Global High Yield Fund - D2 Class Inc Plus Units (HKD)

Important Notes

  • The Fund invests the majority (i.e. over 50%) of its assets in a portfolio of US dollar denominated public and private issued high-yield fixed income securities (e.g. fixed interest rate corporate bonds) which are rated below investment grade. The issuers of the majority of these securities are concentrated in the US and Canada.
  • 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 Summary 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. 
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Compelling Return with Less Volatility Relative to Equity

The relatively low correlation with other asset classes generally enhance the risk/return profile of the portfolio which captures equity-like upside potential while offering income potential which could shield against market volatility.

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Potentially Offer Greater Yields than Other Fixed Income Sectors

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Proven Performance during Insurance Cuts

Insurance cuts by the US FED followed by growth phase brought about strong risk assets performance. During the two recent periods of insurance cuts, high yield bonds delivered competitive performance relative to government bonds.

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High Yield Bond’s Performance Comparing to Other Bond Sectors / Market

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Consistency of Long-term Performance

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Attractive Income Opportunities

Dividend Record – Average annualized dividend rate for the past 6 years is 4.7%.

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Generally Low Default Rates Relative to the High Yield Sector

The fund’s well-defined ‘Exit Strategies’ help minimizing default risks.

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Award-Winning Fund

The fund won 2018 Thomson Reuters Lipper Fund Awards Hong Kong for Best Hong Kong Fund over 3 Years and 5 Years. The fund also received a BENCHMARK Fund of the Year Awards in 2018 for Best-in-Class, Top Fund Awards– Retail Class, and Bloomberg BusinessWeek / Chinese Edition Top Fund Awards 2018 for Fixed Income - Global - High Yield Bond - Best Performer.

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Integrated and Specialized Investment Team

Managed by Principal’s Fixed Income team, whilst following a consistent investment process; the team has utilized a proprietary ratings system, potentially enabling them to anticipate the movement of credit ratings ahead of the market and competitors. The High Yield investment team averages 20 years of industry experience.

NAV ^
8.94 HKD
Daily Change
-0.6%
Valuation Date (DD/MM/YYYY)
01/02/2023

^ The unit price of the fund is calculated on net asset value.

Investment Objective

The objective of the Fund is to provide a return consisting of income and, over the long term, capital growth.

Investment Policy

The Fund seeks to achieve its overall objective by investing primarily in a portfolio of US dollar denominated public and private issued high-yield fixed income securities, such as fixed interest rate corporate bonds. These securities will generally be rated below investment grade. The Fund’s investments will be listed/traded on the exchanges and markets listed in Appendix A to the Summary Prospectus, although it is anticipated that the majority will be issued by U.S. and/or Canadian issuers. For details please refer to KFS and Summary Prospectus.

  • Series Name

    Principal Global Investors Funds

  • Fund Name

    Global High Yield Fund - D2 Class Inc Plus Units (HKD)

  • Asset Class

    Fixed Income

  • Fund Domicile

    Ireland

  • Base Currency

    USD

  • Fund Size

    HKD1,614.0 million As of 31/12/2022

  • 3 years annualized volatility1

    N/A

  • Management Fees

    0.60% pa

  • Investment Manager

    Mark Denkinger / Darrin Smith / Joshua Rank

  • Launch Date (DD/MM/YYYY)

    02/06/2020

  • Ongoing charges over a year2

    1.43%

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 based on last year’s expenses, for the year ended 30 September 2021, and this figure may vary from year to year. The ongoing charges include management fee, trustee fee, administration fee, custodian fee, audit fee, professional expense, legal fee, set up cost and other expenses. The set up costs are based on the amortised portion recognised in accordance with the section “Fees and Expenses” of the Summary Prospectus.

Cumulative Return (%)

  As of (DD/MM/YYYY) 1 Month 3 Months Year To Date 1 Year 3 Years 5 Years Since Inception
Fund 31/12/2022 -0.49 4.61 -10.95 -10.95 N/A N/A 3.23
Index 31/12/2022 -0.05 4.61 -11.29 -11.29 N/A N/A 3.44

Calendar Year Return (%)

  As of (DD/MM/YYYY) 2022 2021 2020 2019 2018
Fund 31/12/2022 -10.95 5.06 N/A N/A N/A
Index 31/12/2022 -11.29 3.6 N/A N/A N/A

Fund performance is calculated on a NAV to NAV basis, net performance including trustee and management fees. Please see Performance Notes section of the Fund Fact Sheet for the details.
Dividend Period End Date Dividend per unit Dividend paid out of net distributable income for the period Dividend effectively paid out of capital
30/06/2020 HKD 0.0497 66.94% 33.06%
31/07/2020 HKD 0.0586 66.39% 33.61%
31/08/2020 HKD 0.0587 61.52% 38.48%
30/09/2020 HKD 0.0579 62.50% 37.50%
30/10/2020 HKD 0.0581 55.75% 44.25%
30/11/2020 HKD 0.0597 53.54% 46.46%
31/12/2020 HKD 0.0600 53.89% 46.11%
19/01/2021 HKD 0.0598 54.69% 45.31%
26/02/2021 HKD 0.0597 49.42% 50.58%
31/03/2021 HKD 0.0599 66.70% 33.30%
30/04/2021 HKD 0.0598 11.06% 88.94%
31/05/2021 HKD 0.0598 57.27% 42.73%
30/06/2021 HKD 0.0606 52.57% 47.43%
30/07/2021 HKD 0.0598 53.61% 46.39%
31/08/2021 HKD 0.0599 55.21% 44.79%
30/09/2021 HKD 0.0599 58.79% 41.21%
29/10/2021 HKD 0.0591 38.08% 61.92%
30/11/2021 HKD 0.0585 50.40% 49.60%
31/12/2021 HKD 0.0589 57.34% 42.66%
31/01/2022 HKD 0.0573 46.56% 53.44%
28/02/2022 HKD 0.0563 71.40% 28.60%
31/03/2022 HKD 0.0556 63.53% 36.47%
29/04/2022 HKD 0.0533 57.08% 42.92%
31/05/2022 HKD 0.0529 71.33% 28.67%
30/06/2022 HKD 0.0490 85.20% 14.80%
29/07/2022 HKD 0.0516 64.83% 35.17%
31/08/2022 HKD 0.0497 71.34% 28.66%
30/09/2022 HKD 0.0479 59.05% 40.95%
28/10/2022 HKD 0.0556 63.65% 36.35%
30/11/2022 HKD 0.0567 66.26% 33.74%
30/12/2022 HKD 0.0560 61.20% 38.80%

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
  • fd-label-icon
    Product Key Facts - Global High Yield Fund
  • fd-label-icon
    Sales Flyer - Global High Yield Fund
  • fd-label-icon
    Fund Fact Sheets - Global High Yield Fund - D2 Inc Plus Units HKD
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    Dividend Records - Global High Yield Fund
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    Condensed Interim Report and Unaudited Financial Statements (For The Period Ended 31 March 2022)
  • fd-label-icon
    Annual Report and Audited Financial Statements (For The Year Ended 30 September 2022)
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    HK Unitholder Notice (All Funds) (11 January 2023)
  • fd-label-icon
    HK Unitholder Notice (European Equity Fund / Global Equity Fund / Global High Yield Fund / Preferred Securities Fund)
  • fd-label-icon
    HK Unitholder Notice (Global High Yield Fund)
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    HK Unitholder Notice (All Funds) (20 December 2019)
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    HK Unitholder Notice (All Funds) (17 June 2020)
  • fd-label-icon
    Summary Prospectus - First Addendum (21 August 2020)
  • fd-label-icon
    Summary Prospectus - Second Addendum (1 October 2020)
  • fd-label-icon
    Summary Prospectus - Fourth Addendum (2 December 2020)
  • fd-label-icon
    Annex II - Template pre-contractual disclosure for the financial products
  • fd-label-icon
    Mutual Funds Product Range Brochure

This material is intended for general reference only. This material does not constitute an offer or solicitation or invitation or advice or recommendation to enter into any transactions.  Investment involves risk. There is no assurance on investment returns.  You should consider your own risk tolerance level and financial circumstances before making any investment choices. If you are in doubt as to whether a certain fund or product mentioned in this material is suitable for you, you should seek independent professional advice.

Issuer of this material

Principal Global Investors Funds, CCB Principal Selected Growth Mixed Asset Fund, CCB Principal Dual Income Bond Fund 
Issuer: Principal Investment & Retirement Services Limited

Principal Life Style Fund, Principal Prosperity Series
Issuer: Principal Asset Management Company (Asia) Limited

This material has not been reviewed by the Securities and Futures Commission.