Grand Duchy ofLuxembourg. Prior to 5 February 2016, AB’s legal name was ACMBernstein SICAV, its trading name was AllianceBernstein. Effective 4 May 2018, AB - American Growth Portfolio has been restructured from AB FCP Iinto AB SICAV I.本基金為 AB SICAV I（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律註冊成立的開放型可變資本投資公司(société d'investissement à capital variable)，法定名稱為 AB SICAV I。在 2016 年 2月 5 日之前，聯博的法定名稱為 ACMBernstein SICAV，營業名稱為 AllianceBernstein。自 2018 年 5 月 4 日起，聯博－美國增長基金已從聯博旗下的 AB FCP I 投資組合，重建為聯博旗下的 AB SICAV I 投資組合。This document is issued by AllianceBernstein Hong Kong Limited and has not been reviewed by the Securities and Futures Commission.此文件的發行者為聯博香港有限公司及未經證監會審閱。©2021 AllianceBernstein L.P. The [A/B] logo is a service mark of AllianceBernstein and AllianceBernstein® is a registered trademark used by permission of the owner, AllianceBernstein L.P.©2021 AllianceBernstein L.P. [A/B] 標誌為 AllianceBernstein 的服務標記，而 AllianceBernstein®為註冊商標，須獲得其擁有人 AllianceBernstein L.P. 的批准方可使用。

產品資料概要聯博

AllianceBernstein (Luxembourg) S.à r.l. 美國增長基金 2020 年 8 月

本概要提供本基金的重要資料，是發售文件的一部分。

請勿單憑本概要作投資決定。

資料便覽管理公司： AllianceBernstein (Luxembourg) S.à r.l. 投資管理人： AllianceBernstein L.P.（內部委任，美國特拉華州）存管人： Brown Brothers Harriman (Luxembourg) S.C.A. 交易頻密程度：每日基準貨幣：美元股息政策： (i) AD 類及 BD 類股份（及相應 H 類股份）：

可按月宣派及派付或由投資者選擇再投資* *股息可從資本中或實際上以資本撥付並降低本基金的資產淨值 (ii) A 類、B 類、C 類及 I 類股份（及相應 H 類股份）：

無本基金財政年度終結日： 5 月 31 日財政年度累計費用： A 類及 AD 類股份（及

相應 H 類股份） AD 類 H 人民幣股份 B 類股份

1.75% † 1.74% † 2.75%† B 類 H 歐元及 BD 類 H 澳元股份 BD 類股份 2.75% ^ 2.74% † C 類股份（及相應 H 類股份） I 類股份（及相應 H 類股份） 2.20% † 0.95%†

最低投資額*：首次其後 A 類、AD 類、B 類●、BD 類●及 C 類股份（及相應 H 類股份）

2,000 美元 | 2,000 歐元 | 2,000 澳元 15,000 港元 | 人民幣 10,000 元

750 美元 | 750 歐元 | 750 澳元 5,000 港元 | 人民幣 3,750 元

I 類股份（及相應 H 類股份） 1,000,000 美元 | 1,000,000 歐元無

除非另行指明。

†累計費用的數值乃根據截至 2019 年 11 月 30 日止半年度的開支計算得出。該數值可能因年而異。累計費用的數值乃年化數值，以半年度報告的資料為依據，計算方法為適用費用加上從本基金資產扣除的付款，再除以相關股份類別於該財政年度應佔的本基金平均資產淨值。 ^此累計費用數值為估計數值，並基於相關股份類別的累計費用數值而得出。亦請參閱上文相關股份類別的累計費用數值適用的附註†。 *不同的最低投資額、其後投資額及最高投資額可適用於以不同貨幣計價的不同股份類別。投資者應參閱本傘子基金的發售文件了解詳情。 ●B 類及 BD 類股份（及相應 H 類股份）不接納新及現有投資者發出的認購單。然而，投資者可要求將其持有的 B 類及 BD 類股份（及相應 H 類股份）轉換為另一由聯博保薦、於盧森堡成立並在香港獲認可向散戶分銷或以其他方式透過在香港的聯博認可交易商可供認購的 UCITS 基金的相同股份類別。

本基金是甚麼產品？美國增長基金（「本基金」）是 AB SICAV I 傘子基金（「本傘子基金」）的投資產品。本傘子基金是一家在盧森堡註冊的開放型可變資本投資公司，當地監管機關為盧森堡 Commission de Surveillance du Secteur Financier。

- 2 -

聯博

美國增長基金

目標及投資策略目標本基金的投資目標主要是藉投資於美國發行人發行的股本證券實現長期資本增值。

策略本基金尋求主要投資於美國少數大型精選優質公司的股本證券（普通股、可轉換為普通股的證券及可認購或購買普通

股的權利及權證），而投資管理人認為該等公司有可能達致卓越的盈利增長。在正常情況下，本基金會投資於大約40至60間公司，其中25間獲最高評價的公司一般約佔本基金淨資產的70%。在正常情況下，本基金將其總資產最少80%投資於美國公司發行的股本證券。就此等目的而言，「美國公司」是指︰(i)其註冊辦事處在美國的公司；或(ii)於美國從事其最主要部分經濟活動的公司。雖然本基金主要投資於美國股票，但是本基金可將其總資產最多15%投資於非美國發行人發行的股本證券，包括美國預託證券（如有關發行人在美國擁有相當規模的業務）。本基金有權使用金融衍生工具作對沖、風險管理及有效基金管理用途。有效基金管理及對沖技巧可能包括使用交易所

買賣及場外交易衍生工具，包括掉期、期權、期貨及貨幣交易。

使用衍生工具／投資於衍生工具本基金的衍生工具風險承擔淨額最多可達本基金資產淨值的 50%。

本基金有哪些主要風險？投資涉及風險。請參閱發售文件以了解詳情，包括風險因素。 1. 一般投資風險

本基金的投資組合價值或會因以下任何主要風險因素而下跌，因此閣下於本基金的投資或會蒙受損失。概不保

證本金可獲償還。 2. 股本證券風險

本基金將投資於股本證券並承受一般市場風險，股本證券的價值可能因應個別公司的活動及業績或因投資氣氛、

政治環境、整體市場及經濟狀況、區域及全球不穩定性及貨幣匯率和利率的變動而波動，以及有時可能出現大幅

波動。若本基金所投資股本證券的市場價值下跌，本基金的資產淨值或會受到不利影響，且投資者的持股價值或

會遭受重大損失。 3. 集中風險

本基金的投資主要集中於美國投資。與投資組合更為分散的基金相比，本基金的價值或會較為波動。本基金的價

值可能較易受到影響美國市場的不利經濟、政治、政策、外匯、流動性、稅務、法律或監管事件影響。 4. 貨幣風險

本基金的相關投資可以一種或多種不同於本基金基準貨幣的貨幣計值。此外，某股份類別可能以本基金基準貨幣

以外的貨幣計值。這意味著匯率管制變更，相關投資的貨幣變動及該等貨幣與基準貨幣之間的匯率波動可能對本

基金股份的資產淨值造成嚴重及不利影響。 5. 人民幣類別的相關風險

人民幣現時不可自由兌換，且受外匯管制及限制規限。概無法保證人民幣不會貶值。人民幣出現任何貶值均可能

對投資者於本基金人民幣類別的投資價值產生不利影響。計算人民幣類別的價值時，將使用香港的離岸人民幣

（「CNH」）。CNH匯率可能較中國在岸人民幣（「CNY」）的匯率存在溢價或折讓，亦可能有顯著的買賣差價。雖然CNH及CNY是相同的貨幣，但兩者在不同及分開的市場進行買賣，且兩個市場獨立運作。因此，CNH與CNY的匯率未必相同，且變動方向可能並不相同。非以人民幣為基礎（如香港）的投資者於投資人民幣類別時可能須將港元或其他貨幣兌換成人民幣。其後，投資

者可能亦須將人民幣贖回所得款項（在出售股份時收到）及所收到的人民幣分派（如有）兌換回港元或其他貨

幣。於此等過程中，倘若於收取人民幣贖回所得款項及／或人民幣分派（如有）後，人民幣兌港元或其他貨幣出

現貶值，則投資者將招致貨幣兌換成本，並可能蒙受損失。於特殊情況下，由於適用於人民幣的外匯管制及限

制，以人民幣支付的贖回付款及／或股息支付可能會被延遲。

- 3 -

聯博

美國增長基金

6. 投資金融衍生工具的風險衍生工具的相關風險包括對手方／信貸風險、流動性風險、估值風險、波動性風險及場外交易風險。衍生工具的

槓桿元素／成份可導致損失大幅高於本基金投資於衍生工具的金額。投資衍生工具可導致本基金蒙受重大損失的

高度風險。 7. 以資本撥付股息的相關風險

在獲證監會事先批准（如需要）並至少提前一個月向投資者發出通知的前提下，董事會可全權酌情決定修訂股息

政策。股息率並非本基金回報的指示。股息可從本基金的資本中或實際上以資本撥付（由董事會酌情決定，此舉

可構成部分退回或撤回投資者原本的投資）或來自原本投資應佔的任何資本收益，並導致每股資產淨值即時減

少。貨幣對沖股份類別的發售貨幣與本基金基準貨幣之間的利率差異或會對貨幣對沖股份類別的分派金額和資產

淨值造成不利影響，導致從資本中撥付的分派金額增加，繼而令資本被侵蝕的程度高於其他非對沖股份類別。

本基金表現如何？以下柱狀圖列示於2018年重組為本基金A類股份的另一基金某股份類別的過往表現，原因為經重組股份類別與本基金A類股份具有相同特徵及費用架構。由於A類股份為專供香港投資者認購的股份類別，故獲管理公司指定為代表股份類別。

• 2018年之前的表現資料已根據經重組股份類別的過往表現模擬而成。 • 過往表現資料並非未來表現的指示。投資者未必能悉數取回其投資金額。 • 表現是於曆年末以資產淨值作為比較基準，且股息再投資而計算得出。 • 該等數據顯示經重組股份類別／A類股份的價值於所示曆年增加或減少的幅度。表現數據以美元計算，當中已包

括累計費用，惟不包括閣下可能須支付的任何認購費及贖回費。 • 自2020年5月4日起，本基金的基準為羅素1000增長指數。

本基金有否提供保證？本基金並無提供任何保證。閣下未必能取回投資本金。

7.8%

‐2.5%

15.6%

35.7%

12.8% 9.6%1.5%

30.2%

0.7%

33.1%

‐50%

‐40%

‐30%

‐20%

‐10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019百分

比

本基金成立年份：2018 年 A 類股份成立年份：2018 年

- 4 -

聯博

美國增長基金

投資本基金涉及哪些費用及收費？（不同收費架構適用於不同股份類別。投資者應參閱本傘子基金的發售文件了解詳情。）

閣下或須繳付的費用在買賣本基金的股份時，閣下可能須繳付下列費用：費用繳付金額認購費（首次銷售費）

A 類及 AD 類股份（及相應 H 類股份）：最高為購買價的 5% I 類股份（及相應 H 類股份）：最高為購買價的 1.5% 不適用於其他股份類別

轉換費+ 不適用贖回費不適用或有遞延銷售費 B 類及 BD 類股份（及相應 H 類股份）：（如適用）最高為所贖回股份

的現行資產淨值或原始成本（以較低者為準）的 4%（視乎持有年期） C 類股份（及相應 H 類股份）：（如適用）最高為所贖回股份的現行資產淨值或原始成本（以較低者為準）的 1%（視乎持有年期）不適用於其他股份類別

+任何由分銷商收取的額外費用或會仍然適用。基金繳付的持續經營費用

以下費用將從本基金撥付。由於該等費用會減少閣下的投資回報，故對閣下構成影響。費用繳付金額管理費* A 類、AD 類、B 類及 BD 類股份（及相應 H 類股份）：1.5%

C 類股份（及相應 H 類股份）：1.95% I 類股份（及相應 H 類股份）：0.7%

存管人費* 不多於 1.00% 應付行政管理人的行政費*

過戶代理費* 業績表現費不適用分銷費* B 類及 BD 類股份（及相應 H 類股份）：1.00%

不適用於其他股份類別應付管理公司的行政費* 所有股份類別（及相應 H 類股份）：0.10%

*每年佔資產淨值的百分比

其他費用在買賣本基金的股份時，閣下可能須繳付其他費用。

其他資料 • 在每一營業日（紐約證券交易所及盧森堡銀行的營業日）於美國東部時間下午四時正（為就美元計價股份類別的

指令截止時間）或之前，或在每一營業日於歐洲中部時間下午一時正（為就人民幣對沖股份類別的指令截止時

間）或之前，或在每一營業日於歐洲中部時間下午六時正（為就其他貨幣對沖股份類別的指令截止時間）或之

前，經管理公司收妥認購及贖回股份要求後，閣下一般可按隨後釐定的本基金資產淨值（另加任何適用的費用）認購及贖回股份。投資者應注意，香港分銷商可能對透過其發出的申請設定較早的截止時間。

- 5 -

聯博

美國增長基金

• 本基金的資產淨值於每個營業日計算，並將於以下網站 www.alliancebernstein.com.hk 可供查閱，閣下亦可致電+852 2918 7888 與聯博香港有限公司（作為本傘子基金的香港代表）聯絡。

• 投資者可於 www.alliancebernstein.com.hk 取得提供予香港投資者的其他股份類別的過往表現資料。 • 最近期 12 個月的股息組成情況（即從(i)可分派淨收益及(ii)資本中支付的相對金額），可向投資管理人及香港代表

索取。股息組成情況亦可在網站 www.alliancebernstein.com.hk 查閱。

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聲

明。網站 www.alliancebernstein.com.hk 未經證監會審閱，並可能載有未獲證監會認可的基金資料。

PRODUCT KEY FACTS AB SICAV I

AllianceBernstein (Luxembourg) S.à r.l. American Growth Portfolio August 2020

This statement provides you with key information about this product. This statement is a part of the offering document.

You should not invest in this product based on this statement alone.

Quick facts Management Company: AllianceBernstein (Luxembourg) S.à r.l. Investment Manager: AllianceBernstein L.P. (internal delegation, U.S. Delaware) Depositary: Brown Brothers Harriman (Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S. Dollar Dividend policy: (i) For Classes AD and BD Shares (and corresponding H Shares):

Aims to declare and pay monthly or be reinvested as elected by investor* *Dividends may be paid out of capital or effectively out of capital and reduce the Portfolio's Net Asset Value (ii) For Classes A, B, C and I Shares (and corresponding H Shares): None

Financial year end of this Portfolio: 31 May Ongoing charges over a fiscal year:

Classes A and AD Shares (and corresponding H Shares )

Class AD RMB H Shares Class B Shares

1.75% † 1.74% † 2.75%† Classes B EUR H and BD AUD H Shares

Class BD Shares

2.75% ^ 2.74% † Class C Shares (and corresponding H Shares)

Class I Shares (and corresponding H Shares)

2.20% † 0.95%† Min. investment*: Initial Additional Classes A, AD, B●, BD● and C Shares (and corresponding H Shares)

USD2,000 | EUR2,000 | AUD2,000 HKD15,000 | RMB10,000

USD750 | EUR750 | AUD750 HKD5,000 | RMB3,750

Class I Shares (and corresponding H Shares)

USD1 million | EUR1 million None

Unless otherwise specified. †The ongoing charges figure is based on expenses for the half year ended 30 November 2019. This figure may vary from year to year. The ongoing charges figure is an annualized figure based on information from the semi-annual report calculated by adding the applicable charges and payments deducted from the assets of the Portfolio and then dividing by the Portfolio's average Net Asset Value for the fiscal year attributable to the relevant share class. ^The ongoing charges figure is an estimated figure and is based on the ongoing charges figures for the relevant share classes. Please also refer to note † above applicable to the ongoing charges figures for the relevant share classes. *Different minimum, additional and maximum investment limits may apply to different classes of shares denominated in different currencies. Investors should refer to the offering document of the Fund for details.

● Classes B and BD Shares (and corresponding H Shares) are not open for subscription by new and existing investors. However, investors may request the exchange of their holdings of Classes B and BD Shares (and corresponding H Shares) for the same share class of another AB-sponsored Luxembourg-domiciled UCITS fund authorised in Hong Kong for retail distribution or otherwise available through an AB authorised dealer in Hong Kong.

What is this product? The American Growth Portfolio (the "Portfolio") is a portfolio of AB SICAV I (the "Fund"), an open-ended investment company with variable capital domiciled in Luxembourg and its home regulator is Commission de Surveillance du Secteur Financier.

- 2 -

AB SICAV I American Growth Portfolio

Objectives and Investment Strategy Objectives The investment objective of the Portfolio is long-term growth of capital primarily through investment in equity securities of US issuers.

Strategy The Portfolio seeks to invest predominantly in equity securities (common stocks, securities convertible into common stocks and rights and warrants to subscribe for or purchase common stocks) of a limited number of large, carefully selected, high-quality US companies that, in the judgment of the Investment Manager, are likely to achieve superior earnings growth. Under normal circumstances, about 40-60 companies will be represented in the Portfolio, with the 25 most highly regarded of these companies usually constituting approximately 70% of the Portfolio’s net assets. Under normal circumstances, the Portfolio invests at least 80% of its total assets in equity securities of US companies. For these purposes, a "US company" is a company that (i) has its registered office in the United States, or (ii) carries out the preponderant part of its economic activities in the United States. Although the Portfolio invests primarily in US stocks, it may invest up to 15% of the Portfolio’s total assets in the equity securities of non-US issuers, including ADRs in the case of issuers with substantial business operations in the US.

The Portfolio is entitled to use financial derivative instruments for hedging, risk management, and efficient portfolio management. Efficient portfolio management and hedging techniques may include use of exchange-traded and OTC derivative instruments, including swaps, options, futures and currency transactions.

Use of derivatives / Investment in derivatives The Portfolio’s net derivative exposure may be up to 50% of the Portfolio’s net asset value.

What are the key risks? Investment involves risks. Please refer to the offering document for details including the risk factors. 1. General Investment Risk

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

2. Equity Securities Risk The Portfolio will invest in equity securities and will be subject to general market risk, the value of which may be volatile and fluctuate, sometimes dramatically, in response to the activities and performance of individual companies or because of investment sentiment, political environment, general market and economic conditions, regional and global instability and changes in currency exchange rates and interest rates. If the market value of equity securities in which the Portfolio invests in decreases, its net asset value may be adversely affected and investor’s holdings may lose substantial value.

3. Concentration risk The Portfolio’s investments are concentrated in U.S. investments. The value of the Portfolio may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Portfolio may be more suspectible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the U.S. market.

4. Currency Risk Underlying investments may be denominated in one or more currencies different from the Portfolio's base currency. Also, a class of shares may be designated in a currency other than the base currency of the Portfolio. This means changes in exchange rate controls, currency movements in such underlying investments and fluctuations in the exchange rates between these currencies and the base currency may significantly and unfavorably affect the net asset value of the Portfolio's shares.

5. Risks relating to Renminbi (“RMB”) class(es) RMB is currently not freely convertible and is subject to exchange controls and restrictions. There can be no assurance that RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the value of investors’ investments in the RMB class(es) of the Portfolio. When calculating the value of the RMB class(es), offshore RMB in Hong Kong (“CNH”) will be used. The CNH rate may be at a premium or discount to the exchange rate for onshore RMB in China (“CNY”) and there may be significant bid and offer spreads. While CNH and CNY represent the same currency, they are

- 3 -


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. Non-RMB based (e.g. Hong Kong) investors may have to convert HKD or other currencies into RMB when investing in the RMB class(es). Subsequently, investors may also have to convert the RMB redemption proceeds (received when selling the shares) and RMB distributions received (if any) back to HKD or other currencies. During these processes, investors will incur currency conversion costs and may suffer losses in the event that RMB depreciates against HKD or such other currencies upon receipt of the RMB redemption proceeds and/or RMB distributions (if any). 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.

6. Risk in investing in financial derivative instruments Risks associated with derivatives include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a derivative can result in a loss significantly greater than the amount invested in the derivative by the Portfolio. Exposure to derivatives may lead to a high risk of significant loss by the Portfolio.

7. Risks associated with payment of dividends out of capital The Board has the sole and absolute discretion to amend the dividend policy, subject to the SFC's prior approval (if required) and by giving no less than one month's prior notice to investors. Dividend yield is not indicative of return of the Portfolio. Dividends may be paid from capital or effectively out of the capital of the Portfolio at the discretion of the Board, which may amount to a partial return or withdrawal of an investor's original investment or from any capital gains attributable to that original investment, and result in an immediate decrease of the net asset value per Share. The distribution amount and net asset value of the currency hedged share classes may be adversely affected by differences in the interest rates of the offered currency of the currency hedged share classes and the Portfolio's base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other non-hedged share classes.

How has the Portfolio performed? The bar chart below shows the past performance of a share class of another fund restructured into Class A Shares of the Portfolio in 2018, as the restructured share class and Class A Shares of the Portfolio have the same features and fee structure. Class A Shares has been designated as the representative share class by the Management Company as it is a focus share class made available to Hong Kong investors.

Portfolio launch year: 2018 Class A Shares launch year: 2018.

• The performance information prior to 2018 has been simulated based on the past performance of the restructured share class. • Past performance information is not indicative of future performance. Investors may not get back the full amount invested. • The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.

7.8%

‐2.5%

15.6%

35.7%

12.8% 9.6%1.5%

30.2%

0.7%

33.1%

‐50%

‐40%

‐30%

‐20%

‐10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Percen

tage

- 4 -


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

• With effect from 4 May 2020, the benchmark of the Portfolio is Russell 1000 Growth Index.

Is there any guarantee? This Portfolio does not have any guarantees. You may not get back the amount of money you invest.

What are the fees and charges? (Different fee structures apply to different classes of shares. Investors should refer to the offering document of the Fund for details.)

Charges which may be payable by you You may have to pay the following fees when dealing in the shares of the Portfolio:

Fee What you pay Subscription fee (Initial Sales Charge)

Classes A and AD Shares (and corresponding H Shares): up to 5% of the purchase price Class I Shares (and corresponding H Shares): up to 1.5% of the purchase price Not applicable to other Share Classes

Switching fee+ Not Applicable Redemption fee Not Applicable Contingent Deferred Sales Charge Classes B and BD Shares (and corresponding H Shares): where applicable up to

4% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Class C Shares (and corresponding H Shares): where applicable up to 1% (depending on years held) of the lesser of the current Net Asset Value or original cost of the Shares being redeemed Not applicable to other Share Classes

+Any additional fees charged by distributors may still apply.

Ongoing fees payable by the fund The following expenses will be paid out of the Portfolio. They affect you because they reduce the return you get on your investments. Fee What you pay Management fee* Classes A, AD, B and BD Shares (and corresponding H Shares): 1.5%

Class C Shares (and corresponding H Shares): 1.95% Class I Shares (and corresponding H Shares): 0.7%

Depositary fee*

Up to 1.00% Administration fee payable to the Administrator* Transfer Agent fee* Performance fee Not Applicable Distribution fee* Classes B and BD Shares (and corresponding H Shares): 1.00%

Not applicable to other Share Classes Administration fee payable to the Management Company*

All Share Classes (and corresponding H Shares): 0.10%

*Percentage per annum of Net Asset Value

- 5 -


Other fees You may have to pay other fees when dealing in the shares of the Portfolio.

Additional Information • You may generally buy and redeem shares at the Portfolio's next-determined Net Asset Value plus any applicable charges

after the Management Company receives your request in good order on or before 4:00 P.M. U.S. Eastern Time on each Business Day (business day of both New York Stock Exchange and Luxembourg banks) for USD-denominated share classes, or on or before 1:00 P.M. Central European Time on each Business Day for RMB hedged share classes or on or before 6:00 P.M. Central European Time on each Business Day for other currency hedged share classes, each time being the order cut-off time. Investors should note that, for applications sent through a Hong Kong distributor, such distributor may have an earlier cut-off time.

• The Net Asset Value of the Portfolio is calculated on each Business Day and will be available on the following website www.alliancebernstein.com.hk or alternatively, you may contact AllianceBernstein Hong Kong Limited (as the Hong Kong Representative of the Fund) at +852 2918 7888.

• Investors may obtain the past performance information of other share classes offered to Hong Kong investors from www.alliancebernstein.com.hk.

• The compositions of the dividends (i.e., the relative amounts paid out of (i) net distributable income and (ii) capital) for the most recent 12 months can be obtained from the Investment Manager and the Hong Kong Representative on request. The compositions of the dividends will also be available at: www.alliancebernstein.com.hk.

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. The website www.alliancebernstein.com.hk has not been reviewed by the SFC and may contain information of funds not authorised by the SFC.

new 聯博－美國增長基金 - hsbc · 2020. 9. 30. · frank caruso, cfa john h. fogarty, cfa...

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