# Objectives and Investment Policy
### Investment objective:

### The Fund aims to provide long term capital growth and income by investing in a concentrated, globally diversified portfolio of listed infrastructure shares, while promoting ESG characteristics.
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 will invest at least 90% of its assets in shares (or securities similar to shares) of infrastructure related companies of any size, that are based in, or carry out most of their business activities in any country including developed and emerging markets.
The Fund aims to have a higher ESG rating, calculated as a market cap weighted average of the ESG ratings given to the issuers of the Fund’s investments, than the weighted average of the investable infrastructure equity universe.
The Fund uses investment approach called bottom-up quality and valuation, which aims to identify listed infrastructure related securities whose assets have stable long term cash flows, strong management teams, capital structures and which are favorably priced.

### The Fund includes the identification and analysis of a company’s ESG Credentials as an integral part of the investment decision making process. Please refer to the prospectus for further details.
The investment decision making process integrates ESG Credentials: by allocating at least 25% of an infrastructure related security’s quality score to ESG Credentials; excluding companies with a low ESG rating and conducts due diligence on companies that are considered to be non-compliant with the UN Global Compact Principles; excluding companies with exposure to specific Excluded Activities, including but
not limited, to weapons, thermal coal extraction, coal-fired power generation and tobacco; engaging with multiple stakeholders on various ESG matters such as energy transition, regulation and governance.
The Fund may invest up to 20% in China A and China B-shares. For China A-shares, up to 10% through the Shanghai-Hong Kong Stock Connect and the Shenzhen-Hong Kong Stock Connect, up to 10% in CAAPs and up to 10% in CAAPs issued by any single issuer.

### The Fund may invest up to 10% of its assets in other funds, invest in money market instruments and cash to manage day-to-day cash flow requirements and up to 25% in REITs.

### The Fund may invest in derivatives and use them for hedging, cashflow management and investment purposes.
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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 reference benchmark for the Fund is 50% Dow Jones Brookfield Global Infrastructure|50% FTSE Global Core Infrastructure 50/50.
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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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### 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 (ENFR, 2022-05-27):
# Objectifs et politique d'investissement
### Objectif d’investissement :
Le Fonds cherche à générer une croissance du capital à long terme et des revenus en investissant dans un portefeuille concentré et diversifié à l’échelle mondiale d’actions liées aux infrastructures cotées, tout en promouvant des caractéristiques ESG.
Le Fonds promeut les caractéristiques ESG au sens de l’Article 8 du SFDR. De plus amples informations sur les politiques d’investissement responsable de HSBC Global Asset Management sont disponibles sur www.assetmanagement.hsbc. com/about-us/responsible-investing/policies.

### Politique d’investissement :
Le Fonds investira au moins 90 % de ses actifs dans des actions (ou titres similaires) de sociétés liées aux infrastructures de toute taille basées ou exerçant la majeure partie de leur activité dans tout pays, y compris les marchés développés et émergents.
Le Fonds vise à avoir une notation ESG plus élevée, calculée comme une moyenne pondérée des notations ESG attribuées aux émetteurs des investissements du Fonds, que la moyenne pondérée de l’univers d’investissement des actions d’infrastructure.
Le Fonds utilise une approche d’investissement appelée « ascendante » en termes de qualité et de valorisation, qui vise à identifier les titres liés aux infrastructures cotées dont les actifs présentent des flux de trésorerie stables à long terme, des équipes de gestion solides, des structures de capital et dont les prix sont favorables.

### Le Fonds intègre l’identification et l’analyse des références ESG d’une société dans le processus décisionnel en matière d’investissement. Pour plus de détails, veuillez consulter le prospectus.
Le processus de prise de décision d’investissement intègre les références ESG : en allouant au moins 25 % du score de qualité d’un titre lié à l’infrastructure par rapport aux références ESG ; à l’exclusion des sociétés ayant une faible notation ESG et exerçant une vigilance sur les sociétés considérées comme non conformes aux principes du Pacte mondial des Nations unies ; à l’exclusion des sociétés exposées à des Activités exclues spécifiques, y compris, mais sans s’y limiter, aux