HK-HE

Share Class AC

AC 31 May 2018

Yes

Accumulating

Daily

USD 1,000

4.17%

1.00%

USD

Luxembourg

LU0447610683

20 Oct 2009

USD 14.32

Fund Size

AC -1.01 -0.33 -0.67 2.97 9.56 19.10 5.38 0.68 HSBC2AA LX

Manager

4.80

Investment Objective

The Fund aims to provide long term total returns (meaning income and capital growth). It does so by investing in bonds and shares,

either directly or through investing into other funds. The Fund seeks to apply a low to medium risk investment strategy.

Investment Strategy

At least 90% of the fund’s exposure is to bonds, shares and other asset classes (for example, real estate, private equity, hedge fund

strategies and commodities). The Fund gains exposure to bonds that are investment and non-investment grade. These bonds can be

issued/guaranteed by governments, government agencies or supranational bodies or by companies in both developed and emerging

markets. These bonds can be denominated in various currencies. The Fund gains exposure to shares and equity-equivalent securities

issued by companies in both developed and emerging markets. There aren’t restrictions on the size of the companies held in the Fund.

The Fund may invest up to 100% of its assets in other eligible funds. The Fund’s exposure to such holdings will normally be between

25% and 75%. The fund’s primary currency exposure is to the US dollar. See the Prospectus for a full description of the investment

objectives and policy.

Performance (%) Share Class Details

Fund Objective and Strategy

Risk Disclosure

HSBC Portfolios - World Selection 2

31 May 2018

• The Fund may invest in equities, bonds and other asset classes, and may invest in other funds to achieve its investment objectives.

• The Fund is subject to the risk of investing in emerging markets.

• Non-investment grade bonds and unrated bonds are subject to additional risks and volatility.

• The Fund may gain exposure to hedge fund, absolute return strategy, private equity and real estate sectors, and may suffer

substantial loss in such investments.

• The Fund may invest in other funds and need to bear the underlying funds’ fees and expenses on top of the Fund’s own fees and

expenses.

• Because the Fund’s base currency, investments and classes may be denominated in different currencies, investors may be affected

adversely by exchange controls and exchange rate fluctuations. There is no guarantee that the currency hedging strategy applied to the

relevant classes will achieve its desired result.

• The Fund may invest in financial derivative instruments for investment purpose which may lead to higher volatility to its net asset

value.

• The Fund may pay dividends out of capital or gross of expenses. Dividend is not guaranteed and may result in capital erosion and

reduction in net asset value.

• The Fund’s investments may involve substantial credit, currency, volatility, liquidity, interest rate, tax and political risks. Investors may

suffer substantial loss of their investments in the Fund.

• Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in

this document and should read the offering document of the Fund for details.

1Result is cumulative when calculation period

is over one year. 2Volatility since inception, a measure of how

much a fund's price goes up or down as a

percentage of its average performance. 3Sharpe ratio since inception, a measure for

calculating risk-adjusted return, and this ratio

has become the industry standard for such

calculations. 4The calendar year return of the first year is

calculated between share class inception date

and calendar year end of first year if the share

class has less than 5-year history.

Beverley Jane Davies

Fund change that may have material impact on performance: 10

Jun 2014 – investment objective and fee structure changed.

To download the offering documents from

http://services.assetmanagement.hsbc.com.hk/site/media/pdf/do

cuments/English/AMHK_WS.pdf

Past performance is not an indicator of future returns. The figures are calculated

in the share class base currency, NAV to NAV basis with dividend reinvested, net

of fees. If investment performance is not denominated in HKD or USD, HKD or

USD based investors are exposed to exchange rate fluctuations.

Source: HSBC Global Asset Management, data as at 31 May 2018

AC 5.19 -1.73 5.68 8.77

USD 661,098,763

Calendar Year

Performance (%)⁴2013 2014 2015 2016 2017

Vol2

S.R.3Performance

(%)YTD 1M 3M 1Y 3Y¹ 5Y¹

Base Currency

Domicile

ISIN

Inception Date

NAV per Share

Bloomberg Ticker

UCITS V Compliant

Distribution Type

Dealing Frequency

Min. Initial Investment

Max. Initial Charge

Management Fee

100105110115120125130

Fund

Monthly Performance Commentary

Macro commentary

April’s positive run for global equities continued in May, with the MSCI ACWI up a modest 0.12%. In emerging markets, EM debt in both

hard and local currency faced further headwinds in May. Rises in US Treasury yields, a strengthening US dollar and idiosyncratic issues in

a number of individual countries, such as Argentina and Turkey, resulted in negative returns. The developed world was not without its own

risks. European markets were troubled, first by the political situation in Italy and then with the vote of no confidence for Prime Minister

Mariano Rajoy in Spain.

Meanwhile, Donald Trump continues with his mission to Make America Great Again. As part of this, he has cancelled, then rescheduled the

historic meeting with the North Korean leader Kim Jong-un as well as continuing his focus on the US trade imbalance. However, despite

these issues, the global economy remains on a solid footing with positive economic performance being posted in a number of regions and

strong earnings announcements in the corporate world. In general, US economic data remains broadly strong with annual retail sales

growth remaining on an upward trend. The latest estimate of Q1 GDP growth came in at 2.2% quarter-on-quarter (annualised), roughly in

line with 2017’s pace. The Fed left policy rates on hold in May and reiterated their “symmetric” inflation target, suggesting that they could

tolerate a modest inflation overshoot.

China’s economic activity remains solid and India’s growth figure for January to March came in at 7.6%, higher than expected. Hong Kong

recorded strong retail sales growth, with sales value coming in at 12.3% higher than a year ago. Spending on luxury items also rose at a

double-digit pace.

Portfolio performance

Looking at the drivers of performance in May, our underweight positions in global governments and global corporates and overweight

position in emerging market debt in local currencies detracted value. In contrast, our overweight position in global equities and underweight

in emerging market debt in hard currency added value.

Outlook

Fundamentally, underlying economic conditions remain strong. While GDP growth has eased slightly from the high points seen in 2017, we

are currently forecasting growth of over 3% in the developed world and over 4% in the emerging world. We have also seen this growth feed

through to corporate earnings. However, we are also seeing some divergence between different regions which means this growth is less

synchronised than in the recent past. This economic divergence leads to policy divergence which may impact on investment returns over

the coming months. The main risks we see at the moment reflect this divergence.

On the one hand, we have strong numbers in the US leading to the potential for an inflation shock. This could lead to a more hawkish

(tighter) position from the Fed and therefore higher interest rates. On the other hand, data coming out of Europe and Japan has been

softer and there is the risk that this continues. Inflation risks and political noise have led to an increase in volatility, which may continue. The

benign environment in 2017 has meant that this has felt uncomfortable. We consider 2017 to be the outlier, with conditions seen in 2018

being a return to a more normal environment. As asset allocators, we need to focus on the best way to participate in growth at a reasonable

price. We remain in favour of equity markets and believe that they continue to offer the best way to gain exposure to growth. We also see

that bond markets may be challenged by faster inflation and high current valuations.

Positioning

Fixed Income

Recent volatility in EM debt markets has created buying opportunities, but it’s important to be selective. We remain positive on EM debt in

local currencies and employ active stock selection to navigate this market. We remain underweight global government bonds and global

investment grade credit. The current environment of potentially higher inflation and yields is not a friendly one.

Equity

Current valuations suggest that global equities remain the best way to benefit from the positive economic backdrop. We therefore remain

overweight compared to our long term position. Within equity, we continue to prefer EM and Japan equity due to current valuations. We see

these markets as offering participation in growth at a reasonable price.

Portfolio

Portfolio Asset Allocation (%) Currency Exposure at Portfolio Level (%)

Global Equity 28.72

Global Fixed Income 63.37

Property 5.24

Cash 2.67

Equity

Equity Characteristics Equity Average Market Cap Breakdown (USD Mil, %)

P/E Ratio 15.18

Weighted Average Market Cap (USD Mil) 119,476.30

Dividend Yield 2.49

Equity Sector Allocation (%) Equity Geographical Allocation (%)

Equity Top 10 Holdings Location Sector Weight (%)

APPLE INC United States Information Technology 0.47

MICROSOFT CORP United States Information Technology 0.38

AMAZON.COM INC United States Consumer Discretionary 0.32

FACEBOOK INC-A United States Information Technology 0.23

SBERBANK OF RUSSIA PJSC Russian Federation Financials 0.21

EXXON MOBIL CORP United States Energy 0.19

JPMORGAN CHASE & CO United States Financials 0.19

SAMSUNG ELECTRONICS CO LTD South Korea Information Technology 0.18

ALPHABET INC-CL A United States Information Technology 0.17

JOHNSON & JOHNSON United States Health Care 0.17

Source: HSBC Global Asset Management, data as at 31 May 2018.

Please note some securities are unclassified against these sector and/or country schemes and will therefore appear under the Cash &

Others category.

74.58

3.40

2.92

1.71

1.63

1.54

1.04

1.00

0.99

0.98

10.20

US dollar

Euro

Japanese yen

Russian ruble

Hong Kong dollar

British pound

South Korean won

Brazilian real

Indian rupee

Mexican peso

Other Currencies

12.41

3.58

1.46

1.13

1.09

0.88

0.81

0.79

0.69

0.64

5.14

0.11

United States

Japan

United Kingdom

Russia

Hong Kong

France

Germany

China

South Korea

Canada

Other Locations

Cash & Others

5.24

5.16

3.53

3.11

2.70

2.35

2.26

1.74

0.91

0.83

0.78

0.11

Financials

Information Technology

Consumer Discretionary

Industrials

Health Care

Energy

Consumer Staples

Materials

Telecommunication Services

Utilities

Real Estate

Cash & Others

3.89

10.75

5.38

5.17

3.53

0-10,000

10,000-50,000

50,000-100,000

100,000-250,000

250,000+

Fixed Income

Fixed Income Characteristics Fixed Income Characteristics

Average Yield to Maturity 4.09 Effective Duration 5.15

Portfolio Yield 4.09 Average Credit Quality A/A-

Fixed Income Quality Rating Allocation (%) Fixed Income Sector Allocation (%)

Fixed Income Effective Duration Allocation by Location Fixed Income Geographical Allocation (%)

Fixed Income Top 10 Holdings Location Instrument Type Weight (%)

MEX BONOS DESARR FIX RT 8.5000 13-DEC-18 Mexico Government Bond 0.46

LETRA TESOURO NACIONAL 0.0000 01-JUL-18 Brazil Treasury Bills 0.43

TARGET CORP 2.3000 26-JUN-19 United States Corporate Bond 0.32

WILLIAMS PARTNERS LP 4.3000 04-MAR-24 United States Corporate Bond 0.27

JPMORGAN CHASE & CO 3.8750 10-SEP-24 United States Corporate Bond 0.25

SVENSKA HANDELSBANKEN AB 2.2500 17-JUN-19 Sweden Corporate Bond 0.23

POLAND GOVERNMENT BOND 5.7500 23-SEP-22 Poland Government Bond 0.23

HCP INC 3.8750 15-AUG-24 United States Corporate Bond 0.23

PEPSICO INC 3.6000 01-MAR-24 United States Corporate Bond 0.22

CREDIT SUISSE NEW YORK 3.6250 09-SEP-24 Switzerland Corporate Bond 0.22

Source: HSBC Global Asset Management, data as at 31 May 2018.

Please note that the fixed income allocation tables are calculated using contributions to the fixed income portion, with the equity portion

excluded here.

8.76

4.74

16.61

17.92

4.78

2.75

0.37

0.59

6.84

AAA

AA

A

BBB

BB

B

CCC

NR

Cash & Others

22.20

5.25

2.95

2.44

2.27

1.77

1.59

1.55

1.54

1.48

13.49

6.84

United States

United Kingdom

France

Germany

Japan

Netherlands

Spain

Switzerland

Australia

Mexico

Other Locations

Cash & Others

2.24

0.55

0.30

0.25

0.16

0.14

0.13

0.13

0.12

0.11

1.02

United States

United Kingdom

Japan

France

Germany

Netherlands

Mexico

Spain

Switzerland

Italy

Other Locations

16.80

15.73

12.56

2.93

1.93

1.57

1.53

1.46

1.33

0.29

0.39

6.84

Industrial

Treasuries

Financial Institutions

Sovereign

ABS

Agencies

Utility

CMO

CMBS

Mutual Fund

Other Sectors

Cash & Others

Important Information

This document is prepared for general information purposes only and does not have any regard to the specific investment objectives,

financial situation and the particular needs of any specific person who may receive it. Any views and opinions expressed are subject to

change without notice. This document does not constitute an offering document and should not be construed as a recommendation, an

offer to sell or the solicitation of an offer to purchase or subscribe to any investment. Any forecast, projection or target where provided is

indicative only and is not guaranteed in any way. HSBC Global Asset Management (Hong Kong) Limited (“AMHK”) accepts no liability for

any failure to meet such forecast, projection or target. AMHK has based this document on information obtained from sources it reasonably

believes to be reliable. However, AMHK does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or

completeness of such information. Investment involves risk. Past performance is not indicative of future performance. Please refer to the

offering document for further details including the risk factors. This document has not been reviewed by the Securities and Futures

Commission. Copyright © HSBC Global Asset Management (Hong Kong) Limited 2018. All rights reserved. This document is issued by

HSBC Global Asset Management (Hong Kong) Limited.

Terms of Glossary

Convertible bond, is a type of bond that the holder can convert into a specified number of shares of common stock in the issuing company

or cash of equal value.

Corporate bond, is bond issued by a company in order to raise financing.

Coupon, the annual interest rate paid on a bond, expressed as a percentage of the face value.

Credit quality, one of the principal criteria for judging the investment quality of a bond or bond mutual fund.

Developed markets, countries that are most developed in terms of its economy and capital markets.

Duration, a measure of the sensitivity of the price (the value of principal) of a fixed-income investment to a change in interest rates.

Emerging markets (EM), nations' economies in the process of fast economic growth. Investments in emerging markets are generally

considered to be with higher risk.

Government bond or Gilt, a loan to a national government in return for regular payments (known as the coupon) and a promise that the

original investment (principal) is paid back at a specified date. Gilts are loans to the UK government.

High yield bond, is fixed income security with a low credit rating from a recognised credit rating agency. They are considered to be at

higher risk of default, but have the potential for higher rewards.

Information ratio, is a ratio of portfolio returns above/under the returns of a benchmark to the volatility of those returns.

Investment grade bond, is considered investment grade or IG if its credit rating is BBB- or higher by Standard & Poor's or Baa3 or higher

by Moody's.

Maturity, the period of time for which a financial instrument remains outstanding.

Modified duration to Worst, the lowest potential duration that will achieve on a bond without the issuer actually defaulting.

Effective Duration, is a duration value based on the probability of early redemption call by the bond issuer.

Option adjusted spread duration (OASD), estimates the price sensitivity of a bond to a 100 basis-point movement (either widening or

narrowing) in its spread relative to Treasuries, taking into account the likelihood of early redemption.

Sharpe ratio, a measure for calculating risk-adjusted return, and this ratio has become the industry standard for such calculations.

Tracking error, a measure of how closely a portfolio follows the index to which it is benchmarked.

Volatility, a measure of how much a fund's price goes up or down as a percentage of its average performance.

Yield to maturity, the total return anticipated on a bond if the bond is held until the end of its lifetime.

Portfolio Yield, the lowest potential yield that can be received on a bond without the issuer actually defaulting.

Rating, rating of a debtor (credit rating) by rating agencies is based on specific criteria such as debt situation, country risk etc. Ratings from

Moody's and Standard & Poor's® is the most widely used systems in the international markets with range from AAA and Aaa (highest credit

rating) to D ( Debtor in financial difficulties, repayment already distressed).

NAV, stands for net asset value. It is used on funds and represents the value of all assets and receivables less debt, liability and costs.

Typically, it is reported as a value per share.

Swap, is a derivative contract through which two parties exchange financial instruments. E.g. in an interest swap, typically one contracting

party pays a fixed interest while the other pays a variable interest.

Futures, is a financial contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a

financial instrument, at a predetermined future date and price.

Shares, are units of ownership interest in a corporation or financial asset that provide for an equal distribution in any profits, if any are

declared, in the form of dividends. The two main types of shares are common shares and preferred shares. Physical paper stock

certificates have been replaced with electronic recording of stock shares, just as mutual fund shares are recorded electronically.

Bond, is a fixed income investment in which an investor loans money to an entity (typically corporate or governmental) which borrows the

funds for a defined period of time at a variable or fixed interest rate. Bonds are used by companies, municipalities, states and sovereign

governments to raise money and finance a variety of projects and activities. Owners of bonds are debt holders, or creditors, of the issuer.

Price Earnings (P/E) Ratio, is the price paid for a share divided by the annual profit earned by the firm per share.

Dividend Yield, represents the ratio of distributed income over the last 12 months to the fund’s current Net Asset Value.

Market capitalization, refers to the total dollar market value of a company's outstanding shares. Commonly referred to as "market cap," it

is calculated by multiplying a company's shares outstanding by the current market price of one share.

Non-investment grade bond, a rating attributed to a security that is deemed speculative, i.e. less certain in respect of the preservation of

capital, in the opinion of a credit rating agency such as Fitch Ratings, Moody’s or Standard & Poor’s.

Supplement Information Sheet

AC USD

AM USD

AM USD

AM USD

AM USD

AM USD

AM USD

AM USD

AM USD

AM USD

AM USD

AM USD

AM USD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHAUD AUD

AMHEUR EUR

AMHEUR EUR

AMHEUR EUR

AMHEUR EUR

AMHEUR EUR

AMHEUR EUR

AMHEUR EUR

AMHEUR EUR

AMHEUR EUR

AMHEUR EUR

AMHEUR EUR

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHGBP GBP

AMHKD HKD

AMHKD HKD

AMHKD HKD

AMHKD HKD

AMHKD HKD

AMHKD HKD

AMHKD HKD

AMHKD HKD

AMHKD HKD

AMHKD HKD

AMHKD HKD

- -

HSBC Portfolios - World Selection 2

31 May 2018

- -

Monthly

Monthly

Monthly

Monthly

Monthly 25 May 2018 0.007907

Monthly

Monthly 28 Mar 2018 0.027036 3.19%

Monthly 28 Feb 2018 0.028018 3.27%

Monthly 25 May 2018 0.030775 3.65%

Monthly 27 Apr 2018 0.029625 3.50%

Monthly 30 Nov 2017 0.026611 3.09%

Monthly 31 Oct 2017 0.026549 3.10%

Monthly 30 Jan 2018 0.027129 3.10%

Monthly 28 Dec 2017 0.027038 3.13%

Monthly 28 Jul 2017 0.026531 3.12%

Monthly 30 Jun 2017 0.025978 3.08%

Monthly 29 Sep 2017 0.025644 3.01%

Monthly 31 Aug 2017 0.026044 3.06%

Monthly 28 Mar 2018 0.026639 3.17%

Monthly 28 Feb 2018 0.028239 3.33%

Monthly 25 May 2018 0.029175 3.49%

Monthly 27 Apr 2018 0.026876 3.20%

30 Nov 2017 0.029111 3.41%

Monthly 31 Oct 2017 0.029426 3.46%

Monthly 30 Jan 2018 0.026212 3.02%

Monthly 28 Dec 2017 0.028165 3.29%

28 Jul 2017 0.029263 3.46%

Monthly 30 Jun 2017 0.029816 3.56%

29 Sep 2017 0.028276 3.34%

Monthly 31 Aug 2017 0.029119 3.44%

0.96%

Monthly 27 Apr 2018 0.004486 0.54%

Monthly 28 Mar 2018 0.007145 0.87%

30 Nov 2017 0.010131 1.21%

Monthly 31 Oct 2017 0.008548 1.02%

28 Feb 2018 0.010034 1.20%

Monthly 28 Dec 2017 0.009936 1.18%

Monthly 28 Jul 2017 0.008288 1.00%

Monthly 30 Jun 2017 0.010757 1.30%

Monthly 29 Sep 2017 0.009943 1.19%

Monthly 31 Aug 2017 0.009182 1.10%

Monthly 28 Mar 2018 0.015104 1.84%

Monthly 28 Feb 2018 0.017349 2.09%

Monthly 25 May 2018 0.016692 2.04%

Monthly 27 Apr 2018 0.014062 1.71%

Monthly 30 Nov 2017 0.017243 2.06%

Monthly 31 Oct 2017 0.015036 1.80%

Monthly 30 Jan 2018 0.004844 0.57%

Monthly 28 Dec 2017 0.017350 2.07%

Monthly 28 Jul 2017 0.014839 1.79%

Monthly 30 Jun 2017 0.016599 2.02%

Monthly 29 Sep 2017 0.015247 1.84%

Monthly 31 Aug 2017 0.015271 1.84%

Monthly 28 Mar 2018 0.027318 3.18%

Monthly 28 Feb 2018 0.028297 3.27%

Monthly 25 May 2018 0.031184 3.65%

Monthly 27 Apr 2018 0.030021 3.50%

Monthly 30 Nov 2017 0.026810 3.09%

Monthly 31 Oct 2017 0.026778 3.10%

Monthly 30 Jan 2018 0.027380 3.10%

Monthly 28 Dec 2017 0.027270 3.13%

Monthly 28 Jul 2017 0.026746 3.12%

Monthly 29 Sep 2017 0.025918 3.01%

Monthly 31 Aug 2017 0.026268 3.05%

Share ClassBase

CurrencyDistribution Frequency Dividend ex-date Dividend Amount

Annualised Yield

(Distribution is not

guaranteed and may

be paid out of

capital)

Supplement Information Sheet

AMHKD HKD 3.08%

Annualised Yield

(Distribution is not

guaranteed and may

be paid out of

capital)

HSBC Portfolios - World Selection 2

31 May 2018

Share ClassBase

CurrencyDistribution Frequency Dividend ex-date Dividend Amount

The above table cites the last dividend paid within the last 12 months only. Dividend is not guaranteed and may be paid out of capital,

which will result in capital erosion and reduction in net asset value. A positive distribution yield does not imply a positive return. Past payout

yields and payments do not represent future payout yields and payments. Historical payments may be comprised of both distributed income

and capital.

The calculation method of annualised yield: (dividend value / NAV per share or unit as of ex-dividend date) x n, n depends on the

distributing frequency. Annually distribution is 1; semi-annually distribution is 2; quarterly distribution is 4; monthly distribution is 12.

The annualised dividend yield is calculated based on the dividend distribution on the relevant date with dividend reinvested, and may be

higher or lower than the actual annual dividend yield.

Monthly 30 Jun 2017 0.026142

PRODUCT KEY FACTS

產品資料概要

HSBC Portfolios – World Selection 2

滙豐組合 – 環球智選 2

April 2018 2018年4月

This statement provides you with key information about the HSBC Portfolios – World Selection 2

本概要提供有關滙豐組合 － 環球智選2的重要資料

This statement is part of the offering document

本概要是銷售文件的一部分 You should not invest in this product based on this statement alone

投資者切勿單憑本概要作投資決定

Quick facts 基本資料

Fund manager 基金經理 HSBC Investment Funds (Luxembourg) S.A.

Investment adviser 投資顧問 HSBC Global Asset Management (UK) Limited (Internal delegation, UK / 內部委託，英國)

Custodian 保管人 HSBC Bank Plc, Luxembourg Branch

Ongoing charges over a year^

全年經常性開支比率 ̂

Class AC / AC類 1.28%

Class AM / AM類 1.31%

Class AMHKD / AMHKD類 1.33%

Class AMHAUD / AMHAUD類 1.40%

Class AMHCAD / AMHCAD類1.40%^^

Class AMHEUR / AMHEUR類1.40%

Class AMHGBP / AMHGBP類1.40%

Class ACHAUD / ACHAUD類1.36%^^

Class ACHEUR / ACHEUR類 1.36%

Class ACHGBP / ACHGBP類 1.36%

Dealing frequency 進行交易 Daily on every dealing day / 每一個交易日

Base currency 貨幣 USD / 美元

Dividend policy 股息政策 Class AC, Class ACHAUD, Class ACHEUR and Class ACHGBP – No distribution /

AC類、ACHAUD類、ACHEUR類及ACHGBP類– 不獲分派

Class AM, Class AMHKD, Class AMHAUD, Class AMHCAD, Class AMHEUR and Class AMHGBP – The

Board of Directors aim to declare dividends monthly on a discretionary basis, and if declared, dividends will be

paid monthly. Dividends may be paid out of the capital or effectively out of capital# of the relevant Class.

Payment of dividends out of capital or effectively out of capital may result in an immediate reduction of the net

asset value per share of the relevant Class. / AM類、AMHKD類、AMHAUD類、 AMHCAD類、AMHEUR類及 AMHGBP類 – 董事會擬按酌情基準每月宣佈股息，如宣佈，股息將會每月派發。股息可從相關類別的資本或實際上從相關類別的資本# 中支付。從資本或實際上從資本中支付股息，可能導致相關類別的每股資產淨值即時減少。

Financial year end 財政年度終結日 31 July / 7 月 31 日

Minimum investment 最低認購額 Class A - US$1,000 or HK$10,000 or AUD1,500 or EUR850 or GBP650 or CAD1,000

A類 - 1,000美元或10,000港元或1,500澳元或850歐元或650英鎊或1,000加元 # The Board of Directors may at its discretion pay dividend out of gross income while charging / paying all or part of the Fund’s fees and expenses to / out of capital of the Fund (resulting in an

increase in distributable income for the payment of dividends by the Fund), and thereby effectively pay dividends out of capital of the Fund.

董事會可酌情決定從總收入撥付股息，同時從本基金的資本中扣除／支付本基金的全部或部分費用及支出（導致可供本基金支付股息的可分派收入增加），因此實際上從本基金的

資本中支付股息。

^ This figure is an annualized figure based on the expenses for the interim period ended 31 January 2018. This figure may vary from year to year.

此數字乃根據截至2018年1月31日止中期開支計算的年率化數字。此數字每年均可能有所變動。

^ ̂ The figure is an estimate only (as the class has not been launched) and represents the sum of the estimated ongoing expenses chargeable to the class expressed as a percentage of the

class's estimated average net asset value. This figure may vary from year to year. The actual figure may be different from the estimated figure.

此僅為估計數字（因為類別未成立），指可向類別收取的估計經常性開支總額，並以類別的估計平均資產淨值表示。數字每年均可能有所變動。實際數字可能有別於估計數字。

What is this product? 本基金是甚麼產品？ This is a sub-fund (the “Fund”) of an umbrella fund constituted in the form of a mutual fund. It is domiciled in Luxembourg and its home regulator is

Commission de Surveillance du Secteur Financier.

本附屬基金（「基金」）所屬的傘子基金以互惠基金形式組成。本基金在盧森堡註冊成立，在當地由Commission de Surveillance du Secteur

2

Financier監管。

Objectives and Investment Strategy 目標及投資策略

Objectives and strategy 目標及策略：

The Fund aims to provide long term total return by investing in a portfolio of fixed income and equity securities consistent with a low to medium risk

investment strategy.

本基金旨在根據低至中風險投資策略，透過投資於由固定收益及股票證券組成的投資組合，以提供長期總回報。

The Fund invests (normally a minimum of 90% of its net assets) in or gains exposure to or gains exposure to:

fixed income and equity securities directly into markets and / or through investments in UCITS and / or other Eligible UCIs.

other asset classes including, but not limited to, real estate, private equity, hedge fund strategies and commodities through investments in equities

securities issued by companies based or operating in developed or Emerging Markets, UCITS and / or other Eligible UCIs.

本基金投資於（通常將其資產淨值至少90%）或取得投資於﹕

直接入市投資及／或透過投資於UCITS及／或其他合資格UCI投資於固定收益及股票證券。

其他資產類別，包括（但不限於）房地產、私募股權、對沖基金策略及商品（透過投資於在已發展或新興市場設立或經營的公司所發行的股票證券、UCITS及／或其他合資格UCI）。

The Fund invests in Investment Grade and Non-Investment Grade rated fixed income and other similar securities issued or guaranteed by governments,

government agencies or supranational bodies of developed markets, such as OECD countries, and / or Emerging Markets or by companies which are

based in or carry out the larger part of their business activities in a developed or Emerging Market. These securities are denominated either in US dollar,

in other developed markets currencies hedged into US dollar, or in local Emerging Markets currencies.

本基金投資於由已發展市場（例如經合組織國家）及／或新興市場的政府、政府機構或超國家組織，或在已發展或新興市場設立或從事其較大部分業務活動的公司所發行或保證的投資級別及非投資級別固定收益及其他類似證券。此等證券以美元、其他已發展市場貨幣（與美元對沖）或新興市場當地貨幣計值。

The Fund invests in equities and equity equivalent securities issued by companies which are based or operating in developed and / or Emerging Markets.

The Fund normally invests across a range of market capitalisations.

本基金投資於在已發展及／或新興市場設立或經營的公司所發行的股票及等同股票的證券。本基金通常投資於多種不同市值公司。

The Fund may invest up to 100% of its net assets in units or shares of UCITS and / or other Eligible UCIs. The Fund’s exposure to such holdings will

normally be between 25% - 75%.

本基金可將其淨資產最多100%投資於UCITS及／或其他合資格UCI的單位或股份。本基金於該等UCITS及／或其他合資格UCI的投資，將通常介乎25%至75%。

The Fund will not invest more than 10% of its net assets in securities issued by or guaranteed by any single sovereign issuer with a credit rating below

Investment Grade.

本基金不會將其淨資產超過10%投資於任何單一主權發行人所發行或擔保的低於投資級別信貸評級的證券。

The Fund’s primary currency exposure is to the US dollar.

本基金的主要貨幣風險與美元相關。

Asset Class exposure limits 資產類別的投資限額

For the specific groups of asset classes described in the table below, the Fund has a total maximum exposure limit as follows／本基金對下表描述的特定資產類別的總投資上限如下:

Asset Class 資產類別 Maximum exposure 投資上限

Equity / 股票 50%

Fixed income / 固定收益 100%

Total of the following / 以下各項合計: 25%

Real estate / 房地產* 15%

Private equity / 私募股權 10%

Commodity / 商品 10%

Hedge fund / 對沖基金 10%

Absolute return / 絕對回報 10%

* The Fund will not invest in direct real estate.

本基金將不會直接投資於房地產。

The Fund does not intend to use financial derivative instruments extensively for investment purposes. The Fund may use financial derivative instruments such as, but not limited to, foreign exchange forwards, options, on and off-exchange traded futures and swaps for, inter alia, hedging purposes, cash flow management and tactical asset allocation as well as efficient portfolios management.

本基金不擬廣泛使用金融衍生工具作投資用途。本基金可使用金融衍生工具，例如（但不限於）遠期外匯、期權、交易所買賣及場外買賣的期貨

及掉期作（其中包括）對沖用途、現金流管理、技術性資產配置，以及有效投資組合管理。

3

What are the Key Risks? 本基金有哪些主要風險？

Investments involve risks. Please refer to the offering document for details including risk factors.

投資附帶風險。請參閱銷售文件以便獲取其他資料，包括風險因素。

Investment risk 投資風險

The Fund is an investment fund. There is no guarantee of the repayment of principal.

本基金為投資基金，並不保證償付投資本金。

The Fund’s investment portfolio may fall in value and therefore your investment in the Fund may suffer losses.

本基金的投資組合內的投資價值有機會下跌，而閣下的投資亦可能蒙受虧損。

Equity risk 股票風險

The value of equity securities are affected by the business, performance and activities of individual companies as well as general market and

economic conditions, and this may adversely impact on the Fund’s net asset value.

股票證券的價值受多個因素影響，包括但不限於個別公司的業務、表現及活動，以及一般市場及經濟情況，可能對本基金之資產淨值造成不利影響。

Emerging markets risk 新興市場風險

The Fund may invest in both developed markets and emerging markets. Investing in emerging markets involves a greater risk of loss than investing

in more developed markets due to, among other factors, greater political, tax, economic, foreign exchange, liquidity, market volatility (such as interest

rate and price volatility) and regulatory risks.

本基金可投資於成熟市場及新興市場。相對較成熟市場，投資於新興市場須承受較高損失的風險，包括較高的政治、稅務、經濟、外匯、流動性、市場波動（如利率及價格波動）及監管風險。

Interest rate risk 利率風險

The Fund’s investments in fixed income instruments may fall in value if interest rates change. Generally, the price of fixed income instruments

decreases when interest rates rise, whilst their prices increase when interest rates fall.

本基金投資於固定收益工具，一旦利率變動，其價值可能會隨之下跌。一般而言，利率下跌時，固定收益工具的價格會上升，而利率上升時，其價格則會下跌。

Credit risk 信貸風險

The Fund’s exposure to bonds is subject to the credit risk of the issuers of the bonds. When the issuer of a bond defaults, the Fund may suffer a

loss amounting to the value of such investment.

本基金的債券投資須承受債券發行人的信貸風險。當發行人違約，本基金可能須承受相等於該投資價值的損失。

Investment grade bonds may be subject to the risk of being downgraded to non-investment grade bonds. In the event of downgrading in the credit

ratings of a security or an issuer relating to a security, the Fund’s investment value in such security may be adversely affected.

投資級別債券存在被降級至非投資級別債券的風險。倘若某證券或有關某證券的發行人之信貸評級被調低，則本基金於該證券的投資價值可能受到不利影響。

Non-investment grade bonds are subject to higher credit risk and counterparty risk than investment grade bonds.

非投資級別債券承受較投資級別債券高的信貸風險及對手方風險。

Currency risk 貨幣風險

Because the Fund’s assets and liabilities may be denominated in currencies different to the base currency, the Fund may be affected unfavourably

by exchange control regulations or changes in the exchange rates between the base currency and other currencies. Changes in currency exchange

rates may influence the value of the Fund’s shares, the dividends or interest earned and the gains and losses realised.

由於本基金的資產與負債可按有別於基本貨幣的貨幣計值，故此，外匯管制規例或基本貨幣兌其他貨幣的匯率變動可能對本基金構成不利的影響。貨幣匯率的變動可能影響本基金的股份價值、所賺取的股息或利息，以及所變現的盈虧。

A decline in the exchange rate of the currency in which the security is denominated against the base currency would adversely affect the value of

the security.

倘證券計值的貨幣兌基本貨幣的匯率下跌，會對該證券的價值造成不利影響。

A Fund may engage in foreign currency transactions in order to hedge against currency exchange risk, however there is no guarantee that hedging

or protection will be achieved. Where a Fund hedges the non-base currency assets held within the Fund back into the base currency, this strategy

may result in a higher / lower return than would have potentially been achieved had those assets not been hedged.

基金可從事外匯交易以對沖貨幣匯兌風險，然而，概無保證會達致對沖或抵禦的效果。倘若某基金將基金內持有的非基本貨幣資產與基本貨幣對沖，此策略可能導致產生比該等資產在沒有進行對沖的情況下可能實現的回報較高／較低。

Alternative investment risk 另類投資風險

The Fund may gain exposure to hedge fund and absolute return strategies (which may be extremely volatile) and the private equity and the real

estate sectors (which may be less liquid). Because of their special and higher risks, substantial or, in certain cases, total loss may result with respect

to investments in those asset classes. 本基金可能投資於對沖基金及絕對回報策略（其可能帶有極高波動性）及私募股權及房地產行業（其流通性可能較低）。由於該等投資涉及特殊風險和較高風險，可能導致該等資產類別的投資產生重大虧損或（在若干情況下）全部虧損。

4

Derivative instrument risk 衍生工具投資風險

The Fund does not intend to use financial derivative instruments extensively for investment purposes.

本基金不擬廣泛地運用金融衍生工具作投資用途。

The risks associated with financial derivative instruments include but are not limited to market volatility risk (i.e. the risk that movements in the value

or level of the underlying security are magnified thus increasing the volatility of the Fund price), credit risk, counterparty risk, liquidity risk, valuation

risk (i.e. the risk of mispricing or improper valuation) and leverage risk (i.e. the risk that a relatively small market movement will have a proportionally

large impact). If the issuers of the derivative instruments default, or such securities or their underlying assets cannot be realized, or perform badly,

investors may suffer substantial or, in certain cases, total loss of their investments.

有關金融衍生工具的風險包括但不限於市場波動風險（即相關證券價值或水平的變動擴大而使本基金價格的波動性增加之風險）、信貸風險、對手方風險、流動性風險、估值風險（即價格錯定或不當估值之風險）及槓桿風險（即相對小的市場變動會造成比例上相對大影響之風險）。如衍生工具發行人違約，或該等證券或相關資產未能變現或表現不佳，投資者的投資可能蒙受重大虧損或（在若干情況下）全部虧損。

Early termination risk 提早結束風險

The Fund may be liquidated on the occurrence of certain events specified in the offering document. Upon liquidation, all the assets of the Fund will

be realized and the net proceeds thereof which are available for distribution will be distributed to its holders in proportion to their holdings. Investors

should note that the amount distributed to them may be less than the amount of their initial investment.

如出現在銷售文件中所述的某些情況，本基金可能會被終止。當本基金被終止，所有本基金的資產會被出售及會按持有人持有本基金的比例就可供分派的淨收入作出分派。投資者須注意獲分派的金額或會少於最初投資額。

Risks associated with distribution out of capital 與從資本中作出分派相關的風險

In respect of Monthly Distribution Shares, if the investment income is not sufficient, the Board of Directors may determine if, and to what extent, the

dividends may be paid out of capital or effectively out of capital. If there is a change to this policy, prior approval will be sought from the SFC and

affected investors will receive at least one month’s prior written notification.

就每月分派的股份而言，董事會可在投資收益不足夠時決定從資本中或實際上從資本中撥付股息，以及有關撥付金額。倘若此項政策有更改，將會事先尋求證監會的批准，而受影響的投資者將會收到最少一個月的事先書面通知。

Investors should note that the payment of dividends out of capital or effectively out of capital represents a return or withdrawal of part of the amount

they originally invested or from any capital gains attributable to the original investment. Any distributions involving the payment of dividends out of

the Fund’s capital or effectively out of the Fund’s capital will result in an immediate reduction in the Net Asset Value per Share of the relevant Class.

投資者應注意，從資本中或實際上從資本中撥付股息，即代表投資者從當初投資基金之款項中獲付還或提取部分金額或從原本投資應佔的任何資本收益中獲付還或提取金額。任何涉及從本基金的資本中或實際上從本基金的資本中撥付股息的分派，將會導致相關類別的每股資產淨值即時減少。

Risk associated with investing in other funds 與投資於其他基金相關的風險

Although the Fund will seek to monitor investments and trading activities of underlying funds to which the Fund’s assets will be allocated, investment

decisions are made at the level of such underlying funds and there can be no assurance that the selection of the managers of the underlying funds

will result in an effective diversification of investment styles and that positions taken by the underlying funds will always be consistent.

儘管本基金將尋求監控本基金資產將被分配於的相關基金的投資及交易活動，惟投資決策乃在該相關基金的層面作出，並不保證相關基金的經理人的選股將能達致有效的多元化投資風格，以及相關基金的持倉將會時刻貫徹一致。

There is also no assurance that the liquidity of the underlying funds will be sufficient to meet redemption requests as and when made.

亦無法保證當投資者提出贖回要求時，相關基金的流動性將足以應付該等贖回要求。

The Fund may also be subject to a duplication of costs when investing in underlying funds. These risks may have an adverse impact on the Net Asset Value of the Fund. 當本基金投資於相關基金時，亦可能會承擔雙重費用。此等風險可能對本基金的資產淨值造成不利影響。

5

How has the Fund performed? 本基金過往的業績表現如何？

Past performance information is not indicative of future performance. Investors may not get back the full amount invested.

過去業績並不代表將來的表現。投資者可能不能取回全部投資金額。

The computation basis of the performance is based on the calendar year end, NAV-to-NAV, with dividend reinvested.

業績表現以歷年末的資產淨值作為比較基礎，股息會滾存再作投資。

These figures show by how much the share class increased or decreased in value during the calendar year being shown. Performance data has

been calculated in USD including ongoing charges and excluding subscription fee and redemption fee you might have to pay.

數據顯示股份類別於上述歷年的價值升跌。業績數據以美元計算，包括持續性開支但不包括您可能需支付的認購費用及贖回費用。

Where no past performance is shown there was insufficient data available in that year to provide performance.

假如並無顯示過往表現，則表示該年度並無足夠數據以提供表現。

Fund launch date: 19/10/2009

基金成立日期：19/10/2009

Class AC launch date: 20/10/2009

AC 類成立日期：20/10/2009

Class AC is a share class open for investment by Hong Kong retail investors and denominated in the Fund’s base currency.

AC 類乃開放予香港零售投資者投資及以附屬基金的基本貨幣計價的股份類別。

Is there any guarantee? 本基金有否提供保證？ This Fund does not have any guarantees. You may not get back the full amount of money you invest. 本基金並不提供任何保證。閣下未必能全數取回投資本金。

8.1

-3.1

10.4

4.85.2

-1.7

5.7

8.8

-4.0

-2.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

%

HSBC Portfolios - World Selection 2 (AC)

滙豐組合 – 環球智選 2 (AC)

The performance of the highlighted years were achieved under circumstances that no longer apply, the investment objective and fee structure were changed on 10 Jun 2014.

業績在標示的年份之情況已不再適用，投資目標及收費架構

於 2014年 6月 10日更改。

6 Issued by HSBC Global Asset Management (Hong Kong) Limited 由滙豐環球投資管理（香港）有限公司刊發

What are the fees and charges? 本基金涉及哪些費用？ Charges which may be payable by you 認購本基金時閣下或須支付的費用

You may have to pay the following fees when dealing in the Fund.

閣下買賣本基金時可能須要支付以下費用。

Fees 費用 What you pay 你須支付

Subscription fee 認購費 Up to 4.17% of the net asset value* 最高達股份資產淨值的 4.17%*

Switching fee 轉換費 Up to 1% of the offer price* 最高達股份賣出價的 1%*

Redemption fee 贖回費 Nil* 無*

Ongoing fees payable by the Fund 本基金持續繳付的費用

The following expenses will be paid out of the Fund. They affect you because they reduce the return you get on your investments.

以下收費將從本基金總值中扣除，閣下的投資回報將會因而減少。

Fees 費用 Annual rate (as a % of the Net Asset Value of the Fund) 年率（以本基金資產淨值之%）

Management fee 管理費 1%#

Custodian fee 保管費 Not applicable, included in Administrative fee 不適用，已包括在行政費內

Administrative fee 行政費 Subject to a maximum of 0.25%^ 最高達0.25% ̂

Performance fee 表現費 Not applicable 不適用

Other fees 其他收費

You may have to pay other fees and charges when dealing in the Fund.

閣下買賣本基金時可能須要支付其他費用。

* You may need to bear additional costs under certain situations in order to mitigate any adverse impacts to the Fund caused by the transactions. Please refer to the

offering document for further details.

為減輕交易可能對本基金造成的不利影響，你可能須在某些情況下承擔額外費用。詳情請參閱銷售文件。

^ The Fund will pay the expenses directly and as such the ongoing charge for each share class will vary. The above expenses paid by the Fund cover operating,

administrative and servicing expenses and will be capped to 0.25% of net assets per annum on a rolling basis of each share class. Where actual expenses exceed

0.25% per annum, the excess will be borne directly by the Fund Manager or by HSBC Asset Management distributors.

本基金將直接支付開支，因此就各股份類別收取的持續收費會有所不同。上述由本基金支付的開支包含營運、行政管理及服務開支，及將以各股份類別按滾動

基準計算的每年淨資產的0.25%為上限。倘實際開支超過每年0.25%，有關超出部分將由基金經理或滙豐投資管理的分銷商直接承擔。

# The fees and charges may be increased up to maximum level as specified in the offering document by giving at least one month’s prior notice to investor.

費用可增至銷售文件所定的最高水平，但須予最少1個月預先通知投資者。

Additional information 其他資料 You generally buy and redeem units at the Fund’s next-determined subscription price and redemption price with reference to the Net Asset Value

(NAV) after the intermediaries receive your request in good order on or before 4:00pm (HK Time), being the Fund’s dealing cut-off time.

一般而言，閣下認購及贖回基金單位的價格，是在中介人於香港時間4時或之前（即基金的交易截止時間）收到閣下的完整指示後，參照基金資產淨值而釐定的下一個認購及贖回價。

Intermediaries who sell the Fund may impose earlier cut-off times for receiving instructions for subscriptions, redemptions or switching.

Investors should pay attention to the arrangements of the intermediary concerned.

銷售本基金的中介人可能就接受認購、贖回及轉換指示實施較早的截止時間。投資者須注意有關中介人的安排。

Investors may obtain the past performance information of other unit classes offered to Hong Kong investors at

www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the SFC).

投資者可瀏覽 www.assetmanagement.hsbc.com/hk（網頁並未經證監會批閱）以取得向香港投資者發售的其他單位類別的往績表現資料。

Investors may obtain information on the intermediaries online at www.assetmanagement.hsbc.com/hk (the website has not been reviewed by the

SFC).

投資者可瀏覽 www.assetmanagement.hsbc.com/hk 以獲取中介人的資料（網頁並未經證監會批閱）。

The net asset value of the Fund is calculated and the price of the Fund published on each dealing day. The Fund prices are available online at

www.assetmanagement.hsbc.com/hk.

基金的資產淨值及價格均於每個交易日計算及刊登。基金價格刊登於 www.assetmanagement.hsbc.com/hk。

In respect of the Monthly Distribution Shares, the composition of the latest dividends (i.e. the relative amounts paid out of (i) net distributable

income and (ii) capital) (if any) for the last 12 months is available from the Hong Kong Representative on request and on the website

www.assetmanagement.hsbc.com/hk.

就每月分派的股份而言，過去12個月的最近期股息之構成（即有關從(i)可供分派淨收入及(ii)資本中撥付的款項）（如有）資料可向香港代表索取，並載於網站www.assetmanagement.hsbc.com/hk。

Important 重要資料 If you are in doubt, you should seek professional advice.

閣下如有疑問，請應諮詢專業意見。

The SFC takes no responsibility for the contents of this statement and makes no representation as to its accuracy or completeness.

證監會對本概要的內容並不承擔任何責任，對其準確性或完整性亦不作出任何陳述。