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ipac Multi-Manager Global Bond Fund (HKD Hedged)


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ipac Multi-Manager Global Bond Fund (HKD Hedged)

  1. 1. ipac Multi-Manager Global Bond Fund (HKD Hedged)** ipac ( )** Fund Fact Sheet 31/03/2010 IMPORTANT INFORMATION 1. ipac Multi-Manager Investment Fund Series is an umbrella fund consisting of 1. ipac a number of funds that invest primarily in equities, bonds and/or deposits. / 2. This fund’s investment in bonds and other types of debt securities is subject to risks such as interest rate risk, credit risk, counterparty risk, liquidity risk 2. and default risk. 3. The value of the fund can be volatile and can go down substantially within a 3. short period of time. Under extreme market conditions and circumstances, it is possible that the entire value of your investment in the fund can be lost. 4. ipac 4. Investment involves risk, so please refer to the Explanatory Memorandum of ipac Multi-Manager Investment Fund Series for associated risks. Please do not invest based on this document alone. 5. You should not invest in this fund unless you understand it and it has been 5. explained to you how it is suitable for you. The final decision is yours. Investment Objective Fund Details The ipac Multi-Manager Global Bond Fund (HKD Hedged) aims to provide income and some capital Inception Date Class A A 19/01/2005 growth over the long term by investing in global bonds. (dd/mm/yyyy) Class R R 10/05/2006 ipac Fund Size USD 15.92 million 1,592 Investment Manager ipac asset management limited Investment Policy Specialist Fund Manager N/A The ipac Multi-Manager Global Bond Fund (HKD Hedged) invests in the ipac Multi-Manager Global Bond Fund and employs a passively-managed currency overlay that is designed to insulate the ipac Multi-Manager Global Bond Fund (HKD Hedged) from the majority of effects of currency NAV Per Unit Class A and R : USD 11.31 movements. A R 11.31 ipac ipac Fund Currency US Dollar ipac Management Fee Up to 0.75% p.a. (for all classes of units) Performance * 0.75% ( ) Cumulative Rates of Return Preliminary Charge Class A : Up to 6% YTD 3 Months 6 Months 1 Year 3 Years 5 Years Since Inception A 6% 3 6 1 3 5 Class B and R : Nil 1.80% 1.80% 1.80% 9.06% 8.23% 13.49% 13.15% B R Realisation Charge Class A and R : Nil Calendar Year Return A R Class B : Up to 6%^ 2005# 2006 2007 2008 2009 B 6%^ 3.40% 1.45% 2.19% -0.19% 3.84% ^ The realisation charge is 6% of the realisation price for realisation of # Launch date to 31 December 2005 units within the 1st year after the units subscribed, reduced 1% each year until the 5th year and 0% after the 5th year. Please refer to the 2005 12 31 Explanator y Memorandum of ipac Multi-Manager Investment Fund Series for the details of the realisation charge. Fund Indexed Performance Since Inception 6% 1% 0% 140 ipac 130 120 110 100 90 01/05 07/05 01/06 07/06 01/07 07/07 01/08 07/08 01/09 07/09 01/10 * Performance is the actual return, net of management and trustee fees and is based on the respective realisation price to realisation price in USD (net income reinvested). Performance information is based on Class A units of this fund only. Source: ipac asset management limited as of 31 March 2010. ( ) A ipac asset management limited ( 2010 3 31 )
  2. 2. ipac Multi-Manager Global Bond Fund (HKD Hedged)** ipac ( )** Fund Fact Sheet 31/03/2010 ~ Quarterly Market Overview as at 31/03/2010 Geographical Allocation The global fixed interest market came under pressure in the first quar ter. The combination of Europe (excluding UK) ( ) 36.2% firming US economic activity, the impact of sovereign risk concerns in Europe, and rating agencies' North America 26.2% continued warning about unsustainable fiscal deficits subsequently put upward pressure on yields. Japan 25.7% European bond markets performed strongly, and in the UK, long dated rates remained anchored, Cash 7.9% while short dated rates fell. In the end, Government debt fell 0.89% over the quarter. In contrast, corporate bond markets rose 0.43%, with credit spreads tightening, reflecting an improved United Kingdom 3.6% appetite for risk among investors. Investment grade corporate bond spreads narrowed from 1.91% Asia Pacific (excluding Japan) ( ) 0.4% to 1.61%. Global Bonds Sector (issuer group allocation)~ 0.89% 0.43% ( )~ 1.9% 1.61% Government 58.9% Corporate 27.1% Quarterly Fund Overview as at 31/03/2010 Cash 7.9% Asset Backed 6.1% The Fund outper formed the benchmark over the quarter. Important contributors to per formers included an over weight to Financials, as high quality Financials were the strongest per former among investment grade credit on the back of positive data and technical flows. An underweight to longer-dated bonds in the US, UK and Japan contributed as longer-dated bonds underperformed short and intermediate issues. Global Bonds Sector (credit ratings profile)~ ( )~ Standard & Poor’s/Moody’s Credit ratings % Allocation / AAA/Aaa 58.6% AA/Aa 25.8% Cash 7.1% Top 10 Securities Holdings A 6.9% BUNDESREPUBLIK DEUTSCHLAN 4.25PCT 04JUL17 4/07/2017 8.89% BBB/Baa 1.0% FRANCE (GOVT OF) 4.75PCT 25OCT12 25/10/2012 6.04% Below BB/Ba BB/Ba 0.6% JAPAN(GOVT) 1.8PCT BDS 20JUN17 JPY100000 20/06/2017 5.60% JAPAN(GOVT) 1.5PCT 20DEC17 BDS JPY50000 20/12/2017 4.98% ~ Due to rounding to one decimal place, the total may not be equal to 100%. 100% DEUTSCHLAND (BRD) 4.75PCT 04JUL40 EUR0.01 4/07/2040 4.71% LANDWIRTSCHAFLICHE RENTEN 1.375PCT 25APR13 25/04/2013 2.95% KREDITANST FUR WIE 1.85PCT GTD 20SEP10 SER INTL 20/09/2010 2.61% UNITED KINGDOM TREASURY 4.75PCT STK 07SEP15 7/09/2015 2.42% GERMANY (FED REP OF) 6.25PCT 4JAN2030 4/01/2030 2.36% UNITED STATES TRES SC STR STRIPPED GENERIC TINT PMT 15/08/2020 2.07% Investment involves risk. Past performance is for information only and is not indicative of future performance. The prices of units may go down as well as up. Value of investment is subject to market and exchange rates fluctuations and to risks inherent in all investments. Depending on the nature of a portfolio, only one specialist manager may be appointed to manage that portfolio or a mix of specialist managers may be appointed. ipac asset management limited may change the specialist fund manager(s) at any time on giving 3 months notice to unitholders, subject to the Securities and Futures Commission's (Commission) approval (or such shorter notice as agreed with the Commission). ** This is not a hedge fund. The fund aims to hedge foreign currency exposures of the underlying fund, ipac Multi-Manager Global Bond Fund, to HK dollar. The information on this fund fact sheet is for information purposes only and should not be construed as an offer to sell, or solicitation of an offer to buy, or recommendation for the securities of the portfolio of the fund. The above information is provided by ipac asset management limited, the investment manager of the fund. This fund fact sheet has not been reviewed by the Commission. Issuer: AXA China Region Investment Services Limited. ipac asset management limited ( ) 3 ( ) ** ipac ipac asset management limited Not for use in Mainland China