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Asian High Yield Fund - D2 Class Inc Plus Units (HKD)
Important Notes
- The Fund seeks to achieve its overall objective by generally investing at least 70% of its Net Asset Value in a portfolio of high-yield fixed income securities, which have been issued by governments and agencies of, or companies domiciled in, or exercising the principal part of their business activity in Asia.
- Investment involves risk. There is no assurance on investment returns and you may not get back the amount originally invested.
- The investment decision is yours but you should not invest in this Fund unless the intermediary who sells it to you has advised you that it is suitable for you and explained how it is consistent with your investment objectives.
- You should not invest solely in reliance on this website alone. You should read the Summary Prospectus and the relevant Supplement(s) before investing including the Special Investment Considerations and Risks section of the Prospectus.
- In relation to D2 Class Income Plus Units of the Fund, the dividends which may be distributed by such class of units may be paid effectively out of the capital of the Fund (i.e. making the distribution from gross income while charging all or part of the Fund's fees and expenses to capital), resulting in an increase in distributable income for the payment of dividends by the Fund and an immediate reduction of the net asset value per unit of the Fund. Payment of dividends effectively out of capital amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment. Dividend is not guaranteed.
Robust Economic Growth Potential
Asia is the fastest growing economic region, as well as the largest continental economy by both GDP Nominal and Purchasing Power Parity in the world, accounting for more than two-thirds of global growth in 2019. While the developed world may fall into recession in 2020, China may remain in the positive zone.
Attractive Valuation
The oil-price shock caused by the clash between Saudi Arabia and Russia has driven credit spreads significantly wider. Asian high yield spread widened significantly to its highest level in over a decade. Asian high yield looks attractive over the other high yield markets in relative value terms.
Compelling Return With Much Less Volatility Relative To Equity
Asian high yield bonds have the potential in providing equity like returns with much lower volatility.
Competitive Yields Relative To Developed Markets
Interest rates in developed markets were slashed to extremely low levels. Asian markets have yield advantages compared to other parts of the world.
Less Energy Exposure
Most Asian countries are net-importers of oil. Asian high yield as an asset class is less exposed to commodity price weakness compared to the US market.
Diversification
Asian high yield bonds historically have had a low correlation to other fixed-income and equity products in various market conditions.
Local Investor Base Offers Stability
There is increasing participation of Asia based investors in new bond issuance from Asia issuers. Local investors are more likely to stay in the region. This can help create a more stable and liquid capital market in Asia.
Source: please refer to the sales flyer in download section.
Dynamic And Flexible Allocation
Around 30% of the portfolio could be reallocated technically to preserve capital during adverse market cycles, with the aim to capture growth opportunities in Asia with a lower volatility profile. The Fund also has the flexibility to invest in global developed and emerging markets outside of Asia.
Emerging Market FX Risk Hedged
The fund is 100% in USD with economic, political and currency risks being carefully managed.
Asian Fixed Income Team
Asian fixed income team has more than 10 years experience on average.
Source: please refer to the sales flyer in download section.
NAV ^
Daily Change
Valuation Date (DD/MM/YYYY)
^ The unit price of the fund is calculated on net asset value.
Investment Objective:
The investment objective of the Fund is to provide a return consisting of income and, over the long term, capital growth. Investors should be aware that there is no guarantee that the Fund will achieve its investment objective.
Investment Policy:
The Fund seeks to achieve its overall objective by generally investing at least 70% of its Net Asset Value in a portfolio of high-yield fixed income securities, which have been issued by governments and agencies of, or companies domiciled in, or exercising the principal part of their business activity in Asia. The Fund will invest in high yield fixed income securities that capture the growth potential of Asia with a focus on Greater China. The Fund will not invest directly in Chinese listed fixed income securities or securities issued within Mainland China, but will seek to achieve exposure via investment in fixed income securities listed/issued outside of Mainland China. Such securities are not restricted in their currency denomination and may be denominated in RMB (i.e. “Dim Sum” bonds). In addition to RMB, the above investments may also be denominated in other currencies, e.g. USD, HKD. For details please refer to KFS and Summary Prospectus.
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Series Name
Principal Global Investors Funds
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Fund Name
Asian High Yield Fund - D2 Class Inc Plus Units (HKD)
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Asset Class
Fixed Income
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Fund Domicile
Ireland
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Base Currency
USD
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Fund Size
HKD287.45 million As of 31/03/2024
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3 years annualized volatility1
12.93 As of 31/03/2024
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Management Fees
0.70% pa
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Investment Manager
Howe Chung Wan / Prakash Gopalakrishnan
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Launch Date (DD/MM/YYYY)
21/05/2020
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Ongoing charges over a year2
1.60%
1. The 3 Years Annualized Volatility shows the risk of a fund and is calculated as an annualized standard deviation based on the monthly rates of return of the constituent fund over the past three years. However, no data will be displayed if the period between the reporting date of the website and the inception date for the fund is less than 3 years.
2. The ongoing charges are expressed as a percentage of the sum of expenses over the average net asset value of the unit class for the 12-month period ended 30 September 2022, and this figure may vary from year to year.
Cumulative Return (%)
| As of (DD/MM/YYYY) | 1 Month | 3 Months | Year To Date | 1 Year | 3 Years | 5 Years | Since Inception | |
|---|---|---|---|---|---|---|---|---|
| Fund | 31/03/2024 | 0.66 | 3.7 | 3.7 | 2.77 | -22.36 | N/A | -15.09 |
| Index | 31/03/2024 | 1.46 | 6.77 | 6.77 | 9.32 | -27.47 | N/A | -17.3 |
Calendar Year Return (%)
As of (DD/MM/YYYY)
2023
2022
2021
2020
2019
Fund
31/03/2024
0.56
-13.88
-13.75
N/A
N/A
Index
31/03/2024
4.9
-21.72
-17.16
N/A
N/A
| As of (DD/MM/YYYY) | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|
| Fund | 31/03/2024 | 0.56 | -13.88 | -13.75 | N/A | N/A |
| Index | 31/03/2024 | 4.9 | -21.72 | -17.16 | N/A | N/A |
| Dividend Period End Date | Dividend per unit | Dividend paid out of net distributable income for the period | Dividend effectively paid out of capital |
|---|---|---|---|
| 28/03/2024 | HKD 0.0490 | 59.31% | 40.69% |
| 29/02/2024 | HKD 0.0491 | 37.52% | 62.48% |
| 31/01/2024 | HKD 0.0489 | 78.00% | 22.00% |
| 29/12/2023 | HKD 0.0486 | 4.73% | 95.27% |
| 30/11/2023 | HKD 0.0477 | 84.34% | 15.66% |
| 31/10/2023 | HKD 0.0462 | 88.02% | 11.98% |
| 29/09/2023 | HKD 0.0470 | 84.06% | 15.94% |
| 31/08/2023 | HKD 0.0476 | 84.44% | 15.56% |
| 31/07/2023 | HKD 0.0488 | 85.22% | 14.78% |
| 30/06/2023 | HKD 0.0499 | 91.22% | 8.78% |
| 31/05/2023 | HKD 0.0496 | 86.55% | 13.45% |
| 28/04/2023 | HKD 0.0515 | 95.60% | 4.40% |
| 31/03/2023 | HKD 0.0525 | 93.89% | 6.11% |
| 28/02/2023 | HKD 0.0542 | 87.44% | 12.56% |
| 31/01/2023 | HKD 0.0557 | 89.66% | 10.34% |
| 30/12/2022 | HKD 0.0480 | 90.33% | 9.67% |
| 30/11/2022 | HKD 0.0460 | 87.09% | 12.91% |
| 28/10/2022 | HKD 0.0411 | 86.92% | 13.08% |
| 30/09/2022 | HKD 0.0394 | 89.50% | 10.50% |
| 31/08/2022 | HKD 0.0418 | 65.31% | 34.69% |
| 29/07/2022 | HKD 0.0411 | 81.89% | 18.11% |
| 30/06/2022 | HKD 0.0420 | 79.50% | 20.50% |
| 31/05/2022 | HKD 0.0450 | 83.05% | 16.95% |
| 29/04/2022 | HKD 0.0471 | 62.42% | 37.58% |
| 31/03/2022 | HKD 0.0479 | 73.57% | 26.43% |
| 28/02/2022 | HKD 0.0489 | 78.78% | 21.22% |
| 31/01/2022 | HKD 0.0514 | 74.48% | 25.52% |
| 31/12/2021 | HKD 0.0536 | 73.19% | 26.81% |
| 30/11/2021 | HKD 0.0538 | 76.25% | 23.75% |
| 29/10/2021 | HKD 0.0552 | 70.46% | 29.54% |
| 30/09/2021 | HKD 0.0599 | 52.72% | 47.28% |
| 31/08/2021 | HKD 0.0630 | 72.31% | 27.69% |
| 30/07/2021 | HKD 0.0622 | 77.05% | 22.95% |
| 30/06/2021 | HKD 0.0652 | 57.70% | 42.30% |
| 31/05/2021 | HKD 0.0660 | 78.82% | 21.18% |
| 30/04/2021 | HKD 0.0668 | 74.36% | 25.64% |
| 31/03/2021 | HKD 0.0661 | 79.40% | 20.60% |
| 26/02/2021 | HKD 0.0667 | 53.38% | 46.62% |
| 29/01/2021 | HKD 0.0667 | 20.91% | 79.09% |
| 31/12/2020 | HKD 0.0675 | 78.08% | 21.92% |
| 30/11/2020 | HKD 0.0667 | 76.96% | 23.04% |
| 30/10/2020 | HKD 0.0650 | 77.30% | 22.70% |
| 30/09/2020 | HKD 0.0660 | 76.87% | 23.13% |
| 31/08/2020 | HKD 0.0680 | 78.93% | 21.07% |
| 31/07/2020 | HKD 0.0669 | 79.06% | 20.94% |
| 30/06/2020 | HKD 0.0625 | 79.01% | 20.99% |
Distributions of the D2 Class Income Plus Units and Hong Kong Dollar D2 Class Income Plus Units will be declared and paid monthly within 30 days of the end of each calendar month.
Dividend, if declared, will be automatically re-invested unless cash distribution is applied for.
Net distributable income = "Gross income (other than any realised gain on sale of investments, unrealised gain on investments and foreign exchange gain)" less "total expenses incurred by fund"
Warning: Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.
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Explanatory Memorandum / Summary Prospectus
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Product Key Facts - Asian High Yield Fund
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Sales Flyer - Asian High Yield Fund
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Fund Fact Sheets - Asian High Yield Fund - D2 Class Inc Plus Units HKD
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Dividend Records - Asian High Yield Fund
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Condensed Interim Report and Unaudited Financial Statements (For The Period Ended 31 March 2023)
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Annual Report and Audited Financial Statements (For The Year Ended 30 September 2023)
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HK Unitholder Notice (All Funds) (20 December 2019)
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HK Unitholder Notice (All Funds) (17 June 2020)
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HK Unitholder Notice (Asian High Yield Fund) (13 April 2022)
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HK Unitholder Notice (All Funds) (11 January 2023)
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HK Unitholder Notice (Asian High Yield Fund) (6 March 2024)
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Summary Prospectus - First Addendum (21 August 2020)
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Summary Prospectus - Third Addendum (20 November 2020)
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Annex II - Template pre-contractual disclosure for the financial products
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Mutual Funds Product Range Brochure