Income Partners manages Unconstrained Long Strategies that are authorized by the Hong Kong Securities Futures Commission (“HK SFC”).
These strategies aim to generate attractive returns through dynamic portfolio management. Portfolio duration and allocations are managed independently of market benchmarks.
*SFC authorization is not a recommendation or endorsement of a product nor does it guarantee the commercial merits of a product or its performance. It does not mean the product is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.
Income Partners Renminbi Investment Grade Bond Fund
Key Features
Quick Facts
- Fund Size (AUM)
- RMB28 million as of end Jun 2019
- Minimum Investment
- Class 2A/ 2B/ 2C/ 2D†: USD1,000 / RMB10,000 / HKD10,000 / HKD1,000
- FEES & EXPENSES
- Please refer to offering document for details
- Income Partners Renminbi Investment Grade Bond Fund (the "Fund") provides investors a liquid choice to allocate to RMB assets with attractive yield.
- The Fund aims to achieve the best risk-adjusted return over the medium to long term through active management.
- The Fund predominately invests in RMB denominated, investment grade rated (or implied investment grade rated) debt instruments.
- The Fund maintains a high level of diversity across industries, countries and issuers.
- The Fund offers USD, RMB and HKD share classes with reinvestment or cash option for dividend payment. The Fund provides daily liquidity.
- Actively managed on a day-to-day basis, supported by the manager’s propriety fundamental credit selection, technical analysis, macro research.
- The manager has one of the longest track record in the offshore RMB bond market.
Summary Terms
| Fund Inception Date | Class 2A/2B: 15 December 2010 Class 2C: 1 August 2016 Class 2D†: 29 September 2016 |
| Fund AUM | RMB28 million as of end Jun 2019 |
| Share Class | Class 2 (USD, RMB, HKD, Distribution) |
| Minimum Investment | Class 2A USD 1,000 Class 2B RMB 10,000 Class 2C HKD 10,000 Class 2D HKD† 1,000 |
| Dealing Frequency | Daily |
| Dividend Frequency | Monthly^ |
| 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 Dis (USD) HK0000421120 Class 2B Dis (RMB) HK0000421138 Class 2C Dis (HKD) HK0000421146 Class 2D Dis (HKD)† HK0000421153 |
| Domicile | Hong Kong |
Monthly Reports
| Jun 2019 | DL |
| Jun 2019 (For ORSO schemes only†) | DL |
| May 2019 | DL |
| May 2019 (For ORSO schemes only†) | DL |
| Apr 2019 | DL |
| Apr 2019 (For ORSO schemes only†) | DL |
Fund Documents
| Product Key Facts Statement | DL |
| Explanatory Memorandum | DL |
| Notice to Unitholders - 27 May 2019 | DL |
| Notice to Unitholders - 30 Apr 2019 | DL |
| Notice to Unitholders - 16 Nov 2018 | DL |
| Notice to Unitholders - 31 Aug 2018 | DL |
| Notice to Unitholders - 27 Apr 2018 | DL |
| Notice to Unitholders - 30 Nov 2017 | DL |
| Annual Report 2019 (Termination) | DL |
| Annual Report 2018 | DL |
| Interim Report 2018 | DL |
| Annual Report 2017 | DL |
The Fund changed its name from Income Partners Renminbi Investment Grade Fund to Income Partners Renminbi Investment Grade Bond Fund on 9 April 2015. The description of its investment policy has been enhanced and clarified since then.
† This class of Units is only available to certain ORSO schemes, pension funds and certain investors who meet eligibility criteria as decided by the Manager.
^ These classes aim to provide monthly dividend, the rate of dividend is however not guaranteed and may be paid out of the Fund’s capital. (Please refer to Important Information 6)
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.
† This class of Units is only available to certain ORSO schemes, pension funds and certain investors who meet eligibility criteria as decided by the Manager.
^ These classes aim to provide monthly dividend, the rate of dividend is however not guaranteed and may be paid out of the Fund’s capital. (Please refer to Important Information 6)
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 Date | Share Class | ISIN Code | CCY | NAV |
| 28 Jun 2019 | 2A Dis | HK0000421120 | USD | 88.24 |
| 28 Jun 2019 | 2B Dis | HK0000421138 | RMB | 93.53 |
| 28 Jun 2019 | 2D Dis† | HK0000421153 | HKD | 99.10 |
Monthly Performance: Class 2A Distribution USD(%)
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
| 2019 | 3.43 | 0.91 | -0.08 | -0.87 | -4.94 | 1.69 | -0.05 | ||||||
| 2018 | 3.72 | -0.32 | 0.73 | -0.13 | -1.15 | -3.17 | -2.53 | 0.18 | -0.33 | -1.44 | 0.77 | 1.65 | -2.18 |
| 2017 | 1.40 | 0.55 | -0.22 | 0.10 | 2.03 | 0.30 | 1.54 | 2.32 | -0.60 | 0.24 | 0.06 | 1.61 | 9.68 |
| 2016 | -1.27 | 1.13 | 2.60 | 0.06 | -0.94 | -0.65 | 0.43 | 0.02 | 0.16 | -1.42 | -1.93 | -1.08 | -3.65 |
| 2015 | -0.97 | -0.33 | 0.70 | 1.12 | 0.93 | 0.28 | -0.21 | -4.53 | 1.91 | 1.33 | -1.62 | -1.99 | -3.49 |
| 2014 | 0.38 | -1.15 | -1.41 | -0.43 | -0.17 | 1.06 | 0.82 | 1.04 | -0.52 | 1.08 | -0.52 | -1.06 | -0.58 |
| 2013 | 1.14 | 0.18 | 0.53 | 1.39 | 0.43 | -1.29 | 0.92 | 0.35 | 0.25 | 1.26 | 0.13 | 0.75 | 6.18 |
| 2012 | 0.20 | 0.59 | -0.05 | 0.09 | -0.78 | 0.10 | -0.27 | 0.38 | 0.68 | 1.51 | 0.51 | 0.13 | 3.12 |
| 2011 | 0.56 | 0.28 | 0.37 | 1.00 | 0.13 | -0.19 | 0.40 | 1.02 | -1.95 | 0.16 | 0.29 | 1.04 | 3.11 |
| 2010^ | 0.42 | 0.42 |
MONTHLY performance class 2B distribution RMB(%)^
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | YTD | |
| 2019 | 1.09 | 0.43 | 0.46 | -0.64 | -2.06 | 0.70 | -0.05 | ||||||
| 2018 | 0.22 | 0.12 | 0.01 | 0.57 | 0.19 | 0.24 | 0.55 | 0.35 | 0.05 | -0.05 | 0.28 | 0.66 | 3.24 |
| 2017 | -0.14 | 0.39 | 0.17 | 0.37 | 0.05 | 0.52 | 0.84 | 0.35 | 0.05 | 0.04 | -0.13 | -0.02 | 2.53 |
| 2016 | -0.74 | 0.38 | 1.21 | 0.38 | 0.57 | 0.51 | 0.35 | 0.50 | -0.08 | 0.19 | -0.25 | -0.81 | 2.21 |
| 2015 | -0.08 | -0.21 | -0.61 | 1.12 | 0.92 | 0.31 | 0.04 | -1.09 | 0.54 | 0.83 | 0.02 | 0.10 | 1.88 |
| 2014 | 0.07 | 0.15 | 0.17 | 0.26 | -0.03 | 0.45 | 0.30 | 0.59 | -0.07 | 0.16 | 0.12 | -0.02 | 2.18 |
| 2013 | 0.90 | 0.33 | 0.27 | 0.69 | 0.23 | -1.57 | 0.89 | 0.08 | 0.27 | 0.72 | 0.20 | 0.19 | 3.23 |
| 2012 | -0.29 | 0.64 | 0.24 | -0.04 | 0.01 | 0.22 | 0.12 | -0.13 | -0.11 | 0.46 | 0.22 | 0.23 | 1.59 |
| 2011 | -0.12 | 0.17 | 0.18 | 0.00 | 0.20 | -0.63 | -0.11 | -0.23 | -0.55 | -0.56 | 0.14 | -0.04 | -1.54 |
| 2010 | -0.09 | -0.09 |
Cumulative Performance (%)
| As of 28 Jun 2019 | YTD | 1 Month | 3 Months | 6 Months | 1 Year | 3 Years# | 5 Years# | Since Inception# |
| Class 2A Dis (USD) | -0.05 | 1.69 | -4.17 | -0.05 | -1.80 | 0.80 | 0.11 | 1.38 |
| Class 2B Dis (RMB)^ | -0.05 | 0.70 | -2.00 | -0.05 | 1.79 | 1.86 | 2.17 | 1.76 |
Calendar Year Performance (%)
| 2010* | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | Inception Date | |
| 2A Dis (USD) | 0.42 | 3.11 | 3.12 | 6.18 | -0.58 | -3.49 | -3.65 | 9.68 | -2.18 | 15 Dec 2010 |
| 2B Dis (RMB)^ | -0.09 | -1.54 | 1.59 | 3.23 | 2.18 | 1.88 | 2.21 | 2.53 | 3.24 | 15 Dec 2010 |
Dividend Distribution**
| Dividend Class |
Dividend Rate per Unit |
Record Date | Ex-Dividend Date |
Dividend Payment Date |
Dividend Reinvestment Date |
Historical Dividend payment |
| 2A (USD) | $0.18 | 31 May 2019 | 3 Jun 2019 | 5 Jun 2019 | 5 Jun 2019 | DL |
| 2B (RMB) | ¥0.20 | 31 May 2019 | 3 Jun 2019 | 5 Jun 2019 | 5 Jun 2019 | DL |
| 2D (HKD)† | $0.21 | 31 May 2019 | 3 Jun 2019 | 5 Jun 2019 | 5 Jun 2019 | DL |
Source: Income Partners Asset Management (HK) Ltd
The Fund changed its name from Income Partners Renminbi Investment Grade Fund to Income Partners Renminbi Investment Grade Bond Fund on 9 April 2015. The description of its investment policy has been enhanced 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
^ Returns are based on RMB currency. Therefore, USD/HKD-based investors are therefore exposed to foreign exchange fluctuations.
# 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.
** Distribution classes aim to provide monthly dividends, the rate of dividend is however not guaranteed and may be paid out from the Fund’s capital. (Please refer to Important Information 6)
† This class of Units is only available to certain ORSO schemes, pension funds and certain investors who meet eligibility criteria as decided by the Manager.
Please note that a positive dividend yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. You should read the relevant offering document (including the Product Key Facts Statements) of the Fund for further details including the risk factors. The net distributable income means net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class. The net investment income excludes realized and unrealized gains.
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.
The Fund changed its name from Income Partners Renminbi Investment Grade Fund to Income Partners Renminbi Investment Grade Bond Fund on 9 April 2015. The description of its investment policy has been enhanced 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
^ Returns are based on RMB currency. Therefore, USD/HKD-based investors are therefore exposed to foreign exchange fluctuations.
# 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.
** Distribution classes aim to provide monthly dividends, the rate of dividend is however not guaranteed and may be paid out from the Fund’s capital. (Please refer to Important Information 6)
† This class of Units is only available to certain ORSO schemes, pension funds and certain investors who meet eligibility criteria as decided by the Manager.
Please note that a positive dividend yield does not imply a positive return. Investors should not make any investment decision solely based on information contained in the table above. You should read the relevant offering document (including the Product Key Facts Statements) of the Fund for further details including the risk factors. The net distributable income means net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class. The net investment income excludes realized and unrealized gains.
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.