# Objectives and Investment Policy
### Investment Objective:
The Fund aims to provide short term capital growth and income by investing in a portfolio of bonds and money market instruments, 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:

### In normal market conditions, the average duration of the portfolio holdings of the Fund is not expected to exceed one year, which is considered to be ultra-short duration.
In normal market conditions, the Fund will invest at least 70% in fixed or floating-rate income bonds and other similar securities including money market instruments, that are rated investment grade and are issued by governments, government-related entities, supranational entities, and companies, based in developed or emerging markets.

### The Fund will invest less than 30% of its assets in non-investment grade rated and unrated bonds and up to 10% of its assets in securities with a non-investment grade rating.
The Fund includes the identification and analysis of an issuer’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 bonds and other similar securities which have a maturity longer than five years and may invest up to 30% in bonds issued in emerging markets.
The Fund may invest up to 10% of its assets in onshore Chinese bonds, up to 20% of its assets in asset backed securities (ABS) & mortgage-backed securities (MBS), up to 10% of its assets in contingent convertible securities and up to 10% in other funds.

### The Fund invests mostly in bonds which are denominated in US dollars (USD) and may have exposure up to 20% of its assets in non-USD currencies.
The Fund may invest in derivatives and use them for hedging and efficient portfolio management purposes. Derivatives will not be used extensively for investment purposes. Derivatives may 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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### Currency hedging is carried out in respect of the share class. The aim is to protect against exchange rate fluctuations between the share class currency EUR and the base currency of the Fund USD.
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### The Fund is actively managed and is not constrained by a benchmark.
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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 be appropriate for investors who plan to invest over a short term.

Translation (ENES, 2022-10-20):
# Objetivos y Política de inversión
### Objetivo de inversión:
El Fondo tiene como objetivo proporcionar un crecimiento del capital e ingresos a corto plazo invirtiendo en una cartera de bonos e instrumentos del mercado monetario, 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:

### En condiciones normales del mercado, no se espera que la duración media de las participaciones en la cartera del Fondo supere un año, lo que se considera una duración «ultracorta».
En condiciones normales del mercado, el Fondo invertirá al menos el 70 % en bonos de tipo fijo o variable, y en otros valores similares, incluidos los instrumentos del mercado monetario, que tengan una calificación de grado de inversión y que estén emitidos por Gobiernos, entidades relacionadas con el Gobierno, entidades supranacionales y sociedades que tengan su sede en mercados desarrollados o emergentes.

### El Fondo invertirá menos del 30 % de sus activos en bonos sin grado de inversión y sin calificación, y hasta el 10 % de sus activos en valores sin grado de inversión.
El Fondo incluye la identificación y el análisis de las Credenciales ESG de un emisor 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