# 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 environmental, social and governance (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 a bottom-up quality and valuation investment approach. 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.
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; conducting due diligence on companies that are considered to be non-compliant with the UN Global Compact Principles; engaging with multiple stakeholders on various ESG matters such as energy transition, regulation and governance.
The Fund will not invest in 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.

### Please refer to the Prospectus for more details on ESG Credentials and Excluded Activities.
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 and up to 10% in China A-shares Access Products (CAAPs).
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 Real Estate Investment Trusts (REITs).
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 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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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 GBP and the base currency of the Fund USD. However, exchange rate fluctuations between the base currency of the Fund and the currencies of the Fund’s assets will not be protected.
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### The Fund is actively managed and does not track a benchmark. The reference benchmark for the Fund is Dow Jones Brookfield Global Infrastructure.
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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, 2022-10-20):
# 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 environnementales, sociales et de gouvernance (ESG).
Le Fonds promeut les caractéristiques ESG au sens de l’Article 8 du SFDR. Pour plus d’informations sur les politiques d’investissement responsable de HSBC Global Asset Management, consultez le site 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 leurs activités, dans tout pays des marchés développés et émergents.
Le Fonds vise à avoir une notation ESG, calculée comme une moyenne pondérée des notations ESG attribuées aux émetteurs des investissements du Fonds, plus élevée que la moyenne pondérée de l’univers d’investissement des actions d’infrastructure.
Le Fonds utilise une approche d’investissement « ascendante » en termes de qualité et de valorisation. Le Fonds comprend l’identification et l’analyse des références ESG d’une entreprise comme partie intégrante du processus décisionnel en matière de placement visant à réduire les risques et à améliorer les rendements.
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 ; en excluant des sociétés ayant une faible notation ESG ; en exerçant une vigilance sur les sociétés qui sont considérées comme non conformes aux principes du Pacte mondial des Nations Unies ; en s’engageant auprès de plusieurs parties prenantes sur diverses questions ESG telles que la transition énergétique, la réglementation et la gouvernance.
Le Fonds n’investira pas dans des sociétés impliquées dans des activités exclues spécifiques, telles que : des sociétés impliquées dans la production d’armes controversées et de tabac, des sociétés tirant plus de 10 % de leurs revenus de l’extraction de charbon thermique, et des sociétés tirant plus de 10 % de leurs revenus de la production d’énergie au charbon. Veuillez vous reporter au Prospectus pour de plus amples informations sur les références ESG et les Activités exclues.