31
For Professional Clients only January 2019 2019 India Investment Outlook A lotus in the mucky pond Tushar Pradhan, Chief Investment Officer
For Professional Clients only
January 2019
2019 India Investment OutlookA lotus in the mucky pond
Tushar Pradhan, Chief Investment Officer
2
Looking back at 2018…
Source: HSBC Global Asset Management – December 2018
Key events and performance of the Indian market (S&P BSE Sensex and S&P BSE 500 Index) in CY 2018,
Investment involves risks. Past performance is not indicative of future performance
2018 – India markets and events affected positively or negatively
12000
12500
13000
13500
14000
14500
15000
15500
16000
16500
Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18
29000
30000
31000
32000
33000
34000
35000
36000
37000
38000
39000
40000
S&P BSE SENSEX S&P BSE 500
US-China trade tensionsNorth Korea tensions
LTCG in
equities
MF
reclassification
PNB scam RBI
governors
resignation
IL&FS
liquidity
issue
Inflation fears &
pickup in market
volatility
US rate hike
India GST
1 year
Crude Oil &
INR peaked
Start to crude
oil rise
Start to
INR fall
Opposition wins few
state elections
India launches wordls
biggest health insurance
plan, Ayushman Bharat
Tata steel acquires
Bhushan steel under
the IBC codeGST rates reduced
on 23 items from
18% to 12% and 5%
Broder index S&P BSE500 remains strong relative to Sensex Sensex goes strong relative to broader index S&P BSE 500
3
A challenging year for asset allocators
Source: Bloomberg – December 2018, * Real Estate Prices - Bloomberg, ̂as at Mar 2018, 5 years average annual returns, Mutual Funds category average for 2018 for G-Sec funds, Corp Bond Funds, Credit Risk
Funds, Dynamic Bond Funds, Low – Short Duration Funds is included. Investment involves risks. Past performance is not indicative of future performance. Mutual Fund investments are subject to market risk. Read all
scheme related documents carefully
Asset class performance in 2018
6.06.9
5.7 5.2 5.57.0
6.0 6.3
-15.7
-26.2
6.7 6.9
11.4
9.8
8.0 8.4 8.67.9 7.8
11.2
17.6
13.3
10.1
1.3
-30
-25
-20
-15
-10
-5
0
5
10
15
20
G-Sec Funds(Short /Mediumduration)
G-Sec Funds(Long
duration)
CorporateBond Funds
Credit RiskFunds
DynamicBond Funds
Low DurationFunds
Short DurationFunds
BSE Sensex S&P BSEMidcap
S&P BSESmall Cap 250
Real EstatePrices India * ^
Gold India
% Returns of Asset Classes - India
2018 5 Years (Annualised avg.)
4
The journey: India Markets
India entered a negative sentiment loop during 2018
How India market dynamics changed in 2018India among EM’s - equity returns during 2018
Source: Bloomberg, HSBC Global Asset Management, Nov 2018. Past performance is no guarantee of future returns.
Global liquidity and trade
concerns and neutral India
budget impact
India elections
- uncertainty
?
Some recovery in rupee and
correction in oil prices
India state election results
effect, sell-off in EMs
including India continues
due to global & local factors
Fall in rupee, rising oil prices,
debt markets too affected
GST effects, Sell off in
Indian equities driven by
small and mid capsShift in sentiment due to
global trade tensions,
demonetisation, India GST
implementation
5
74.4
70.6
56.0
58.0
60.0
62.0
64.0
66.0
68.0
70.0
72.0
74.0
76.0
Jan
-18
Fe
b-1
8
Ma
r-18
Ap
r-18
Ma
y-1
8
Jun
-18
Jul-1
8
Au
g-1
8
Se
p-1
8
Oct-
18
Nov-1
8
Dec-1
8
INR vs USD
Twin shocks for Indian economy - Oil & rupee
Crude oil rise and rupee correction in 2018
Source: Bloomberg, HSBC Global Asset Management, India, December 2018. Past performance is no guarantee of future returns.
66.6
62.6
86.3
58.7
63.5
55.0
60.0
65.0
70.0
75.0
80.0
85.0
90.0
Jan
-18
Fe
b-1
8
Ma
r-18
Ap
r-18
Ma
y-1
8
Jun
-18
Jul-1
8
Au
g-1
8
Se
p-1
8
Oct-
18
Nov-1
8
Dec-1
8
Oil price (USD per barrel)
Post peak oil correction
In 2018, Oil prices moved up sharply by ~30%, while Rupee corrected sharply by ~17% in the first three quarters causing
significant increase in the Current Account Deficit
Post peak INR recovery
6
But it’s not all bad news…
Corporate profits coming back
Source: Bloomberg, HSBC Global Asset Management, India, December 2018. Past performance is no guarantee of future returns.
India - Equity earnings (Sensex EPS) holding versus prices
7
But it’s not all bad news…
Global corporate profits remain strong as well
Source: Bloomberg, HSBC Global Asset Management, November 2018. Past performance is no guarantee of future returns.
Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. HSBC
Global Asset Management (UK) Limited accepts no liability for any failure to meet such forecast, projection or target.
Equity Return Decomposition - Global
8
1.5 1.6 1.7 1.4 1.5 1.5
17.1
-0.3
2.9
16.3
5.97.9
13.0
-5.3
-2.1
11.7
0.7
3.3
-10
-5
0
5
10
15
20
25
30
35
2014 2015 2016 2017 2018 CYTD 2014-2018 (annual)
Dividend Yield Multiple Expansion Earnings Growth Total Returns
India - Equity returns decomposition
Source: Bloomberg, December 2018
Investment involves risks. Past performance is not indicative of future performance
Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. HSBC
Global Asset Management , India accepts no liability for any failure to meet such forecast, projection or target.
Sensex - Earnings, Multiple, Dividend Yield & Returns
Equity Return Decomposition - India
9
India – earnings coming back
Source: Bloomberg, MOSL, data as of September 2018
Investment involves risks. Past performance is not indicative of future performance,
Sensex PAT Growth (YoY)
Sensex PAT growth at ~11% in the second quarter of FY19
-5
10
17
12
22
7
-7-9
1 1 1
7
-6 -6
-2 -1
1
911
-1-2
11
22
39
1QFY14
2QFY14
3QFY14
4QFY14
1QFY15
2QFY15
3QFY15
4QFY15
1QFY16
2QFY16
3QFY16
4QFY16
1QFY17
2QFY17
3QFY17
4QFY17
1QFY18
2QFY18
3QFY18
4QFY18
1QFY19
2QFY19
3QFY19
4QFY19
10
Domestic MF Equity Inflows remain healthy
Source: Bloomberg, December 2018
Investment involves risks. Past performance is not indicative of future performance
-4.9
10.2
5.3
14.0
15.9
-10
-5
0
5
10
15
20
CY
14
CY
15
CY
16
CY
17
CY
18Y
TD
(USD bn)
CY14 CY15 CY16 CY17 CY18YTD
Mutual fund inflows
11
Equity vs Debt FII Inflows
Source: Bloomberg, Dec 2018
Investment involves risks. Past performance is not indicative of future performance
16.2
3.3 2.9
7.7
-4.9
26.3
7.6
-6.5
22.9
-7.6
-10
-5
0
5
10
15
20
25
30
CY
14
CY
15
CY
16
CY
17
CY
18Y
TD
(USD bn)
FII Equity FII Debt
Net FII inflows remained negative for the CYTD18
12
Index of Industrial Production - IIP
Source: Bloomberg, Trend of IIP growth, As at October 2018, Past performance is not indicative of future performance
IIP growth showing signs of steady recovery
3.73.5
4.85.2
2.9
3.9
4.7
8.3
5.4
3.5
4.3
0.3
7.4
4
1.8
32.4
0.7
1.8
11.3
3.7
2.2
9
0.8
3.1
4
7.2
5.2
6
7.3
8
4.54
5
4.2
5.1
2.4
3.5
1.2
4.4
3.22.9
-0.3
1
4.8
4.1
1.8
8.5
7.37.56.9
5.3
4.5
3.8
76.5
4.74.5
8.1
-6
-1
4
9
14
Nov-1
3
Jan
-14
Ma
r-14
Ma
y-1
4
Jul-1
4
Se
p-1
4
Nov-1
4
Jan
-15
Ma
r-15
Ma
y-1
5
Jul-1
5
Se
p-1
5
Nov-1
5
Jan
-16
Ma
r-16
Ma
y-1
6
Jul-1
6
Se
p-1
6
Nov-1
6
Jan
-17
Ma
r-17
Ma
y-1
7
Jul-1
7
Se
p-1
7
Nov-1
7
Jan
-18
Ma
r-18
Ma
y-1
8
Jul-1
8
Se
p-1
8
Index of Industrial Production (IIP) new series data
13
6
6.5
7
7.5
8
3M 6M 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y 12Y 15Y 20Y 25Y 30Y
Dec-18 Aug-17
Indian bond market yields and interest rates
Source: Bloomberg, Other data as at December 2018, Past performance is not indicative of future performance
Indian government yield curve
6.5
4
5
6
7
8
9
10
Ap
r-07
Oct-
07
Ap
r-08
Oct-
08
Ap
r-09
Oct-
09
Ap
r-10
Oct-
10
Ap
r-11
Oct-
11
Ap
r-12
Oct-
12
Ap
r-13
Oct-
13
Ap
r-14
Oct-
14
Ap
r-15
Oct-
15
Ap
r-16
Oct-
16
Ap
r-17
Oct-
17
Ap
r-18
Oct-
18
Repo Rate (%)
Interest rates have moved up in the year but further rate hikes unlikely
14
-35
-30
-25
-20
-15
-10
-5
0
5
10
Ma
r-09
Jun
-09
Se
p-0
9
Dec-0
9
Ma
r-10
Jun
-10
Se
p-1
0
Dec-1
0
Ma
r-11
Jun
-11
Se
p-1
1
Dec-1
1
Ma
r-12
Jun
-12
Se
p-1
2
Dec-1
2
Ma
r-13
Jun
-13
Se
p-1
3
Dec-1
3
Ma
r-14
Jun
-14
Se
p-1
4
Dec-1
4
Ma
r-15
Jun
-15
Se
p-1
5
Dec-1
5
Ma
r-16
Jun
-16
Se
p-1
6
Dec-1
6
Ma
r-17
Jun
-17
Se
p-1
7
Dec-1
7
Ma
r-18
Jun
-18
Se
p-1
8
Current Account Deficit
Bloomberg, Data as at September 2018, Past performance is not indicative of future performance
CAD (% of GDP)
CAD
15
Inflation target achievable
Source: CEIC, Bloomberg, HSBC, November 2018, Past performance is not indicative of future performance
RBI target: 4% +/- 2%
-8
-6
-4
-2
0
2
4
6
8
10
12
14
Ap
r-13
Jun
-13
Au
g-1
3
Oct-
13
Dec-1
3
Fe
b-1
4
Ap
r-14
Jun
-14
Au
g-1
4
Oct-
14
Dec-1
4
Fe
b-1
5
Ap
r-15
Jun
-15
Au
g-1
5
Oct-
15
Dec-1
5
Fe
b-1
6
Ap
r-16
Jun
-16
Au
g-1
6
Oct-
16
Dec-1
6
Fe
b-1
7
Ap
r-17
Jun
-17
Au
g-1
7
Oct-
17
Dec-1
7
Fe
b-1
8
Ap
r-18
Jun
-18
Au
g-1
8
Oct-
18
CPI & WPI Inflation (%)
WPI CPI RBI target range 6% RBI target range 2% Average
RBI’s inflation target within range
16
Yields, policy rate and inflation
Source: Bloomberg, data as at November 2018, Investment involves risks. Past performance is not indicative of future performance
1.46
3.31
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
Jan
-12
Ma
y-1
2
Se
p-1
2
Jan
-13
Ma
y-1
3
Se
p-1
3
Jan
-14
Ma
y-1
4
Se
p-1
4
Jan
-15
Ma
y-1
5
Se
p-1
5
Jan
-16
Ma
y-1
6
Se
p-1
6
Jan
-17
Ma
y-1
7
Se
p-1
7
Jan
-18
Ma
y-1
8
Se
p-1
8
CPI Inflation (%)
CPI Inflation
6.5
7.6
4
5
6
7
8
9
10
Ma
y-1
0
Se
p-1
0
Jan
-11
Ma
y-1
1
Se
p-1
1
Jan
-12
Ma
y-1
2
Se
p-1
2
Jan
-13
Ma
y-1
3
Se
p-1
3
Jan
-14
Ma
y-1
4
Se
p-1
4
Jan
-15
Ma
y-1
5
Se
p-1
5
Jan
-16
Ma
y-1
6
Se
p-1
6
Jan
-17
Ma
y-1
7
Se
p-1
7
Jan
-18
Ma
y-1
8
Se
p-1
8
10 year G- Sec vs Repo Rate (%)
Repo 10 Year yield (L1)
Inflation cools down as oil prices came down sharply from multiyear peak
17
GST collections slightly off from the target of Rs. 1 lakh Cr
Source: Bloomberg, Data as at November 2018, Investment involves risks. Past performance is not indicative of future performance
GST collections for YTD 2018 averaged at Rs. 94047 Cr
0
20000
40000
60000
80000
100000
120000
Au
g-1
7
Se
p-1
7
Oct-
17
Nov-1
7
Dec-1
7
Jan
-18
Fe
b-1
8
Ma
r-18
Ap
r-18
Ma
y-1
8
Jun
-18
Jul-1
8
Au
g-1
8
Se
p-1
8
Oct-
18
Nov-1
8
GST collection (Rs Cr)
Average of Rs.94047 Cr
for YTD 2018
18
Reforms to create a path for the future growth
Source: Yes Bank, Data in this report has been sourced from CEIC, Bloomberg, GOI Budget Documents & Economic Survey, CGA, Ministry of Petroleum & Natural Gas, IMD, RBI, IMF, and YES BANK Limited
Governments reform Status
GST Complete
Diesel pricing reregulation Complete
Insolvency and Bankruptcy Code Complete
Rs83,000 Cr have been saved (via DBT) in past 4 years by removing fictitious claims Complete
Reforms 2014 - 2018
19
What to expect in 2019
20
India – earnings coming back
Source: Bloomberg, MOSL, data as of September 2018
Investment involves risks. Past performance is not indicative of future performance,
30
26
1719
2523
-7
-15
-25
-21
20
44
2627
22
-2
12
15
6
29
14
4
8
0
-5
10
17
12
22
7
-7-9
1 1 1
7
-6 -6
-2-1
1
911
-1
-2
11
22
39
1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3Q 1Q 3QE
FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19
Average:7.9
Sensex PAT Growth (YoY)
Sensex PAT growth at an average of ~7.9 % since FY08
21
Valuations – Sensex
Source: Bloomberg, data as at December 2018
Investment involves risks. Past performance is not indicative of future performance,
Sensex Price to earnings (PE) Vs Price to book (PB)
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
9.0
11.0
13.0
15.0
17.0
19.0
21.0
23.0
25.0
Jan
-07
Ap
r-07
Jul-0
7
Oct-
07
Jan
-08
Ap
r-08
Jul-0
8
Oct-
08
Jan
-09
Ap
r-09
Jul-0
9
Oct-
09
Jan
-10
Ap
r-10
Jul-1
0
Oct-
10
Jan
-11
Ap
r-11
Jul-1
1
Oct-
11
Jan
-12
Ap
r-12
Jul-1
2
Oct-
12
Jan
-13
Ap
r-13
Jul-1
3
Oct-
13
Jan
-14
Ap
r-14
Jul-1
4
Oct-
14
Jan
-15
Ap
r-15
Jul-1
5
Oct-
15
Jan
-16
Ap
r-16
Jul-1
6
Oct-
16
Jan
-17
Ap
r-17
Jul-1
7
Oct-
17
Jan
-18
Ap
r-18
Jul-1
8
Oct-
18
SENSEX PE (RHS) SENSEX PB (LHS)
22
MSCI India Vs MSCI EM
Source: Bloomberg, data as at December 2018, Investment involves risks. Past performance is not indicative of future performance
MSCI India PE Vs EM (against historical averages)
5
10
15
20
25
Ma
y-0
5
Au
g-0
5
Nov-0
5
Fe
b-0
6
Ma
y-0
6
Au
g-0
6
Nov-0
6
Fe
b-0
7
Ma
y-0
7
Au
g-0
7
Nov-0
7
Fe
b-0
8
Ma
y-0
8
Au
g-0
8
Nov-0
8
Fe
b-0
9
Ma
y-0
9
Au
g-0
9
Nov-0
9
Fe
b-1
0
Ma
y-1
0
Au
g-1
0
Nov-1
0
Fe
b-1
1
Ma
y-1
1
Au
g-1
1
Nov-1
1
Fe
b-1
2
Ma
y-1
2
Au
g-1
2
Nov-1
2
Fe
b-1
3
Ma
y-1
3
Au
g-1
3
Nov-1
3
Fe
b-1
4
Ma
y-1
4
Au
g-1
4
Nov-1
4
Fe
b-1
5
Ma
y-1
5
Au
g-1
5
Nov-1
5
Fe
b-1
6
Ma
y-1
6
Au
g-1
6
Nov-1
6
Fe
b-1
7
Ma
y-1
7
Au
g-1
7
Nov-1
7
Fe
b-1
8
Ma
y-1
8
Au
g-1
8
Nov-1
8
MSCI India PE vs EM premium with historical averages
MSCI India PE MSCI EM PE MSCI India PE Avg. MSCI EM PE Avg.
23
MSCI India Vs MSCI EM
Source: Bloomberg, data as of December 2018, Investment involves risks. Past performance is not indicative of future performance
MSCI India PE premium Vs EM (with historical average)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
Jan
-07
Ap
r-07
Jul-0
7
Oct-
07
Jan
-08
Ap
r-08
Jul-0
8
Oct-
08
Jan
-09
Ap
r-09
Jul-0
9
Oct-
09
Jan
-10
Ap
r-10
Jul-1
0
Oct-
10
Jan
-11
Ap
r-11
Jul-1
1
Oct-
11
Jan
-12
Ap
r-12
Jul-1
2
Oct-
12
Jan
-13
Ap
r-13
Jul-1
3
Oct-
13
Jan
-14
Ap
r-14
Jul-1
4
Oct-
14
Jan
-15
Ap
r-15
Jul-1
5
Oct-
15
Jan
-16
Ap
r-16
Jul-1
6
Oct-
16
Jan
-17
Ap
r-17
Jul-1
7
Oct-
17
Jan
-18
Ap
r-18
Jul-1
8
Oct-
18
MSCI India PE vs EM premium with historical averages
PE - Premium to EM (%) Avg. PE -Premium to EM %
24
Valuations
Source: MOSL, data as at September 2018, Investment involves risks. Past performance is not indicative of future performance
103.0
54.8
95.2
87.9
71.1
64.266.2
81.1
68.7
79.8
84.9
75.9
FY
08
FY
09
FY
10
FY
11
FY
12
FY
13
FY
14
FY
15
FY
16
FY
17
FY
18
FY
19
E
Average of 78% for the period
India Market cap to GDP (%)
25
-8.0
-7.0
-6.0
-5.0
-4.0
-3.0
-2.0
-1.0
0.0
1.0
2.0
Jun-05 Jun-06 Jun-07 Jun-08 Jun-09 Jun-10 Jun-11 Jun-12 Jun-13 Jun-14 Jun-15 Jun-16 Jun-17 Jun-18
India Trailing PB - Cyclicals less defensives
Cyclicals’ valuations continued to remain in attractive zone
Global Financial Crisis
Taper tantrums
Source: MSCI, Credit Suisse, as at November 2018 Investment involves risks. Past performance is not indicative of future performance
MSCI India cyclicals less defensives trailing P/B
26
200
400
600
800
1,000
1,200
1,400
1,600
1,800
4,000
7,000
10,000
13,000
16,000
19,000
22,000
25,000
28,000
31,000
34,000
37,000
40,000
43,000
12/0
3
06/0
4
12/0
4
06/0
5
12/0
5
06/0
6
12/0
6
06/0
7
12/0
7
06/0
8
12/0
8
06/0
9
12/0
9
06/1
0
12/1
0
06/1
1
12/1
1
06/1
2
12/1
2
06/1
3
12/1
3
06/1
4
12/1
4
06/1
5
12/1
5
06/1
6
12/1
6
06/1
7
12/1
7
06/1
8
EPS (RHS) Index level (LHS)
Bank
cleanup
Demonetisation
Modi election
win
Backdrop of political uncertainty but India’s equity market moves with earnings
Source: Bloomberg, as at December 2018, Investment involves risks. Past performance is not indicative of future performance
Sensex index level
NDA loses
Pre financial
crisis peak
UPA wins
Lehman
Brothers
collapses
2G spectrum scam
Coal allocation scam
GST
effective
Bank
recap
PNB fraud
detected
Strong domestic flows into equity
market
Sensex EPS TTM
Default of
key infra
lender
Journey of Sensex and Sensex earnings through the events over the years
27
Source: Bloomberg, as at December 2018, Investment involves risks. Past performance is not indicative of future performance
Future looks encouraging
Sensex earnings per share (EPS)
216 236 272
361446
540
720
833 820 834
1,0241,109
1,179
1,334 1,3481,330 1,347 1,378
1,589
2,100
FY
01
FY
02
FY
03
FY
04
FY
05
FY
06
FY
07
FY
08
FY
09
FY
10
FY
11
FY
12
FY
13
FY
14
FY
15
FY
16
FY
17
FY
18
FY
19E
FY
20E
FY01-08: 21%
FY08-18:
5.2% CAGR
FY18-20E: 23.4%
1%
2%
15%FY93-FY18:
12% CAGR
32%
28
0
10000
20000
30000
40000
50000
60000
0.00
500.00
1,000.00
1,500.00
2,000.00
2,500.00
3,000.00
3,500.00
4,000.00
4,500.00
5,000.001980
1981
1982
1983
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
S&
P B
SE
Sen
sex
Ind
ia G
DP
(cu
rren
t $ b
n)
GDP (current $) S&P BSE Sensex
Equity mirrors economic growth in the long term
Source: CRISIL, BSE, IMF The projection contained in this graph is for illustration purposes only and is not guaranteed. Past performance may or may not sustain and does not guarantee future performance.
GDP - Sensex projections
India is on long-term growth trajectory
29
Risk compass
Key risks to monitor
Source: HSBC Global Asset Management, December 2018.
Elections
US rates
Brexit & US …
Earnings
Elections
Oil
High Impact
Low Impact
Positive
surprise
Negative
surprise
Corporate Earnings
higher than expected
Ruling coalition manages
comfortable majority
Oil prices
remain benign
Further political uncertainty
dampens market sentiment
(Brexit, US politics etc.)
Interest rates in US move
higher than expectations
Ruling coalition looses
majority
30
Disclaimer
This document has been prepared by HSBC Asset Management (India) Private Limited (HSBC) for information purposes only and should not be construed asan offer or solicitation of an offer for purchase of any of the funds of HSBC Mutual Fund. All information contained in this document (including that sourced fromthird parties), is obtained from sources HSBC, the third party believes to be reliable but which it has not independently verified and HSBC, the third partymakes no guarantee, representation or warranty and accepts no responsibility or liability as to the accuracy or completeness of such information. Theinformation and opinions contained within the document are based upon publicly available information and rates of taxation applicable at the time ofpublication, which are subject to change from time to time. Expressions of opinion are those of HSBC only and are subject to change without notice. It does nothave regard to specific investment objectives, financial situation and the particular needs of any specific person who may receive this document. Investorsshould seek financial advice regarding the appropriateness of investing in any securities or investment strategies that may have been discussed orrecommended in this report and should understand that the views regarding future prospects may or may not be realized. Neither this document nor the unitsof HSBC Mutual Fund have been registered in any jurisdiction. The distribution of this document in certain jurisdictions may be restricted or totally prohibitedand accordingly, persons who come into possession of this document are required to inform themselves about, and to observe, any such restrictions.
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Mutual fund investments are subject to market risks, read all scheme related documents carefully.
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