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  • R.C.S. Luxembourg B 147 223 16, boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

    HSBC Portfolios Unaudited Semi-Annual Report for the period ended 31 January 2015

  • 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.

    Unaudited report for the period 1 August 2014 to 31 January 2015

  • Table of Contents General Information 2

    Statement of Net Assets 5

    Statement of Operations 6

    Statement of Changes in Net Assets 7

    Statement of Changes in Shares Issued 8

    Statistical Information 10

    Notes to the Financial Statements 12

    Schedules of Investments and Other Net Assets

    HSBC Portfolios – World Selection 1 24

    HSBC Portfolios – World Selection 2 32

    HSBC Portfolios – World Selection 3 41

    HSBC Portfolios – World Selection 4 49

    HSBC Portfolios – World Selection 5 50

    Fund Holiday Calendar for 2015 51

  • 2

    General Information

    Directors

     George Efthimiou (Chairman), Global Chief Operating Officer HSBC Global Asset Management Limited, 78 St James Street, London SW1A 1HL, United Kingdom

     Dr. Michael Boehm, Chief Operating Officer HSBC Global Asset Management (Deutschland) GmbH Königsallee 21/23, 40212 Düsseldorf, Germany

     Dean Lam, Managing Director HSBC Bank (Mauritius) Limited, 6th Floor, HSBC Centre, 18 CyberCity, Ebene, Mauritius

     Eimear Cowhey, Independent Director (Appointed with effect from 14 August 2014) Resident in the Republic of Ireland

     Peter Dew, Independent Director (Appointed with effect from 29 August 2014) Resident in the United Kingdom

     Jean de Courrèges, Independent Director Carne Global Financial Services Luxembourg S.à r.l., European Banking and Business Centre, 6B route de Trèves, L-2633 Senningerberg, Grand Duchy of Luxembourg

     John Li, Independent Director The Directors Office, 19 Rue de Bitbourg, L-1273, Luxembourg

     Joanna Munro, Global Head of Fiduciary Governance (Appointed with effect from 28 November 2014) HSBC Global Asset Management Limited, 78 St James Street, London SW1A 1HL, United Kingdom

     David Silvester, Head of Product Governance and Regulation – Global Funds (Resigned 23 September 2014) HSBC Global Asset Management (UK) Limited, 78 St James Street, London SW1A 1HL, United Kingdom

  • General Information (continued)

    3

    Registered Office

    16, boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

    Administration Agent,

    Depositary Bank, Paying Agent, Corporate and Domiciliary Agent

    HSBC Bank plc, Luxembourg Branch * (From 15 November 2014) 16, boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

    HSBC Securities Services (Luxembourg) S.A. (Until 14 November 2014)

    Registrar and Transfer Agent HSBC Bank plc, Luxembourg Branch * (From 15 November 2014) 16, boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

    HSBC Securities Services (Luxembourg) S.A. (Until 14 November 2014)

    Management Company

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

    Réviseur d'Entreprises agréé KPMG Luxembourg, Société Coopérative 39, Avenue John F. Kennedy L-1855 Luxembourg

    Legal Advisers

    Elvinger, Hoss & Prussen 2, Place Winston Churchill L-1340 Luxembourg Grand Duchy of Luxembourg

    Investment Adviser

    HSBC Global Asset Management (UK) Limited 78 St James’s Street London SW1A 1EJ United Kingdom

    Distributors Global Distributor HSBC Investment Funds (Luxembourg) S.A. 16, boulevard d’Avranches L-1160 Luxembourg Grand Duchy of Luxembourg

    * HSBC Securities Services (Luxembourg) S.A. has transferred its activities to HSBC Bank Plc, Luxembourg Branch with effect from the date disclosed in brackets.

  • General Information (continued)

    4

    Distributors (continued)

    Austria and Eastern Europe Distributor HSBC Trinkaus & Burkhardt AG Königsallee 21/23 D-40212 Düsseldorf Germany Continental Europe Distributor HSBC Global Asset Management (France) Immeuble Ile de France, 4, Place de la Pyramide, La Défense 9 92800 Puteaux France

    Hong Kong Representative and Distributor HSBC Investment Funds (Hong Kong) Limited HSBC Main Building, 1 Queen’s Road Central Hong Kong

    Jersey Representative and Distributor HSBC Global Asset Management (International) Limited HSBC House, Esplanade, St Helier Jersey JE4 8WP Channel Islands

    Middle East Distributor HSBC Bank Middle East Limited HSBC House, Esplanade, St Helier Jersey JE4 8UB Channel Islands

    Singapore Representative and Distributor HSBC Global Asset Management (Singapore) Limited 21 Collyer Quay, #06-01 HSBC Building Singapore 049320 Singapore

    United Kingdom Representative and Distributor HSBC Global Asset Management (UK) Limited 8 Canada Square London E14 5HQ United Kingdom

    Note on the risk management

    HSBC Investment Funds (Luxembourg) S.A. (the “Management Company”) uses a risk management process that allows monitoring the risk of

    the portfolio positions and their share of the overall risk profile of the portfolios on the managed funds at any time. In accordance with the Law of

    17 December 2010 and the applicable regulatory requirements of the Commission de Surveillance du Secteur Financier (“CSSF”), the

    Management Company reports to the CSSF on a regular basis on the risk management process. The Management Company assures, at the

    basis of appropriate and reasonable methods, that the overall risk, associated with derivatives, does not exceed the net asset value of the

    portfolio.

  • General Information (continued)

    5

    For the current sub-fund of HSBC Portfolios, the Management Company uses the “commitment approach” for the calculation of the global

    exposure. The “commitment approach” is based on the positions of derivative financial instruments, converted into their corresponding

    underlying equivalents using the delta approach. Netting and hedging might be considered for derivative financial instruments and their

    underlying assets. The sum of these underlying equivalents must not exceed the net asset value of the portfolio.

  • 6

    Statement of Net Assets as at 31 January 2015

    HSBC Portfolios HSBC Portfolios HSBC Portfolios HSBC Portfolios HSBC Portfolios

    Notes Combined World Selection 1 World Selection 2 World Selection 3 World Selection 4 World Selection 5

    USD USD USD USD USD USD

    ASSETS

    Investments in securities at cost 2,441,554,386 427,015,508 435,293,309 570,053,623 683,044,476 326,147,470

    Unrealised appreciation / (depreciation) 9,043,247 10,933,100 10,511,592 3,218,448 (9,260,020) (6,359,873)

    Investments in securities at market value 3 b 2,450,597,633 437,948,608 445,804,901 573,272,071 673,784,456 319,787,597

    Unrealised gain on forw ard foreign exchange contracts 3 h, 6 1,537,710 685,501 852,209 - - -

    Unrealised appreciation on futures contracts 3 i, 7 2,370,930 143,403 208,275 473,072 928,762 617,418

    OTHER ASSETS

    Cash at bank 169,084,120 25,302,124 38,499,302 37,127,368 44,817,097 23,338,229

    Amounts receivable on sale of Investments 7,898,486 5,552,163 2,346,323 - - -

    Amounts receivable on subscriptions 18,410,455 7,010,370 4,712,441 3,758,323 2,044,602 884,719

    Accounts receivable and accrued income 9,576,728 2,008,244 2,587,687 2,513,796 1,383,391 1,083,610

    OTHER ASSETS 204,969,789 39,872,901 48,145,753 43,399,487 48,245,090 25,306,558

    TOTAL ASSETS 2,659,476,062 478,650,413 495,011,138 617,144,630 722,958,308 345,711,573

    LIABILITIES

    Unrealised loss on forw ard foreign exchange contracts 3 h, 6 9,100,424 - - 988,986 5,928,148 2,183,290

    Bank overdraft 1,992,369 1,365,961 285,860 - 303,368 37,180

    Amounts payable on purchase of Investments 14,765,841 6,560,972 5,002,969 - 3,201,900 -

    Amounts payable on redemptions 13,588,183 3,080,637 1,704,332 5,176,754 2,479,539 1,146,921

    Management fees payable 2,449,402 370,358 393,937 600,548 713,840 370,719

    Accounts payable and accrued expenses 1,175,219 220,715 210,629 296,305 309,218 138,352

    Dividends payable 39,426 21,760 434 8,303 3,471 5,458

    TOTAL LIABILITIES 43,110,864 11,620,403 7,598,161 7,070,896 12,939,484 3,881,920

    NET ASSETS 2,616,365,198 467,030,010 487,412,977 610,073,734 710,018,824 341,829,653

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

  • 7

    Statement of Operations for the period ended 31 January 2015

    HSBC Portfolios HSBC Portfolios HSBC Portfo

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