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  • HSBC Global Investment Funds

  • HSBC Global Investment Funds 1

    Audited report for the year from 1 April 2008 to 31 March 2009

    Société d’Investissement à Capital Variable (SICAV), Luxembourg

  • HSBC Global Investment Funds 2

    Information concerning the distribution of shares of HSBC Global Investment Funds in Switzerland or from Switzerland. HSBC Private Bank (Suisse) SA, Quai du Général Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal representative of the Company in Switzerland and the Company’s paying agent. The prospectus, simplified prospectuses, articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Private Bank (Suisse) S.A. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Company’s representative in Switzerland.

    Information concerning the distribution of shares of HSBC Global Investment Funds in Germany or from Germany.HSBC Trinkaus & Burkhardt AG, 21-23 Königsallee, D-40212 Düsseldorf, is the legal representative of the Company in Germany and the Company’s paying agent. The prospectus, simplified prospectuses, articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Trinkaus & Burkhardt AG. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Company’s representative in Germany.

    No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.

    Audited report for the year from 1 April 2008 to 31 March 2009

  • Table of Contents

    HSBC Global Investment Funds 3

    Board of Directors 4

    Management and Administration 5

    Directors’ Report 7

    Report of the Réviseur d’Entreprises 17

    Statement of Net Assets as at 31 March 2009 18

    Key Figures as at 31 March 2009 28

    Statement of Operations and Changes in Net Assets 38

    Notes to the Financial Statements 49

    Comparative Table of Net Assets 85

    Portfolio of Investments and Other Net Assets 99

    Currency Conversion Table 199

    Dealing Days of the Fund 200

    Non-Dealing Days of the Fund 201

  • Board of Directors

    HSBC Global Investment Funds 4

    BOARD OF DIRECTORS OF THE COMPANY

    Didier Deleage (Chairman), Chief Operating Officer, HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

    Thies Clemenz, Chief Operating Officer, HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany.

    Jennifer Foo Chin Hau Kau Fong, Vice President, HSBC Customer Services, Global Business, The HongKong and Shanghai Banking Corporation Limited, Les Cascades, 5th Floor, Edith Cavell Street, Port Louis, Mauritius.

    David Dibben, Chief Operating Officer - Global Funds Ranges, HSBC Global Asset Management Limited, 8 Canada Square, London E14 5HQ, United Kingdom.

    George Efthimiou, Global Chief Operating Officer, HSBC Global Asset Management Limited, 8 Canada Square, London E14 5HQ, United Kingdom.

    David Silvester, Head of Global Product Management, HSBC Global Asset Management Limited, 8 Canada Square, London E14 5HQ, United Kingdom.

    Edmund Stokes, Chief Operating Officer, HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building, 1 Queen’s Road Central, Hong Kong.

    Sylvie Vigneaux, Head of Regulatory Wealth and Engineering, HSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

    * HSBC Investments and HSBC Group Investment Businesses Limited were renamed HSBC Global Asset Management as of 2 June 2008. This report reflects the new names.

  • Management and Administration

    HSBC Global Investment Funds

    5

    Registered Office* 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. R.C.S. Luxembourg N° B-25087

    Management Company* HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg.

    Custodian, Administration Agent, Transfer Agent and Central Paying Agent RBC Dexia Investor Services Bank S.A. 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg.

    Investment Advisers Halbis Capital Management (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. Halbis Capital Management (Hong Kong) Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong. Halbis Capital Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Halbis Capital Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Bank Brazil SA - Banco Múltiplo, Travessa Oliveira Belo, 11-B, 80020-030 Curitiba, Brazil. HSBC Global Asset Management (Singapore) Limited, 21 Collyer Quay, # 15-02 HSBC Building, Singapore 049320, Singapore. HSBC Global Asset Management (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA. HSBC Global Asset Management FCP (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. HSBC Global Asset Management (Deutschland) GmbH, Königsallee 21/23, D-40212 Düsseldorf, Germany. Sinopia Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. Sinopia Asset Management, Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France. Sinopia Asset Management (Asia Pacific) Limited, Level 22, HSBC Main Building, 1 Queen’s Road Central, Hong Kong (as from 10 July 2008).

    Share Distributors Global Distributor HSBC Investment Funds (Luxembourg) S.A., 16, boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg. Austria and Eastern Europe Share Distributor HSBC Trinkaus & Burkhardt AG, Königsallee 21/23, D-40212 Düsseldorf, Germany. Hong Kong Representative and Share Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong. United Kingdom Representative and Share Distributor HSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. * with effect from 30 April 2009, the registered office address of the Company and of the Management Company will change from 40, avenue Monterey, L-2163 Luxembourg to 16, boulevard d'Avranches, L-1160 Luxembourg.

  • Management and Administration (continued)

    HSBC Global Investment Funds 6

    Share Distributors (continued)

    Republic of Ireland DistributorHSBC Global Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.

    Republic of Ireland RepresentativeHSBC Securities Services (Ireland) Limited, HSBC House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.

    Jersey Representative and Share Distributor HSBC Global Asset Management (International) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1HS Channel Islands.

    Singapore Representative and Share DistributorHSBC Global Asset Management (Singapore) Limited, 21, Collyer Quay, #15-02 HSBC Building, Singapore 049320, Singapore.

    Swiss Representative and Paying Agent in SwitzerlandHSBC Private Bank (Suisse) S.A., Quai du Général Guisan 2, Case postale 3580, CH-1211 Geneva 3, Switzerland.

    Korea Representative and Share DistributorHSBC Korea Ltd, HSBC Building #25, 1-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.

    Distributor for Continental EuropeHSBC Global Asset Management (France), Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9, 92800 Puteaux, France.

    Poland Representative and Paying AgentProService Agent Transferowy Sp. Z o.o., Pulawska 436, 02-801 Warszawa, Poland.

    Paying Agent in Hong Kong The Hongkong and Shanghai Banking Corporation Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong.

    AuditorKPMG Audit S. à r. l. 9, allée Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.

    Legal AdviserElvinger, Hoss & Prussen, 2, place Winston Churchill, B.P. 425, L - 2014 Luxembourg, Grand Duchy of Luxembourg.

  • Directors' Report

    HSBC Global Investment Funds 7

    Directors Comments The directors present the Audit Annual Report and Accounts for HSBC Global Investment Funds for year ending 31 March 2009 HSBC GIF Funds – Annual Report – 1 April 2008 to 31 March 2009 Investment Manager comments regarding the performance during the period. Reserve Sub-Funds HGIF Euro Reserve For the year ending 31 March 2009, the Fund returned 3.12% (net of fees, share class AC), against a benchmark return of 3.25% (European Overnight Index Average – EONIA). During the first part of 2008, inflation was the main concern for the European Central Bank (ECB) which decided to hike rates from 4% to 4.25%. After that, fears dominated the economic environment. This was even more prevalent after Lehman Brothers’ bankruptcy. As a consequence, confidence diminished and eurozone growth deteriorated, putting pressure on the ECB to cut rates aggressively which it did, down to 1.50%. While activity data releases continued to point to a very sharp contraction in GDP in the coming months, inflation expectations were also on the down side. The ECB will probably continue to cut rates in the coming months. In the above context, the fund manager remained cautious and provided liquidity for shareholders by investing around 75% of the fund in government paper. The remainder of the Fund was mainly invested in the one-month area. HGIF US Dollar Reserve (closed as at 22/12/2008) From 1 April 2008 until its closure on 22 December 2008, the fund returned 0.96% (net of fees share class AC).US employment, manufacturing data, business and consumer confidence fell in 2008. The effects of the credit crisis spread from banks and the housing market as the US fell deep into recession. The US Federal Reserve aggressively cut interest rates – until they were floating at a level of 0.0% to 0.25% - to try to boost economic growth and consumer spending. The share prices of many financial companies suffered considerably and several had to be rescued by the government. US 2009 GDP growth forecast was revised down by 0.5% to -1.8%. Spreads on corporate bonds remained wide for most of 2008. For much of the period, the Fund was positioned in a balanced manner along the yield curve, invested in Treasury bills. Liquidity was a key focus of the manager during such volatile markets. Bond Sub-Funds HGIF Brazil Bond For the year ending 31 March 2009, the Fund returned -10.39% (net of fees share class AC), compared with a benchmark return of -15.46% (Brazilian Interbank Rate). The Brazilian currency performed well against the US dollar until the end of July, on the back of the rise in commodity prices, but the tide changed with the worsening of the financial crisis. On top of the negative perspective for commodity exporters given the global downturn, the Brazilian Real’s devaluation was fuelled by local companies squaring their large short US Dollar exposure. As a consequence, the Brazilian Real depreciated sharply between August 2008 and October 2008. Interest rates were raised from 11.25% to 13.75% between March 2008 and September 2008 on the back of inflation fears. As the local economy began to show signs of a strong deceleration, the basic interest rate was cut back to 11.5%. Yields at the long end of the local bond market widened by 2.0% between March and September, but collapsed by 3.5% subsequently, boosting bond returns. During this period the manager kept the Fund’s duration low, having increased it in March, with the perspective of rate cuts during 2009. HGIF Euro Core Bond For the year ending 31 March 2009, the Fund delivered a return of -0.28% (net of fees, share class AD) compared to the benchmark return of 5.03 %(Barclays Capital Euro-Aggregate Bond Index). For the first six months of the period, the Fund’s performance was in line with that of its benchmark. However the Lehman Brothers’ bankruptcy in September 2008 caused a sudden and sharp increase in the risk premium on subordinated financial bonds and lower-rated corporate bonds. The Fund was slightly overweight in these two sectors even though it was globally slightly underweight on credit. The sharp drop in price of these bonds (between -65% to -80% in just a couple of weeks) had a significantly negative impact on the Fund’s performance in the fourth quarter of 2008.

  • Directors' Report (continued)

    HSBC Global Investment Funds 8

    HGIF Euro Core Credit Bond For the year ending 31 March 2009, the Fund delivered a return of -9.76% (net of fees, share class AD) compared to the benchmark return of -4.52 % (100% IBoxx Euro Corporate). For the first six months of the period, the Fund’s performance was in line with that of its benchmark. However the Lehman Brothers’ bankruptcy in September 2008 caused significant volatility in subordinated financial bonds and high yield bonds. Between September 2008 and March 2009 the fund suffered from exposure to these sectors, the impact against the benchmark was, -200 basis points for Tier 1 financials (highly subordinated debt), -175 basis points for Lower Tier2 (subordinated debt) and in high yield the Fiat position was –100 basis points ,even though overall the Fund was only very slightly overweight in these sectors. The fund suffered a 50 basis points capital loss as a result of exposure to Lehman. Based on the Manager’s fundamental approach and with constant review of the portfolio and credit analysis, the manager decided to retain the position, the volatility of credit spread was extreme in the last quarter of 2008 and first quarter of 2009 and the market saw a temporary collapse of specific segments (Tier1 down 55%, Lower Tier 2 down 25%). The spread widening on the credit the fund holds has been excessive on a fundamental point of view .

    HGIF Euro High Yield Bond For the year ending 31 March 2009, the Fund delivered a return of -18.47% (net of fees, share class AC) outperforming the benchmark of -21.85% by 3.38% (100% MERRILL LYNCH Euro High Yield Constraint BB-B). The Fund maintained a more prudent asset allocation than the benchmark, overweighting the higher-rated bonds and underweighting the lower-rated ones. The investment ratio was generally above 100% (using credit default swaps) as the manager saw opportunities in a very volatile market. Maintaining a better average credit quality than the benchmark was positive for the relative performance of the Fund, especially when the market collapsed after the Lehman Brothers’ bankruptcy. The Fund’s performance also benefited from a positive performance in security selection with most of the weakest credits being underweight or altogether avoided.

    HGIF European Government Bond For the year ending 31 March 2009, the Fund delivered a return of -2.03%, (net of fees, share class AC) underperforming the benchmark return of 8.74% by 10.77% (100% JPM Global Governments Bonds Europe). The Fund had overweight positions in Credit and Eastern European countries’ bonds when the financial crisis intensified in mid-September caused in part by the Lehman Brothers’ failure. During this period, the Fund suffered from large redemptions in a very illiquid environment which had a substantial impact on the Fund’s performance. All the holdings in the Eastern European countries government bonds were redeemed and the credit exposure was largely reduced during the last two quarters of the period.

    HGIF Euro Strategic Credit Bond (Closed as at 26/09/2008) From 1 April 2008 until the fund closed on 26 September 2008. The fund returned -3.13% (gross of fees, share class AC) against a benchmark return of - 4.71% (100% LB Euro Aggregate). During the reporting period, global credit markets experienced considerable volatility and saw spreads rise sharply across the board mainly due to the US housing sector crisis and large write-downs of credit exposures by major financial institutions causing concerns about a broad-based cyclical deterioration. In addition, the bankruptcy of broking firm Lehman Brothers in September sent massive shockwaves through the whole financial system. Because of the volatile environment, the manager took a cautious approach. While the Fund increased its underweight position in high yield issuers over the course of the reporting period, due to the worsening outlook, the manager decreased slightly the overweight position in subordinated financial and non-financial investment grade issuers based on their relative value.

    HGIF Global Core Plus Bond For the year ending 31 March 2009, the fund returned -11.56% (net of fees share class AC), compared with a benchmark return of -4.6% (Barclays Capital Global Aggregate Bond Index). The Fund materially underperformed the benchmark during the period due to its overweight positions in high yield, emerging market debt and securitised assets. Government bonds continued to benefit from a fall in interest rates, a flight to quality and, near the end of the period, the beginning ofnew flows into Treasuries. In this extremely volatile environment, credit markets fell significantly resulting in significant negative excess returns in all credit sectors.

  • Directors' Report (continued)

    HSBC Global Investment Funds 9

    HGIF Global Emerging Markets Bond For the year ending 31 March 2009, the Fund returned -8.72 % (net of fees share class ZC), compared with a benchmark return of -8.49% (J P Morgan Emerging Markets Bond Index Global). During the second and third quarters of 2008, the manager had conservatively positioned the Fund with underweight positions in ‘B’ and ‘BB’ rated sovereign bonds. Following the market sell off in October 2008, the manager increased exposure to higher beta sovereign bonds at attractive levels. Shifts to tactical overweight positions in Indonesia and Venezuela were drivers of positive performance for the Fund at the end 2008 and into early 2009. However, this was offset by negative attribution from security selection in Mexico and exposure to a defaulted Brazilian company. The Fund was approximately 96% invested as of March 31, 2009 and positioned relatively market-weight in terms of duration. Towards period end, despite the recent more positive economic data emerging from Asia, Europe and parts of the US, the manager remained cautious.

    HGIF Global Emerging Markets Local Debt For the year ending 31 March 2009, the Fund returned -13.17 % (net of fees share class AC), compared with a benchmark return of -12.26% (J.P. Morgan Emerging Markets Bond Index Global). The Fund’s overweight position in Latin America was increased and the Fund was then positioned in a neutral to slightly underweight position in CEMEA (Central Europe, Middle East and Africa). There was an overall underweight position in Asia, and an overweight holding in Indonesia. On the interest rate side, the manager remained positive on rates in Brazil, Mexico, Turkey and Indonesia, and moved the Fund’s holdings into inflation-linked bonds in certain countries. In local markets, the longer term trend for commodity and currency appreciation vs. the US dollar remained intact as the US monetary policy remained considerably more expansive than the rest of the world. The manager continued to prefer local currency exposure via commodity-related currencies and long rates positions in selected sovereign bonds.

    HGIF Global High Yield Bond (closed as at 15/12/2008) From 1st April 2008 until the fund closed on 22 December 2008, the Fund returned -22.57% (net of fees share class AC), against a benchmark return of -31.34% (Merrill Lynch Global High Yield US Master II – TR). Poor economic data relating to both growth and inflation led to increased volatility in 2008 and investors’ risk aversion meant that global high yield bonds were hard hit. The “flight to quality” led to much steeper yield curves, lower yields and illiquidity. The Fund was defensively positioned within the global high yield space, with the focus being on the higher quality bonds and maintaining a neutral yield curve position relative to the benchmark index.

    HGIF US Dollar Core Plus Bond For the year ending 31 March 2009, the Fund delivered a return of -2.6% (net of fees, share class AC) versus a benchmark return of 3.1% (Barclays Capital U.S. Aggregate Bond Index). During the early part of the review period, investors’ worries increased as the sub-prime mortgage issues and a global economic slowdown hit financial markets. The bankruptcy of stock broking firm Lehman Brothers increased fears for the strength of the financial system as a whole. The Fund materially underperformed the benchmark in the review period concerned. Government bonds continued to benefit from a fall in interest rates, an investor flight to quality and, near the end of the period concerned, the commencement of purchases of Treasuries. In this extremely volatile environment, credit markets fell significantly resulting in significant negative excess returns in all credit sectors. Specifically for this Fund, overweight positions in highyield, emerging market debt and securitised assets were the cause of the majority of the underperformance.

    Equity Sub-Funds

    International and Regional Equity Sub-Funds

    HGIF Asia ex Japan Equity For the year ending 31 March 2009, the Fund delivered a return of -42.97% (net of fees, share class AC), compared to a benchmark return of -43.26% (MSCI Asia ex-Japan). Ongoing financial turmoil and concerns over global and regional growth had an impact on Asian markets. Stocks hit record lows in October 2008 and retested these in February 2009 as investors became extremely risk-averse. Volatility was high throughout the period. Strong stock selection in China and India contributed to performance, while stock picking in Korea, Taiwan and Indonesia detracted from performance. Overweight allocations to China and India and underweight positions in Singapore and Korea also made positive contributions to the Fund’s performance. At a sector level, stock positions in the IT, telecoms and energy sectors all contributed positively to performance.

  • Directors' Report (continued)

    HSBC Global Investment Funds 10

    HGIF Asia ex Japan Equity Smaller Companies For the year ending 31 March 2009, the Fund delivered a return of -48.91% (net of fees, share class AC), compared to a benchmark return of -37.71% (MSCI Asia ex-Japan Small Cap). Ongoing financial turmoil and concerns over global and regional growth had an impact on Asian markets. Stocks hit record lows in October 2008 and retested these in February 2009 as investors became extremely risk-averse. Volatility was high throughout the period. Stock selection had a negative effect on fund performance, with China and Korea particular detractors from performance. Asset allocation had a positive effect on performance for all markets apart from Korea. At a sector level, stock positions in the utilities and energy sectors contributed to performance, while the holdings in the consumer discretionary and financial stocks had a negative effect on the Fund’s performance.

    HGIF Asia Pacific ex Japan Equity High Dividend For the year ending 31 March 2009, the Fund delivered a return of -38.55% (net of fees, share class AC), Ongoing financial turmoil and concerns over global and regional growth had an impact on Asian markets. Stocks hit record lows in October and retested these in February as investors became increasingly risk-averse. Volatility was high throughout the period. Stock selection in China, Taiwan and Thailand had a positive effect on the Funds performance, whilst stock selection in Singapore detracted from performance. Asset allocation effects were broadly positive, with the Fund’s overweight position in China and underweight position in India having a positive effect upon the funds performance. At a sector level, stock positions in industrials and consumer staples were positive contributing to the Funds performance.

    HGIF BRIC Markets For the year ending 31 March 2009, the Fund returned -50.31% (net of fees, share class YC) in US dollar terms compared with the benchmark return of -51.99% (MSCI BRIC). Risk aversion and recession in developed economies dominated global equity markets and a sharp fall in commodity prices and emerging market currencies provided strong headwinds against the BRIC markets. China proved to be the best relative performer as its growth prospects proved supportive for the market – the government forecasts GDP to grow by 8% in 2009, thanks to domestic consumption and a stimulus package (US$ 585 bn) for infrastructure projects. Due to expanding investment and financial systemic risks and weak commodity prices, Russia’s market performed the worst. The Fund experienced significant turnover due to a continuous process of reducing equity exposure.

    HGIF BRIC Markets Equity For the year ending 31 March 2009, the Fund returned -48.48% (net of fees, share class AC) compared with the benchmark return of -49.0% (MSCI BRIC, net total return USD). Risk aversion and recession in developed economies dominated markets and the fall in commodity prices and emerging market currencies hurt BRICs. Following Sinopia’s quantitative valuation model, the Fund has been overweight in Chinese equities since June 2008. This was positive for performance as Chinese growth prospects were supportive – the government forecasts GDP to grow by 8% in 2009, thanks to domestic consumption and a stimulus package (US$ 585 bn) for infrastructure projects. Due to expanding investment risks and weak commodity prices, Russia’s market performed the worst. Russian economic growth is expected to be flat in 2009 and is the weakest of the BRICs. The fund manager maintained a cautious neutral position on the Russian market.

    HGIF Climate Change For the year ending 31 March 2009, the Fund returned -50.57% (net of fees, share class AC) compared with the benchmark return of -46.38% (HSBC Global Climate Change Index). Over the period, the credit crisis and gloomy economic prospects were both negative influences for the climate change-related stocks held in the fund, which faced financing issues and lower demand prospects. The main contributors to the Fund’s underperformance were holdings in the solar sector such as JA Solar, Trina Solar and Suntech Power. In the coming months, the fund manager will maintain the current investment policy which primarily consists of selecting climate change-related stocks based upon a multi-criteria strategy.

    HGIF Emerging Europe Equity For the year ending 31 March 2009, the Fund returned -56.32% in Euro terms (net of fees, share class AC), outperforming the benchmark return of -57.50% (MSCI Emerging Europe 10/40). Out performance was mainly reached by an underweight position in the Russian market which performed poorly in the second quarter of 2008. Towards the end of the period, the manager added to positions in Poland and Hungary to bring them up to a neutral level versus the benchmark. On a sector level, the Fund was mainly underweight in financial stocks which also made a positive contribution to performance. The Fund’s performance was also supported by stock picking as the manager focused on high quality names with good liquidity avoiding the erosion of value of second tier companies.

  • Directors' Report (continued)

    HSBC Global Investment Funds 11

    HGIF Emerging Wealth For the year ending 31 March 2009, HGIF Emerging Wealth Equity returned -42.71% (net of fees, share class AC) in US dollar terms compared with the benchmark, which returned -45.7 %(50% MSCI World/50% MSCI Emerging Markets). The financial crisis led to a major recession in developed countries. Risk aversion increased as shown by the volatility indices and the lack of liquidity impacted all equity markets and emerging equity markets in particular. Asia counts numerous countries where GDP growth is still expected to be positive in 2009 including Australia, China, India, Indonesia and Thailand. In recent months, this was reflected in return terms as emerging Asia started to recover. The Fund outperformed its benchmark with the main contribution coming from sector allocation. The underweight in financials, especially Asian property, had a positive impact in relative terms. The Fund’s overexposure to utilities and consumer goods was also positive. Equity exposure management was also profitable, as the fund manager maintained a Fund level of market exposure around 95% until June, and then remained exposed at 100% until March 2009.

    HGIF Euroland Equity For the year ending 31 March 2009, the Fund returned -43.0% (net of fees, share class AC) while its benchmark returned -42.9% (100% MSCI EMU (EUR) NR). The sub-prime US financial crisis became one of the deepest global economic recessions. Most economically-sensitive sectors fell by about 50%. Meanwhile, financial companies suffered from their exposure to underperforming assets and several companies had to be supported by their governments. This led to the sector performing extremely poorly. The Fund performed in line with the market. Key contributors to Fund performance were found in pharmaceutical and telecoms. Key detractors were found in the financial sector or in cyclical segments of the market. Subsequently, the fund manager continued to select stocks based on their relative under-valuation when taking into account their future profitability, increasing positions in financials or in cyclical sectors. This was achieved atthe expense of positions in high profitability companies. The Fund remained overexposed to companies in healthcare, telecoms, media and insurance and under-exposed to companies in consumer goods and utilities.

    HGIF Euroland Equity Smaller Companies For the year ending 31 March 2009 the Fund returned -43.52% (net of fees, share class AC) against the benchmark return -46.69 % (100% MSCI EMU (EUR) NR) In the first half of 2008, the Fund’s growth and pro-cyclical stance particularly with emerging markets exposure led to out performance. However, when markets started to plunge in September 2008, the larger more liquid stocks that had performed well, fell to a greater extent. The Fund’s greater concentration in energy was detrimental due to the huge drop in the oil price. On the other hand, positions in pharmaceuticals, media, software and transportation stocks were beneficial to performance. Strong stock selection in Germany and France and underweight positions in Greece and Ireland were beneficial while positions in Finland, the Netherlands and Denmark were the most detrimental to performance. In the last quarter, the Fund’s focus on mid cap defensive stocks with better than average visibility performed well. The most successful recent theme was companies benefiting from government-financed infrastructure projects and services. The fund manager will continue to focus on companies with solid balance sheets, limited leverage and with an ample cushion to meet their short-term financing requirements.

    HGIF Euroland Growth For the year ending 31 March 2009, the Fund returned -40.67% (net of fees, share class M1D) while its benchmark returned -43.56% (100% MSCI EMU (EUR) NR). Relative performance was positive over the year. The Fund largely benefited from its growth bias, as it stayed away from cyclical, highly-leveraged sectors and was overweight in pure uncyclical, growth companies and more defensive sectors. Turnover was very modest for most of the year, as the strategy focuses on long-term rising fundamentals. Towards the end of the period, profit was taken from outperforming stocks where valuations appear stretched in relative terms. On the other hand, weightings were increased in growth stocks that have a stronger cyclical component, as leading economic indicators have seemed to be bottoming out and economic policies are starting to have a positive impact.

    HGIF European Equity For the year ending 31 March 2009, the Fund returned -40.45% (net of fees, share class AD) while the benchmark returned -39.7% (FTSE World Europe (EUR)). This period has been an unprecedented time for equities with a massive financial crisis causing huge dislocations in markets and a related collapse in economic activity. The investment approach of identifying companies with sustainable cash flows (even through a protracted downturn), balance sheets that are appropriate to their business models and valuations that provide a margin of safely has led to significant volatility in relative performance as the equity market has tried to discount the outlook for individual companies. Over the period, the weaker investments were generally in cyclical areas where demand for products has slowed. This has varied from Carphone Warehouse, and demand for mobile phone services, to Fenner and Nexans which supply conveyor belting and infrastructure wiring. The basic materials stocks were also weak with many commodity prices falling as global growth slowed. Within financials, the fund benefited from not owning, or being underweight, the main banking stocks HSBC, Royal Bank of Scotland, Lloyds (HBOS) and Barclays. The Fund’s holdings in insurance also outperformed. The utility holdings performed well with low exposure to falling power prices.

  • Directors' Report (continued)

    HSBC Global Investment Funds 12

    HGIF European Equity High Dividend For the year ending 31 March 2009, the Fund returned -44.94% (net of fees, share class AC) while the benchmark returned -40.2% (100% MSCI EMU (EUR) NR). Equity markets have been through a global crisis, triggered by the US subprime issue. The dividend theme has not been resilient in these market conditions. The Fund has underperformed the market. All industry sectors with higher dividend yields underperformed except for telecoms. The financials sector fared the worst. The underperformance of the Fund was due to underexposure to defensive sectors which had neither dividend growth nor yield (food & staples, non cyclical durables, utilities). However, after a rebalancing of the Fund focusing on new high dividend stocks and a balanced portfolio of early cyclicals and defensives, the Fund saw an improvement in its relative performance in the first three months of 2009. HGIF Global Equity For the year ending 31 March 2009, the Fund returned -42.99% (net of fees, share class AC) while the benchmark returned -42.20% (MSCI World). Global equity markets plummeted to 13-year lows on ongoing gloomy economic prospects and renewed concerns over financing issues faced by banks and car manufacturers. Markets bounced back at the end of the first quarter of 2009, supported by some positive data regarding both the financial system and the global economy. Towards the end of the period the Fund benefited from favourable country allocation, although stock selection generated losses. The overweight positions in France and Germany generated positive returns. Conversely, the overweight allocation to the UK market yielded disappointing results. The underweight position in the Japanese market generated gains. These were offset by the underweight in Australian stocks, which had a negative effect. The manager remained cautious as a result of accelerating downside revisions on corporate earnings. HGIF Global Emerging Markets Equity For the year ending 31 March 2009, the Fund returned -52.31% (net of fees, share class AC) compared with the benchmark return of -47.1% (MSCI Emerging Markets). The year was characterised by the onset of the liquidity crisis and the deterioration in the global economy, resulting in the selling by investors of risky assets. The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. In the last month or so of the period, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data has begun to indicate stabilisation in certain economies. Overweight positions in India and Turkey were detractors to the Fund’s performance during the period. The Fund’s performance benefited from an underweight position in Poland and an overweight position in Taiwan. At the stock level, overweight positions in Indian holdings such as Larsen & Toubro and Reliance Capital were detractors to Fund performance. HGIF Global Emerging Markets Elite For the year ending 31 March 2009, the Fund returned -55.59% (net of fees, share class AC) compared with the benchmark return of -47.34% (MSCI Emerging Markets). The year was characterised by the onset of the liquidity crisis and the deterioration in the global economy, resulting in the selling by investors of risky assets. The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. In the last month or so, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data has begun to indicate stabilisation in certain economies. Overweight positions in India and Turkey were detractors to the Fund’s performance during the period. The Fund’s performance benefited from an underweight position in Poland and an overweight position in Taiwan. At the stock level, overweight positions in Indian holdings such as Larsen & Toubro and Reliance Capital were detractors to Fund performance. HGIF Global Sustainable Equity (formerly HGIF Global Equity SRI) For the year ending 31 March 2009, the Fund returned -42.46% (net of fees, share class AC), compared to a return of -42.58% (MSCI World Index). Stock selection in the oil & gas and insurance sectors contributed positively to Fund performance, while selection in the Metals & Mining and Diversified Financials sectors was a negative. The Fund’s performance was helped by underweight positions in commercial banks and diversified financial stocks, which were heavily affected by the global financial crisis. Overweight positions in the consumer finance and marine sectors hurt performance. At the country level, the Fund’s performance benefited from an overweight position in Japan and an underweight in the US. The manager continues to favour companies which have good valuation and momentum signals in his stock-scoring system.

  • Directors' Report (continued)

    HSBC Global Investment Funds 13

    Market Specific Equity Sub-Funds

    HGIF Brazil Equity For the year ending 31 March 2009, the Fund returned -60.83% (net of fees, share class AC) versus -47.5% for the benchmark (MSCI Brazil 10/40). The equity market fell during the period as a consequence of the financial crisis in the US and its impact on the global economy. The markets experienced two very different periods during the year. April and May 2008 were very positive with a good inflow of money because of the upgrade of Brazil to Investment Grade by the S&P agency. There were worries about inflation and rising interest rates. Following the Lehman Brothers’ bankruptcy, there was high risk aversion and a strong unwinding of positions especially by hedge funds. The good fundamentals in Brazil compared to the past and the sound financial system helped cushion the impact of this but the equity market suffered anyway. The Fund underperformed the MSCI 10/40 mainly due to a high exposure to domestic orientated names (which tend to be more in the mid and small caps universe) in a market where liquidity and risk aversion were the main drivers. This positioning is a consequence of the bottom up process used to manage the portfolio.

    HGIF Chinese Equity For the year ending 31 March 2009, the Fund returned -36.51% (net of fees, share class AC) compared to a benchmark return of -33.80 %(MSCI China). Ongoing financial turmoil and concerns over global demand and its effect on China’s export-driven growth dominated investor sentiment. Stocks hit their lowest level in October 2008 but stabilised in the first months of 2009 on government stimulus measures. Stock selection in the consumer staples, IT and financials’ sectors all contributed positively to relative Fund performance. These were offset by stock holdings in the telecoms and materials sectors. Allocation effects detracted overall, with the Fund’s underweight allocations to materials and financials hurting Fund performance.

    HGIF Hong Kong Equity For the year ending 31 March 2009, the Fund returned -37.42%, (net of fees, share class AC) compared with the benchmark return of -38.1% (Hang Seng (RI) USD). In line with regional markets, Hong Kong stocks fell as the financial crisis played out and global growth collapsed. The manager adopted a defensive strategy during the period which protected the Fund from some of the market volatility. Positive stock selection in financials, energy holding and consumer staples also added value. Consumer discretionary holdings were negative for Fund’s performance. Looking ahead, the local equity market is likely to be range-bound until there are clear signs of the global economic recession bottoming out. The manager continues to adopt a defensive strategy with the investment focus on stocks with deep value.

    HGIF Indian Equity For the year ending 31 March 2009, the Fund returned -60.89% (net of fees, share class AC), compared to a benchmark return of -51.03 % (IFCI INDIA). The Indian market was one of the worst performers in 2008, falling by around 65% in US dollar terms. The collapse of the Rupee against the US dollar, slowing GDP and corporate earnings growth, rising inflation, high current and fiscal account deficits, and the financial crisis in the US all played a part. The Fund recorded a strong first half to 2008 but suffered in the second half of the year. Most of the Fund’s underperformance came in September and October, when markets fell sharply. Performance improved in December and the first quarter of 2009, as the market rallied due to improving economic data and government initiatives to boost the Indian economy. Overall, stock selection was negative for the period, with industrials, IT and financial holdings hurting the Fund’s performance the most.

    HGIF Japanese Equity For the year to 31 March 2009, the Fund returned -41.01% (net of fees, share class AC) versus the benchmark return of -34.3% (TOKYO (SE) TOPIX). After a first half year when investors’ worries grew due to sub-prime issues and a global economic slowdown, the financial crisis burst with Lehman Brothers’ bankruptcy. Rising risk aversion led to yen volatility and triggered an historical fall in the Japanese equity market as exporters’ prospects deteriorated. At the end of the Japanese fiscal year, half of the Japanese automakers were posting earnings losses. Exporters, cyclical stocks and banks’ performances were badly hit whereas defensive stocks benefited from a flight to quality. As risk aversion prevailed, investors paid little attention to valuation criteria, affecting the results of the sector allocation process. Liquidstocks underwent sharpest drops, a phenomenon that significantly hit the Fund's stock selection efficiency. The manager controlled relative risk by reducing the active positions on the three performance drivers. Risk induced by stock selection could not be reduced to zero due to liquidity issues. Small cap under-weightings could not be completely neutralised as volumes dropped. Market exposure management results were neutral, negative in quarter four 2008 and positive in the first three months of 2009. The fund manager is focusing on efficient relative risk monitoring.

  • Directors' Report (continued)

    HSBC Global Investment Funds 14

    HGIF Korean Equity For the year ending 31 March 2009, the Fund returned -51.94% (net of fees, share class AC) Korean markets were hit by the collapse in global demand and concerns over foreign debt in the banking system, while the weakening currency also affected US dollar returns. The market rebounded sharply in the final weeks of the period, early cyclicals benefiting from the recovery in investor confidence and US dollar returns from the currency appreciation. Stock selection was negative over the period, with consumer staples and utilities adding value, while consumer discretionary, financials and IT holdings detracted from the Fund’s performance. At an allocation level, the Fund’s underweight in IT and overweight in Telecoms also hurt performance.

    HGIF Russia EquityFor the year ending 31 March 2009, the Fund returned -67.5% (net of fees, share class AC) versus a benchmark return of -65.9% (MSCI Russia 10/40). Performance over the year started strongly and the Fund’s performance was ahead of the benchmark until September. Most relative underperformance was in September and October when the financial markets’ crisis peaked and Russian equity markets were hit hard due to the large energy sector. The Fund's bias to more liquid stocks worked against it as mid and small caps did not move as much as they simply did not trade. Relative performance improved from November to the end of March. Overall, there was a strong contribution to Fund performance from stock selection in the energy, materials and financial sectors, which was unfortunately more than offset by negative contributions at the sector level in utilities and consumer names plus an adverse effect from the Fund's underweight position in Polyus Gold.

    HGIF Singapore Equity For the year ending 31 March 2009, the Fund returned -67.72% (net of fees, share class AC), versus the benchmark return of -48.25% (MSCI Singapore (RI)). In line with regional markets, Singapore stocks fell to lows in October 2008, as the global financial turmoil and collapsing external demand weighed on investor confidence. The market was still weak in the first month of 2009, retesting lows in February before rallying in the final weeks of the period. Stock selection damaged the Fund’s performance considerably as markets fell, with financials, industrials and consumer discretionary holdings being the main detractors as well as smaller property developers. Allocation effects were broadly positive, with the Fund’s underweight position in consumer staples and overweight position in financials helping the Fund’s performance. A favourable allocation to the technology and a weighting in cash in a falling market were positives.

    HGIF Taiwan Equity Between launch on the 31 July 2008 and the period ending 31 March 2009, the Fund returned -17.30% (net of fees share class AC), compared to a benchmark return of -17.47% (MSCI Taiwan). In line with regional markets, Taiwanese stocks fell to lows in October 2008, as the global financial turmoil and concerns over global growth weighed on investor confidence. Taiwan’s exposure to external demand made it particularly vulnerable in the sell-off, although the market did rally towards the end of the period. Stock selection was positive for the Fund, with materials the strongest contributor, while financial holdings detracted. Allocation effects were negative. The Fund’s underweight positions in telecoms helped performance, but this was offset by overweight positions in consumer staples and industrials and an underweight in IT which dragged on performance.

    HGIF Thai EquityFor the year ending 31 March 2009, the Fund returned -59.08% (net of fees, share class AC), compared to a benchmark return of -50.67% (Thailand SET). In line with regional markets Thai stocks fell to lows in October 2008, as the financial turmoil slowing global growth weighed on investor confidence. Political uncertainty also weighed heavily on the market. Favourable allocations to utilities, a weighting in cash in a falling market, and underweight holdings in laggard refiners and cement were positives for Fund performance. However, these were more than offset by adverse allocations, particularly in tourism, chemicals, property developers and non-bank financials. Performance improved markedly in the last months of the period.

    HGIF Turkey Equity (formerly HGIF Turkish Convergence) For the year ending 31 March 2009, the Fund returned -40.10 % (net of fees, share class AC) compared to a benchmark performance of -42.17% (MSCI Turkey). The fund under performed during the market sell-off in the first half of the year. Heavy redemptions in a sharply falling illiquid market during the transition period of converting the Fund into a pure equity fund also had a negative effect on performance. The legal case brought against the leading ruling Justice and Development Party (AKP) at the Supreme Court, added political turmoil to the unfavourable liquidity and credit conditions in global markets. Additionally The Turkish central bank changed the monetary policy to "tightening" in response to the increasing inflationary pressures resulting in sharp increases in interest rates which had a negative effect on equities.

  • Directors' Report (continued)

    HSBC Global Investment Funds 15

    HGIF Turkey Equity (formerly HGIF Turkish Convergence) (continued) A favourable outcome of the legal case saw an improvement but this picture quickly reversed after the announcement of worse than expected second quarter Gross Domestic Product (GDP) and the pressure of significantly worsening global financial markets. Following the conversion of the HGIF Turkish Convergence Fund to HGIF Turkey Equity Fund on 10 July 2008 and the market-friendly outcome of the closure of the ruling Justice and Development Party (AKP), the Turkish markets corrected with falling energy prices creating a supportive and stable the political and economic environment for Turkish equities. Turkey, being seriously dependent on external funding in its balance of payments, suffered overall from adverse liquidity conditions. However, towards the end of the period a recovery in global financial markets and the expectation of an International Monetary Fund (IMF) stand-by agreement, assisted Turkish equities in recovering from their lows resulting in the out performance of the fund against the benchmark. HGIF UK Equity For the year ending 31 March 2009, the Fund returned -33.16%, (net of fees, share AC) compared with -29.3% for the benchmark (FTSE All Share (TR)). This period included significant global financial problems and a downturn in global economic growth late in 2008. Over the period, the Fund was positioned more defensively. This caused some underperformance late in this period as there was a sharp equity rally led by banking and cyclical shares. The weaker investments were generally in cyclical consumer areas where demand for products has slowed. This has varied from Carphone Warehouse, and demand for mobile phone services, to SIG which supplies building insulation materials. The basic materials stocks were also weak with many commodity prices falling as global growth slowed. Within financials, the Fund’s performance benefited from not owning, or being underweight, the main banks, HSBC, Royal Bank of Scotland, Lloyds (HBOS) and Barclays. HGIF US Equity For the year ending 31 March 2009, the Fund returned -38.07% (net of fees, share AC) in US dollar terms compared with the benchmark return of –38.5% (S&P 500 COMPOSITE (RI)). Equity markets plummeted to 13-year lows on ongoing gloomy economic prospects and renewed concerns over financing issues faced by banks and car manufacturers. Markets then bounced back sharply at the end of the first quarter of 2009, supported by some improving data regarding both the financial system and the economy. The Fund benefited from profitable stock selection within the sectors experiencing strong earnings momentum, which generated significant gains, while the sector allocation yielded disappointed results. The gains coming from the Fund’s underweight in the financial sector were more than offset by the penalising overweight holdings in energy and industrial stocks. In terms of equity market exposure, the manager remained cautious over the period as a result of accelerating downside revisions on corporate earnings. HGIF US Index For the year ending 31 March 2009, the Fund returned -39.56% (net of fees, share class AC) in US dollar terms compared with the benchmark return of -40.23 %(S&P 500 COMPOSITE (RI)). The US equity market had its worst performance in 2008 since the Great Depression driven by the crisis in financial markets and a slowing global economy. In September 2008, the government placed Fannie Mae and Freddie Mac into conservatorship, while Lehman Brothers and Washington Mutual filed for bankruptcy and AIG required unprecedented government intervention. Central banks around the world pumped billions of dollars into the financial system to provide liquidity. There was a coordinated interest rate cut in October and multi-billion dollar financial rescue plans and direct government investments into major financial institutions too. Financials were the weakest sector, falling 60.21%. Industrials and materials also suffered, due to the recession and the collapse in commodity prices, falling 50.5% and 45.1% respectively. Healthcare was the most defensive sector, falling by 19.7% Freestyle Sub-Funds HGIF Asia Ex Japan Freestyle (formerly HGIF Asia Freestyle) For the year ending 31 March 2009, the Fund returned -47.38% (net of fees, share class AC).Ongoing financial turmoil and concerns over global and regional growth impacted Asian markets. Stocks hit record lows in October and retested these in February as investors became increasingly risk-averse. Volatility was high throughout the period. Stock selection in Taiwan and Malaysia contributed to absolute performance, while holdings in India and Indonesia detracted from returns. At a sector level, the performance of consumer staples and telecoms contributed positively to absolute performance. Industrial and consumer discretionary holdings performed the worst. HGIF BRIC Freestyle For the year ending 31 March 2009, the Fund returned -55.36% (net of fees, share class M1C). The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. Recently, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data has begun to indicate stabilisation in certain economies. In China in particular, the macro data has actually started to improve. Chinese industrial production rose by 11% year-on-year in February, as compared to a rise of 5.7% year-on-year in the previous month. Retail sales rose by 15.2% year-on-year, as domestic consumption remained stable despite the economic slowdown. These combined factors drove the March rally.

  • Directors' Report (continued)

    HSBC Global Investment Funds 16

    HGIF BRIC Freestyle (continued) At the country level, Brazil and Russia were the largest positive contributors to return over the period while India was the largest detractor from Fund performance. Overweight positions in energy and material names also proved to be beneficial for the Fund.

    HGIF Global Emerging Markets Equity Freestyle For the year ending 31 March 2009, the Fund returned -52.49% (net of fees, share class M1C). The first two months of 2009 were characterised by poor economic data and falling corporate profits, which triggered a pull back in many stocks that had rallied late in 2008. In the last month or so, global policy makers announced a series of bold initiatives to deal with the financial crisis and some economic data had begun to indicate stabilisation in certain economies. At the country level, large positions in Brazil, Taiwan and China proved to be beneficial for the Fund’s performance. The biggest detractor to absolute performance over the period as a whole was India, followed by Mexico. At the stock level, Brazilian names such as Petrobras and CVRD contributed positively to the Fund’s absolute performance.

    HGIF Latin American Freestyle For the year ending 31 March 2009, the fund delivered a return of -55.57% (net of fees, share class M1C). Latin American Markets had a strong negative performance over the period due to the financials crisis in the US and its consequence on the global economy. The best-performing markets were Chile and Colombia. The strong fundamentals in Chile and a well-developed local financial market provided some stability. Colombia’s positive domestic economy prevented a further drop in the equity market. The worst performing markets were Argentina and Mexico; the former had unsuccessful economic policies such as the nationalisation of pension funds. Mexico suffered due to its dependence on the US economy. Brazil was in the middle in terms of performance. Overall, the region is in good shape due to good monetary and fiscal policies and a fairly robust financial system. The main reason for Fund underperformance over the period was exposure to mid and small caps in a market driven by liquidity and risk aversion and not by fundamentals. The high exposure to Peru and Brazil and low exposure to Chile did not help either.

    Other Sub-Funds

    HGIF Global Discount Structures (formerly HGIF Global Discount Certificates) For the year ending 31 March 2009, the Fund returned -20.29% (net of fees, share class AC). From April to September 2008 the performance was stable. Losses of equity-related discount certificates were compensated by commodity based discount certificates. After the Lehman Brothers’ failure when volatility went up and almost all equity markets fell heavily, the Fund lost ground. Since the beginning of November 2008 the performance has been stable while major equity indices lost again, as the fund manager has benefited from high volatility. Since November 2008 the Fund’s performance has benefited from high volatility and opportunities this has offered. The effect of falling equity markets have been compensated for by the high time values which are induced by the high volatilities and the short maturities the fund manager is investing in. Due to the financial crisis and macro risks, equity markets should remain volatile. This is a beneficial environment for equity related discount structures, because new investments can be made on a very attractive volatility level.

    HGIF Halbis Global Macro For the year ending 31 March 2009 the Fund returned 11.54% (net of fees, share class LC). Over this period, which was marked by an intensification of the financial crisis, the S&P 500 fell sharply. The Fund benefited from productive timing decisions on equity markets. Indeed, the Fund was positioned to be “short” in the January and June, but went “long” at the end of February. The currency allocation provided performance as the Fund was positively exposed to the Japanese Yen, which appreciated strongly in the crisis. It was also negative on sterling, which suffered from the domestic difficulties in the UK. These positions were predicated on the idea that the banking crisis was going to have a lasting impact on countries which had experienced large housing bubbles. On the fixed income side, the fund manager took long positions in the UK and the US at critical points in time, hedged by a short position on Japanese bonds. Bond yields outside Japan fell heavily as investors recognised that short-term rates would be held at very low levels for a long period of time.

    HGIF New World Income For the year ending 31 March 2009, the Fund returned -8.88% (net of fees, share class M1D) compared with a return of 0.4% for the benchmark (3 Month USD Libor Constant Maturity). The negative return was largely driven by equities and exposure to a defaulted Brazilian company. In the second half of March 2009, emerging market debt and equity markets rallied. The Fund sold nearly 66% of the long sovereign bond exposure via protection on those investment grade names considered expensive. The Fund sold calls against most of the long equity exposure to take advantage of the expensive volatility that still prevails in the market. As of March 31, 2009, the Fund was long 115% (50% in sovereigns/quasi-sovereign bond and 28% in local currency) and short 34% (primarily sovereign protection).

  • Report of the Réviseur d’Entreprises

    HSBC Global Investment Funds 17

    To the Shareholders of HSBC Global Investment Funds 16, Boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

    REPORT OF THE REVISEUR D'ENTREPRISES Following our appointment by the Annual General Meeting of the shareholders dated 25 July 2008, we have audited the accompanying financial statements of HSBC Global Investment Funds (“the Company”) and each of its sub-funds, which comprise the statement of net assets and the portfolio of investments and other net assets as at 31 March 2009 and the statement of operations and changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes to the financial statements. Board of Director’s responsibility for the financial statements The Board of Directors of the Company is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances. Responsibility of the Réviseur d'Entreprises Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des Réviseurs d'Entreprises. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Réviseur d'Entreprises, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Réviseur d'Entreprises considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors of the Company, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements give a true and fair view of the financial position of HSBC Global Investment Funds and each of its sub-funds as of 31 March 2009, and of the results of its operations and changes in net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements. Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole. Luxembourg, 25 June 2009 KPMG Audit S.à r.l. Réviseurs d'Entreprises R. Beegun

  • 18HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    The accompanying notes form an integral part of these financial statements.

    Portfolio at CostUnrealised Appreciation/(Depreciation)

    Portfolio at Market Value

    Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities

    Total Net Assets

    CONSOLIDATEDUSD

    14,593,703,567 (4,730,060,255)

    9,863,643,312

    480,348,154 (3,560,817)

    126,796,946 (71,729,205)53,363,972

    (75,615,553)80,450,753

    (70,086,948)

    10,383,610,614

    USDAsia ex Japan Equity

    356,887,081 (46,799,414)

    310,087,667

    11,222,330 -

    2,433,271 (3,336,243)

    518,969 (3,184,556)1,047,149 (567,722)

    318,220,865

    International andRegional Equity Sub-

    Funds

    USD

    Asia ex Japan EquitySmaller Companies

    23,037,060 (4,890,173)

    18,146,887

    330,659 -

    262,317 (58,046)

    4,143 (79,825)62,784

    (28,308)

    18,640,611

    USD

    Asia Pacific ex JapanEquity High Dividend

    84,218,547 (14,697,961)

    69,520,586

    953,091 -

    1,008,678 (517,284)103,223

    (737,397)492,486

    (115,212)

    70,708,171

  • 19HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    USDBRIC Markets

    37,054,688 (8,608,814)

    28,445,874

    44,738 (2,304)

    ---

    (31,803)427,447 (29,733)

    28,854,219

    USDBRIC Markets Equity

    444,325,461 (148,170,442)

    296,155,019

    30,035,245 ---

    3,032,747 (748,806)943,160

    (1,059,848)

    328,357,517

    USDClimate Change

    44,487,520 (18,093,729)

    26,393,791

    1,416,004 (40,132)

    --

    103,141 (7,242)

    190,235 (43,013)

    28,012,784

    EUR

    Emerging EuropeEquity

    9,050,330 (4,713,694)

    4,336,636

    112,493 -

    98,176 -

    35,733 (51,601)

    980(7,529)

    4,524,888

    USDEmerging Wealth

    36,393,579 (13,039,435)

    23,354,144

    796,605 (368,031)

    --

    30,537 (21,976)136,962

    (137,304)

    23,790,937

    EUREuroland Equity

    1,034,198,048 (476,380,961)

    557,817,087

    16,945,430 ---

    1,408,060 (3,362,537)

    820,205 (806,943)

    572,821,302

  • 20HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    The accompanying notes form an integral part of these financial statements.

    Portfolio at CostUnrealised Appreciation/(Depreciation)

    Portfolio at Market Value

    Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities

    Total Net Assets

    EUR

    Euroland EquitySmaller Companies

    36,231,586 (6,507,867)

    29,723,719

    832,912 --

    (492,889)41,037

    (65,751)101,610 (40,563)

    30,100,075

    EUREuroland Growth

    152,990,258 (68,026,895)

    84,963,363

    7,788,751 ----

    (3,952)50,413

    (142,545)

    92,656,030

    EUREuropean Equity

    140,084,790 (48,889,562)

    91,195,228

    2,440,084 -

    45,154 (142,784)232,815

    (149,367)332,594 (94,644)

    93,859,080

    EUR

    European EquityHigh Dividend

    7,142,872 (2,480,459)

    4,662,413

    276,067 -

    55,145 (66,778)

    21-

    62,192 (7,698)

    4,981,362

  • 21HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    USD

    Global EmergingMarkets Elite

    10,532,502 (2,758,215)

    7,774,287

    137,279 (3)

    101,271 (34,057)

    --

    28,855 (8,331)

    7,999,301

    USD

    Global EmergingMarkets Equity

    218,534,081 (53,906,397)

    164,627,684

    2,580,142 -

    3,002,899 (368,253)184,068

    (905,607)656,422

    (168,216)

    169,609,139

    USDGlobal Equity

    71,993,122 (8,001,743)

    63,991,379

    9,420,318 (444,441)

    --

    13,189 (298,457)496,680 (37,504)

    73,141,164

    USD

    Global SustainableEquity (formerly

    Global Equity SRI)

    8,210,334 (2,974,177)

    5,236,157

    244,343 ---

    17,872 -

    34,288 (6,602)

    5,526,058

    USDBrazil Equity

    780,230,204 (362,881,587)

    417,348,617

    8,137,740 -

    14,634,724 (11,759,490)

    6,684,990 (17,292,517)

    1,975,874 (1,515,897)

    418,214,041

    Market SpecificEquity Sub-Funds

    USDChinese Equity

    2,297,822,878 (117,563,885)

    2,180,258,993

    25,858,560 -

    14,750,837 (5,788,344)9,790,950

    (12,095,329)301,803

    (3,229,206)

    2,209,848,264

  • 22HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    The accompanying notes form an integral part of these financial statements.

    Portfolio at CostUnrealised Appreciation/(Depreciation)

    Portfolio at Market Value

    Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities

    Total Net Assets

    USDHong Kong Equity

    360,048,447 (77,646,616)

    282,401,831

    9,318,580 -

    360,879 (153,191)

    1,244,586 (2,974,095)

    787,650 (292,207)

    290,694,033

    USDIndian Equity

    4,120,564,137 (2,061,169,939)

    2,059,394,198

    148,908,924 -

    42,299,142 (3,642,087)6,918,658

    (7,641,139)27,292,427

    (31,866,107)

    2,241,664,016

    JPYJapanese Equity

    13,285,974,001 (3,623,339,891)

    9,662,634,110

    341,818,761 --

    (1)179,997,024

    (302,466,717)225,360,216 (11,572,256)

    10,095,771,137

    USDKorean Equity

    99,036,674 (18,589,548)

    80,447,126

    258,140 ---

    2,516,270 (332,339)906,355

    (111,784)

    83,683,768

  • 23HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    USDRussia Equity

    43,257,796 (24,061,278)

    19,196,518

    -(9,824)

    330,469 (44,927)623,201 (37,164)14,550

    (26,548)

    20,046,275

    USDSingapore Equity

    65,928,612 (22,632,248)

    43,296,364

    2,265,115 -

    990,242 (2,434,011)

    62,290 (216,119)

    325(56,508)

    43,907,698

    USDTaiwan Equity

    5,432,723 (1,057,430)

    4,375,293

    48,582 -

    72,588 (70,868)

    2,129 --

    (6,736)

    4,420,988

    USDThai Equity

    141,223,414 (70,034,487)

    71,188,927

    872,004 ---

    133,586 (477,098)

    1,071,055 (103,633)

    72,684,841

    EUR

    Turkey Equity(formerly Turkish

    Convergence)

    7,964,853 (2,119,637)

    5,845,216

    448,198 -

    151,603 -

    31,161 (492)

    18,197 (11,497)

    6,482,386

    GBPUK Equity

    53,900,636 (8,945,723)

    44,954,913

    2,185,380 -

    53,413 -

    58,634 (151,964)222,932 (71,698)

    47,251,610

  • 24HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    The accompanying notes form an integral part of these financial statements.

    Portfolio at CostUnrealised Appreciation/(Depreciation)

    Portfolio at Market Value

    Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities

    Total Net Assets

    USDUS Equity

    145,407,613 (28,268,079)

    117,139,534

    14,817,752 (2,599,710)8,032,470

    (7,217,698)3,219,829

    (1,034,397)619,490

    (142,016)

    132,835,254

    USDUS Index

    27,533,643 (8,075,358)

    19,458,285

    3,448,682 (76,688)243,496 (22,437)11,850

    (298,044)144,100

    (154,450)

    22,754,794

    USD

    Asia ex JapanFreestyle (formerly

    Asia Freestyle)

    104,436,817 (16,858,401)

    87,578,416

    1,794,903 -

    5,474,425 (2,908,587)2,164,964 (282,989)388,643

    (182,843)

    94,026,932

    Freestyle Sub-Funds

    USDBRIC Freestyle

    1,288,608,952 (479,823,717)

    808,785,235

    21,576,563 -

    8,166,829 (2,102,112)1,126,722

    (5,983,978)1,028,059

    (2,624,013)

    829,973,305

  • 25HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    USD

    Global EmergingMarkets Equity

    Freestyle

    342,601,861 (85,103,263)

    257,498,598

    4,232,581 -

    6,931,877 (7,121,813)

    948,071 (833,131)

    1,400,834 (1,665,071)

    261,391,946

    USD

    Latin AmericanFreestyle

    100,554,681 (35,740,679)

    64,814,002

    1,040,454 (2)

    -(2,412,285)2,643,032 (315,080)516,467 (68,126)

    66,218,462

    USDBrazil Bond

    14,935,083 (2,835,602)

    12,099,481

    674,097 (1,228)

    --

    2,307 (8,238)66,566

    (115,175)

    12,717,810

    Bond Sub-Funds

    EUREuro Core Bond

    45,586,053 (3,403,719)

    42,182,334

    3,494,116 -

    2,570,805 (2,379,422)

    9,067 (30,526)794,920

    (168,271)

    46,473,023

    EUR

    Euro Core CreditBond

    216,393,220 (31,361,495)

    185,031,725

    3,677,111 -

    5,546,368 (5,584,721)

    62,414 (214,992)

    5,093,150 (1,276,366)

    192,334,689

    EUREuro High Yield Bond

    97,168,442 (22,451,922)

    74,716,520

    1,664,911 -

    835,405 (1,268,722)

    341,882 (248,529)

    3,190,243 (1,006,157)

    78,225,553

  • 26HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    The accompanying notes form an integral part of these financial statements.

    Portfolio at CostUnrealised Appreciation/(Depreciation)

    Portfolio at Market Value

    Cash at BankBank OverdraftReceivable from BrokersPayable to BrokersReceivable from ShareholdersPayable to ShareholdersOther AssetsOther Liabilities

    Total Net Assets

    EUR

    EuropeanGovernment Bond

    6,360,054 (445,622)

    5,914,432

    1,493,674 ---

    36,012 (800,649)105,263

    (7,364)

    6,741,368

    USD

    Global Core PlusBond

    74,721,751 (5,742,252)

    68,979,499

    7,681,708 -

    1,041,738 -

    170,396 (197,725)

    9,748,308 (8,647,240)

    78,776,684

    USD

    Global EmergingMarkets Bond

    258,063,830 (29,669,847)

    228,393,983

    2,115,563 -

    2,156,376 (2,163,776)2,943,471

    (4,006,995)5,525,615 (449,251)

    234,514,986

    USD

    Global EmergingMarkets Local Debt

    47,159,632 (7,150,078)

    40,009,554

    6,645,715 -

    576,602 -

    2,070,397 (4,005,014)1,057,468

    (1,796,665)

    44,558,057

  • 27HSBC Global Investment Funds

    Statement of Net Assets as at 31 March 2009

    USD

    US Dollar Core PlusBond

    68,530,247 (6,235,727)

    62,294,520

    16,049,645 -

    49,014 -

    57,074 (200,242)808,049 (24,584)

    79,033,476

    EUREuro Reserve

    57,843,248 147,738

    57,990,986

    88,343 --

    (797,038)2,754

    (892,016)599

    (21,991)

    56,371,637

    Reserve Sub-Funds

    EUR

    Global DiscountStructures (formerly

    Global DiscountCertificates)

    6,066,291 112,232

    6,178,523

    522,618 -----

    601(2,156)

    6,699,586

    Other Sub-Funds

    EURHalbis Global Macro

    41,525,240 200,797

    41,726,037

    7,777,929 (13,943)129,739

    (889,786)889,786

    (259,478)1,107,769 (489,457)

    49,978,596

    USDNew World Income

    199,672,476 (15,388,646)

    184,283,830

    77,868,078 -

    1,316,284 (4,191,209)

    13,377 (23,283)

    4,209,388 (9,182,542)

    254,293,923

  • 28HSBC Global Investment Funds

    Class ACNumber of Shares OutstandingNet Asset Value per ShareClass ACHNumber of Shares OutstandingNet Asset Value per ShareClass ADNumber of Shares OutstandingNet Asset Value per ShareClass ADHNumber of Shares OutstandingNet Asset Value per ShareClass ECNumber of Shares OutstandingNet Asset Value per ShareClass EDNumber of Shares OutstandingNet Asset Value per ShareClass ICNumber of Shares OutstandingNet Asset Value per ShareClass IDNumber of Shares OutstandingNet Asset Value per ShareClass J1CNumber of Shares OutstandingNet Asset Value per ShareClass L1CNumber of Shares OutstandingNet Asset Value per ShareClass L1DNumber of Shares OutstandingNet Asset Value per ShareClass M1CNumber of Shares OutstandingNet Asset Value per ShareClass M1DNumber of Shares OutstandingNet Asset Value per ShareClass M2CNumber of Shares OutstandingNet Asset Value per ShareClass M2DNumber of Shares OutstandingNet Asset Value per ShareClass PCNumber of Shares OutstandingNet Asset Value per ShareClass PDNumber of Shares OutstandingNet Asset Value per ShareClass S1DNumber of Shares OutstandingNet Asset Value per ShareClass WCNumber of Shares OutstandingNet Asset Value per ShareClass WDNumber of Shares OutstandingNet Asset Value per ShareClass YCNumber of Shares OutstandingNet Asset Value per ShareClass ZCNumber of Shares OutstandingNet Asset Value per ShareClass ZDNumber of Shares OutstandingNet Asset Value per Share

    2,446,541.261 28.89

    446,092.293 12.84

    4,123,795.884 27.23

    80,135.601 12.74

    25,133.979 26.84

    4,564.451 26.85

    1,993,987.203 28.49

    500.000 27.98

    10,153,277.609 6.00

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    359,277.109 27.79

    USDAsia ex Japan Equity

    International andRegional Equity

    Sub-Funds

    114,404.825 15.45

    N/AN/A

    1,118,580.105 15.01

    N/AN/A

    5,304.717 15.31

    121.000 14.90

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    USD

    Asia ex Japan EquitySmaller Companies

    1,821,574.220 10.32

    N/AN/A

    5,321,570.693 8.99

    N/AN/A

    1,605.741 10.26

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    444,483.577 9.13

    USD

    Asia Pacific ex JapanEquity High Dividend

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    675.000 14.26

    1,999,307.000 14.43

    N/AN/A

    USDBRIC Markets

    Key Figures as at 31 March 2009

    The accompanying notes form an integral part of these financial statements.

  • 29HSBC Global Investment Funds

    11,232,287.430 8.56

    N/AN/A

    9,741,000.020 8.56

    N/AN/A

    1,148,846.763 8.44

    11,169.310 8.44

    823,031.497 8.74

    N/AN/A

    15,000,027.705 8.79

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    3,425.000 8.64

    N/AN/A

    USDBRIC Markets Equity

    2,031,221.434 4.35

    N/AN/A

    3,050,696.125 4.35

    N/AN/A

    935,037.300 4.33

    N/AN/A

    419,384.665 4.41

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    USDClimate Change

    443,784.137 5.96

    N/AN/A

    223,730.327 5.95

    N/AN/A

    10,522.251 5.90

    N/AN/A

    N/AN/A

    80,000.000 6.10

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    EUR

    Emerging EuropeEquity

    496,499.004 4.82

    N/AN/A

    4,433,925.672 4.82

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    6,508.000 4.87

    N/AN/A

    USDEmerging Wealth

    16,359,157.031 16.75

    N/AN/A

    8,875,209.385 16.54

    N/AN/A

    11,961.438 16.56

    7,581.547 16.37

    8,668,376.895 17.08

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    10,875.000 18.46

    186,616.976 18.29

    EUREuroland Equity

    Key Figures as at 31 March 2009

  • 30HSBC Global Investment Funds

    Class ACNumber of Shares OutstandingNet Asset Value per ShareClass ACHNumber of Shares OutstandingNet Asset Value per ShareClass ADNumber of Shares OutstandingNet Asset Value per ShareClass ADHNumber of Shares OutstandingNet Asset Value per ShareClass ECNumber of Shares OutstandingNet Asset Value per ShareClass EDNumber of Shares OutstandingNet Asset Value per ShareClass ICNumber of Shares OutstandingNet Asset Value per ShareClass IDNumber of Shares OutstandingNet Asset Value per ShareClass J1CNumber of Shares OutstandingNet Asset Value per ShareClass L1CNumber of Shares OutstandingNet Asset Value per ShareClass L1DNumber of Shares OutstandingNet Asset Value per ShareClass M1CNumber of Shares OutstandingNet Asset Value per ShareClass M1DNumber of Shares OutstandingNet Asset Value per ShareClass M2CNumber of Shares OutstandingNet Asset Value per ShareClass M2DNumber of Shares OutstandingNet Asset Value per ShareClass PCNumber of Shares OutstandingNet Asset Value per ShareClass PDNumber of Shares OutstandingNet Asset Value per ShareClass S1DNumber of Shares OutstandingNet Asset Value per ShareClass WCNumber of Shares OutstandingNet Asset Value per ShareClass WDNumber of Shares OutstandingNet Asset Value per ShareClass YCNumber of Shares OutstandingNet Asset Value per ShareClass ZCNumber of Shares OutstandingNet Asset Value per ShareClass ZDNumber of Shares OutstandingNet Asset Value per Share

    960,536.200 21.96

    N/AN/A

    61,897.002 21.81

    N/AN/A

    2,000.464 21.72

    N/AN/A

    279,218.512 22.46

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    55,793.510 24.13

    N/AN/A

    EUR

    Euroland EquitySmaller Companies

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    12,487,713.981 7.31

    184,828.506 7.25

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    EUREuroland Growth

    269,529.854 19.67

    N/AN/A

    39,001.073 19.02

    N/AN/A

    N/AN/A

    93,921.971 18.73

    75,064.000 19.85

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    8,388.000 20.28

    3,701,337.714 18.82

    N/AN/A

    N/AN/A

    761,585.250 11.50

    N/AN/A

    N/AN/A

    309,668.899 19.36

    EUREuropean Equity

    453,620.157 6.90

    N/AN/A

    147,276.287 6.70

    N/AN/A

    735.225 6.89

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    116,126.000 7.42

    N/AN/A

    EUR

    European EquityHigh Dividend

    Key Figures as at 31 March 2009

    The accompanying notes form an integral part of these financial statements.

  • 31HSBC Global Investment Funds

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    500.000 6.04

    1,353,151.398 5.91

    N/AN/A

    USD

    Global EmergingMarkets Elite

    1,774,348.799 9.85

    N/AN/A

    4,959,686.755 9.71

    N/AN/A

    357,627.768 9.40

    27,502.276 9.36

    1,484,349.984 9.97

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    3,353,571.305 4.76

    N/AN/A

    6,983,229.192 9.76

    N/AN/A

    N/AN/A

    146,494.887 9.94

    USD

    Global EmergingMarkets Equity

    37,681.287 14.95

    N/AN/A

    1,124,047.031 14.89

    N/AN/A

    840.424 14.94

    N/AN/A

    12,082.349 15.21

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    3,431,676.746 16.22

    USDGlobal Equity

    71,689.685 8.41

    N/AN/A

    5,793.393 8.41

    N/AN/A

    100.215 8.37

    N/AN/A

    406,722.000 8.55

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    153,206.609 9.11

    N/AN/A

    N/AN/A

    400.000 8.84

    N/AN/A

    USD

    Global SustainableEquity (formerly

    Global Equity SRI)

    19,015,901.548 14.71

    N/AN/A

    6,324,117.941 14.64

    N/AN/A

    980,582.618 14.48

    1,900.770 14.48

    2,053,718.712 15.15

    40,530.425 15.10

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    1,926.505 15.99

    N/AN/A

    USDBrazil Equity

    Market SpecificEquity Sub-Funds

    8,961,276.017 50.72

    N/AN/A

    32,550,539.185 49.84

    N/AN/A

    367,518.013 49.70

    4,013.540 49.70

    397,548.439 52.34

    120,465.408 51.40

    153,880.207 51.63

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    N/AN/A

    1,532,633.056 51.88

    USDChinese Equity

    Key Figures as at 31 March 2009

  • 32HSBC Global Investment Funds

    Class ACNumber of Shares OutstandingNet Asset Value per ShareClass ACHNumber of Shares OutstandingNet Asset Value per ShareClass ADNumber of Shares OutstandingNet Asset Value per ShareClass ADHNumber of Shares OutstandingNet Asset Value per ShareClass ECNumber of Shares OutstandingNet Asset Value per ShareClass EDNumber of Shares OutstandingNet Asset Value per ShareClass ICNumber of Shares OutstandingNet Asset Value per ShareClass IDNumber of Shares OutstandingNet Asset Value per ShareClass J1CNumber of Shares OutstandingNet Asset Value per ShareClass L1CNumber of Shares OutstandingNet Asset Value per ShareClass L1DNumber of Shares OutstandingNet Asset Value per ShareClass M1CNumber of Shares OutstandingNet Asset Value per ShareClass M1DNumber of Shares OutstandingNet Asset Value per ShareClass M2CNumber of Shares OutstandingNet Asset Value per ShareClass M2DNumber of Shares OutstandingNet Asset Value per ShareClass PCNumber of Shares OutstandingNet Asset Value per ShareClass PDNumber of Shares OutstandingNet Asset Value per ShareClass S1DNumber of Shares OutstandingNet Asset Value per ShareClass WCNumber of Shares OutstandingNet Asset Value per ShareClass WDNumber of Shares OutstandingNet Asset Value per ShareClass YCNumber of Shares OutstandingNet Asset Value per ShareClass ZCNumber of Shares OutstandingNet Asset Value per ShareClass ZDNumber of Shares OutstandingNet Asset Value per Share

    450,152.504 69.58

    N/AN/A

    37,964.408 66.52

    N/AN/A

    13,758.364 68.92

    N/AN/A

    36

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HSBC Global Investment Funds
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