# Objectives and Investment Policy
### Investment Objective:
The Fund aims to provide long term capital growth and income by investing in a portfolio of global bonds, while promoting environmental, social and governance (ESG) characteristics. The Fund aims to have a higher ESG rating than its reference benchmark; calculated as a weighted average of the ESG ratings of the issuers of the Fund’s investments versus the weighted average of the ESG ratings of its reference benchmark.
The Fund promotes ESG characteristics within the meaning of Article 8 of SFDR. More information on HSBC Global Asset Management’s responsible investing policies is available at www.assetmanagement.hsbc.com/about-us/responsible-investing/policies.

### Investment Policy:
The Fund employs a Total Return strategy which has a flexible allocation across the global bond universe and currency markets. Through seeking multiple sources of return the strategy aims, over an investment cycle, to achieve risk-adjusted returns above those of the investment universe. However, your capital is still at risk and there is no guarantee of stable growth over time.
In normal market conditions, the Fund will primarily invest its assets in investment grade bonds and non-investment grade bonds and other similar securities issued by governments, government-related entities, supranational entities, and companies that are based in developed or emerging markets.
The Fund includes the identification and analysis of a company’s ESG Credentials as an integral part of the investment decision making process to reduce risk and enhance returns. ESG Credentials may include environmental and social factors, and corporate governance practices. The Fund will not invest in bonds issued by companies with involvement in specific excluded activities, such as: companies involved in the
production of controversial weapons and tobacco; companies with more than 10% revenue generated from thermal coal extraction; and companies with more than 10% revenue generated from coal-fired power generation. The Fund conducts enhanced due diligence on bonds issuers that are considered to be non-compliant with the UN Global Compact Principles. Please refer to the Prospectus for more details on ESG Credentials and excluded activities.
The Fund may invest up to 10% of its assets in onshore Chinese bonds, up to 30% in asset-backed securities (ABS) and mortgage-backed securities (MBS), up to 10% of its assets in contingent convertible securities, up to 49% of its assets in cash or money market instruments and up to 10% in other funds.
The Fund invests in bonds which are mostly denominated in US dollars (USD) and may have exposure to non-USD currencies. The Fund may invest up to 10% of its assets in securities issued by any single government issuer with a non-investment grade rating.
The Fund may also invest in derivatives and may use them for hedging and efficient portfolio management purposes. Derivatives will not be used extensively for investment purposes. Derivatives may also be embedded in other instruments used by the Fund.


### The Fund may enter into securities lending transactions for up to 29% of its assets.

### However, this is not expected to exceed 25%.


### The reference currency of the Fund is USD. The reference currency of this share class is USD.


### The Fund is actively managed and is not constrained by a benchmark.


### Income is reinvested.


### You may sell your investment on most working days.


### Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within a period of 3 years.

Translation (ENES, 2022-10-19):
# Objetivos y Política de inversión
### Objetivo de inversión:
El Fondo tiene como objetivo proporcionar un crecimiento del capital e ingresos a largo plazo invirtiendo en una cartera de bonos globales, al tiempo que promueve características ambientales, sociales y de gobernanza (ESG). El objetivo del Fondo es tener una calificación ESG superior a la de su índice de referencia, que se calcula como una media ponderada de las calificaciones ESG de los emisores de las inversiones del Fondo frente a la media ponderada de las calificaciones ESG de su índice de referencia.
El Fondo promueve las características ESG, según el significado que se atribuye a este término en el artículo 8 del SFDR. Para obtener más información acerca de las políticas de inversión responsable de HSBC Global Asset Management, consulte www.assetmanagement.hsbc.com/about-us/responsible-investing/policies.

### Política de inversión:
El Fondo emplea una estrategia de rentabilidad total con una asignación flexible en todo el universo global de bonos y mercados de divisas. Mediante la búsqueda de múltiples fuentes de rentabilidad, el objetivo de la estrategia es, a lo largo de un ciclo de inversión, lograr una rentabilidad ajustada al riesgo superior a la del universo de inversión. Sin embargo, su capital seguirá estando en riesgo y no habrá garantía de un crecimiento estable en el tiempo.
En condiciones normales del mercado, el Fondo invertirá sus activos principalmente en bonos con grado de inversión y sin grado de inversión emitidos por Gobiernos, entidades relacionadas con el Gobierno, entidades supranacionales y sociedades que tengan su sede en mercados desarrollados o emergentes.
El Fondo incluye la identificación y el análisis de las Credenciales ESG de una sociedad como parte del proceso de toma de decisiones de inversión para reducir el riesgo y mejorar la rentabilidad. Las Credenciales ESG pueden incluir factores ambientales y sociales, y prácticas de gobierno corporativo. El Fondo no invertirá en bonos emitidos por sociedades que participen en actividades excluidas específicas, como aquellas dedicadas a la producción de armas controvertidas y tabaco, y aquellas con más del