BEA Union Investment Asia Pacific Flexi Allocation Fund

Ready to Capture the Uptrend in Asian Stocks?

Fund Features

An Asia Pacific equity-biased mixed-asset income fund

Prudent selection of blue chip stocks with stable earnings and dividend growth potential

Captures Asia Pacific blue chips’ appreciation potential using a strategy of lower volatility

Employs flexible allocation in Asia Pacific bonds to enhance returns and diversify portfolio risks

Aims to provide a monthly dividend (dividend is not guaranteed and distributions may be paid out of income and/or capital ^{Important note} )

Multi-currencies available (USD, HKD, RMB, AUD and NZD)

Annualised Dividend Yield

was raised since April

Annualised Yield for
A USD (Dis): 5.0%¹

Important note: The manager may at its discretion make distributions from income and/or capital in respect of the distributing classes of the Fund. Investors should note that the distributions paid out of capital amount to a return or withdrawal of part of the unitholder’s original investment or from any capital gains attributable to that original investment. Such distribution may result in an immediate reduction of the net asset value per unit.

Source: BEA Union Investment Management Limited. Annualised dividend yield refers to that for A USD (Dis) in June. Annualised dividend yield = (dividend of June x 12) / NAV of May x 100%. Dividend only applies to distributing classes and is not guaranteed. Past dividend record is not indicative of future dividend likely to be achieved. Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on information contained above. You should read the relevant offering document (including the key facts statement) of the Fund for further details including the risk factors.

Investment Objective

The Fund seeks to achieve long-term capital growth and income by investing in equity securities or debt securities, that are either traded in the Asia Pacific region or issued by companies incorporated in the Asia Pacific region or companies which have significant operations in or derive significant portion of revenue from the Asia Pacific region.

Investment Objective

Fund Manager’s Comment

Credit rating agency Moody’s downgraded China’s sovereign credit rating, arguing that the country’s financial strength will worsen as economic growth slows down and debt rises, but the statement had no immediate impact on equity markets. There was a more significant market reaction to a government campaign to reduce financial leverage in Mainland China, which pushed up the cost of borrowing for corporates.

May was another strong month for Asian currencies, with the U.S. dollar weakening and Asian exports continuing to perform well. We expect the U.S. will have one more rate hike and may start to normalise its balance sheet this year.

The Fund has kept its investment strategy unchanged, continuing to be overweight in equities and underweight in bonds. In terms of equity, the Fund adopted a bottom-up approach, with an overweight position in industrials and energy, and an underweight position in financials and consumer discretionary. In terms of geographical allocation, the Fund was overweight in Thailand and Taiwan, and underweight in Australia and Hong Kong.

In terms of bonds, the Fund revised its position in the Asian high yield corporate sector to neutral, but remained positive in the more defensive high yield property and consumer sectors. The credit spread of Asian high yield corporates widened substantially due to the potential restructuring risk of the Asian commodity issuer Noble Group. We are cautious regarding the commodities sector, as commodity prices continue their downward trend.

Fund Performance

	Cumulative Performance %			Calendar Year Performance %
	YTD	1 Year	Since Launch	2016	2015
A USD (Acc)	12.1	7.7	3.9	0.2	-7.5*
A USD (Dis)	12.0	7.7	4.0	0.3	-7.5*
A HKD (Dis)	12.8	8.4	4.8	0.3	-7.4*
A AUD Hgd (Dis)^#	11.2	6.4	2.8	-0.5	-7.1*
A NZD Hgd (Dis) ^#	11.3	7.2	4.9	0.5	-6.3*
A RMB Hgd (Dis) ^#	14.4	10.6	11.1	2.0	-4.8*

Dividend

June 2017	Last Month End NAV	Dividend per Unit	Annualised Yield^{^}	% Distributed from Net Distributable Income⁺	% Distributed from Capital
A USD (Dis)	US$ 9.54	US$ 0.040	5.0%	100.0%	0.0%
A HKD (Dis)	HK$ 96.00	HK$ 0.400	5.0%	100.0%	0.0%
A AUD Hgd (Dis)^#	AU$ 9.06	AU$ 0.050	6.6%	100.0%	0.0%
A NZD Hgd (Dis)^#	NZD 9.14	NZD 0.055	7.2%	100.0%	0.0%
A RMB Hgd (Dis)^#	RMB 96.54	RMB 0.570	7.1%	100.0%	0.0%

#Hgd = Hedged
^Annualised dividend yield = (dividend of June x 12) / NAV of May x 100%. The manager may at its discretion make distributions from income and/or capital in respect of the distributing classes of the Fund. Such distribution may result in an immediate reduction of the net asset value per unit. Dividend only applies to distributing classes and is not guaranteed. Past dividend record is not indicative of future dividend likely to be achieved. Please note that a positive distribution 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 key facts statement) of the Fund for further details including the risk factors.

+“Net distributable income” means the net investment income (i.e. dividend income and interest income net of fees and expenses) attributable to the relevant share class and may also include net realised gains (if any) based on unaudited management accounts. However, “net distributable income” does not include net unrealised gains.

Geographical Allocation

	Equities	Bonds
Taiwan	18.4%	0.0%
Hong Kong	14.3%	0.0%
China	13.0%	7.5%
Australia	10.8%	0.0%
India	5.9%	2.5%
Korea	5.3%	0.0%
Others	2.8%	2.7%
Indonesia	2.5%	3.6%
Singapore	2.5%	0.0%
Thailand	2.5%	0.0%
Total	78.0%	16.3%

Sector Allocation (Equity Portion)

Financials	21.4%
IT	18.2%
Real Estate	9.7%
Telecom Services	8.1%
Consumer Discretionary	4.4%
Utilities	4.2%
Others	3.8%
Industrials	3.2%
Consumer Staples	2.5%
Materials	2.5%

Top Holdings

	Market	Asset	Weights
Hon Hai Precision Industry	Taiwan	Equity	3.9%
Taiwan Semiconductor	Taiwan	Equity	3.4%
Ping An Insurance – H	China	Equity	3.3%
Samsung Electronics	Korea	Equity	3.2%
Chunghwa Telecom	Taiwan	Equity	3.1%

Summary Statistics (Bond Portion)

Average Credit Rating	BB-
Investment Grade	35.1%
Non-Investment Grade	64.9%

Fund Details

Unit Class	A USD (Dis)	A HKD (Dis)	A AUD Hgd (Dis) ^#	A NZD Hgd (Dis) ^#	A RMB Hgd (Dis) ^#	A USD (Acc)
Launch Date	6 Feb 2015	6 Feb 2015	6 Feb 2015	6 Feb 2015	6 Feb 2015	6 Feb 2015
Minimum Investment Amount	US$2,000	HK$10,000	US$2,000 or equivalent	US$2,000 or equivalent	US$2,000 or equivalent	US$2,000
Dividend Frequency	Monthly (aims to provide a monthly dividend, dividend is not guaranteed and distributions may be paid out of income and/or capital¹)					--
Record Date²	14^th day of every month					--
Ex-Dividend Date	One business day after Record Date					--
ISIN	HK0000224201	HK0000224219	HK0000224227	HK0000224243	HK0000224235	HK0000224250
Bloomberg	BEAPAUI HK	BEAPAHI HK	BEAPAUH HK	BEAPANH HK	BEAFARH HK	BEAPAUA HK

Base Currency	USD
Management Fee	1.50% p.a.
Preliminary Charge	Up to 5.00%
Realisation Charge	Currently waived
Dealing Frequency	Daily (HK business days)

Dividend only applies to distributing classes and is not guaranteed. The manager may at its discretion make distributions from income and/or capital in respect of the distributing classes of the Fund. Investors should note that the distributions paid out of capital amount to a return or withdrawal of part of the unitholder’s original investment or from any capital gains attributable to that original investment. Such distribution may result in an immediate reduction of the net asset value per unit.
If such day is not a Business Day, the Record Date will be the immediately preceding Business Day.

Resource Centre

The Fund is available for sale at the following distributors

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Investments in the Fund are subject to investment risks, including the possible loss of the principal amount invested. For full details and risk factors of the Fund, please refer to the explanatory memorandum of the Fund. Investors should also read the explanatory memorandum of the Fund for detailed information prior to any subscription. The information contained herein is only a brief introduction to the Fund. Investors should be aware that the price of units may go down as well as up as the investments of the Fund are subject to market fluctuations and to the risks inherent in all investments. Past performance is not indicative of future performance. The information contained in this document is based upon information which BEA Union Investment Management Limited considers reliable and is provided on an “as is” basis. This document does not constitute an offer, recommendation or solicitation to buy or sell any securities or financial instruments. The Fund has been authorised by the Securities and Futures Commission (“SFC”) in Hong Kong. SFC authorisation 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. This material has not been reviewed by the SFC in Hong Kong.

Issuer: BEA Union Investment Management Limited

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BEA Union Investment Asia Pacific Flexi Allocation Fund

BEA Union Investment Asia Pacific Flexi Allocation Fund (the “Fund”) seeks to achieve long-term capital growth and income by investing in equity securities or debt securities, that are either traded in the Asia Pacific region or issued by companies incorporated in the Asia Pacific region or companies which have significant operations in or derive significant portion of revenue from the Asia Pacific region.
The Fund invests in emerging markets and may be subject to higher liquidity and volatility risks.
The Fund invests directly in REITs, equities, ETFs and managed funds, and is thus subject to the risks generally associated with such asset classes, including but not limited to liquidity of the asset class, changes in investment sentiment, political environment, economic, business and social conditions in the Asia Pacific region.
The Fund may invest in below investment grade or non-rated debt securities including high yield bonds, which are subject to greater credit and liquidity risks than higher-rated securities.
The manager may at its discretion make distributions from income and/or capital in respect of the distributing classes of the Fund. Investors should note that the distributions paid out of capital amount to a return or withdrawal of part of the unitholder’s original investment or from any capital gains attributable to that original investment. Such distribution may result in an immediate reduction of the net asset value per unit.
In terms of currency hedged class units, adverse exchange rate fluctuations between the base currency of the Fund and the class currency of the currency hedged class units may result in a decrease in return and/or loss of capital for unitholders. Over-hedged or under-hedged positions may arise and there can be no assurance that these currency hedged class units will be hedged at all times or that the manager will be successful in employing the hedge.
Investors may invest in RMB (Hedged) units. It should be noted that the RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies of the Chinese government. There is also no assurance that the RMB will not be subject to devaluation. Any devaluation of the RMB could adversely affect the value of investors’ investments. There is no guarantee that the hedging strategy will be effective and investors may still be subject to the RMB currency exchange risk.
The Fund may enter into futures contracts for hedging and investment purposes. Given the leverage effect embedded in futures contracts, the Fund may be exposed to significant losses.
Investors should not make an investment decision based solely on this material.

BEA Union Investment Capital Growth Fund

BEA Union Investment Capital Growth Fund is an approved pooled investment fund umbrella which has within it different investment funds investing in equities or bonds, each with a different risk profile.
An investment fund which invests in a single market may be subject to higher concentration risk than investment funds which invest in a number of different markets.
Some of the investment funds investing in emerging markets are higher risk than those investing in more established markets. Emerging markets may involve additional market, currency, legal and regulatory and liquidity risks. The high volatility in such markets could result in the investors suffering substantial losses.

BEA Union Investment Series

BEA Union Investment Series as an umbrella fund has within it different sub-funds investing in equities and/or bonds, each with a different risk profile.
Sub-funds which invest in emerging markets may be subject to higher liquidity and volatility risks, while sub-funds which invest in a particular market or sector may be subject to higher concentration risk than funds following a more diversified policy.
Sub-funds which invest in lower-rated fixed income instruments, including below investment grade and non-rated debt securities, are subject to greater credit and liquidity risks than higher-rated securities.
Sub-funds may invest primarily in securities denominated in RMB or have exposure to RMB. It should be noted that the RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies of the Chinese government. In addition, there can be no assurance that the RMB will not be subject to devaluation. Any devaluation of RMB could adversely affect the value of investors’ investments.
In terms of currency hedged class units of sub-funds, adverse exchange rate fluctuations between the base currency of the sub-fund and the class currency of the currency hedged class units may result in a decrease in return and/or loss of capital for unitholders. Over-hedged or under-hedged positions may arise and there can be no assurance that these currency hedged class units will be hedged at all times or that the manager will be successful in employing the hedge.
Investors may invest in RMB (Hedged) units of sub-funds. It should be noted that the RMB is currently not a freely convertible currency as it is subject to foreign exchange control policies of the Chinese government. There is also no assurance that the RMB will not be subject to devaluation. Any devaluation of the RMB could adversely affect the value of investors’ investments. There is no guarantee that the hedging strategy will be effective and investors may still be subject to the RMB currency exchange risk.
Sub-funds may enter into futures contracts and/or currency forward contracts for hedging and/or investment purposes. Given the leverage effect embedded in futures and currency forward contracts, a sub-fund may be exposed to significant losses.
The manager may at its discretion make distributions from income and/or capital in respect of the distributing classes of certain sub-funds. Investors should note that the distributions paid out of capital amount to a return or withdrawal of part of the unitholder’s original investment or from any capital gains attributable to that original investment. Such distribution may result in an immediate reduction of the net asset value per unit.
BEA Union Investment China A-Share Equity Fund will invest at least 70% of its assets in China A-Shares, primarily through a qualified foreign institutional investors (“QFII”) which is subject to applicable regulations imposed by the PRC authorities, including among others, repatriation restrictions, which may subject the sub-fund to significant liquidity risk. In addition to the use of QFII quotas, the sub-fund may have direct exposure to certain eligible China A shares via the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect which is subject to different risks, including quota limitations, clearing and settlement risk. Investment in the sub-fund involves significant risks relating to the PRC, including, among others, emerging market risks, social, political and regulatory risks. Given the significant risks associated with investing in China A-Shares, the sub-fund may be exposed to significant losses.
BEA Union Investment China A-Share Equity Fund may be subject to the risks associated with changes in the PRC laws and regulations, including PRC tax laws, and such changes may have retrospective effect and adversely impact the sub-fund. The manager currently intends to make provisions for any PRC taxes payable by the Fund on (i) interests from RMB Bonds and (ii) dividends derived from PRC Equity Securities (including China A-Shares acquired through the Stock Connect), at a rate of 10%, if the relevant tax is not withheld at source. Such provisions may be excessive or inadequate to meet the actual tax liabilities. In case of any shortfall between the provisions and actual tax liabilities, which will be debited from the sub-fund's assets, the sub-fund's asset value will be adversely affected.

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