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Bosera Aberdeen Standard Selection
Emerging market bond fund
Bo
As at 31 December 2002
Fund management and administration 1
Report from the Manager to Unit Holders 2
Trustee's Report to Unit Holders 3
Independent Audit Report 4 - 6
Statement of Financial Position 7
Statement of Comprehensive Income 8
Statement of Changes in Net Worth Due to Unit Holders 9
Cash Flow Statement 10
Notes to the financial statements 11 - 32
Portfolio (unaudited) 33
Portfolio change report (unaudited) 34 - 41
Risk information generated by financial derivatives (unaudited) 42
Performance summary (unaudited) 43 - 44
Manager Deputy Manager
Bosera Fund (International) Co., Ltd. Aberdeen Hong Kong Co., Ltd
Room 4109, Jardine House, Floor 30, Luhaitong Building
31 Queen's Road Central, 1 Leisure Plaza
Central Hong Kong
Hong Kong
Trustee and transfer office
HSBC Institutional Trust Services (Asia) Limited
1 Queen's Road Central
Hong Kong
Chinese Custodian
the hongkong and shanghai banking corporation limited
1 Queen's Road Central
Hong Kong
Consignee of Chinese custodian
HSBC Bank (China) Co., Ltd
33/F, HSBC Building
Shanghai Guojin Center Shopping Mall
8 Century Avenue
Pudong, Shanghai (200120)
China
certified public accountant
Luo Bingxian Yongdao Certified Public Accountants
22/F, Prince Building
Central
Hong Kong
Legal Counsel
Simmons Law Firm
30/F, One Taikoo Square
979 King's Road
Hong Kong
2022 will be a very difficult year for the fixed income market and the overall financial market. The Federal Reserve has launched a historic campaign to control inflation
In the most aggressive interest rate raising cycle, the federal funds rate has risen 425 basis points in a year. American interest rate soared and annual average rate of return
The curve is seriously inverted, resulting in the decline of global stock markets and the expansion of credit spreads, both of which have obvious trends. In the field of credit in China, real estate
The industry continued to experience serious difficulties throughout the year.
The Fund maintains the strategy of holding short-term and high-quality investments, and limits its risk exposure to the real estate industry, which contributes to the Fund's performance.
Bosera Fund (International) Co., Ltd
April 27, 2023
We hereby confirm that we believe that the Fund Manager has, in all material respects
The provisions of the Trust Deed dated 5 January 2012 (as amended) govern the Fund.
HSBC Institutional Trust Services (Asia) Limited
April 27, 2023
Audit Report on Financial Statements
opinion
Audited part
Bosera Aberdeen Standard selects emerging market bond fund ("Fund") (sub fund of Bosera Investment Fund) as shown on pages 7 to 32
Financial statements, including:
? Statement of financial position as at 31 December 2022;
? Statement of comprehensive income for the year then ended;
? Statement of changes in net assets attributable to unit holders up to the current year;
? Annual cash flow statement up to that time; and
? Notes to the financial statements, including major accounting standards and other explanatory materials.
Our opinion
In our opinion, the financial statements give a true and fair view of the Fund as at
The financial position as of December 31, 2022, and the financial transactions and cash flows of the current year as of that date.
Opinion benchmark
We have conducted our audit in accordance with International Standards on Auditing ("International Standards on Auditing"). The responsibilities performed according to the above standards are further detailed in this newspaper
Inform the CPA of the responsibility of auditing the financial statements.
We believe that the audit evidence we have obtained can fully and properly provide the basis for our opinions.
Independence
According to the International Standards of Ethics for Professional Accountants (including the International Standards of Independence) issued by the International Council of Ethics for Professional Accountants
Then "), we are independent of the Fund and have complied with the Code to perform other moral responsibilities.
Other data
The trustee and fund manager ("management") are responsible for other data. Other data include financial statements and this audit report
There are data contained in the current annual report.
Our opinion on the financial statements does not cover other data, and we will not issue any form of review conclusions on other data.
As far as our audit of the financial statements is concerned, our responsibility is to read other data to consider whether other data is consistent with the financial statements or
The data we learned in the audit process is materially inconsistent or materially misstated.
If we believe that there is a material misstatement of other data based on our work, we must report the relevant facts. We don't have anything in this regard
To be reported.
Responsibilities of the management for the financial statements
The fund management shall be responsible for preparing the relevant financial statements in accordance with the International Financial Reporting Standards, so that the relevant financial statements give a true and fair view and
Implement the internal control necessary for the preparation of the financial statements, so that the relevant financial statements are free from material errors due to fraud or error
Newspaper.
When preparing the financial statements, the fund management shall be responsible for assessing the fund's ability to continue as a going concern and disclosing matters related to continuing operations (if applicable
With). Unless the management intends to liquidate or stop the operation of the fund, or there is no other practical method, it shall adopt
Business based accounting.
In addition, the Fund's management must ensure that the financial statements have been prepared in accordance with the Trust Deed (as amended) dated 5 January 2012 (the "Trust Deed")
And Appendix E of the Code on Unit Trusts and Mutual Funds ("SFC Code") promulgated by the Securities and Futures Commission of Hong Kong
The disclosure provisions are properly prepared.
CPA's responsibility for auditing financial statements
Our objective is to reasonably determine that these financial statements as a whole are free from material misstatement due to fraud or error, and issue
Our opinion on the audit report. We only report to all share holders and do not use it for other purposes. We do not give any information about the contents of this report
Any other person assumes or assumes any responsibility. Reasonably determined to be a high-level review, but the audit work conducted according to the International Standards on Auditing cannot be guaranteed
The certificate can always find any major misstatement. Misstatements can result from fraud or error. If individual or overall misstatement is reasonably expected to affect
The economic decision made by the user according to the financial statements shall be deemed as material misstatement. In addition, we must also assess whether the financial statements of the Fund are
Whether it has been properly prepared in all material aspects in accordance with the relevant disclosure provisions of the trust deed and Appendix E of the SFC Code.
In the process of auditing in accordance with the International Standards on Auditing, we use professional judgment and maintain professional skepticism. We have also taken the following measures
Construction:
? Identify and assess the risk of material misstatement of the financial statements due to fraud or error, design and implement audit procedures to deal with
These risks, and obtaining sufficient and appropriate audit evidence, serve as the basis for our opinion. Because fraud may involve collusion
Forgery, intentional omission, false statement or override of internal control, so that material misstatement caused by fraud is not found
The risk is far higher than the risk of failing to discover the major misstatement caused by errors.
? Understand the internal control related to audit to design appropriate audit procedures, but not to publish the effectiveness of the Fund's internal control
opinion.
? Evaluate the appropriateness of accounting standards adopted by the management and the reasonableness of accounting estimates and related disclosures.
? Summarize the appropriateness of the management's adoption of the going concern accounting basis, and determine whether there is an event based on the audit evidence obtained
Or major uncertainties related to the situation, which may lead to major doubts about the fund's ability to continue operations. If we recognize
In order to have significant uncertainties, it is necessary to draw attention to the relevant disclosures in the financial statements in the audit report. If relevant disclosure
If it is insufficient, we will revise our opinions. Our conclusion is based on the audit evidence obtained as of the audit report date. However, the future
Events or circumstances may cause the Fund to fail to continue its operations.
CPA's responsibility for auditing financial statements (continued)
? Evaluate the overall presentation method, structure and content of the financial statements, including the disclosed data, and whether the financial statements fairly reflect the relevant information
Easy and easy.
We communicated with the management about (including) the proposed scope, timing and major audit findings of the audit, which included our ongoing audit
Any significant deficiencies in internal control identified during the design process.
Report on matters required by the trust deed and the relevant disclosure provisions of Appendix E of the CSRC Code
In our opinion, the financial statements have been properly prepared in all material respects in accordance with the trust deed and the relevant disclosure provisions of Appendix E of the CSRC Code.
Luo Bingxian Yongdao Certified Public Accountants
Certified Public Accountant
Hong Kong
April 27, 2023
2022 2021
Note USD
assets
current assets
Investment 5 (b), 8 (c) 1994600 32364133
Subscription receivable - 300
Interest receivable 24214 474068
Management fee receivable 8 (g) 84365-
Other receivables - 954
Leverage trading margin 5 (d), 9 100 1749452
Cash and cash equivalents 5 (d), 8 (c) 356849 5678847
Total assets 2460128 40267754
liabilities
current liabilities
Sales payables - 600000
Other payables 8 (a), (b), (f) 63156 64289
Liabilities (excluding net assets attributable to share holders) 63156 664289
Net worth attributable to share holders 4 2396972 39603465
Representative
HSBC Institutional Trust Services Bosera Fund
(Asia) Limited (International) Limited
Trustee Manager
________________________ _________________________
The notes on pages 11 to 32 form part of these financial statements
2022 2021
Note USD
income
Bank deposit interest 8 (c) 3626 3162
Investment interest 430674 3631334
Other income 8 (g) 84482-
Net investment loss 6 (3188863) (5088971)
Net exchange gains 5263 111138
Total investment loss (2664818) (1343337)
expenditure
Management fee 8 (a) 43055 505464
Trustee fee 8 (b) 67019 103452
Audit fee 32728 38515
Transaction costs 10 354-
Storage fee 8 (f) 2301 14547
Legal and professional fees - 9086
Other expenses 8 (f) 67096 85124
Total operating expenses 212553 756188
Operating loss before tax (2877371) (2099525)
Tax expenses 7 (113) (198)
Decrease in net asset value attributable to share holders from operations
(2,877,484) (2,099,723)
The notes on pages 11 to 32 form part of these financial statements
2022 2021
Note USD
Net asset value attributable to share holders at the beginning of the year
39,603,465 140,463,815
Issuance share 4 2042679 32793971
Redemption unit 4 (36371688) (131554598)
Net decrease in share trading (34329009) (98760627)
Decrease in net asset value attributable to share holders from operations (2877484) (2099723)
Net asset value attributable to share holders at the end of the year
2,396,972 39,603,465
Share
Class A USD share
Issued shares at the beginning of the year 7300 5737
Issued shares 4491 8937
Redemption units (3917) (7374)
Issued shares at the end of the year 7874 7300
Class I USD share
Issued shares at the beginning of the year 778275 7757760
Issued shares 208588-
Redemption units (750000) (6979485)
Issued shares at the end of the year 236863 778275
Class A RMB share
Issued shares at the beginning of the year 83396 467070
Issuance shares 21 523
Redemption units (100) (384197)
Issued shares at the end of the year 83317 83396
Class I RMB share
Issued shares at the beginning of the year - 304883166
Issuance share --
Redemption units - (304883166)
Issued shares at the end of the year --
Class S USD share
Issued shares at the beginning of the year 3263844-
Issuance share - 3263844
Redemption shares (3263844)-
Issued shares at the end of the year - 3263844
The notes on pages 11 to 32 form part of these financial statements
2022 2021
USD USD
Cash flows from operating activities
Decrease in net asset value attributable to share holders from operations (2877484) (2099723)
Adjustment of the following items:
Investment interest (430674) (3631334)
Bank deposit interest (3626) (3162)
Tax expenses 113 198
Operating losses before changes in operating funds (3311671) (5734021)
Net decrease in investment 30369533 97904467
Net decrease in financial derivatives - 590588
Sales payables (decrease)/net increase (600000) 600000
Net increase in management fees receivable (84365)-
Net decrease/(increase) of other receivables 954 (942)
Net decrease in margin of leveraged transactions 1749352 2587892
Other payables (decrease)/net increase (1133) (78595)
Cash from operations 28122670 95869389
Received investment interest 881173 5047357
Received bank deposit interest 2868 2964
Net cash generated from operating activities 29006711 100919710
Cash flow from financing activities
Proceeds from issuing shares 2042979 32794186
Redemption unit payment (36371688) (131554598)
Net cash used in financing activities (34328709) (98760412)
Cash and cash equivalents (decrease)/net increase (5321998) 2159298
Cash and cash equivalents at the beginning of the year 5678847 3519549
Cash and cash equivalents at the end of the year 356849 5678847
Balance analysis of cash and cash equivalents
Cash at bank 356849 5678847
The notes on pages 11 to 32 form part of these financial statements
1. Fund
Bosera Investment Fund ("Trust Fund") is an open umbrella trust fund, which is managed by Bosera Fund (International) Co., Ltd
Manager, hereinafter referred to as the "Manager") and HSBC Institutional Trust Services (Asia) Limited (as trustee, hereinafter referred to as the "Trustee")
Governed by the Trust Deed (as amended) dated 5 January 2012 (the "Trust Deed"). The terms of the trust deed are governed by Hong Kong
Regulated by law.
Bosera Aberdeen Standard Selected Emerging Market Bond Fund ("Fund") is a trust sub fund. The establishment date of the fund is May 2016
9. As of December 31, 2022 and 2021, the trust fund has three other sub funds, namely Bosera RMB bond fund
Bosera China Opportunity Bond Fund (formerly known as Bosera Global Income Opportunity Fund) and Bosera Greater China Bond Fund. Trust funds and subsidiaries
The funds are approved by the Hong Kong Securities and Futures Commission in accordance with Article 104 of the Hong Kong Securities and Futures Ordinance.
The investment objective of the Fund is to realize income and capital appreciation by mainly investing in global emerging market bonds and emerging market currencies.
The administrator has obtained the approval from the China Securities Regulatory Commission (
China Securities Regulatory Commission ("CSRC") has obtained RQFII qualification and has been granted RQFII quota by the State Administration of Foreign Exchange of China ("SAFE"). base
The fund uses the RQFII limit granted to the administrator by the Authority.
Since November 12, 2019, the Fund has been approved by the China Securities Regulatory Commission to register as a mutual recognition scheme between the Mainland and Hong Kong
One of the northbound funds under.
These financial statements have been prepared for the Fund only.
2. Important accounting standards and regulations
The main accounting standards used in the preparation of these financial statements are described below. Unless otherwise specified, these standards have been listed in the
Apply consistently throughout the year.
(a) Compilation basis
The financial statements of the Fund have been prepared in accordance with the International Financial Statements issued by the International Accounting Standards Board (the "IASB")
Preparation of reporting standards ("International Financial Reporting Standards"). The financial statements are prepared according to the historical cost convention, and the fair value
The measurement method of financial assets and financial liabilities whose value is included in profit or loss shall be revised.
The preparation of financial statements in accordance with IFRS requires the use of certain accounting estimates. It also requires the trustee and administrator
(collectively referred to as the "Management") makes judgments when applying the Fund's accounting standards.
2. Important accounting standards and regulations (continued)
(a) Preparation basis (continued)
Standards and amendments to existing standards effective January 1, 2022
There are no standards or alignments that will take effect in the annual period beginning on January 1, 2022 and have a significant impact on the financial statements of the Fund
Amendment or interpretation of.
New standards, amendments and interpretations that come into force after January 1, 2022 and have not been adopted in advance
Several new standards, amendments and interpretations to the standards will take effect in the annual period beginning after January 1, 2022, but not in
It is adopted in advance when preparing the financial statements. These new standards, amendments to the standards or interpretations are not expected to affect the financial performance of the Fund
The financial statements have a significant impact.
(b) Financial assets at fair value through profit or loss
(i) Classification
The Fund invests in such financial assets according to the business model of the Fund's management of such financial assets and the contractual cash flow characteristics of financial assets
To be classified. The financial asset portfolio is managed and evaluated on a fair value basis. The fund mainly focuses on companies
Allowable value data, and use these data to evaluate the performance of assets to make decisions. Contractual cash of the Fund's debt securities
The cash flow is only the principal and interest, but the purpose of holding these securities is neither to collect contractual cash flow nor
To collect contractual cash flow and sell. The collection of contractual cash flow is only incidental to the achievement of the objectives of the fund business model
Conditions. Therefore, all investments are measured at fair value through profit or loss.
The Fund's policy requires the Manager to evaluate the information about financial assets and liabilities and other financial assets and liabilities on a fair value basis
Financial information.
(ii) Recognition, derecognition and measurement
Regular trading investments are confirmed on the trading day, which is the date on which the Fund commits to trading investments. Included at fair value
Financial assets and financial liabilities of profit and loss are initially recognized at fair value. Transaction costs are included in the statement of comprehensive income when incurred
Pin.
When the right of self investment to collect cash flow expires or the fund has transferred most of the risks and returns of ownership
The asset will be derecognized.
After preliminary recognition, all financial assets and financial liabilities included in profit or loss at fair value are measured at fair value.
Due to the change in fair value of financial assets or financial liabilities at fair value through profit or loss
Gains and losses incurred, "net investment income/(loss)" in the statement of comprehensive income during the period in which they are incurred
Accounting.
2. Important accounting standards and regulations (continued)
(b) Financial assets at fair value through profit or loss (continued)
(iii) Fair value estimates
Fair value refers to the price charged or transferred by market participants when they conduct standardized transactions on the measurement date
Price paid for liabilities. Financial assets and liabilities traded in active markets (such as publicly traded financial derivatives
The fair value of trading securities is stated at the market price quoted at the end of the trading period on the reporting date. Active market
It refers to the market with sufficient transaction times and quantities of assets or liabilities to continuously provide pricing data. Fund use
The final transaction market price measures financial assets and financial liabilities, and the final transaction price is within the bid ask spread. At the end
If the transaction price is not within the bid ask spread, the management will determine the point within the bid ask spread that best represents the fair value.
The fair value of debt securities is based on quoted prices, including accrued interest. Debt not quoted in an active market
The fair value of securities can be determined by the use of reputable pricing sources (such as pricing agencies) or bonds/bond markets
Home indicative price. Sales quotations obtained from pricing sources may be indicative, unenforceable or
Binding. The Fund will judge and estimate the quantity and quality of pricing sources used. When there is no market data
In this case, the fund can use its own models to evaluate the position, which are usually based on widely recognized industries
Standard valuation methods and techniques.
(iv) Transfer between fair value tiers
Transfers between fair value tiers are considered to have occurred at the beginning of the reporting year.
Financial derivatives
Financial derivatives are recognized at fair value on the date of signing the financial derivatives contract, and subsequently re recognized at fair value
Measurement. The fair value is obtained from the market quotation in the active market, including recent market transactions and valuation methods, valuation methods
Including the applicable discounted cash flow model and option pricing model. When the fair value is positive, financial derivatives
Financial derivatives are recorded as assets. When the fair value is negative, financial derivatives are recorded as liabilities.
Subsequent changes in the fair value of any derivative instrument are recognized immediately in the statement of comprehensive income.
(d) Interest income
The interest income of all interest bearing instruments is recognized in the statement of comprehensive income by the effective interest method on a time proportion basis. Other receipts
Recorded on an accrual basis.
The effective interest method is used to calculate the amortization cost of interest bearing assets and to apportion interest income according to the relevant period. The effective interest rate is guaranteed
The expected life of the financial instrument (or a shorter period if appropriate) exactly discounts the cash income after the estimated date to the financial instrument
The ratio of net book value. When calculating the effective interest rate, the Foundation takes into account all contracts of financial instruments for estimating cash flows
Terms (such as early repayment option) without accounting and future credit losses. The scope of calculation includes all parties to the contract
All fees and consideration received (as an integral part of the effective interest rate), transaction costs, and all other premiums or allowances.
2. Important accounting standards and regulations (continued)
(e) Foreign currency translation
(i) Function and presentation currency
Items in the financial statements of the Fund are measured in the currency of the main economic environment in which the Fund operates (called
"Functional Currency"). The performance of the Fund is measured in US dollars ("US dollars") and reported to share holders. Administration
People believe that the US dollar is the currency that most faithfully represents the economic impact of relevant transactions, events and environment. Financial Statement Yimei
Yuan, that is, the function and currency of the fund.
(ii) Transactions and balances
Transactions denominated in foreign currencies are translated into functional currencies at the current exchange rate on the transaction date. Assets in foreign currency
And liabilities are translated into functional currency at the current exchange rate on the annual settlement date.
Foreign currency exchange gains and losses arising from the above translation are included in the statement of comprehensive income.
Foreign currency exchange gains and losses related to cash and cash equivalents are included in the "net exchange loss" in the statement of comprehensive income
Accounting.
Foreign currency exchange gains and losses related to financial assets and liabilities at fair value through profit or loss are included in the "exchange" in the statement of comprehensive income
(Loss)/net income ".
(f) Expenses
Expenses are recorded on an accrual basis.
(g) Redeemable shares
The Fund may issue redeemable shares for redemption at the option of the holders.
Redeemable units may be returned to the Fund in exchange for cash on any trading day in an amount equal to the net asset value of the Fund prorated.
Units can be redeemed on a daily basis.
Redeemable shares are stated at amortised cost, which means that on the statement of financial position date, if the holder exercises the right to pay
Redeemable amount payable for returning to the fund.
The Fund has five types of issued shares: Class A US dollars, Class I US dollars, Class A RMB yuan, Class I RMB yuan and Class S US dollars,
These units enjoy equal rights and interests in all material aspects, but have different terms and
Conditions, including minimum investment and management fees. Due to different characteristics of different share categories, equity scores are not satisfied
Therefore, they are classified as financial liabilities.
The issuance and redemption of units shall be selected by the unit holders, and the price shall be based on the net asset value of each fund at the time of issuance or redemption.
The net asset value of each unit of the Fund is calculated by dividing the net asset value attributable to the unit holder by the total number of issued units of the corresponding category.
2. Important accounting standards and regulations (continued)
(h) Sales service fees receivable/payable
The receivable/payable sales service fees refer to the contracted but unsettled or
Receivables and payables due to investments delivered. The balance of sales receivables is withheld for collection.
These amounts are initially recognized at fair value and subsequently measured at amortised cost. At each reporting date, if the credit risk surrender
The secondary recognition has increased significantly, and the fund should measure the loss reserves of sales service fees receivable according to the expected credit losses of the year.
If, on the reporting date, the credit risk has not increased significantly since the initial confirmation, the fund should follow the expected credit loss of 12 months
Measurement of loss reserves. The sales organization has major financial difficulties, may go bankrupt or carry out financial restructuring and underpayment
And will be regarded as indicators that may require loss reserves. If credit risk increases to the point where it is deemed to be impaired, then
Interest income will be calculated according to the book amount of adjusted loss reserves. If any contract payment is more than 30 days overdue, the management will determine
It means that credit risk has increased significantly. Any contract payment overdue for more than 90 days is considered as credit impairment.
(i) Cash and cash equivalents
Cash and cash equivalents include bank cash and bank deposits with an original expiry date of three months or less.
(j) Leveraged Trading Account
Leveraged trading account refers to the leveraged trading margin held for futures contracts.
(k) Taxes
The Fund may incur withholding taxes on investment income. These revenues are stated in the statement of comprehensive income as gross amounts without tax deduction.
Withholding tax is recorded separately and listed as tax in the statement of comprehensive income.
(l) Distribution to unit holders
The Manager may, at its discretion, allocate shares from the Fund's income or capital (or partly from income and partly from capital) to
The holder makes cash distribution. The distribution to unit holders shall be confirmed when approved by the administrator.
(m) Transaction cost
Transaction costs refer to the costs incurred in the acquisition of financial assets or liabilities at fair value through profit or loss, including those paid to
Fees and commissions of management, sales agencies and dealers. When transaction costs are incurred, they are recognized as expenses in profit or loss in real time.
(n) Comparative figures
The comparative figures have been adjusted as necessary to match the presentation benchmark and classification used in the current year.
3. Important accounting estimates and judgments
The manager makes estimates and assumptions about future events. By definition, the accounting estimate obtained will not always be equal to the actual settlement
Fruit. The manager continuously evaluates and bases on past experience and other factors (including future events expected to reasonably occur under certain circumstances)
Make an estimate.
4. Number of issued shares and net asset value per share held by share holders
The capital of the Fund is shown in the form of "net asset value attributable to share holders", and its financial position as of December 31, 2022 and 2021
Financial liabilities are classified on the balance sheet. The units purchased and redeemed during the year are recorded in the statement of changes in the net asset value attributable to unit holders. To reach Zhitou
Capital objective: The Fund will make every effort to invest capital according to the investment policy and risk management policy listed in Note 5, while maintaining
Sufficient liquidity to meet redemption requirements. These liquidity can be enhanced by holding short-term investments. As of December 31, 2022
The Fund has three types of issued shares on December 31, 2012: Class A USD, Class I USD, Class A RMB (2021: four types of issued shares: A
Class I USD, Class I USD, Class A RMB and Class S USD).
2022
Class A USD Class I USD Class A RMB Yuan Class S USD
Share Share Share
Issued shares at the end of the year 7874 236863 83317-
════════════════ ═════
═ ═ ═
2021
Class A USD Class I USD Class A RMB Yuan Class S USD
Share Share Share
Issued shares at the end of the year 7300 778275 83396 3263844
════════════════ ═════
═ ═ ═
2022 2021
Net asset value of each fund unit
– Class A USD share US $9.53 US $10.91
– Class I USD share US $9.76 US $11.14 US $
– Class S USD share - $9.45
– Class A RMB share RMB 0.92 RMB 0.96
5. Financial risk management
(a) Financial risk factors
The investment objective of the Fund is to increase income and capital by mainly investing in global emerging market bonds and emerging market currencies
Value. The Fund invests in bonds issued by governments, semi government entities or enterprises of emerging market countries and emerging market currencies,
Achieve investment objectives.
The Fund bears market price risk, cash flow and fair value interest rate risk, credit and custody risk, liquidity risk and liquidity risk
Currency risk.
The risks of the Fund and the risk management policies adopted by the Fund to manage these risks are discussed below.
(b) Market price risk
Market price risk refers to the risk caused by fluctuations in the value of financial instruments caused by changes in market prices, regardless of whether these changes are caused by
Caused by factors unique to individual instruments or factors affecting all market instruments.
All investments involve the risk of capital loss. The market price risk of the Fund is determined through the selection of securities and diversified portfolios
Management.
At the end of the reporting period, the overall market risk was as follows:
2022 2021
Fair value cost
USD USD USD
Market 1994600 1994907 32364133 33067850
────────────────
── ─ ─────── ──
1,994,600 1,994,907 32,364,133 33,067,850
════════════════
══ ═ ═══════ ══
As the Fund mainly invests in debt securities, the sensitivity analysis of market price risk is shown in the interest rate sensitivity in Note 5 (c) below
Internal disclosure of sensitivity analysis.
5. Financial risk management (continued)
(b) Market price risk (continued)
Net market risk
The following table lists the net market risk faced by the Fund in the market, including all financial assets and negative assets held by the Fund
Market risk related to debt. The following markets are the main places of registration/operation of the issuer's holding company/head office.
2022 2021
USD USD
Equivalent equivalent
bond
Market
Angola - 375865
Armenia - 844490
Bahamas - 387979
Bahrain - 650926
Belarus - 318924
Bermuda - 616500
China 1297933 16357019
Dominican Republic - 489000
Egypt - 726353
Georgia - 628268
Guatemala - 415727
Hong Kong - 216572
Iraq - 766044
Cote d'Ivoire - 772831
Jordan - 890805
Kenya - 854894
Mongolia - 569083
Morocco - 610831
Nigeria - 877079
Oman - 567315
Pakistan - 870863
Qatar 199845-
Serbia - 517154
Switzerland --
Ukraine - 859494
United Arab Emirates 199892 566245
United States 296930 898468
Uzbekistan - 715404
────────────
1,994,600 32,364,133
═══════ ═════
5. Financial risk management (continued)
(b) Market price risk (continued)
Net market risk (continued)
The following table lists the net risks in various industries as of December 31, 2022 and 2021:
As of December 31, 2022 as of December 31, 2021
Industry percentage in net asset value percentage in net asset value
Bank 21 3
Capital goods 9-
Distribution/Wholesale - 3
Diversified financial services 8 5
Power 8 4
Engineering and construction 8 3
Medical Services - 2
Internet 8-
Investment company - 7
Iron/steel - 2
Accommodation - 1
Metals and Mining - 1
Oil/gas - 3
Pharmaceutical - 1
Real Estate - 10
Retail - 1
Semiconductor - 2
Shipbuilding - 1
Sovereignty 21 32
Transport and Logistics - 1
────── ──────
83 82
══════ ══════
On December 31, 2022 and 2021, the total market value of no investment in the same issuer exceeded the net asset value of the fund
10% of.
5. Financial risk management (continued)
(c) Cash flow and fair value interest rate risk
Interest rate risk refers to the risk that the value of financial instruments will fluctuate due to changes in market interest rates.
The impact of changes in the current market interest rate level on the fair value of interest bearing assets and liabilities and future cash flows constitutes
Interest rate risk. The Fund's holding of bonds causes the Fund to bear fair value interest rate risk. The Fund also holds cash and cash equivalents
So that the fund bears the risk of cash flow interest rate.
The following table summarizes the interest rate risk of the Fund. This includes financial assets and liabilities of the fund at fair value
The earlier of repricing date or maturity date shall be classified.
December 31, 2022
1 year 5 years
Total non interest bearing amount within 1 to 5 years
USD USD USD USD
assets
Investment 1994600 --- 1994600
--- Leveraged transaction guarantee
Gold 100 100
Other assets - 108579 108579
Cash, cash, etc
Value item 356849 --- 356849
──────── ──────── ──────── ──────── ────────
2,351,449 108,679 2,460,128
══════════
══ ══ --------------- --------------- ---------------
liabilities
Other liabilities - 63156 63156
──────── ──────── ──────── ──────── ────────
- - - 63,156 63,156
══════════
══ ══ --------------- --------------- ---------------
Total interest sensitive
Degree notch 2351449 --
════════ ════════ ════════
5. Financial risk management (continued)
(c) Cash flow and fair value interest rate risk (continued)
December 31, 2021
1 year 5 years
Total non interest bearing amount within 1 to 5 years
USD USD USD USD
assets
Investment 4374488 14982173 13007472 - 32364133
Leveraged transaction guarantee
Gold --- 1749452 1749452
Other assets --- 475322 475322
Cash, cash, etc
Value item 5678847 --- 5678847
──────── ──────── ──────── ──────── ────────
10,053,335 14,982,173 13,007,472 2,224,774 40,267,754
══════════
══ ══ --------------- --------------- ---------------
liabilities
Sales payables - 600000 600000
Other liabilities - 64289 64289
──────── ──────── ──────── ──────── ────────
- - - 664,289 664,289
══════════
══ ══ --------------- --------------- ---------------
Total interest sensitive
Degree notch 10053335 14982173 13007472
════════ ════════ ════════
Most of the Fund's interest rate risk in respect of debt instruments is denominated in United States dollars. Interest rate risk is presented by weighted revised term.
The manager monitors interest rate risk by quantifying market risk on an annual basis. System risk adjustment weighted revision period is revised
The year period is multiplied by the net asset value distribution and sensitivity factor. The weighted average revised period of the Fund is 0.0921 (2021:
3. 1942).
On December 31, 2022, if the interest rate decreases/increases by 50 basis points (2021:25 basis points)
If the variable remains unchanged, the net asset value attributable to share holders will increase/decrease by about 0.02 million dollars during the year (2021:
US $0.27 million), mainly due to the increase/decrease in the market value of debt securities.
(d) Credit and Custody Risk
The credit risk borne by the Fund refers to the failure or unwillingness of the issuer or counterparty to pay the full amount when the amount is due
Risk.
Among the financial assets held by the Fund, the assets that may face concentration of credit risk are mainly bank deposits and those held by custodians
assets.
5. Financial risk management (continued)
(d) Credit and custodial risk (continued)
Among the financial assets held by the Fund, the assets that may face credit risk concentration mainly include cash and cash equivalents
And assets held by custodians and their representatives. The following table summarizes the fund transactions on December 31, 2022 and 2021
Net risk of counterparty:
2022 2021
USD USD
investment
Hong Kong and Shanghai HSBC
Bank Limited 1994600 32364133
Cash and cash equivalents
Hong Kong and Shanghai HSBC
Bank Limited 356783 4617413
HSBC Bank (China) Co., Ltd. ("HSBC")
China ") 66 1061434
Sales organization
CCB International Securities Co., Ltd. - 1749352
CITIC Futures International Co., Ltd. 100 100
As of December 31, 2022 and 2021, the Chinese custodian of the fund, the trustee and counterparty of the Chinese custodian
All (according to rating agencies) have credit ratings of investment grade or above.
As the Fund holds debt securities, the Fund also bears the risk of the issuer or failure to repay the principal and interest when due. because
The debt securities held are subject to the following provisions: (i) the maximum holding amount involving any single issuer is 10% of the net asset value;
And/or (ii) the holding of government and other public securities involving the same issuance category is limited to 30% of the net asset value at most,
Therefore, credit risk can be reduced.
The following table summarizes the credit ratings of the portfolio by rating agency:
2022 2021
Percentage in NAV% in NAV
Debt securities classified by rating
Investment grade 83.21 6.53
Speculation Level - 43.52
No rating - 31.67
────── ──────
Total 83.21 81.72
═════ ═════
5. Financial risk management (continued)
(d) Credit and custodial risk (continued)
The Fund uses default probability, default risk and default loss to measure credit risk and expected credit loss. The management is determining
Historical analysis and forward-looking information will be taken into account when any expected credit losses are incurred. The management believes that the possibility of default is close to zero, which
It is because the counterparty has strong strength to fulfill its contractual responsibilities in the short term. None for the Fund as a result of any of these impairments
Therefore, the Fund did not recognize any loss reserves based on the expected credit losses of 12 months.
The highest credit risk at the end of the year is the book value of the financial assets listed in the statement of financial position.
All listed/listed investment transactions are settled/paid after delivery through recognized and reputable sales institutions. Due to the sale
The securities of are only delivered after the sales agency receives payment, so the risk of default is small. In the transaction of purchasing securities, the sales organization
Payment will be made upon arrival of the securities. If one party fails to fulfill its responsibilities, the transaction will fail.
The Fund conducts most of its business through sales dealers, banks and regulated exchanges that it believes are stable in scale and have high credit ratings
It is divided into securities trading and contract performance activities to limit its credit risk.
(e) Liquidity risk
Liquidity risk refers to the risk that the fund may not generate sufficient cash resources to meet its matured debts (including redemption requirements).
The fund is exposed to the risk of redemption of fund shares by cash on a daily basis. The Fund invests most of its assets in active markets and can
Investment to be sold at any time.
The following table analyzes the fund's non derivative financial liabilities by relevant maturity groups during the remaining period from the reporting date to the contractual maturity date.
The amount in the following table is the contractual undiscounted cash flow. As the impact of discounting is not significant, the balance due within 12 months
The book value is equal.
5. Financial risk management (continued)
(e) Liquidity risk (continued)
Less than 1-3 years
1 month month month
USD USD
December 31, 2022
Other payables 9347 - 53809
Net assets attributable to share holders 2396972 --
──────── ──────── ────────
Contractual cash outflow 2406319 - 53809
════════ ════════ ════════
Less than 1-3 years
1 month month month
USD USD
December 31, 2021
Sales payables 600000 --
Other payables 14927 - 49362
Net assets attributable to share holders 39603465 --
──────── ──────── ────────
Contractual cash outflow 40218392 - 49362
════════ ════════ ════════
Unit holders may choose to request redemption of units. As of December 31, 2022, four (2021: six) shares held
Some individuals hold more than 10% of the fund shares, respectively 93.8% (2021: 98.63%) of Class A dollar shares,
100% (2021: 96.37%) Class I USD share and 100% (2021: 100%) Class A RMB share.
The Fund mainly manages its liquidity risk by investing in debt securities that are expected to be realized within 7 days or less. The following table says
Specify the expected liquidity of the current assets held:
Less than 7 days to 1-12
7 days less than 1 month
USD USD
December 31, 2022
Total current assets 2435914 - 24214
Less than 7 days to 1-12
7 days less than 1 month
USD USD
December 31, 2021
Total current assets 39793686 - 474068
5. Financial risk management (continued)
(f) Currency risk
Currency risk refers to the risk that the value of financial instruments will fluctuate due to the change of foreign currency exchange rate.
The Fund has liabilities denominated in currencies other than the functional and presentation currency of the United States dollar. Therefore, the Fund is exposed to currency risk because
The value of assets and liabilities denominated in other currencies will fluctuate due to exchange rate changes.
The following table summarizes the monetary and non monetary risks of the Fund in respect of the following major currencies as of December 31, 2022 and 2021:
2022 2021
Money Non money Money Non money
USD USD USD
Euro 8 - 121 500427
HK $(26292) - 1588694 926804
RMB (20868) - 1780474 1762102
The Fund holds monetary assets and liabilities denominated primarily in United States dollars. Due to the narrow fluctuation of the exchange rate between the Hong Kong dollar and the US dollar
The manager believes that there is no significant currency risk, so there is no presentation sensitivity analysis.
The following table summarizes the impact of the rise or fall of major exchange rates on the risks to which the funds listed in the table above are exposed. This analysis is based on assumptions
Exchange rate rises/falls by 10% (2021: 5%) and all other variable factors remain unchanged.
2022 2021
Money Non money Money Non money
USD USD USD
Euro 1 - 6 25027
RMB (2087) - 89024 88105
Managers use their views on the "possible reasonable change" of exchange rate to estimate the sensitivity to the above currency risk
Changes in analysis.
The above disclosure is presented in absolute value, and the changes and impacts may be positive or negative. The change of exchange rate percentage will root every year
Revise according to the Manager's current views on exchange rate fluctuations and other related factors.
5. Financial risk management (continued)
(g) Fair value estimation
The fair value of financial assets and liabilities (such as trading securities) bought and sold in an active market is based on the trading period on the settlement date of the period
Calculation of market quotation at the end. The fund uses the final transaction market price as the fair valuation input of its financial assets and financial liabilities
Enter the value.
An active market refers to a market where there are enough transactions and quantities of assets or liabilities to continuously provide pricing data.
If a financial instrument can be verified from an exchange, dealer, sales agency, industry person, pricing service provider or regulatory agency
Obtain quotations on a regular basis, and these quotations can reflect the actual and regular market transactions based on normal fair transactions
Yishi, the financial instrument will be regarded as obtaining quotation in the active market.
The book value of other receivables and payables minus the impairment provision is regarded as the approximate of the fair value. Used as a cloak
The fair value of disclosed financial liabilities refers to the similar financial instruments that can be obtained by applying the future contractual cash flow to the fund
Is discounted from the current market interest rate.
The Fund classifies the fair value measurement standards by a fair value hierarchy that reflects the importance of the relevant measurement inputs. fair
The value hierarchy is divided into the following levels:
? Active market quotations (unadjusted) available to the enterprise for the same assets or liabilities on the measurement date (Level 1).
? Direct or indirect observable input values of assets or liabilities (Level 2), excluding quoted prices included in Level 1.
? The input value of the asset or liability is not based on the observable input value (Level 3).
The level of fair value to which the overall fair value measurement belongs is based on the lowest level that is meaningful for the overall fair value measurement
Level input value. For this reason, the importance of relevant input values is measured and estimated according to the overall fair value. E.g. fair value
If the observed input value required for measurement needs major adjustment, and the major adjustment is based on the unobservable input value, the measurement is included in
Level 3. When assessing the importance of an input value to the overall fair value measurement, it is necessary to make a judgment and consider the assets or
Unique to liabilities.
In determining what is "observable", the Fund needs to make significant judgments. The Fund believes that observable data refers to active participation
It is provided by independent sources of relevant markets, and can be obtained in real time, published or updated regularly, reliable and verifiable, rather than specialized
Some market data.
The following table is listed in the fair value hierarchy, and the fund investment measured at fair value (by category) will be measured in 2022 and 2021
Analysis on December 31:
December 31, 2022
Tier 1 Tier 2 Tier 3 Total
USD USD USD
assets
Finance at fair value through profit or loss
assets
-Bonds 296930 1697670 - 1994600
──────── ──────── ──────── ────────
296,930 1,697,670 - 1,994,600
════════ ════════ ════════ ════════
5. Financial risk management (continued)
(g) Fair value estimation (continued)
December 31, 2021
Tier 1 Tier 2 Tier 3 Total
USD USD USD
assets
Financial assets at fair value through profit or loss
-Bonds - 32364133 - 32364133
─────── ──────── ──────── ────────
- 32,364,133 - 32,364,133
═══════ ════════ ════════ ════════
The value is an investment quoted in an active market and therefore classified as Level 1.
The trading in its market is regarded as an inactive financial instrument, but its value is based on the market quotation, dealer quotation or its
He has quotation sources supported by observable input values. These financial instruments belong to Level 2, such as unlisted bonds and non tradable bonds
Active listed bonds, etc. As Tier 2 investments include holdings that are not traded in an active market and/or subject to transfer restrictions
Therefore, its valuation can be adjusted to reflect liquidity and/or non transferability, and the relevant valuation is generally based on the available market
Information.
Level 3 investments have significant unobservable input values due to infrequent transactions. As of 2022 and 2021 12
As of December 31, the Fund did not hold any Level 3 investments.
As of December 31, 2022 and 2021, there is no transfer between investment levels.
Assets and liabilities included in the statement of financial position (excluding investment and financial derivatives) are measured at amortized cost; The book value is
Reasonable estimation of fair value.
(h) Financial instruments (by category)
Except for investments and financial derivatives of financial assets disclosed in the statement of financial position and classified as financial assets at fair value through profit or loss,
All other financial assets disclosed in the statement of financial position (including interest receivable, other receivables, purchase accounts receivable
The transaction margin is classified as "financial assets measured at amortized cost" based on cash and cash equivalents.
All liabilities disclosed in the statement of financial position (excluding tax reserves) are classified as "other financial liabilities measured at amortized cost
Debt ".
5. Financial risk management (continued)
(i) Capital risk management
The fund capital shall be accounted for as the net asset value attributable to the share holder. As unit holders may, at their discretion, subscribe and redeem the Fund on a daily basis,
The net asset value attributable to unit holders may change significantly on a daily basis. The fund's capital management aims to ensure the continuous operation of the fund
To provide returns and benefits to share holders and other equity holders, and maintain a strong capital base to support
Investment business development of holding funds.
In order to maintain or adjust the capital structure, the Fund will implement the following policies:
? Monitor the daily purchase and redemption of relevant current assets; and
? Redemption and issuance of shares in accordance with the trust contract of the Fund.
The manager monitors the capital according to the net asset value attributable to the share holders.
The Fund did not make any distribution during the year (2021: none).
6. Net investment loss
December 31, 2022 December 31, 2021
USD USD
Changes in unrealized investment income/(loss) 703410 (6802862)
Realized investment (loss)/income (3892273) 1713891
──────── ────────
(3,188,863) (5,088,971)
════════ ════════
7. Taxes
Hong Kong Profits Tax
As the Fund is a collective investment plan recognized under Article 104 of the Hong Kong Securities and Futures Ordinance
Section 26A (1A) of the Ordinance is exempt from profits tax, so no provision is made for Hong Kong profits tax.
Chinese tax
On November 7, 2018, the Ministry of Finance and the State Administration of Taxation jointly issued CS [2018] No. 108 Notice ("Circular 108"),
It is stipulated that foreign institutional investors are temporarily exempted from collecting bond interest from November 7, 2018 to November 6, 2021
Pay China withholding income tax and value-added tax. On November 22, 2021, the Ministry of Finance and the State Administration of Taxation of the People's Republic of China officially promulgated [2021] No
Announcement No. 34, extending the exemption of foreign institutional investors investing in the domestic bond market from paying corporate income tax and tax increase on bond interest income
Value tax, the exemption period will be extended from November 6, 2021 to December 31, 2025.
7. Taxes (continued)
Chinese tax (continued)
As of December 31, 2022 and 2021, the Fund has invested in Chinese debt securities in China through the RQFII plan. Administration
It is believed that on the date of approval of these financial statements, it is uncertain whether the income from Chinese debt securities will be subject to Chinese tax, and
In assessing whether the Fund is liable to pay Chinese taxes on its earnings, the amount of potential liability and the amount of these taxes levied as of the reporting date
The possibility to exercise judgment. The Manager believes that the withholding income tax policy of QFII/RQFII investment debt securities has not been set out in the
Notice of QFII and RQFII on Temporary Exemption from Corporate Income Tax on Income from Transfer of Equity Investment Assets such as Stocks in China "
("Notice").
The Manager has reassessed the preparation method and will not continue to make Chinese withholding income on the income generated by the sub fund's Chinese debt securities
Tax provision. However, due to the existence of major uncertainties, the manager's estimates may differ significantly from the actual results.
The withholding tax of the Fund for the years ended December 31, 2022 and 2021 means:
2022 2021
USD USD
Withholding tax 113 198
–––––
––––––– ––
Tax expenses 113 198
══════ ══════
8. Transactions with connected persons (including the trustee, manager and their connected persons)
The following summarizes the major connected person transactions concluded between the Fund and the trustee, manager and its connected persons during the year. Connected person is Hong Kong Securities
Persons defined in the Code on Unit Trusts and Mutual Funds issued by the Securities and Futures Commission. Fund and manager and their relationship
All transactions entered into by connected persons in the years ending December 31, 2022 and 2021 are conducted as normal businesses in the normal course of business
Business terms are concluded. As far as the Manager is aware, there are no other major transactions between the Fund and its connected persons except those disclosed below.
(a) Management fee
The manager has the right to collect management fees, which is currently equal to 1% of the net value of Class A assets and 1% of the net value of Class I assets each year
0.75% is accumulated on each valuation date and paid at the end of each month.
For the year ended December 31, 2022, the administrator is entitled to receive management fees of $43055 (2021: $505464
Yuan). On December 31, 2022, the management fee payable to the manager is 1546 dollars (2021: USD5606
USD).
8. Transactions with connected persons (including trustee, manager and their connected persons) (continued)
(b) Trustee fees
The trustee has the right to collect trustee fees.
The trustee has the right to charge a non fixed trustee fee based on the following criteria: (i) the first 100 million dollars of the net asset value of the fund each year
0.12%; And (ii) subsequent amounts are calculated at 0.10% per annum, with a minimum monthly charge of $5000. The trustee fee is based on
The percentage of each valuation date in the net asset value of the Fund. This fee is cumulative and paid at the end of each month.
The trustee fee includes the fee paid to the Hongkong and Shanghai Banking Corporation Limited (the Chinese custodian).
For the year ended December 31, 2022, the trustee is entitled to receive a trustee fee of $67019 (2021: 103452
On December 31, 2022, the trustee fee of $5605 (2021: $6000) was payable by the Fund to
trustee.
(c) Bank and investment balances
The bank balance and investment balance of the following funds are held by the Chinese custodian and its trustee (the trustee's connected person). section
For the year ended December 31, 2022, interest income from bank balances was $3625 (2021: $3162
Yuan). On December 31, 2022, the interest income receivable from the Chinese custodian was $646 (2021: $2).
December 31, 2022 December 31, 2021
USD USD
Bank balance 356849 5678847
Investment balance 1994600 32364133
(d) Shares held by the Fund
As of December 31, 2022, 7385 Class A US dollars (2021: 750000) Class I US dollars were allocated by the Fund Deputy
Held by Standard Life Portfolio Investments Limited, a manager group company. December 31, 2022,
208588 (2021: none) Class I US dollar shares are held by Bamco Global Limited, a subsidiary of the Manager.
For Class I USD, the net realized loss and net unrealized income of Standard Life Portfolio Investments Limited
The amount is 308775 dollars (2021: zero) and zero (2021: 858600 dollars) respectively, while Bamco Global
Limited's net unrealized income was $35606.
(e) Investment transaction and sales commission
As of December 31, 2022 and 2021, China Merchants Securities Co., Ltd. (the manager's
Major shareholders) provide sales services and pay relevant fees for the fund sales agency. The transaction details are summarized below.
Average of total amount in total transaction amount during the period
percentage
Total sales transaction commission
Paid rate in the amount period
USD% USD%
December 31, 2022 728809 1.5% --
December 31, 2021 2279961 4.43% 436 0.02%
8. Transactions with connected persons (including trustee, manager and their connected persons) (continued)
(e) Investment transaction and sales commission (continued)
As of December 31, 2022 and 2021, the Fund has accepted the Chinese custodian Hong Kong and Shanghai HSBC for trading investments
Sales services provided by Bank Co., Ltd. The transaction details are summarized below.
Average of total value in total transaction amount during the period
percentage
Total purchase transaction commission
Paid rate of securities sold during the period
USD% USD%
December 31, 2022 4982037 10.25% --
December 31, 2021 1946887 0.3% --
(f) Other expenses
As of December 31, 2022, transaction fees, security custody fees, account opening fees and paid in
The fees are collected by the trustee, totaling 46189 dollars (2021: 64757 dollars), of which 1182 dollars (2021:
9320) has not been paid at the end of the year.
(g) Management fee receivable
From April 18, 2017, the continuous fees of relevant funds will be capped at 3% of the average net asset value of the fund. Any excess
The ongoing expenses of the Fund will be borne by the Manager and paid to the Fund as a rebate. For the year ended December 31, 2022,
The rebate paid by the manager to the fund is $84365 (2021: December 31, 2022, the total amount of the remaining rebate is
US $84365 (2021: nil).
9. Margin for leveraged transactions
The Fund has paid leveraged trading deposits for futures contracts. As of December 31, 2022, the margin paid by the Fund for leveraged transactions is
$100 (2021: $1749452).
10. Transaction cost
Transaction costs refer to the costs incurred in the acquisition or sale of financial assets or liabilities at fair value through profit or loss, including those paid to agents
Fees and commissions of consultants, sales agencies and dealers.
11. Soft commission arrangement
The manager confirmed that there was no transaction or transaction with the sales agency as of December 31, 2022 and 2021
Soft commission arrangements related to agency fund transactions.
12. Distribution
The Fund has not made any distribution for the years ended December 31, 2022 and 2021.
13. Approval of financial statements
The financial statements were approved by the Trustee and the Manager on April 27, 2023.
Nominal market
Value in assets
Quoted bonds USD assets
China
AGRICULTURAL BK CN/SEOUL SER CD (REG
S) 0% CD 07FEB2023 100,000 99,484 4.15
AZURE ORBIT IV INTL FIN SER EMTN (REG)
(REG S) 3.75% 25JAN2023 200,000 199,750 8.33
BANK OF CHINA/SYDNEY SER FXCD (REG S)
3.78% CD 03JAN2023 200,000 199,985 8.34
CHINA RAILWAY RESOURCES (REGS) 3.85%
05FEB2023 200,000 199,791 8.33
CITIC LTD SER REGS 6.8% 17JAN2023 200,000 200,096 8.35
IND & COMM BK CHN/LONDON SER Cd (REG
S) 0% CD 09FEB2023 200,000 198,999 8.30
TENCENT HOLDINGS LTD SER REGS (REG)
(REG S) 2.985% 19JAN2023 200,000 199,828 8.34
Qatar
SOQ SUKUK A Q.S.C SER REGS (REG) (BR)
3.241% 18/01/2023 200,000 199,845 8.34
The United Arab Emirates
ABU DHABI NATL ENGY CO SER REGS
3.625% 12JAN2023 200,000 199,892 8.34
U.S.A
US TREASURY BILL 0% 30MAR2023 300,000 296,930 12.39
────── ─────
Total debt securities 1994600 83.21
────── ─────
Total investment * 1994600 83.21
═════════ ═════════
Total investment (by cost) * 1994907
═════════
*Investments are accounted for on a transaction date basis.
Nominal value (USD)
Increase/decrease on January 1, 2022 December 31, 2022
Quoted bonds
Angola
REPUBLIC OF ANGOLA 9.5%
12NOV2025 350,000 225,000 575,000 -
Armenia
REPUBLIC OF ARMENIA 7.15%
26MAR2025 755,000 - 755,000 -
Bahamas
COMMONWEALTH OF BAHAMAS
SER REGS (REG S) 8.95%
15OCT2032 420,000 - 420,000 -
Bahrain
OIL & GAS HOLDING SER REGS
(REGS) 7.5% 25OCT2027 600,000 - 600,000 -
Belarus
MINISTRY OF FINANCE OF T SER
REGS (REG S) 5.875% 24FEB2026 360,000 - 360,000 -
Bermuda
HOPSON DEVELOPMENT HL 8%
CONV 06JAN2023 - 600,000 600,000 -
Cayman Islands
BAIDU INC 3.875% 29SEP2023 - 1,500,000 1,500,000 -
China
AGRICULTURAL BK CHN/ 3.38%
CD 23DEC2 - 200,000 200,000 -
AGRICULTURAL BK CN/SEOUL
0% CD 07FEB2023 - 100,000 - 100,000
ANGANG STEEL CO LTD (REG)
(REGS) 0% CONV 25MAY2023 2,000,000 - 2,000,000 -
ANLLIAN CAPITAL LTD (REG)
(REG S) 0% CONV 05FEB2025 200,000 - 200,000 -
AZURE ORBIT IV INTL FIN 3.75%
25JAN2023 - 200,000 - 200,000
BANK OF CHINA/SYDNEY 3.78%
CD 03JAN2023 - 200,000 - 200,000
BI HAI CO LTD (REG) (REG S)
6.25% 05MAR2022 800,000 - 800,000 -
Nominal value (USD)
Increase/decrease on January 1, 2022 December 31, 2022
Quoted bonds (continued)
China (continued)
CD ECO TECH SA (REG) (REG S)
7.5% 12FEB2022 500,000 - 500,000 -
CENTRAL PLAZA DEV LTD SER
EMTN (REG S) VAR PERP
31DEC2049 500,000 - 500,000 -
CHANGDE CITY CONS INV (REG)
(REG S) 5.8% 18SEP2022 270,000 - 270,000 -
CHINA (GOVT OF) 1.875%
03DEC2022 - 200,000 200,000 -
CHINA CINDA ASSET MGMT
SER.(REG) (REG S) VAR PERP
31DEC2049 400,000 - 400,000 -
CHINA CITIC BANK CORP FRN
14DEC2022 - 200,000 200,000 -
CHINA HONGQIAO GROUP LTD
(REG) (REG S) 6.25% 08JUN2024 500,000 - 500,000 -
CHINA RAILWAY RESOURCES
3.85% 05FEB2023 - 200,000 - 200,000
CHINA SCE GRP HLDGS LTD
(REG) (REG S) 5.95% 29SEP2024 200,000 - 200,000 -
CHINA SCE GRP HLDGS LTD
(REG) (REG S) 7.25% 19APR2023 250,000 - 250,000 -
CHINA SCE GRP HLDGS LTD
(REG) (REG S) 7.375% 09APR2024 - 200,000 200,000 -
CHONGQING NANAN CON DEV
(REG) (REG S) 4.5% 17AUG2026 600,000 - 600,000 -
CITIC LTD 6.8% 17JAN2023 - 200,000 - 200,000
CNAC HK FINBRIDGE CO 4.625%
14MAR2023 - 1,000,000 1,000,000 -
CSSC CAPITAL 2015 LTD (REG)
(REG S) 3% 13FEB2030 400,000 - 400,000 -
EVE BATTERY INVESTMENT L
SER .(REG) (REG S) 0.75% CONV
22NOV2026 200,000 - 200,000 -
EXPORT-IMPORT BANK CHINA
2.75% 28NOV - 200,000 200,000 -
EXPORT-IMPORT BANK KOREA
FRN 01NOV20 - 200,000 200,000 -
FORTUNE STAR BVI LTD (REG) -
500,000 - (REGS) 5.95% 29/01/2023 500,000
FRANSHION BRILLIANT LTD VAR -
400,000 - 29DEC2049 400,000
FRANSHION BRILLIANT VAR
PERP 29DEC2049 - 200,000 200,000 -
FUTURE DIAMOND LTD (REG)
(REG S) 4.25% 22SEP2022 300,000 300,000 -
GEELY AUTOMOBILE VAR PERP
31DEC2049 - 400,000 400,000 -
Nominal value (USD)
Increase/decrease on January 1, 2022 December 31, 2022
Quoted bonds (continued)
China (continued)
GEMDALE EVER PROSPERITY
SER EMTN (REG) (REG S) 4.95%
12AUG2024 - 200,000 200,000 -
HANHUI INTERNATIONAL LTD
(REG) (REG S) 4% 19AUG2023 - 500,000 500,000 -
HANSOH PHARMACEUTICAL
(REG) (REG S) 0% CONV
22JAN2026 - 200,000 200,000 -
HK XIANGYU INVESTMENT CO
(REG) (REG S) 4.5% 30JAN2023 500,000 - 500,000 -
HONG SENG LTD (REG) (REG S)
9.875% 27AUG2022 700,000 - 700,000 -
HONGHUA GROUP LTD (REG)
(REG S) 6.375% 01AUG2022 200,000 - 200,000 -
HUAFA 2021 I CO LTD (REG) (REG
S) VAR PERP 31DEC2049 - 200,000 200,000 -
HUARONG FINANCE II SER EMTN
(REG) (REGS) 5.5% 16JAN2025 500,000 - 500,000 -
HUARONG FINANCE VAR PERP
29DEC2049 500,000 - 500,000 -
ICBCIL FINANCE CO LTD 3.125%
15NOV20 - 200,000 200,000 -
IND & COMM BK CHN/LONDON
0% CD 09FEB2023 - 200,000 - 200,000
IND & COMM BK OF CHINA (REG)
(REG S) VAR PERP 31DEC2049 1,000,000 - 1,000,000 -
JIC ZHIXIN LTD 3% 24NOV2022 - 200,000 200,000 -
JINSHINE INTERNATIONAL (REG)
(REG S) 4.5% 12NOV2023 600,000 - 600,000 -
MIANYANG INVEST HOLD (REG)
(REG S) 5.95% 30OCT2022 300,000 - 300,000 -
MICROPORT SCIENTIFIC (REG S)
0% CONV 11JUN2026 200,000 - 200,000 -
PHARMARON BEIJING CO (REG)
(REG S) SER .0% CONV
18JUN2026 2,000,000 - 2,000,000 -
POSEIDON FINANCE 1 LTD (REG)
(REG S) 0% CONV 01FEB2025 300,000 - 300,000 -
POWERLONG REAL ESTATE (REG
S) 6.95% 23JUL2023 500,000 - 500,000 -
POWERLONG REAL ESTATE
(REG) (REG S) 6.25% 10AUG2024 300,000 - 300,000 -
RADIANCE CAPITAL INV (REG)
(REG S) 10.5% 16JAN2022 500,000 - 500,000 -
REDCO PROPERTIES GROUP SER
EMTN (REG) (REG S) 8%
13APR2022 220,000 - 220,000 -
SD IRON & STEEL XINHENG (REG)
(REG S) 4.8% 28JUL2024 540,000 - 540,000 -
Nominal value (USD)
Increase/decrease on January 1, 2022 December 31, 2022
Quoted bonds (continued)
China (continued)
SINOPEC GRP 2.5% 13SEP2022 - 200,000 200,000 -
SMART INSIGHT INTL LTD (REG)
(REG S) 4.5% CONV 05DEC2023 - 2,000,000 2,000,000 -
SPIC PREFERRED CO NO 2 (REG S)
VAR PERP 31DEC2049 370,000 - 370,000 -
SUNAC CHINA HOLDINGS LTD
(REG) (REG S) 6.8% 20OCT2024 400,000 - 400,000 -
SUNAC CHINA HOLDINGS LTD
7.95% 14SEP2022 200,000 - 200,000 -
TENCENT HOLDINGS LTD 2.985%
19JAN2023 - 200,000 - 200,000
WANDA GROUP OVERSEAS (REG)
(REG S) 7.5% 24JUL2022 - 600,000 600,000 -
WUXI APPTEC CO LTD (REG)
(REG S) 0% CONV 17SEP2024 200,000 - 200,000 -
XI'AN QUJIANG CULTURE (REG)
(REG S) 5.5% 04MAR2023 420,000 - 420,000 -
XIAOMI BEST TIME INTL (REG)
(REG S) 0% CONV 17DEC2027 200,000 - 200,000 -
YUZHOU PROPERTIES CO LTD
(REG) (REG-S)6% 25OCT2023 400,000 - 400,000 -
EAST MONEY INFORMATION
(REG) STP CONV 07APR2027 1,100,000 - 1,100,000 -
GUOTAI JUN STP CONV 07JUL2023 1,000,000 - 1,000,000 -
AH TRUCHUM ADV MATERIAL
(REG) STP CONV 04JUN2026 350,000 - 350,000 -
CNNC NUCLEAR POWER (REG)
STP CONV 15APR2025 600,000 - 600,000 -
LUSHARE PRECISION CO (REG)
STP CONV 03NOV2026 800,000 - 800,000 -
UNIGROUP GUOXIN MICROELE
(REG) STP CONV 10JUN2027 1,199,300 - 1,199,300 -
WILL SEMICODUCTOR (REG) STP
CONV 28DEC2026 850,000 - 850,000 -
Nominal value (USD)
Increase/decrease on January 1, 2022 December 31, 2022
Quoted bonds (continued)
Dominican
DOMINICAN (REP OF) 5.5%
22FEB2029 - 150,000 150,000 -
DOMINICAN REPUBLIC (REG)
(REG S) (SER REGS) 4.875%
23SEP2032 480,000 - 480,000 -
Egypt
ARAB REPUBLIC OF EGYPT SER
REGS (REG) 6.588% 21FEB2028 745,000 - 745,000 -
Georgia
REPUBLIC OF GEORGIA SER REGS
(REG S) 2.75% 22APR2026 630,000 - 630,000 -
Guatemala
REPUBLIC OF GUATEMALA SER
REGS (REG) (REG S) 4.9%
01JUN2030 385,000 - 385,000 -
Hong Kong
SINO BIOPHARMACEUTICAL
(REG) (REG S) 0% CONV
17FEB2025 200,000 - 200,000 -
Iraq
IRAQ (REP OF) 5.8% 15JAN2028 250,000 250,000 -
REPUBLIC OF IRAQ SER REGS
6.752% 09MAR2023 563,000 - 563,000 -
Cote d'Ivoire
IVORY COAST (GOVT OF) SER
REGS 6.375% 03MAR2028 710,000 - 710,000 -
Jordan
JORDAN (KINGDOM OF) SER
REGS (REG) (REG S) 4.95%
07JUL2025 860,000 - 860,000 -
Nominal value (USD)
Increase/decrease on January 1, 2022 December 31, 2022
Quoted bonds (continued)
Kenya
KENYA (REPUBLIC OF) (REG S)
6.875% 24JUN2024 400,000 - 400,000 -
REPUBLIC OF KENYA SER REGS
(REGS) 7.25% 28FEB2028 400,000 - 400,000 -
Mexico
PETROLEOS MEXICANOS 6.5%
13MAR2027 - 500,000 500,000 -
Mongolia
MONGOLIA INTL BOND SER REGS
(REG S) 4.45% 07JUL2031 600,000 - 600,000 -
Morocco
KINGDOM OF MOROCCO SER
REGS (REG S) 2.375% 15DEC2027 625,000 - 625,000 -
Nigeria
REPUBLIC OF NIGERIA SER REGS
6.5% 28NOV2027 877,000 - 877,000 -
Oman
OMAN GOV INTERNTL BOND SER
REGS (REG S) 5.625% 17JAN2028 300,000 200,000 500,000 -
OQ SAOC SER REGS (REG S) (BR)
5.125% 06MAY2028 244,000 - 244,000 -
Pakistan
ISLAMIC REP OF PAKISTAN SER
REGS (REG) (REG S) 6.875%
05DEC2027 400,000 - 400,000 -
PAKISTAN (REP OF) SER REGS
(REG S) 6% 08APR2026 465,000 - 465,000 -
Qatar
SOQ SUKUK A Q.S.C 3.241%
18JAN2023 - 200,000 - 200,000
Serbia
REPUBLIC OF SERBIA SER REGS
(REG) (REG S) 2.125% 01DEC2030 550,000 - 550,000 -
Singapore
BOC AVIATION LTD 2.75%
18SEP2022 - 200,000 200,000 -
Nominal value (USD)
Increase/decrease on January 1, 2022 December 31, 2022
Quoted bonds (continued)
Ukraine
UKRAINE GOVERNMENT 7.375%
25SEP2034 300,000 - 300,000 -
UKRAINE RAIL (RAIL CAPL)
(REG) (REG S) 8.25% 09JUL2024 600,000 - 600,000 -
The United Arab Emirates
ABU DHABI GOVT INT'L 2.5%
11OCT2022 - 200,000 200,000 -
ABU DHABI NATL ENGY CO
3.625% 12JAN2023 - 200,000 - 200,000
ICD FUNDING LTD (REG) (REG S)
4.625% 21MAY2024 538,000 - 538,000 -
U.S.A
CITIGROUP GLOB MKT FND L SER
388 (REG) (REG S) 0% CONV
28MAY2024 3,000,000 - 3,000,000 -
CITIGROUP GLOB MKT FND L SER
960 (REG S) 0% CONV 25JUL2024 2,000,000 - 2,000,000 -
JP MORGAN CHASE BANK 0%
CONV 07AUG2 200,000 - 200,000 -
US TREASURY BILL 0%
22DEC2022 - 650,000 650,000 -
US TREASURY BILL 0%
27OCT2022 - 200,000 200,000 -
US TREASURY BILL 0%
30MAR2023 - 300,000 - 300,000
Uzbekistan
REPUBLIC OF UZBEKISTAN 3.7%
25NOV2030 300,000 - 300,000 -
REPUBLIC OF UZBEKISTAN SER
REGS (REG) (REG S) 5.375%
20FEB2029 400,000 - 400,000 -
Nominal value (USD)
Increase/decrease on January 1, 2022 December 31, 2022
Quoted bonds (continued)
Virgin Islands
CHINA CINDA 2020 I MNGMN
3.25% 28JAN2027 - 300,000 300,000 -
CHINALCO CAPITAL HOLDING
2.95% 24FEB2027 - 200,000 200,000 -
CN HUANENG GP HK TREASUR
2.4% 10DEC2 - 200,000 200,000 -
CNOOC FINANCE 2013 LTD 3%
09MAY2023 - 400,000 400,000 -
COASTAL EMERALD LTD VAR
PERP 31DEC2049 - 200,000 200,000 -
COSL FINANCE BVI LTD 3.25%
06SEP2022 - 200,000 200,000 -
IS HONG KONG INVESTMENT
2.9% 30DEC20 - 200,000 200,000 -
NEW METRO GLOBAL LTD 6.5%
20MAY2022 - 200,000 200,000 -
SF HLDNG INVESTMENT 20
2.375% 17NOV2026 - 960,000 960,000 -
As of December 31, 2021, the total minimum, maximum and average risks of financial derivatives for any purpose accounted for
The proportion of net asset value. As of December 31, 2022, the Fund does not hold any derivative financial instruments.
December 31, 2022 December 31, 2021
Percentage in NAV% in NAV
Minimum total risk - (0.08%)
Maximum total risk - 2.37%
Average total risk - 0.51%
As of December 31, 2021 and 2021, the minimum, maximum and average net risk generated by financial derivatives for investment purposes
The proportion of the amount in the net asset value of the fund. As of December 31, 2022, the Fund does not hold any derivative financial instruments.
December 31, 2022 December 31, 2021
Percentage in NAV% in NAV
Minimum net risk - (0.08%)
Maximum net risk - 2.36%
Average net risk - 0.50%
Net asset value*
Total per fund share
Net Asset Value
dollar
At the end of the financial year on
December 31, 2022 - Category A USD 75028 9.53
December 31, 2022 - Type I US $2310991 9.76
December 31, 2022 - Class A RMB 10953 RMB 0.92
December 31, 2022 - Class I RMB yuan --
December 31, 2021 - Category A $79652 $10.91
December 31, 2021 - Type I US $867371111.14
December 31, 2021 - Class A RMB 30837548 RMB 9.45
December 31, 2021 - Class I RMB 12554 RMB 0.96
December 31, 2020 - Category A USD 66580 11.61
December 31, 2020 - Type I USD 91724879 USD 11.82
December 31, 2020 - Class A RMB 74775 RMB 1.04
December 31, 2020 - Class I RMB 48597581 RMB 1.04
The highest and lowest net asset value per fund share since its inception*
Maximum amount per share Minimum amount per share
Issue Price Redemption Price
Redemption price of each amount
Fiscal year/period ending on
December 31, 2022 - Category A USD 10.88 USD 9.18 USD
December 31, 2022 - Type I USD 11.11 USD 9.39 USD
December 31, 2022 - Category S USD 9.42 USD 8.90 USD
December 31, 2022 - Class A RMB 0.96 RMB 0.85
December 31, 2021 - Category A USD 11.78 USD 10.86 USD
December 31, 2021 - Category I USD 12.00 USD 11.09 USD
December 31, 2021 - Category S US $10.05 US $9.40 US $
December 31, 2021 - Class A RMB 1.05 RMB 0.96
December 31, 2021 - Class I RMB 1.05 RMB 1.02
December 31, 2020 - Category A USD 11.99 USD 10.08 USD
RMB 10.25 December 31, 2020 - Class I USD 12.19
December 31, 2020 - Class A RMB 1.06 RMB 1.00
December 31, 2020 - Class I RMB 1.06 RMB 1.00
December 31, 2019 - Category A USD 11.80 USD 10.77 USD
December 31, 2019 - Category I USD 11.99 USD 10.86 USD
December 31, 2018 - Category A USD 11.06 USD 10.66 USD
December 31, 2018 - Type I USD 11.08 USD 10.75 USD
December 31, 2017 - Category A USD 11.02 USD 9.87 USD
December 31, 2017 - Type I USD 11.03 USD 10.31 USD
December 31, 2016 - Category A USD 10.03 USD 9.78 USD
December 31, 2016 - Type I USD 10.47 USD 10.00 USD
*That is, the net asset value as shown in the fund note memorandum |
