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Post Short Duration High Yield Fund - D2 Class Inc Plus Units (HKD)
Important Notes
- The Fund invests primarily (i.e. at least 70% of its net asset value (“NAV”)) in a portfolio of global short-term, high yield corporate debt securities with an average duration of approximately 12-24 months. These securities will generally be rated below investment grade as rated by internationally recognised credit rating agencies e.g. Standard & Poor’s, Moody’s, and Fitch or are unrated.
- 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 Product Key Facts Statement of the Fund (particularly the risk factors) carefully before investing.
- 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.
Offer The Potential For Attractive Risk-Adjusted Returns
Compared with high yield and investment grade bonds, US limited term high yield bonds provide investors with the highest yield-to-duration ratio. Yield-to-duration ratio measures how much yield investors are receiving for every unit of duration risk they are accepting.
Deliver Consistent Positive Return Over The Full Cycle Especially When Risks Increase
Short duration bonds and loans provide positive returns in different economic cycles. US Limited Term High Yield bonds have smaller drawdowns relative to long duration high yield.
Outperform When Spreads Widen
The oil-price shock caused by the clash between Saudi Arabia and Russia has driven credit spreads significantly wider. US limited term high yield bonds are likely to outperform when volatility increases and credit spreads widen.
Enhance Risk / Return Profile
Adding limited term high yield bonds to a bond portfolio could help increase returns and reduce risks.
Diversification
Limited term high yield bonds historically have had a low correlation to other fixed-income and equity products in various market conditions.
Advantage of a Smaller Maximum Drawdown
Shorter duration high yield is less sensitive to interest rate risk relative to longer duration high yield. It delivers returns with lower volatility and helps investors reach their long term goals while experiencing a smoother pattern of returns.
Source: please refer to the sales flyer in download section.
Consistency of Long-term Performance
Proven Downside Protection
Post has never experienced a default in the history of the strategy, including during the global financial crisis. In comparison, the latest market default rate for the asset class was 2.7% *. Over the last 10 years, approximately 83% of monthly returns have been positive, with a maximum drawdown of -2.75% (versus -10% for the broader high yield market).
One of the Top-Performing Funds with attractive risk adjusted returns
The Limited Term High Yield Strategy primarily invests in short‐term, lower volatility, high yield debt with an effective duration of approximately 1-2 years and an overall average quality rating of B to BB‐. Therefore, the fund is one of the strategies with lower volatility and draw downs relative to the peer group.
Attractive Income Opportunities
Distribution Record - Average distribution yield for the past 4 years is 3.3%.
Experienced Portfolio Management Team
Founded in 1992, Post os a leading multi-strategy, value-oriented asset manager specializing in global high yield securities and senior loans, with approximately $18 billion of assets under management.
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 Fund aims to provide a high rate of return with low volatility relative to typical high yield investments by investing in high yield securities with short duration.
Investment Policy
The Fund seeks to achieve the investment objective by investing primarily (i.e. at least 70% of its Net Asset Value) in a portfolio of global short-term, high yield corporate debt securities with an average duration of approximately 12-24 months. These securities will generally be rated below investment grade as rated by internationally recognised credit rating agencies e.g. Standard & Poor’s, Moody’s, and Fitch or are unrated. For the purpose of the Fund, “unrated” debt securities are defined as debt that do not have a credit rating. 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
Post Short Duration 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
HKD2.91 billion As of 29/02/2024
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3 years annualized volatility1
5.02 As of 29/02/2024
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Management Fees
0.70% pa
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Investment Manager
Jeffrey Stroll / David D. Kim / Schuyler Hewes / Dan Ross / Iris Shin / James Wolf
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Launch Date (DD/MM/YYYY)
02/06/2020
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Ongoing charges over a year2
1.50%
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 | 29/02/2024 | 0.18 | 2.56 | 0.38 | 6.41 | 5.59 | N/A | 10.25 |
| Index | 29/02/2024 | -0.29 | 1.32 | 0.2 | 4 | 2.04 | N/A | 2.32 |
Calendar Year Return (%)
As of (DD/MM/YYYY)
2023
2022
2021
2020
2019
Fund
29/02/2024
8.13
-5.14
2.78
N/A
N/A
Index
29/02/2024
4.47
-2.68
0.23
N/A
N/A
| As of (DD/MM/YYYY) | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|
| Fund | 29/02/2024 | 8.13 | -5.14 | 2.78 | N/A | N/A |
| Index | 29/02/2024 | 4.47 | -2.68 | 0.23 | 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 0.0506 | 62.66% | 37.34% |
| 29/02/2024 | HKD 0.0507 | 65.29% | 34.71% |
| 31/01/2024 | HKD 0.0509 | 62.19% | 37.81% |
| 29/12/2023 | HKD 0.0474 | 62.78% | 37.22% |
| 30/11/2023 | HKD 0.0468 | 63.75% | 36.25% |
| 31/10/2023 | HKD 0.0461 | 69.34% | 30.66% |
| 29/09/2023 | HKD 0.0465 | 62.79% | 37.21% |
| 31/08/2023 | HKD 0.0472 | 63.15% | 36.85% |
| 31/07/2023 | HKD 0.0469 | 70.20% | 29.80% |
| 30/06/2023 | HKD 0.0470 | 62.24% | 37.76% |
| 31/05/2023 | HKD 0.0469 | 70.96% | 29.04% |
| 28/04/2023 | HKD 0.0472 | 55.04% | 44.96% |
| 31/03/2023 | HKD 0.0475 | 61.15% | 38.85% |
| 28/02/2023 | HKD 0.0472 | 55.71% | 44.29% |
| 31/01/2023 | HKD 0.0478 | 56.07% | 43.93% |
| 30/12/2022 | HKD 0.0417 | 64.12% | 35.88% |
| 30/11/2022 | HKD 0.0418 | 71.97% | 28.03% |
| 28/10/2022 | HKD 0.0416 | 58.13% | 41.87% |
| 30/09/2022 | HKD 0.0360 | 66.92% | 33.08% |
| 31/08/2022 | HKD 0.0367 | 78.87% | 21.13% |
| 29/07/2022 | HKD 0.0376 | 83.05% | 16.95% |
| 30/06/2022 | HKD 0.0363 | 58.01% | 41.99% |
| 31/05/2022 | HKD 0.0380 | 64.01% | 35.99% |
| 29/04/2022 | HKD 0.0380 | 49.60% | 50.40% |
| 31/03/2022 | HKD 0.0388 | 54.26% | 45.74% |
| 28/02/2022 | HKD 0.0391 | 51.59% | 48.41% |
| 31/01/2022 | HKD 0.0395 | 59.13% | 40.87% |
| 31/12/2021 | HKD 0.0401 | 47.47% | 52.53% |
| 30/11/2021 | HKD 0.0398 | 47.19% | 52.81% |
| 29/10/2021 | HKD 0.0405 | 43.71% | 56.29% |
| 30/09/2021 | HKD 0.0444 | 35.11% | 64.89% |
| 31/08/2021 | HKD 0.0443 | 18.72% | 81.28% |
| 30/07/2021 | HKD 0.0443 | 5.74% | 94.26% |
| 30/06/2021 | HKD 0.0450 | 39.00% | 61.00% |
| 31/05/2021 | HKD 0.0450 | 53.47% | 46.53% |
| 30/04/2021 | HKD 0.0450 | 48.84% | 51.16% |
| 31/03/2021 | HKD 0.0451 | 57.40% | 42.60% |
| 26/02/2021 | HKD 0.0450 | 41.04% | 58.96% |
| 29/01/2021 | HKD 0.0450 | 49.85% | 50.15% |
| 31/12/2020 | HKD 0.0451 | 52.80% | 47.20% |
| 30/11/2020 | HKD 0.0451 | 54.19% | 45.81% |
| 30/10/2020 | HKD 0.0446 | 50.51% | 49.49% |
| 30/09/2020 | HKD 0.0447 | 53.74% | 46.26% |
| 31/08/2020 | HKD 0.0451 | 50.36% | 49.64% |
| 31/07/2020 | HKD 0.0451 | 52.93% | 47.07% |
| 30/06/2020 | HKD 0.0416 | 54.81% | 45.19% |
Distributions of the 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 - Post Short Duration High Yield Fund
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Sales Flyer - Post Short Duration High Yield Fund
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Fund Fact Sheets - Post Short Duration High Yield Fund - D2 Class Inc Plus Units HKD
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Dividend Records - Post Short Duration 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) (11 January 2023)
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HK Unitholder Notice (Post Short Duration High Yield Fund) (15 February 2022)
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HK Unitholder Notice (All Funds) (17 June 2020)
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HK Unitholder Notice (All Funds) (20 December 2019)
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Summary Prospectus - First Addendum (21 August 2020)
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Annex II - Template pre-contractual disclosure for the financial products
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Mutual Funds Product Range Brochure