歐洲高收益債券基金

風險考慮因素：

本基金以主動方式管理及主要投資於以歐洲貨幣計值的高收益公司債務證券的多元化投資組合。
投資於本基金涉及風險，包括一般投資風險、地理集中風險及歐元區風險、貨幣風險、因英國脫歐引致的變動帶來的風險和剔除標準風險，並可能導致您損失部分或全部投資金額。
投資於債務證券亦會涉及信貸／對手方風險、利率風險、評級下調風險、信貸評級風險、與評級一般低於投資級別或未評級的高收益債務證券相關的風險、與投資於具吸收虧損特點的債務工具相關的風險和估值風險。
本基金可運用衍生工具作對沖、有效的投資組合管理及投資目的，或以建立債務證券與信貸指數的合成短倉，因而涉及衍生工具風險。本基金或會執行主動貨幣倉位，因而涉及相關風險。投資於衍生工具可能導致本基金蒙受重大損失的風險。
就Ax類而言，股息是根據酌情派付。股息可能直接從資本中支付及／或透過分派所有總收益（扣除該股份類別應佔的任何費用及開支前）而實際上從股份類別的資本中支付。直接從資本中支付股息及／或實際上從資本中支付股息相當於退回或提取投資者初始投資的一部分或初始投資應佔的任何資本收益。任何有關分派可能導致每股資產淨值即時下跌，亦可能侵蝕資本及妨礙未來增長。
本基金價值可以波動不定，並有可能大幅下跌。
投資者不應僅根據本網站而投資於本基金。

投資涉及風險。過往業績並非當前或將來的表現的可靠指標，亦不應作為選擇個別產品或策略的唯一考慮因素。

概覽

Manager's Outlook

The annual 10% gain was relatively exceptional for a year with no shortage of macroeconomic and geopolitical events, particularly considering the European high yield market has not delivered double-digit performance since 2012. Moreover, that return was achieved in spite of five months of market declines that largely coincided with non-credit-related developments, including the oil slump and recovery, Brexit, recurring European bank concerns, and U.S. election results. Volatility will continue in 2017 as politics will likely lead headlines based on the number of critical European elections, the reality and details surrounding the UK's exit from the EU and implications of the new U.S. administration policies. Importantly, these upcoming events remain distinct from credit.

Factors such as lower exposure to energy and metals and mining issues in the European high yield market and future Trump policies will affect the relationship between U.S. high yield versus euro high yield value and volatility. With headline-driven performance, credit selection within this largely BB rated, inefficient market becomes increasingly significant. Even so the last few months of 2016 saw a welcomed change in new issue activity. More B rated volume came to market. These issuers tend to have more difficult credit stories and complex structures. This is the area where we believe we excel and we see the most opportunity.

We expect continued fundamental support in this market. The European high yield default rate will remain below its historical average but could edge higher later in the year given the length of the cycle and increasing concerns over the next steps of the ECB. We encourage our investors to maintain a long-term investment view rather than focus on month-over-month returns as was the case in 2016. Moreover, benchmark differentiation is critical given the disproportionate weighting of low-coupon, longer-duration, higher-quality-rated bonds in the market. Our portfolio composition with a focus on B rated bonds reflects this assertion.

As always, we aim to deliver high current income while seeking to contain volatility inherent in this market. Our team maintains a commitment to credit research and risk-conscious investing that has led to favorable returns for our high yield clients over various market cycles.

策略

基金概要

以主動方式管理及主要投資於以歐洲貨幣計值的高收益公司債務證券的多元化投資組合。

表現（已扣除費用）

過往表現並非未來表現的可靠指標。

2016年12月31日 - Michael Della Vedova, 基金經理,

New issuance was subdued in December amid increased uncertainty following the U.S. election and the U.S. Federal Reserve's decision to raise interest rates early in the month. However, healthy appetite for risk assets contributed to the strong monthly return, and European high yield performed in line with its U.S. counterpart. Investors seeking to reduce exposure to longer duration, low-coupon bonds ahead of year-end created an environment in which B rated and higher coupon, shorter-term credits outperformed.

2016年12月31日 - Michael Della Vedova, 基金經理,

We maintain our overweight allocation to the cable industry. Although the market penetration of these companies is increasing across Europe, we believe that there is still room for growth, especially as they roll out broadband offerings to existing customers. In contrast, the automotive sector represents a long-standing, significant, underweight allocation in the portfolio given its composition of low-yielding fallen angels, issuers downgraded from investment-grade to high yield.

2016年12月31日 - Michael Della Vedova, 基金經理,

While our investment process is primarily driven by bottom-up credit selection, proprietary sovereign views serve as a key input in our overall risk assessment. The firm’s sovereign analysts identify and convey top-down macro trends and help evaluate external risks related to individual companies.

2016年12月31日 - Michael Della Vedova, 基金經理,

We do not expect to add value via currency management and typically hedge our non-euro exposure back to euros to limit volatility, keeping the focus on credit selection.

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202309-3095949

風險

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