BEA Union Investment China Gateway Fund ("CGF")

Dynamic Allocation in Chinese Equities and Bonds To Capture Opportunities in Economic Recovery

Flexible allocation aiming to foster long term return

Ranked high in its own category in the past 2 years¹

3 major investment themes

Domestic consumption, new energy application, tactically positions in sector rotation

Aims to provide monthly dividends
Dividends are not guaranteed, and distributions may be paid out of income and/or capital⁺

Annualized dividend yield as of March²
USD 4.5%
HKD 4.5%
RMB hedge 6.8%

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 authorized by the Securities and Futures Commission (“SFC”) in Hong Kong. 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. This material and company website have not been reviewed by the SFC in Hong Kong.

⁺

1. Source: Morningstar Asia, Performance ranking is based on the annualized performance (total return is calculated in USD) of funds authorized by Securities and Futures Commission of Hong Kong (“SFC”) which are categorized under the Morningstar Greater China Allocation Fund category and with performance recorded from 1 January to 31 December 2019 and 1 January to 31 December 2020. Past performance of the Fund (as of 31 March 2021): 2020: 34.2%; 2019: 19.8%; 2018: -20.9% (since launch till 31 December of the same year): Year-to-date: -3.6% (as of 31 March 2021), performance in Class A USD (Accumulating), NAV to NAV, with dividend reinvested. Class A USD (Accumulating) was launched on 31 January 2018. 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.

2. Source: BEA Union Investment, as of 31 March 2021. Annualized dividend yield = (dividend of the current month x 12) / last month end NAV x 100%. Please refer to dividend notice available on website for dividend composition information and details. 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 the information as contained herein. You should read the relevant offering documents (including key facts statement) of the fund for further details including the risk factors.

China: Taking the lead in global economic recovery

“First-in-first-out”: China was the first country to recover from the pandemic

China’s anti-epidemic results were remarkable. Last year, the country’s GDP grew by 2.3%³ and the fourth quarter GDP up 6.5% year-on-year³, while GDP topped 100 trillion yuan for the first time³. It will likely be the only major economy with positive economic growth last year.
“First-in-first-out”: China was the first country to recover from the pandemic

*Estimated figure
Source: BEA Union Investment, International Monetary Fund, January 2021

US-China tension likely eases with Biden taking the office

Joe Biden takes the office while Democrats take control of both the Senate and the House of Representatives. China policy of the new office is yet to be implemented in the first quarter. US-China tension likely eases in the near term where the economic recovery of China is believed not to be inhibited.

Strong RMB supports related asset price

RMB was up 6% last year. The inclusion of China into global bond and equity indexes and the continuation of its economic recovery is supportive to RMB and the price of related assets.

Focuses on 3 investment themes to capture opportunities in economic recovery

1. Domestic consumption

China’s "internal circular” economy aims to boosts local supply chain by driving domestic demand. Consumption upgrading is expected to continue with rising per capita income and expansion of middle-class population. The leading domestic companies, like beer, dairy-products and sportswear, are the expected key beneficiaries.

The pandemic gave rise to “stay-at-home economy”. More consumers are now moving their shopping online. Last year, China's online sales of physical goods accounted for 24.9%³ of the total. The change in consumption pattern is gradually trending. Total retail sales of consumer goods and growth rate (quarterly gures)

Total retail sales of consumer goods and growth rate (quarterly gures)

Source: National Bureau of Statistics, January 2021

2. The application of new energy

China further promotes the use of new energy in response to climate change and low-carbon transformation. As of 2018, China was the top supplier of wind, solar and hydropower in the world.

Following the resumption of work in provinces coupled with the promotion of green transformation, the production and sales of electric vehicles in China soared last year. It is expected to be on another growth cycle when the economy fully revives.

New energy continues to replace the use of traditional energy

Source: The State Council Information Office of PRC, December 2020

3.Tactically positions in sector rotation

Small scale outbreaks of COVID are found in certain regions despite the deployment of vaccines. We expect the sector rotation between old and new economies will continue. Old economies like oil, aviation and property will probably chase up when valuation is becoming attractive with pandemic fading. While new economies, with strong fundamentals, are expected to outperform in the longer term. The Fund will tactically position in sector rotation to capture alpha opportunities.

The production and sales volume of electric vehicle in China

Source: China's Passenger Car Association (CPCA), November 2020

3. Source: National Bureau of Statistics, January 2021.

Dynamic allocation in China equities and bonds to boost the return of the portfolio

Apart from equity markets, the Fund also invests in onshore and offshore bond markets which are rapidly growing in China to diversify the portfolio risk. We prefer China property names in the bond sector. Last year, the cumulative sales of commercial properties in China surged to 14.1 trillion yuan, up 7% year-on-year³. The new funding rules implemented by China government are expected to deleverage property developers and pave the way for a more steady development of the industry in longer term.

Real Estate Climate Index

Source: National Bureau of Statistics, January 2021.
3. Source: National Bureau of Statistics, January 2021.

The Fund frequently adjusts the mix of China A-shares, Hong Kong equities, American Depository Receipts (ADR), onshore and offshore bonds and cash through dynamic allocation in response to market movement. It aims to capture the investment opportunities across markets and maximize the return of the overall portfolio.

Dynamic allocation in China equities and bonds to boost the return of the portfolio

The investment team of BEA Union Investment consists of 18 seasoned investment professionals with the expertise in managing assets in retail, institutional and MPF sectors. The team specializes in investment and research in Hong Kong, China A-shares as well as Asian equity markets, and provide clients with stable and sustainable portfolio performance.

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 fl¬uctuations 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 authorized by the Securities and Futures Commission (“SFC”) in Hong Kong. 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. This material and company website have not been reviewed by the SFC in Hong Kong.

A China mixed-asset fund with investment in Hong Kong stocks, A-shares, ADRs, and Chinese bonds

Uses integrated channels, including the Shanghai and Shenzhen Stock Connects (northbound) and Bond Connect, to access China onshore securities

Aims to provide a monthly dividend (dividend is not guaranteed and distributions may be paid out of income and/or capital)*

Multiple currencies available (USD, HKD, AUD, and RMB)

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Main Distributors (In no particular order):

*Dividend only applies to distributing classes and is not guaranteed. Past dividend record is not indicative of future dividend likely to be achieved. 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. Please note that a positive distribution yield does not imply a positive return. Investors should not make any investment decision solely based on the information above. You should read the relevant offering document (including the key facts statement) of the fund for further details including the risk factors.

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BEA Union Investment China Gateway Fund

BEA Union Investment China Gateway Fund (the “Fund”) seeks medium to long term capital growth and income through investing primarily in equity securities and/or debt securities, that are either (a) traded in China or (b) issued by entities incorporated in China or entities which have significant operations in or assets in, or derive significant portion of revenue or profits from China.
The Fund is subject to general investment risk, China market concentration risk, equity market risk, asset allocation risk, risks associated with stock connects, risks associated with China interbank bond market, China tax risk, risks of investing in other funds, emerging market risk and currency risk.
The Fund invests in debts securities and are subject to risks in interest rates, credit/counterparty, downgrading, below investment grade and non-rated securities, volatility and liquidity, valuation and sovereign debt, credit rating and credit rating agency risk, which may adversely affect the price of the debt securities.
The manager may at its discretion make distributions from income and/or capital in respect of the distributing classes of the Fund. 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 the currency hedged class units will be hedged at all times or that the manager will be successful in employing the hedge.
RMB is currently not a freely convertible currency as it is subject to exchange controls and restrictions. Non-RMB based (e.g. Hong Kong) investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ base currencies (for example HKD) will not depreciate. Any depreciation of the RMB could adversely affect the value of investors’ investments.
The Fund may use financial derivative instruments for hedging and investment purposes which may not achieve the intended purpose and may result in significant losses. Risks associated with derivative instruments include counterparty/ credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk.
Investors should not make an investment decision based solely on this material.

BU Fund Series OFC

BU Fund Series OFC is a Hong Kong open-ended public fund company regulated under the laws of Hong Kong with variable capital and limited liability and segregated liability between sub-funds. ^*
A sub-fund’s investment portfolio may fall in value, and therefore investor’s investment in the sub-fund may suffer losses. There is no guarantee of the repayment of principal.
A sub-fund may be subject to general investment and market risks, custody risks, equity investment risks, volatility risk, risk associated with small-capitalisation/mid-capitalisation companies and risk of investing in IPO.
A sub-fund that invests in debt securities is subject to interest rate, credit/ counterparty, downgrading, below investment grade & non-rated securities risk, volatility and liquidity, sovereign debt, valuation and credit rating risks.
A sub-fund may be subject to risks associated with debt instruments with loss-absorption features, dim-sum bond market risks, risks associated with China Interbank Bond Market, risks of investing in urban investment bonds.
Sub-fund that invests in certain PRC securities may be subject to withholding and other taxes imposed in the PRC.
A sub-fund may be subject to concentration/China and Asia market risk, emerging market risk, currency risk, derivative risk, currency hedging risk, RMB currency and conversion risks.
The manager may at its discretion make distribution from income and/or capital in respect of the distributing classes of the Fund. Distributions paid out of the capital amount to a return or withdrawal of part of the shareholder’s original investment or from any capital gains attributable to that original investment. Any such distributions may result in an immediate reduction of the net asset value per share.
A sub-fund involves risk associated with fixed minimum distributions. Investments in classes of shares with fixed minimum distributions of the sub-fund are not an alternative to a savings account or fixed-interest paying investment. The minimum amount of distributions paid by such share classes is unrelated to expected or past income or returns of these share classes or the sub-fund. Such share classes will continue to distribute in periods that the sub-fund has negative returns or is making losses, which further reduces the net asset value of the sub-fund. The class of shares with minimum distribution amounts will be fixed at the discretion of the Directors in terms of the relevant class currency and will not take into account the fluctuations in the exchange rate between the base currency of the sub-fund and the relevant class currency (if applicable) subsequent to the determination of the fixed minimum amount of distributions in terms of the relevant class currency.

* It is registered with the Securities & Futures Commission under the Securities & Future Ordinance of Hong Kong (registration number: OF4) with registered office at 5/F, The Bank of East Asia Building, 10 Des Voeux Road Central, Hong Kong

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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BEA Union Investment China Gateway Fund ("CGF")

Dynamic Allocation in Chinese Equities and Bonds To Capture Opportunities in Economic Recovery

Flexible allocation aiming to foster long term return

3 major investment themes

Aims to provide monthly dividends Dividends are not guaranteed, and distributions may be paid out of income and/or capital+

China: Taking the lead in global economic recovery

US-China tension likely eases with Biden taking the office

Strong RMB supports related asset price

Focuses on 3 investment themes to capture opportunities in economic recovery

2. The application of new energy

3.Tactically positions in sector rotation

Dynamic allocation in China equities and bonds to boost the return of the portfolio

Resource Centre

Resource Centre

Aims to provide monthly dividends
Dividends are not guaranteed, and distributions may be paid out of income and/or capital⁺