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HSBC Global Strategy Portfolios Q1 2019 - Asset Allocation Breakdown For professional clients only Performance information above refers to the past and should not be seen as a guide to the future.

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Page 1: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

HSBC Global Strategy PortfoliosQ1 2019 - Asset Allocation Breakdown

For professional clients only

Performance information above refers to the past and should not be seen as a guide to

the future.

Page 2: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Active management

Active investment funds aim to outperform a

benchmark/index by analysing the market and then

investing where the fund manager believes there is the

greatest potential for outperformance.

Key benefits:

Access to expert teams of analysts and fund managers

Potential for higher-than-index returns

Ability to react to market conditions

Poor performing companies can be identified and avoided

Disadvantages:

Reliant on the skill of the fund manager to make good

investment choices or to follow a sound investment

strategy

Risk of underperformance as active management may not

always outperform its benchmark index, particularly after

fees

Charging information:

Active management typically commands higher fees and

can generate more transactional costs than passively

managed investments

HSBC Global Strategy Portfolios

Fulfilment strategy

We believe that asset allocation is the key driver of returns and that fulfilment (i.e. the selection of funds and other investment

vehicles to take exposure to the different asset classes) should aim to capture the characteristics of each market on a cost-efficient

basis

Fulfilment focuses primarily on passive strategies, such as index tracking funds and exchange traded funds (ETFs), in order to keep

investment costs to a minimum

Below we explain the different fulfilment strategies for the HSBC Global Strategy Portfolios

Passive management

Traditional passive investment funds (including index

tracker funds and ETFs) aim to simply track the

performance of a market capitalisation weighted index.

The fund manager invests in accordance with a pre-

determined strategy that does not involve any

forecasting.

Key benefits:

Low cost access to market returns

No material risk of underperformance relative to

the index

Simple and transparent

Diversified – gains exposure to all stocks in an index

Disadvantages:

Receives only “market” performance as it is dictated by

the index, i.e. no potential for outperformance

Undervalued securities cannot be identified

The requirement to invest in a poor stock just because it

is in the index

No periodic rebalancing of index

Overvalued stocks can become an increasingly large

share of index as most indices are based on market

capitalisation i.e. the weight of a stock in the index is

based on its price

Takes no views on company prospects or direction

of market

Charging information:

Typically lower operating expenses and fees than active

management

Page 3: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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1. Robust asset allocation

Asset allocation construction is a core competency of the

multi-asset team. Our team create the strategic asset

allocations by using HSBC’s tried-and-tested quantitative

methodology and review them on, at least, an annual basis by

re-running the process. There is also a qualitative overview

built into the process. These frequent reviews and the

resulting adjustments to allocations ensure that the HSBC

Global Strategy Portfolios remain in line with their long-term

risk profiles and that each fund’s long-term risk profile is not

compromised due to changes in the market environment.

2. Low overall investment costs

Asset allocation is the key driver of investment performance.

Therefore, our aim is to capture the asset allocation well and

in a cost-efficient manner. Passive investment is usually the

best way to achieve this. This is the reason why in the HSBC

Global Strategy Portfolios, our focus is on using passive

investment approaches when implementing asset allocation.

We have a preference for HSBC tracker products as we can

typically access them at zero management fees. This enables

us to offer the HSBC Global Strategy Portfolios at OCFs

ranging from only 0.16% to 0.21% (as at the end of March

2019).

3. Global diversification

Through a single investment solution, the portfolios are well

diversified across global equities, global bonds and global real

estate securities.

HSBC Global Strategy Portfolios

Reasons to invest

4. Ongoing reviews of portfolio positioning

Our fund positions are reviewed on a daily basis to ensure

actual allocations are in line with intended asset class weights.

5. Risk tolerance based on end-customer research

We undertook extensive research to evaluate fully the risk

attitude of each of various customer types. Customer needs

were reviewed in cooperation with an external consultant and

the HSBC Global Strategy Portfolios were constructed to

deliver to these risk profiles.

6. Strong governance

The HSBC Group employs strong governance across all

investment vehicles so when we include an HSBC product in

the HSBC Global Strategy Portfolios we can be sure that our

high standards of governance are being met. And, when we

use products from other providers, we employ the same high

standards of due diligence.

The HSBC Global Strategy Portfolio range is designed to meet investors’ needs in the following ways:

Dynamic strategic and tactical asset allocation to add

value –not a ‘set and forget’ approach to asset allocation

Cost efficiency by minimising fees, but also via portfolio

construction

Focus on risk management through a choice of five risk-

profiled portfolios

Well-resourced and experienced team benefiting from a

strong global investment platform

Page 4: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Portfolios asset allocation

GS

Cautious

GS

Conservative

GS

Balanced

GS

Dynamic

GS

Adventurous

Asset class (%) SAA TAA SAA TAA SAA TAA SAA TAA SAA TAA

US equity (partially hedged to

GBP)11.9 11.3 17.8 17.2 31.9 31.2 44.3 43.3 49.1 48.8

Europe equity

(partially hedged to GBP)3.4 3.4 5.0 5.2 9.0 9.0 12.5 12.5 13.9 13.8

UK equity 1.3 1.4 1.9 1.9 3.4 3.5 4.7 4.6 5.2 5.3

Japan equity

(partially hedged to GBP)1.8 2.8 2.7 3.8 4.9 5.9 6.8 7.8 7.5 8.4

Pacific ex Japan equity 0.9 1.0 1.4 1.5 2.5 2.5 3.5 3.5 3.9 3.7

Emerging markets equity 2.8 4.6 4.1 6.0 7.4 9.1 10.3 11.8 11.4 12.8

Total equity 22.0 24.4 33.0 35.7 59.0 61.2 82.0 83.5 91.0 92.7

Global government bond

(hedged to GBP)47.5 45.9 20.0 18.1 10.0 9.2 0.0 1.0 0.0 0.0

Global corporate bond

(hedged to GBP)26.0 24.1 41.0 39.0 25.0 23.3 12.0 9.1 3.0 1.1

Total fixed income 73.5 70.0 61.0 57.1 35.0 32.5 12.0 10.1 3.0 1.1

Global listed property 3.5 3.6 5.0 5.2 5.0 5.2 5.0 5.1 5.0 4.9

Total alternatives 3.5 3.6 5.0 5.2 5.0 5.2 5.0 5.1 5.0 4.9

Cash 1.0 2.0 1.0 1.9 1.0 1.2 1.0 1.2 1.0 1.3

Total 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

Source: HSBC Global Asset Management, 29 March 2019. For illustrative purposes only. Allocations may change without prior notice. Allocations may not add up to

100 due to rounding. Fixed income exposure is entirely hedged to GBP in all GS portfolios. Approach to hedging non-GBP currency exposure from developed

market equities differs between the portfolios, depending on the risk profile.

Page 5: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Portfolio objective

Aims to provide capital growth through cautious

investment in a broad range of asset classes

across global markets, with a bias towards fixed

interest securities.

Target volatility range 0% - 5%

Ratings

OCF 0.16%2

Global Strategy Cautious Portfolio

1. DT rating as at 29 March 2019.

2. OCFs as at the end of March 2019, sourced from HSBC Global Asset Management of ‘C acc share class’ of the relevant fund.

Source: HSBC Global Asset Management, 29 March 2018. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

1

Tactical positioning

11.1%

3.4%

1.3%2.8%

0.9%

4.5%

46.5%

24.0%

3.5%2.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

US Equity EuropeEquity

UK Equity Japan Equity Pacific exJapan Equity

EmergingMarketsEquity

GlobalGovernment

Bond

CorporateBond

Property Cash

Page 6: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

5

Traditional Passive (28.0%)

Actively Managed (25.6%)

Derivatives (2.6%)

Direct Holding (41.8%)

Cash (2.0%)

Global Strategy Cautious Portfolio

Source: HSBC Global Asset Management, 29 March 2019. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

Strategy %

US equity

HSBC American Index Traditional Passive 11.13

Europe equity

HSBC European Index Traditional Passive 3.35

UK equity

HSBC FTSE 100 Index Traditional Passive 1.27

Japan equity

HSBC Japan Index Traditional Passive 2.81

Pacific ex Japan equity

iShares Pacific Index Traditional Passive 0.94

Emerging markets equity

iShares Emerging Markets Index Traditional Passive 4.50

Global government bond

Multiple direct holdings Direct Holding 41.98

Lyxor US Tips (DR) ETD USD Actively Managed 1.50

US Treasury Future Derivatives 3.00

Corporate bond

HSBC Global Corporate Bond Index Actively Managed 24.00

Property

HSBC FTSE EPRA/NAREIT Developed ETF Traditional Passive 3.50

Cash

Cash Cash 1.00

HSBC Sterling Liquidity Cash 1.02

Tactical positioning

Page 7: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Portfolio objective

Aims to provide capital growth through diversified

investment across global markets with a bias

towards fixed interest securities

Target volatility range 5% - 8%

Ratings

OCF 0.18%1

Global Strategy Conservative Portfolio

1. OCFs as at the end of March 2019, sourced from HSBC Global Asset Management of ‘C acc share class’ of the relevant fund.

Source: HSBC Global Asset Management, 29 March 2019. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

2. DT rating as at 29 March 2019.

17.1%

5.0%

1.9%

3.7%

1.4%

5.9%

19.0%

39.0%

5.0%

2.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

US Equity EuropeEquity

UK Equity Japan Equity Pacific exJapan Equity

EmergingMarketsEquity

GlobalGovernment

Bond

CorporateBond

Property Cash

2

Tactical positioning

Page 8: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Global Strategy Conservative Portfolio

Source: HSBC Global Asset Management, 29 March 2019. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

Traditional Passive (40.9%)

Actively Managed (40.6%)

Derivatives (3.0%)

Direct Holding (13.6%)

Cash (1.9%)

Tactical positioning

Strategy %

US equity

HSBC American Index Traditional Passive 17.10

Europe equity

HSBC European Index Traditional Passive 5.00

UK equity

HSBC FTSE 100 Index Traditional Passive 1.90

Japan equity

HSBC Japan Index Traditional Passive 3.70

Pacific ex Japan equity

iShares Pacific Index Traditional Passive 1.40

Emerging markets equity

iShares Emerging Markets Index Traditional Passive 5.90

Global government bond

Multiple direct holdings Direct Holding 14.50

Lyxor US Tips (DR) ETD USD Actively Managed 1.50

Corporate bond

HSBC Global Corporate Bond Index Actively Managed 32.50

HSBC Sterling Corporate Bond Actively Managed 6.50

Property

iShares Developed Real Estate Index Traditional Passive 5.00

Cash

Cash Cash 1.00

HSBC Sterling Liquidity Cash 1.00

Page 9: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

8

Portfolio objective

Aims to provide capital growth through

investment in a broad range of asset classes

across global markets.

Target volatility range 8% - 11%

Ratings

OCF 0.19%2

Global Strategy Balanced Portfolio

1. DT rating as at 29 March 2019.

2. OCFs as at March 2019, sourced from HSBC Global Asset Management of ‘C acc share class’ of the relevant fund.

Source: HSBC Global Asset Management, 29 March 2019. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

31.1%

9.0%

3.4%

5.9%

2.5%

9.1%10.0%

23.0%

5.0%

1.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

US Equity EuropeEquity

UK Equity Japan Equity Pacific exJapan Equity

EmergingMarketsEquity

GlobalGovernment

Bond

CorporateBond

Property Cash

1

Tactical positioning

Page 10: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

9

Global Strategy Balanced Portfolio

Source: HSBC Global Asset Management, 29 March 2019. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

Strategy %

US equity

HSBC American Index Traditional Passive 31.10

Europe equity

HSBC European Index Traditional Passive 9.00

UK equity

HSBC FTSE 100 Index Traditional Passive 3.40

Japan equity

HSBC Japan Index Traditional Passive 5.90

Pacific ex Japan equity

iShares Pacific Index Traditional Passive 2.50

Emerging markets equity

iShares Emerging Markets Index Traditional Passive 9.10

Global government bond

Multiple direct holdings Direct Holding 5.50

Lyxor US Tips (DR) ETD USD Actively Managed 1.50

US Treasury Future Derivatives 3.00

Corporate bond

HSBC Corporate Bond Actively Managed 23.00

Property

HSBC FTSE EPRA/NAREIT Developed ETF Traditional Passive 5.00

Cash

Cash Cash 1.00

Traditional Passive (66.4%)

Actively Managed (24.9%)

Derivatives (3.0%)

Direct Holding (4.6%)

Cash (1.4%)

Tactical positioning

Page 11: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Portfolio objective

Aims to provide capital growth through

investment in a broad range of asset classes

across global markets, with a bias towards

equities.

Target volatility range 11% - 14%

Ratings

OCF 0.20%2

Global Strategy Dynamic Portfolio

43.5%

12.5%

4.7%

7.8%

3.5%

12.0%

1.0%

9.0%

5.0%

1.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

50.0%

US Equity EuropeEquity

UK Equity Japan Equity Pacific exJapan Equity

EmergingMarketsEquity

GlobalGovernment

Bond

CorporateBond

Property Cash

1

1. DT rating as at 29 March 2019.

2. OCFs as at March 2019, sourced from HSBC Global Asset Management of ‘C acc share class’ of the relevant fund.

Source: HSBC Global Asset Management, 29 March 2019. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

Tactical positioning

Page 12: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Traditional Passive (88.6%)

Actively Managed (9.1%)

Derivatives (1.0%)

Cash (1.2%)

Global Strategy Dynamic Portfolio

Strategy %

US equity

HSBC American Index Traditional Passive 33.30

iShares Core S&P 500 Traditional Passive 10.30

Europe equity

HSBC European Index Traditional Passive 12.50

UK equity

HSBC FTSE 100 Index Traditional Passive 4.70

Japan equity

HSBC Japan Index Traditional Passive 7.80

Pacific ex Japan equity

iShares Pacific Index Traditional Passive 3.50

Emerging markets equity

iShares Emerging Markets Index Traditional Passive 12.00

Global government bond

US Treasury Future Derivative 1.00

Corporate bond

HSBC Global Corporate Bond Index Actively Managed 9.00

Property

HSBC FTSE EPRA/NAREIT Developed ETF Traditional Passive 5.00

Cash

Cash Cash 1.00

Source: HSBC Global Asset Management, 29 March 2019. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

Tactical positioning

Page 13: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Portfolio objective

Aims to provide capital growth through diversified

investment across global markets with a bias

towards equities.

Target volatility range 14%+

Ratings

OCF 0.21%1

Global Strategy Adventurous Portfolio

48.6%

13.9%

5.2%

8.5%

3.9%

12.0%

0.0%1.0%

5.0%

1.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

US Equity EuropeEquity

UK Equity Japan Equity Pacific exJapan Equity

EmergingMarketsEquity

GlobalGovernment

Bond

CorporateBond

Property Cash

2

1. DT rating as at 29 March 2019.

2. OCFs as at March 2019, sourced from HSBC Global Asset Management of ‘C acc share class’ of the relevant fund.

Source: HSBC Global Asset Management, 29 March 2019. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

Tactical positioning

Page 14: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Traditional Passive (97.6%)

Actively Managed (1.1%)

Cash (1.3%)

Global Strategy Adventurous Portfolio

Strategy %

US equity

HSBC American Index Traditional Passive 32.50

iShares Core S&P 500 Traditional Passive 16.10

Europe equity

HSBC European Index Traditional Passive 13.90

UK equity

HSBC FTSE 100 Index Traditional Passive 5.20

Japan equity

HSBC Japan Index Traditional Passive 8.50

Pacific ex Japan equity

iShares Pacific Index Traditional Passive 3.90

Emerging markets equity

iShares Emerging Markets Index Traditional Passive 12.90

Corporate bond

HSBC Global Corporate Bond Index Actively Managed 1.00

Property

iShares Developed Real Estate Index Fund Traditional Passive 5.00

Cash

Cash Cash 1.00

Source: HSBC Global Asset Management, 29 March 2019. Note: for illustrative purposes only. Characteristics and weightings are for illustrative purposes only, are

subject to change over time taking into account any changes in markets. Please note that some numbers have been rounded up or down.

Tactical positioning

Page 15: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Notes

Page 16: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

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Notes

Page 17: HSBC Global Strategy Portfolios · 2019-04-15 · Portfolio objective Aims to provide capital growth through cautious investment in a broad range of asset classes across global markets,

16

For professional clients only and should not be distributed to or relied upon by Retail clients.

The value of an investment in the portfolios and any income from them can go down as well as up and as with any investment you

may not receive back the amount originally invested.

The HSBC Global Strategy Portfolios area sub-fund of HSBC OpenFunds, an Open Ended Investment Company that is authorised in the UK

by the Financial Conduct Authority. The Authorised Corporate Director and Investment Manager is HSBC Global Asset Management (UK)

Limited. All applications are made on the basis of the HSBC OpenFunds prospectus, Key Investor Information Document (KIID),

Supplementary Information Document (SID) and most recent annual and semi annual report, which can be obtained upon request free of

charge from HSBC Global Asset Management (UK) Limited, 8, Canada Square, Canary Wharf, London, E14 5HQ, UK, or the local

distributors. Investors and potential investors should read and note the risk warnings in the prospectus and relevant KIID and additionally, in

the case of retail clients, the information contained in the supporting SID.

The material contained in this presentation is for information only and does not constitute investment advice or a recommendation to any

recipient of this material to buy or sell investments. HSBC Global Asset Management (UK) Limited has based this presentation on information

obtained from sources it believes to be reliable but which it has not independently verified. HSBC Global Asset Management (UK) Limited and

HSBC Group accept no responsibility as to its accuracy or completeness. This presentation is intended for discussion only and shall not be

capable of creating any contractual or other legal obligations on the part of HSBC Global Asset Management (UK) Limited or any other HSBC

Group company. Care has been taken to ensure the accuracy of this presentation but HSBC Global Asset Management (UK) Limited accepts

no responsibility for any errors or omissions contained therein. The views expressed here were held at the time of preparation and are subject

to change.

Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (UK)

Limited accepts no liability for any failure to meet such forecast, projection or target. Past performance should not be seen as an indication of

future returns. The value of investments and any income from them can go down as well as up and investors may not get back the amount

originally invested.

Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up.

Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. Stock

market investments should be viewed as a medium to long term investment and should be held for at least five years.

Where charges are taken from capital, although this will enhance the income distributed, it may constrain the capital growth of your

investment. If charges are taken from income, and there is insufficient income to meet such charges, any deficit will be taken from the capital.

This could result in an erosion of the capital value of the investment. The level of yields are not guaranteed and may rise or fall in the future.

This document is issued in the UK by HSBC Global Asset Management (UK) Limited which is authorised and regulated by the Financial

Conduct Authority. Copyright HSBC Global Asset Management (UK) Limited 2019. All Rights Reserved. ED0982. EXP310719

Important information

Key risks:

The value of an investment in the portfolios and any income from them can go down as well as up and as with any investment you

may not receive back the amount originally invested.

The key types of risk associated with the HSBC Global Strategy

Portfolios asset allocations are as follows:

1. Equity risks

Market fluctuations can affect the performance of an investment

fund both upwards and downwards. You may not get back the full

amount invested.

2. Emerging markets risk

Emerging economies typically exhibit higher levels of investment

risk. Markets are not always well regulated or efficient and

investments can be affected by reduced liquidity.

3. Exchange rate risk

Investing in assets denominated in a currency other than that of

your own currency perspective exposes the value of the investment

to exchange rate fluctuations.

4. Fixed income risk

As interest rates rise debt securities will fall in value. Issuers of debt

securities may fail to meet their regular interest and/or capital

repayment obligations. All credit instruments therefore have

potential for default. Higher yielding securities are more likely to

default.

5. Real estate risk

Cost of acquisition and disposal, taxation, planning, legal,

compliance and other factors can materially impact real estate

valuation.

Please refer to the Key Investor Information Document (KIID) for the

full list of risks

1. Copyright © 2019 - Morningstar UK Limited. All Rights Reserved. Ratings should not be taken as a recommendation.

Please note that the HSBC Global Strategy Balanced Portfolio – Retail X Acc – and HSBC Global Strategy Dynamic Portfolio – Retail X

Acc – are both rated 5 Stars as at 29 March 2019.

2. Please note that FE invest approval logo applied to Cautious, Balanced and Dynamic portfolios only.

3. Please note that the Dynamic Planner Premium logo relates to the Balanced and Dynamic portfolios only.