# Objectives and Investment Policy
## Investment Objective:

## The Fund aims to provide capital growth and income of your investment over time.

## Investment Policy:
The Fund will primarily hold a mix of high and lower quality debt issued by emerging market governments and companies. The debt will mainly be valued in the local currency. Sometimes the Fund will hold debt valued in US Dollars (USD) or currencies from countries within the Organisation for Economic Co-operation and Development.

## The Fund will invest in currency forwards and non-deliverable forwards.

## The Fund may invest up to 10% of its assets in Chinese onshore bonds through the China Interbank Bond Market (CIBM).

## The Fund may invest up to 10% of its assets in convertible bonds (excluding contingent convertible bonds).

## The Fund may also invest up to 10% of its assets in other funds, including HSBC funds.

## The Fund may invest up to 10% of its assets in total return swaps. However, this exposure is not expected to exceed 5%.

## The Fund may also invest in derivatives and use them for hedging, cashflow management and investment purposes. Derivatives may also be embedded in other instruments used by the Fund.
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## The Fund may enter into securities lending transactions for up to 29% of its assets. However, this is not expected to exceed 25%.
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## The reference currency of the Fund is USD. The reference currency of this share class is EUR.
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## The Fund is actively managed and does not track a benchmark. The Fund has an internal or external target to a reference

## benchmark, 50% JP Morgan Government Bond Index Emerging Market Global Diversified|50% JP Morgan Emerging Local Market Index+.
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The Investment Advisor will use its discretion to invest in securities not included in the reference benchmark based on active investment management strategies and specific investment opportunities. It is foreseen that a significant percentage of the Fund's investments will be components of the reference benchmark. However, their weightings may deviate materially from those of the reference benchmark.
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## The deviation of the Fund’s performance and underlying investments’ weightings relative to the benchmark are monitored, but not constrained, to a defined range.
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## Income is reinvested.
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## You may sell your investment on most working days.
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## Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within a period of 5 years.

Translation (ENES, 2022-05-25):
# Objetivos y Política de inversión
### Objetivo de inversión:

### El objetivo del Fondo es lograr crecimiento del capital e ingresos de su inversión a lo largo del tiempo.

### Política de inversión:
El Fondo mantendrá principalmente una combinación de deuda de alta y menor calidad emitida por Gobiernos y sociedades de mercados emergentes. La deuda estará valorada principalmente en la divisa local. En ocasiones, el Fondo mantendrá deuda valorada en dólares estadounidenses (USD) o en divisas de países pertenecientes a la Organización para la Cooperación y el Desarrollo Económicos.

### El Fondo invertirá en contratos de divisas a plazo y contratos a plazo no entregables.

### El Fondo podrá invertir hasta un 10 % de sus activos en bonos nacionales chinos a través del Mercado Interbancario de Bonos de China (CIBM, por sus siglas en inglés).

### El Fondo podrá invertir hasta el 10 % de sus activos en bonos convertibles (excepto bonos convertibles contingentes).

### El Fondo también podrá invertir hasta el 10 % de sus activos en otros fondos, incluidos los fondos de HSBC.

### El Fondo puede invertir hasta el 10 % de sus activos en swaps de rentabilidad total. Sin embargo, no se espera que esta exposición exceda el 5 %.
El Fondo también podrá invertir en derivados y utilizarlos con fines de cobertura, de gestión de flujos de efectivo y de inversión. Los derivados también pueden estar integrados en otros instrumentos utilizados por el Fondo.