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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.
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.
Potentially Offer Greater Yields than Other Fixed Income Sectors
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.
High Yield Bond’s Performance Comparing to Other Bond Sectors / Market
Consistency of Long-term Performance
Attractive Income Opportunities
Dividend Record – Average annualized dividend rate for the past 6 years is 4.7%.
Generally Low Default Rates Relative to the High Yield Sector
The fund’s well-defined ‘Exit Strategies’ help minimizing default risks.
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.
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 ^
Valuation Date (DD/MM/YYYY)
^ 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.
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Series Name
Principal Global Investors Funds
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Fund Name
Global 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
HKD1.69 billion As of 31/10/2024
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3 years annualized volatility1
8.11 As of 31/10/2024
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Management Fees
0.60% pa
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Investment Manager
Mark Denkinger / Darrin Smith / Joshua Rank
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Launch Date (DD/MM/YYYY)
02/06/2020
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Ongoing charges over a year2
1.44%
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 2023, 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 | 31/10/2024 | -0.18 | 1.59 | 5.85 | 13.78 | 6.97 | N/A | 22.74 |
| Index | 31/10/2024 | -0.14 | 2.4 | 7.96 | 16.09 | 8.92 | N/A | 26.21 |
Calendar Year Return (%)
As of (DD/MM/YYYY)
2023
2022
2021
2020
2019
Fund
31/10/2024
12.33
-10.95
5.06
N/A
N/A
Index
31/10/2024
13.02
-11.29
3.6
N/A
N/A
| As of (DD/MM/YYYY) | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|
| Fund | 31/10/2024 | 12.33 | -10.95 | 5.06 | N/A | N/A |
| Index | 31/10/2024 | 13.02 | -11.29 | 3.6 | 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 |
|---|---|---|---|
| 29/11/2024 | HKD 0.0636 | 64.44% | 35.56% |
| 31/10/2024 | HKD 0.0635 | 67.41% | 32.59% |
| 30/09/2024 | HKD 0.0641 | 58.41% | 41.59% |
| 30/08/2024 | HKD 0.0641 | 62.19% | 37.81% |
| 31/07/2024 | HKD 0.0639 | 71.80% | 28.20% |
| 28/06/2024 | HKD 0.0634 | 60.06% | 39.94% |
| 31/05/2024 | HKD 0.0636 | 67.57% | 32.43% |
| 30/04/2024 | HKD 0.0633 | 68.04% | 31.96% |
| 28/03/2024 | HKD 0.0640 | 58.70% | 41.30% |
| 29/02/2024 | HKD 0.0642 | 61.00% | 39.00% |
| 31/01/2024 | HKD 0.0644 | 64.03% | 35.97% |
| 29/12/2023 | HKD 0.0644 | 57.82% | 42.18% |
| 30/11/2023 | HKD 0.0629 | 63.46% | 36.54% |
| 31/10/2023 | HKD 0.0609 | 71.37% | 28.63% |
| 29/09/2023 | HKD 0.0616 | 58.08% | 41.92% |
| 31/08/2023 | HKD 0.0631 | 59.30% | 40.70% |
| 31/07/2023 | HKD 0.0629 | 61.92% | 38.08% |
| 30/06/2023 | HKD 0.0595 | 60.13% | 39.87% |
| 31/05/2023 | HKD 0.0592 | 65.62% | 34.38% |
| 28/04/2023 | HKD 0.0600 | 50.41% | 49.59% |
| 31/03/2023 | HKD 0.0637 | 54.79% | 45.21% |
| 28/02/2023 | HKD 0.0632 | 52.90% | 47.10% |
| 31/01/2023 | HKD 0.0645 | 56.56% | 43.44% |
| 30/12/2022 | HKD 0.0560 | 61.20% | 38.80% |
| 30/11/2022 | HKD 0.0567 | 66.26% | 33.74% |
| 28/10/2022 | HKD 0.0556 | 63.65% | 36.35% |
| 30/09/2022 | HKD 0.0479 | 59.05% | 40.95% |
| 31/08/2022 | HKD 0.0497 | 71.34% | 28.66% |
| 29/07/2022 | HKD 0.0516 | 64.83% | 35.17% |
| 30/06/2022 | HKD 0.0490 | 85.20% | 14.80% |
| 31/05/2022 | HKD 0.0529 | 71.33% | 28.67% |
| 29/04/2022 | HKD 0.0533 | 57.08% | 42.92% |
| 31/03/2022 | HKD 0.0556 | 63.53% | 36.47% |
| 28/02/2022 | HKD 0.0563 | 71.40% | 28.60% |
| 31/01/2022 | HKD 0.0573 | 46.56% | 53.44% |
| 31/12/2021 | HKD 0.0589 | 57.34% | 42.66% |
| 30/11/2021 | HKD 0.0585 | 50.40% | 49.60% |
| 29/10/2021 | HKD 0.0591 | 38.08% | 61.92% |
| 30/09/2021 | HKD 0.0599 | 58.79% | 41.21% |
| 31/08/2021 | HKD 0.0599 | 55.21% | 44.79% |
| 30/07/2021 | HKD 0.0598 | 53.61% | 46.39% |
| 30/06/2021 | HKD 0.0606 | 52.57% | 47.43% |
| 31/05/2021 | HKD 0.0598 | 57.27% | 42.73% |
| 30/04/2021 | HKD 0.0598 | 11.06% | 88.94% |
| 31/03/2021 | HKD 0.0599 | 66.70% | 33.30% |
| 26/02/2021 | HKD 0.0597 | 49.42% | 50.58% |
| 19/01/2021 | HKD 0.0598 | 54.69% | 45.31% |
| 31/12/2020 | HKD 0.0600 | 53.89% | 46.11% |
| 30/11/2020 | HKD 0.0597 | 53.54% | 46.46% |
| 30/10/2020 | HKD 0.0581 | 55.75% | 44.25% |
| 30/09/2020 | HKD 0.0579 | 62.50% | 37.50% |
| 31/08/2020 | HKD 0.0587 | 61.52% | 38.48% |
| 31/07/2020 | HKD 0.0586 | 66.39% | 33.61% |
| 30/06/2020 | HKD 0.0497 | 66.94% | 33.06% |
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 - Global High Yield Fund
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Sales Flyer - Global High Yield Fund
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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 2024)
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Annual Report and Audited Financial Statements (For The Year Ended 30 September 2023)
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HK Unitholder Notice (Global High Yield) (29 March 2023)
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HK Unitholder Notice (All Funds) (11 January 2023)
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HK Unitholder Notice (European Equity Fund / Global Equity Fund / Global High Yield Fund / Preferred Securities Fund)
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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)
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Summary Prospectus - First Addendum (21 August 2020)
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Summary Prospectus - Second Addendum (1 October 2020)
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Summary Prospectus - Fourth Addendum (2 December 2020)
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Annex II - Template pre-contractual disclosure for the financial products
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Mutual Funds Product Range Brochure