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  • R.C.S. Luxembourg B 147 22316, boulevard dAvranchesL-1160 LuxembourgGrand Duchy of Luxembourg

    HSBC PortfoliosUnaudited Semi-Annual Report for the periodended 31 January 2017

  • 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 2016 to 31 January 2017

  • Table of ContentsGeneral Information 2

    Statement of Net Assets 6

    Statement of Operations 7

    Statement of Changes in Net Assets 8

    Statement of Changes in Shares Issued 9

    Statistical Information 12

    Notes to the Financial Statements 14

    Schedules of Investments and Other Net Assets

    HSBC Portfolios World Selection 1 28

    HSBC Portfolios World Selection 2 34

    HSBC Portfolios World Selection 3 42

    HSBC Portfolios World Selection 4 49

    HSBC Portfolios World Selection 5 50

    Appendix I Taxation of the Company (foreign countries) 51

    Appendix II - UK SORP Disclosure 52

    Appendix III - Fund Holiday Calendar for 2017 55

  • 2

    General Information

    Directors George Efthimiou (Chairman), Global Chief Operating Officer

    HSBC Global Asset Management Limited, 78 St Jamess

    Street, London SW1A 1HL, United Kingdom

    Dr. Michael Boehm, Chief Operating Officer

    HSBC Global Asset Management (Deutschland) GmbH

    Knigsallee 21/23, 40212 Dsseldorf, Germany

    Dean Lam, Managing Director

    HSBC Bank (Mauritius) Limited, 6th Floor, HSBC Centre,

    18 CyberCity, Ebene, Mauritius

    Eimear Cowhey, Independent Director

    Resident in the Republic of Ireland

    Peter Dew, Independent Director

    Resident in the United Kingdom

    Jean de Courrges, Independent Director

    Resident in 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

    HSBC Global Asset Management Limited,

    78 St Jamess Street, London SW1A 1HL, United Kingdom

  • General Information (continued)

    3

    Registered Office 16, boulevard dAvranches

    L-1160 Luxembourg

    Grand Duchy of Luxembourg

    Administration Agent,

    Depositary Bank,

    Paying Agent, Corporate and

    Domiciliary Agent, Registrar and

    Transfer Agent

    HSBC Bank Plc, Luxembourg Branch

    16, boulevard dAvranches

    L-1160 Luxembourg

    Grand Duchy of Luxembourg

    Management Company HSBC Investment Funds (Luxembourg) S.A.

    16, boulevard dAvranches

    L-1160 Luxembourg

    Grand Duchy of Luxembourg

    Auditor PricewaterhouseCoopers, Socit cooprative

    2, rue Gerhard Mercator, B.P.1443, L-1014 Luxembourg,

    Grand Duchy of Luxembourg

    Legal Advisers Elvinger Hoss Prussen, Socit anonyme

    2, Place Winston Churchill

    L-1340 Luxembourg

    Grand Duchy of Luxembourg

    Investment Adviser HSBC Global Asset Management (UK) Limited

    78 St Jamess Street

    London SW1A 1EJ

    United Kingdom

    Distributors Global Distributor

    HSBC Investment Funds (Luxembourg) S.A.

    16, boulevard dAvranches

    L-1160 Luxembourg

    Grand Duchy of Luxembourg

  • General Information (continued)

    4

    Distributors (continued) Austria and Eastern Europe Distributor

    HSBC Trinkaus & Burkhardt AG

    Knigsallee 21/23

    D-40212 Dsseldorf

    Germany

    Continental Europe Distributor

    HSBC Global Asset Management (France)

    Immeuble Coeur Dfense - Tour A

    110 Esplanade du Gnral de Gaulle - La Dfense

    475419 Paris Cedex 08

    France

    Hong Kong Representative and Distributor

    HSBC Investment Funds (Hong Kong) Limited

    HSBC Main Building, 1 Queens 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

  • General Information (continued)

    5

    Note on the risk management

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

    of the portfolio positions and their share of the overall risk profile of the portfolios of HSBC Portfolios (the Company) at any time. In accordance

    with the Law of 17 December 2010 on undertakings for collective investment, as amended (the 2010 Law), 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 shall monitor, on the basis of appropriate and reasonable methods, that the

    Companys global exposure relating to derivative instruments does not exceed the total net asset value of its portfolio.

    For the Company, the Management Company uses the commitment approach for the calculation of the global exposure. The commitment

    approach is based on converting the value of each financial derivative instrument position into the market value of an equivalent position in the

    underlying asset of that derivative. 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 Assetsas at 31 January 2017

    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 2,252,542,423 384,998,580 449,028,435 606,438,598 588,835,138 223,241,672

    Unrealised appreciation 69,970,249 4,089,538 9,817,211 22,674,911 22,917,616 10,470,973

    Investments in securities at market value 3 b 2,322,512,672 389,088,118 458,845,646 629,113,509 611,752,754 233,712,645

    Unrealised gain on forw ard foreign exchange contracts 3 b, 6 28,942,642 4,756,048 5,749,701 6,919,273 8,591,652 2,925,968

    Unrealised appreciation on futures contracts 3 b, 7 3,363,776 619,968 790,117 869,062 764,400 320,229

    OTHER ASSETS

    Cash at bank 162,349,093 44,172,552 42,977,543 39,584,737 24,557,937 11,056,324

    Amounts receivable on sale of Investments 5,585,980 559,751 1,051,858 3,974,371 - -

    Amounts receivable on subscriptions 6,310,617 717,469 2,867,730 1,268,636 1,112,582 344,200

    Dividend and interest receivable, net 6,085,945 1,537,320 2,116,725 1,587,198 603,084 241,618

    Accounts receivable and accrued income 222,435 23,733 10,301 - 57,120 131,281

    TOTAL OTHER ASSETS 180,554,070 47,010,825 49,024,157 46,414,942 26,330,723 11,773,423

    TOTAL ASSETS 2,535,373,160 441,474,959 514,409,621 683,316,786 647,439,529 248,732,265

    LIABILITIES

    Bank overdraft 218,980 5,168 - 43,718 71,626 98,468

    Amounts payable on purchase of Investments 8,972,647 965,777 2,565,751 3,468,472 1,972,647 -

    Amounts payable on redemptions 12,111,413 1,116,555 5,034,070 3,516,559 1,448,978 995,251

    Management fees payable 2,325,764 366,835 408,502 650,215 633,532 266,680

    Accounts payable and accrued expenses 501,959 91,079 114,554 173,265 84,330 38,731

    Dividends payable 3 g 357,050 108,076 75,439 120,184 51,471 1,880

    TOTAL LIABILITIES 24,487,813 2,653,490 8,198,316 7,972,413 4,262,584 1,401,010

    TOTAL NET ASSETS 2,510,885,347 438,821,469 506,211,305 675,344,373 643,176,945 247,331,255

    THREE YEAR ASSET SUMMARY

    31 July 2016 2,605,624,028 477,199,479 538,720,869 668,183,658 660,011,865 261,508,157

    31 July 2015 2,729,188,647 514,819,765 533,951,470 646,929,215 719,437,988 314,050,209

    31 July 2014 2,702,313,983 443,735,372 491,598,414 630,121,651 751,717,887 385,140,659

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

  • 7

    Statement of Operationsfor the period ended 31 January 2017

    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

    INCOME

    Income from investments 3 c 23,533,963 5,034,113 6,151,373 6,302,380 4,938,925 1,107,172

    Deposit interest 2,278 2,278 - - - -

    TOTAL INCOME 23,536,241 5,036,391 6,151,373 6,302,380 4,938,925 1,107,172

    EXPENSES

    Management fees 4 a 14,069,187 2,318,185 2,533,142 3,792,007 3,810,992 1,614,861

    Operating, administrative and servicing expenses 4 b 2,629,573 575,476 710,064 607,693 502,845 233,495

    Bank interest and charges 742 284 - 353 30 75

    TOTAL EXPENSES 16,699,502 2,893,945 3,243,206 4,400,053 4,313,867 1,848,431

    NET OPERATING PROFIT / (LOSS) FOR THE PERIOD 6,836,739 2,142,446 2,908,167 1,902,327 625,058 (741,259)

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

  • 8

    Statement of Changes in Net Assetsfor the period ended 31 January 2017

    HSBC Port

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