Important Information

  1. Income Partners Managed Volatility High Yield Bond Fund (the “Fund”) invests primarily in high yield debt instruments, which are below investment grade or unrated. The Fund will invest in high yield debt instruments, and as a result may be subject to substantial credit/counterparty risk, credit rating related risks, interest rates risk, liquidity risks, and valuation risks. The investments held by the Fund may fall in value and therefore your investment in the Fund may suffer losses.
  2. The Fund’s managed volatility strategy may not achieve the desired results under all circumstances. While the Fund’s manager will endeavor to manage the Fund such that it does not exceed its pre-determined annualized volatility target, there is no guarantee that such targets can be reached in all market conditions. Managed volatility does not necessarily mean lower risk and the Fund may still suffer losses.
  3. The Fund is denominated in RMB, and RMB is currently not freely convertible and is subject to exchange controls and restrictions. There is no guarantee that RMB will not depreciate. If you convert Hong Kong Dollar or any other currency into RMB so as to invest in the Fund and subsequently convert the RMB redemption proceeds back into Hong Kong Dollar or any other currency, you may suffer a loss if RMB depreciates against Hong Kong Dollar or other currency. In addition, the underlying investments in the Fund may be denominated in currencies other than RMB. The NAV may be affected unfavourably by fluctuations in the exchange rates between these currencies and the base currency and by changes in the exchange rate controls.
  4. The Fund invests in the Greater China region and in the China market and there is subject to emerging market risk including political, economic, legal, regulatory and liquidity risks.
  5. The Fund may invest in derivative transactions such as swaps, futures and forwards for hedging purposes. There is no guarantee that the hedging techniques will be effective.
  6. In respect of the distribution Units of the Fund (save for Class 2C Dis (USD) Units), the Fund’s manager currently intends to make monthly dividend distribution. However, the distribution amount or dividend rate is not guaranteed. In respect of Class 2C Dis (USD) Units, the Fund’s manager makes non-discretionary monthly distributions. For certain classes of Units of the Fund, the Fund’s manager may at its discretion pay distributions out of the capital of the Fund. The Fund’s manager may also, at its discretion, pay distributions out of gross income, while paying all or part of the fees and expenses of the capital of the Fund, resulting in an increase in distributable income for payment of distributions by the Fund. Therefore the Fund may effectively make payment of dividend out of capital. Payment of distributions out of capital represents a return or withdrawal of part of the amount they originally invested or from any capital gains attributable to the original investment. Any such distributions may result in an immediate reduction of the net asset value per unit of the Fund.
  7. Investment involves risk. Past performance is not a guarantee or a reliable indicator of future results and no guarantee is being made that similar returns will be achieved in the future.
  8. In making investment decisions, investors should not rely solely on the information in this report and should read the offering document of the Fund for further details including the risk factors. This document does not constitute an offering document.

Income Partners Managed Volatility High Yield Bond Fund

Key Features

Quick Facts

Fund Aum
RMB1,416 million as of end Jun 2020
Minimum Investment
Class 2A (USD) : USD 1,000
Class 2B (RMB) : RMB 10,000
Class 2C (USD) : USD 1,000
Class 2D (HKD) : HKD 10,000
Class 2E (AUD) : AUD 1,000
Class 2F (AUD-H) : AUD 1,000
Class 2G (USD-H) : USD 1,000
Class 2H (SGD) : SGD 1,000
Class 2I (SGD-H) : SGD 1,000
Class 2J (EUR) : EUR 1,000
Class 2K (EUR-H) : EUR 1,000
Class 2L (HKD-H) : HKD 10,000
Management Fee
Class 2 : 1.50%
Subscription Fee
Class 2 : Up to 5.00%
  • Income Partners Managed Volatility High Yield Bond Fund (the "Fund") provides investors an opportunity to participate in high yield bond markets with a geographical focus in Greater China and countries while enjoying low volatility of returns.
  • The Fund aims to achieve high yield risk-adjusted returns over the medium to long-term while managing a reduced level of volatility compared against the high yield market through actively managed porfolio .
  • Predominantly invests in high yield debt instruments which are below investment grade or unrated.
  • The Fund offers both dividend share classes and accumulative share classes, in USD, RMB,HKD AUD, SGD,AUD-Hedged, USD-Hedged, HKD-Hedged, EUR-Hedged and SGD-Hedged.
  • The Fund aims to maintain a high level of diversity across industries and issuers with a geographical focus on Greater China (issuers who are domiciled in or derive substantial revenue from operations in Greater China) which benefit from the attractive yield and improving credit fundamental in the region.
  • Actively managed on day-to-day basis, supported by the manager’s propriety fundamental credit selection, technical analysis and macro research.
Summary Terms
Inception Date 27 July 2011
Fund AUM RMB1,416 million as of end Jun 2020
Share Class Class 2 (USD/RMB/HKD/AUD/SGD/AUD-H/USD-H/SGD-H, Accumulation and Distribution)
Minimum Investment Class 2A (USD) : USD 1,000
Class 2B (RMB) : RMB 10,000
Class 2C (USD) : USD 1,000
Class 2D (HKD) : HKD 10,000
Class 2E (AUD) : AUD 1,000
Class 2F (AUD-H) : AUD 1,000
Class 2G (USD-H) : USD 1,000
Class 2H (SGD) : SGD 1,000
Class 2I (SGD-H) : SGD 1,000
Class 2J (EUR) : EUR 1,000
Class 2K (EUR-H) : EUR 1,000
Class 2L (HKD-H) : HKD 10,000
Dealing Frequency Daily
Dividend Frequency Monthly for Distribution Classes only*, if any
(Manager discretion). Dividend amount or dividend rate is not guaranteed.
*Save for Class 2C (USD) Distribution Units which the Manager makes non-discretionary monthly distributions.
Investment Manager Income Partners Asset Management (HK) Ltd
Trustee Cititrust Limited
Custodian & Administrator Citibank, N.A., Hong Kong Branch
Transfer Agent Citicorp Financial Services Limited
Auditor PricewaterhouseCoopers
Legal Advisors Akin Gump Strauss Hauer & Feld
ISIN Class 2A ACC (USD) HK0000421419
Class 2A DIS (USD) HK0000421401
Class 2B ACC (RMB) HK0000421435
Class 2B DIS (RMB) HK0000421427
Class 2C DIS (USD) HK0000421443
Class 2D ACC (HKD) HK0000421468
Class 2D Dis (HKD) HK0000421450
Class 2E ACC (AUD) HK0000421484
Class 2E DIS (AUD) HK0000421476
Class 2F ACC (AUD-H) HK0000421500
Class 2F DIS (AUD-H) HK0000421492
Class 2G ACC (USD-H) HK0000421526
Class 2G DIS (USD-H) HK0000421518
Class 2H ACC (SGD) HK0000421542
Class 2H DIS (SGD) HK0000421534
Class 2I ACC (SGD-H) HK0000421567
Class 2I DIS (SGD-H) HK0000421559
Class 2J ACC (EUR) HK0000490018
Class 2J DIS (EUR) HK0000490000
Class 2K ACC (EUR-H) HK0000490034
Class 2K DIS (EUR-H) HK0000490026
Class 2L ACC (HKD-H) HK0000490059
Class 2L DIS (HKD-H) HK0000490042
Domicile Hong Kong
Monthly Reports
Jun 2020 DL
May 2020 DL
Apr 2020 DL
Fund Documents
Product Key Facts Statement DL
Explanatory Memorandum DL
Notice to Unitholders - 29 Jul 2020 DL
Notice to Unitholders - 6 May 2020 (Class 2G Dis) DL
Notice to Unitholders - 29 Apr 2020 DL
Notice to Unitholders - 8 Apr 2020 DL
Notice to Unitholders - 27 Mar 2020 DL
Notice to Unitholders - 23 Dec 2019 DL
Notice to Unitholders - 29 Aug 2019 DL
Notice to Unitholders - 30 Apr 2019 DL
Notice to Unitholders - 13 Mar 2019 DL
Notice to Unitholders - 16 Nov 2018 DL
Notice to Unitholders - 31 Aug 2018 DL
Notice to Unitholders - 27 Apr 2018 DL
Annual Report 2019 DL
Interim Report 2019 DL
Annual Report 2018 DL
Interim Report 2018 DL
Annual Report 2017 DL
Forms
Subscription Form DL
The Fund changed its name from Income Partners Renminbi High Yield Bond Fund to Income Partners Managed Volatility High Yield Bond Fund with effect from 19 July 2017 to better reflect the Fund’s strategy in managing volatility. The description of its investment policy has been amended and clarified since then.

Monthly reports and offering documents of the Fund can be downloaded at www.fundinfo.com

This webpage is issued by Income Partners Asset Management (HK) Ltd. and has not been reviewed by Hong Kong Securities and Futures Commission. This webpage only provides a summary and may be incomplete or incomprehensive. Accordingly, the information is qualified in its entirety by the terms applicable to the Fund as set out in its constitutive and offering documents (“Fund Documents”), and should be read together with such Fund Documents. This page is for informational purpose only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of units/shares in Switzerland must exclusively be made to qualified investors. The place of performance and jurisdiction for units/shares in the Fund distributed in Switzerland are at the registered office of the Representative.
Fund Net Asset Value
Value DateShare ClassISIN CodeCCYNAV
12 Aug 20202A (Accumulation)HK0000421419USD162.28
12 Aug 20202A (Distribution)HK0000421401USD80.69
12 Aug 20202B (Accumulation)HK0000421435RMB175.08
12 Aug 20202B (Distribution)HK0000421427RMB89.38
12 Aug 20202C (Distribution)HK0000421443USD87.60
12 Aug 20202D (Accumulation)HK0000421468HKD97.78
12 Aug 20202D (Distribution)HK0000421450HKD78.72
12 Aug 20202E (Accumulation)HK0000421484AUD107.84
12 Aug 20202E (Distribution)HK0000421476AUD89.55
12 Aug 20202F (Accumulation - AUD-H)HK0000421500AUD117.62
12 Aug 20202F (Distribution - AUD-H)HK0000421492AUD90.57
12 Aug 20202G (Accumulation - USD-H)HK0000421526USD120.10
12 Aug 20202G (Distribution - USD-H)HK0000421518USD81.70
12 Aug 20202I (Accumulation - SGD-H)HK0000421567SGD99.39
12 Aug 20202I (Distribution - SGD-H)HK0000421559SGD90.43
12 Aug 20202J (Distribution)HK0000490000EUR89.96
12 Aug 20202K (Accumulation - EUR-H)HK0000490034EUR96.87
12 Aug 20202K (Distribution - EUR-H)HK0000490026EUR90.83
12 Aug 20202L (Accumulation - HKD-H)HK0000490059HKD100.24
12 Aug 20202L (Distribution - HKD-H)HK0000490042HKD90.86
MONTHLY PERFORMANCE: CLASS 2A ACCUMULATION USD(%)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2020 0.53 -0.41 -13.76 3.22 2.17 4.67 -4.70
2019 5.71 1.51 2.70 0.49 -2.97 1.75 -1.22 -4.13 0.05 2.02 0.76 1.84 8.44
2018 3.94 -0.71 0.10 -1.59 -1.84 -4.41 -1.08 -0.30 0.10 -4.03 0.44 2.64 -6.81
2017 3.29 2.82 0.28 0.63 1.58 0.48 1.69 2.87 0.03 0.95 -0.11 1.93 17.69
2016 -1.02 0.65 4.16 0.71 -0.19 0.63 1.75 0.48 0.45 -1.26 -2.00 -1.04 3.23
2015 -0.58 0.24 1.74 2.36 0.99 0.12 0.00 -5.93 1.11 3.09 -1.44 -1.62 -0.22
2014 0.06 0.26 -1.21 0.00 1.60 1.91 1.64 1.86 -0.80 1.48 -0.33 -1.44 5.06
2013 1.40 0.44 1.15 2.87 -1.05 -3.11 1.64 0.10 0.96 2.16 0.17 1.50 8.41
2012 2.70 3.55 0.16 -0.12 -1.69 0.79 1.61 1.87 2.07 3.47 1.90 1.48 19.17
2011 -0.67 -3.87 0.30 -0.24 1.58 -2.94
MONTHLY PERFORMANCE: CLASS 2B ACCUMULATION RMB(%)
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec YTD
2020 0.85 -0.28 -12.34 2.84 3.29 3.42 -3.16
2019 3.32 1.02 3.26 0.72 -0.03 0.75 -1.01 -0.54 -0.02 0.70 0.39 0.93 9.79
2018 0.43 -0.28 -0.61 -0.89 -0.51 -1.04 2.04 -0.12 0.48 -2.72 -0.03 1.64 -1.68
2017 1.74 2.65 0.67 0.90 -0.38 0.70 0.98 0.89 0.68 0.77 -0.30 0.30 10.00
2016 -0.49 -0.10 2.76 1.04 1.33 1.80 1.68 0.96 0.18 0.35 -0.31 -0.05 9.50
2015 0.32 0.38 0.40 2.37 0.97 0.15 0.26 -2.55 -0.24 2.58 0.20 0.49 5.35
2013 1.18 0.58 0.88 2.16 -1.24 -3.38 1.60 -0.16 -0.36 1.60 0.25 0.95 5.40
2014 -0.25 1.59 0.38 0.69 1.40 1.30 1.11 1.40 0.99 0.57 0.31 -0.43 7.95
2012 2.21 3.60 0.43 -0.23 -0.91 0.91 2.03 1.34 1.26 2.42 1.60 1.58 17.41
2011 -1.88 -2.50 -0.41 -0.40 0.50 -4.63
CUMULATIVE PERFORMANCE (%)
As of 30 Jun 2020 YTD 1 Month 3 Months 6 Months 1 Year 3 Years^ 5 Years^ Since Inception^
2A Acc (USD) -4.70 4.67 10.38 -4.70 -5.48 1.18 2.15 4.93
2A Dis (USD) -4.71 4.67 10.38 -4.71 -5.49 1.17 2.14 4.92
2B Acc (RMB) -3.16 3.42 9.86 -3.16 -2.75 2.61 4.85 6.05
2B Dis (RMB) -3.15 3.43 9.86 -3.15 -2.73 2.62 4.85 6.06
2C Dis (USD) -4.71 4.67 10.37 -4.71 -5.49 1.17 2.14 5.12
2D Acc (HKD) -5.16 4.61 10.34 -5.16 -6.20 - - -3.20
2D Dis (HKD) -5.15 4.62 10.35 -5.15 -6.20 - - -3.16
2E Acc (AUD) -2.45 1.77 -1.80 -2.45 -3.31 - - 2.76
2E Dis (AUD) -2.45 1.76 -1.80 -2.45 -3.30 - - 2.46
2F Acc (AUD-H) -4.31 3.16 9.39 -4.31 -4.82 0.53 - 2.78
2F Dis (AUD-H) -4.30 3.18 9.42 -4.30 -4.80 - - -3.58
2G Acc (USD-H) -3.70 3.18 9.52 -3.70 -3.91 1.16 - 3.23
2G Dis (USD-H) -3.68 3.20 9.54 -3.68 -3.74 1.22 - 2.97
2I Acc (SGD-H) -3.95 3.18 9.41 -3.95 -4.09 - - -3.29
2I Dis (SGD-H) -3.97 3.17 9.41 -3.97 -4.27 - - -3.39
2J Dis (EUR) -4.65 3.94 7.81 -4.65 - - - -
2K Acc (EUR-H) -4.72 3.12 9.22 -4.72 -5.99 - - -5.41
2K Dis (EUR-H) -4.70 3.12 9.21 -4.70 -6.15 - - -5.27
2L Acc (HKD-H) -3.51 3.25 9.63 -3.51 -3.49 - - -2.64
2L Dis (HKD-H) -3.53 3.24 9.63 -3.53 -3.77 - - -2.21
CALENDAR YEAR PERFORMANCE (%)
Share Class 2011# 2012 2013 2014 2015 2016 2017 2018 2019 Inception Date
2A Acc (USD) -2.94 19.17 8.41 5.06 -0.22 3.23 17.67 -6.81 8.44 27 Jul 2011
2A Dis (USD) -3.20 19.23 8.45 5.06 -0.21 3.23 17.69 -6.85 8.45 3 Aug 2011
2B Acc (RMB) 4.63 17.41 5.40 7.95 5.35 9.50 10.00 -1.68 9.79 27 Jul 2011
2B Dis (RMB) -4.64 17.51 5.43 7.95 5.35 9.49 10.01 -1.69 9.80 27 Jul 2011
2C Dis (USD) -1.60 19.24 8.44 5.06 -0.22 3.22 17.69 -6.85 8.44 10 Aug 2011
2D Acc (HKD) -9.43 7.83 21 Feb 2018
2D Dis (HKD) -9.42 7.81 9 Feb 2018
2E Acc (AUD) 0.04 9.15 7 Mar 2018
2E Dis (AUD) -1.04 9.16 4 May 2018
2F Acc (AUD-H) 1.51# 6.31 6.38 -3.75 7.66 13 Oct 2015
2F Dis (AUD-H) 0.15 2 May 2019
2G Acc (USD-H) 1.29# 6.86 5.96 -3.46 8.95 13 Oct 2015
2G Dis (USD-H) 0.64# 6.55 5.53 -3.57 9.18 19 Oct 2015
2I Acc (SGD-H) 0.11 30 Apr 2019
2I Dis (SGD-H) 0.85 24 Apr 2019
2J Acc (EUR) -0.01 16 Jul 2019
2K Acc (EUR-H) -1.54 8 May 2019
2K Dis (EUR-H) -1.41 7 May 2019
2L Acc (HKD-H) 0.50 7 May 2019
2L Dis (HKD-H) 0.90 17 Apr 2019
DIVIDEND DISTRIBUTION**
Dividend Class Dividend Rate
per Unit
Annualized
Dividend
Yield*
Record
Date
Ex-Dividend
Date
Dividend Payment/
Reinvestment Date
Historical
Dividend
payment
Class 2A (USD) $0.53 8.9% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2B (RMB) ¥0.63 9.3% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2C (USD) $0.53 7.0% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2D (HKD) $0.52 9.0% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2E (AUD) $0.47 6.7% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2F (AUD-H) $0.48 6.9% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2G (USD-H) $0.54 8.7% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2I (SGD-H) $0.52 7.5% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2J (EUR) €0.37 5.1% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2K (EUR-H) €0.36 5.1% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Class 2L (HKD-H) $0.60 8.7% 31 Jul 2020 3 Aug 2020 5 Aug 2020 DL
Source: Income Partners Asset Management (HK) Ltd
The Fund changed its name from Income Partners Renminbi High Yield Bond Fund to Income Partners Managed Volatility High Yield Bond Fund with effect from 19 July 2017 to better reflect the Fund’s strategy in managing volatility. The description of its investment policy has been amended and clarified since then.
For Distribution classes, fund performance is calculated on NAV to NAV basis in denominated currency with dividends re-invested.
YTD stands for year-to-date.
H=Hedged share classes.
^ 3 years, 5 years and since inception performance figures are annualized.
# These calendar performance figures are calculated from share class launch date to calendar year-end.
* Annualized Dividend Yield: [(1 + distribution per unit / ex-dividend NAV) ^ distribution frequency] – 1. Yield figures are estimates and are based on the latest dividend distribution and the ex-dividend NAV of the previous month. Yield figures are for reference only. Positive dividend yield does not imply positive return. Dividend rate is not guaranteed and distributions may be paid from capital. Please note that the Annualized Dividend Yield of the Fund is calculated based on the latest available month end's NAV per share. (Please refer to Important Information 6)
† After SFC authorization, Class 2C (USD) Distribution Units pay out non-discretionary monthly distributions paid at a fixed percentage of 7% per annum. The 7% annualized yield is calculated as follows: (total dividend paid or to be paid over the current calendar year / last available net asset value of the Fund) in the prior calendar year) x 100%. A positive dividend yield does not imply positive return.

SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

Investors should not make any investment decision solely based on information contained in the table above. You should read the relevant offering document of the Fund for further details including the risk factors.

This webpage is issued by Income Partners Asset Management (HK) Ltd. and has not been reviewed by Hong Kong Securities and Futures Commission. This webpage only provides a summary and may be incomplete or incomprehensive. Accordingly, the information is qualified in its entirety by the terms applicable to the Fund as set out in its constitutive and offering documents (“Fund Documents”), and should be read together with such Fund Documents. This page is for informational purpose only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. There is no guarantee that these investment strategies will work under all market conditions or are suitable for all investors and each investor should evaluate their ability to invest long-term, especially during periods of downturn in the market. The representative of the Fund in Switzerland is Hugo Fund Services SA, 6 Cours de Rive, 1204 Geneva. The distribution of units/shares in Switzerland must exclusively be made to qualified investors. The place of performance and jurisdiction for units/shares in the Fund distributed in Switzerland are at the registered office of the Representative.

Legal Information for investors of Hong Kong

The issuer of this website is Income Partners Asset Management (HK) Limited. Income Partners Asset Management (HK) Limited, its affiliates or subsidiaries (hereinafter collectively "Income Partners") assume no responsibility for the financial or other consequences arising from the subscription or purchase of the securities described in this website. The information contained in this section of the website is not intended as an offer to sell securities or a solicitation to buy fund(s) managed or advised by Income Partners Asset Management (HK) Limited (“Income Partners funds”). It aims to provide general information on Income Partners funds that have been authorized for retail sale in Hong Kong and are available for investment and purchase in Hong Kong. This site is not directed to individuals or organizations for whom such offer or invitation would be unlawful or prohibited. The fund(s) referred to in this section of the website is/are authorized by the Securities and Futures Commission (“SFC”) for sale to the public in Hong Kong. SFC authorization is not an official recommendation or endorsement of a scheme nor does it guarantee the commercial merits or its performance. It does not mean that a scheme is suitable for investors nor it is an endorsement of its suitability for any particular investor or class of investors. The material contained in this website has not been reviewed by the SFC. The information presented in this website is based, among other things, on market data at a given time, that is therefore subject to market changes and may change from time to time. Although Income Partners reasonably believes that the third party information contained in this website is accurate, complete and up-to-date, no guarantee beyond what Income Partners reasonably believes is accurate, complete and up-to-date is made as to the accuracy, completeness or reliability of information provided by third parties. This website does not collect personal information. "Cookies" may be stored on your computer for easy navigation. A "cookie" does not allow us to identify you, but stores information about navigation through our website (such as pages already visited, time and date of visit) which we can remember during the user's next visit to our website in order to improve your browsing experience. By clicking on this “Accept” button, you acknowledge and agree to the terms and conditions above. You undertake to access the information contained in this web site for your personal use and not for commercial use.

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