風險考慮因素:
  1. 本基金以主動方式管理及主要投資於以歐洲貨幣計值的高收益公司債務證券的多元化投資組合。
  2. 投資於本基金涉及風險,包括一般投資風險、地理集中風險及歐元區風險、貨幣風險、因英國脫歐引致的變動帶來的風險和剔除標準風險,並可能導致您損失部分或全部投資金額。
  3. 投資於債務證券亦會涉及信貸/對手方風險、利率風險、評級下調風險、信貸評級風險、與評級一般低於投資級別或未評級的高收益債務證券相關的風險、與投資於具吸收虧損特點的債務工具相關的風險和估值風險。
  4. 本基金可運用衍生工具作對沖、有效的投資組合管理及投資目的,或以建立債務證券與信貸指數的合成短倉,因而涉及衍生工具風險。本基金或會執行主動貨幣倉位,因而涉及相關風險。投資於衍生工具可能導致本基金蒙受重大損失的風險。
  5. 就Ax類而言,股息是根據酌情派付。股息可能直接從資本中支付及/或透過分派所有總收益(扣除該股份類別應佔的任何費用及開支前)而實際上從股份類別的資本中支付。直接從資本中支付股息及/或實際上從資本中支付股息相當於退回或提取投資者初始投資的一部分或初始投資應佔的任何資本收益。任何有關分派可能導致每股資產淨值即時下跌,亦可能侵蝕資本及妨礙未來增長。
  6. 本基金價值可以波動不定,並有可能大幅下跌。
  7. 投資者不應僅根據本[文件/網站]而投資於本基金 。

 

投資涉及風險。過往業績並非當前或將來的表現的可靠指標,亦不應作為選擇個別產品或策略的唯一考慮因素。

普徠仕(盧森堡)系列
歐洲高收益債券基金
投資以研究為主導,務求實現高收入的回報。
ISIN LU0596125814
基金單張
產品資料概要
SFDR 披露
2016年12月31日 - Michael Della Vedova, 基金經理,
We believe that the fundamentals and technical factors underpinning European high yield are robust. However, volatility is likely to persist given Brexit negotiations and elections in France, Germany and the Netherlands. For us, the most important thing is to be credit selective. This will be the biggest determinant of absolute and relative returns, in our view

概覽
策略
基金概要
尋求透過投資由主要以歐洲貨幣計值的高收益債券組成的多元化投資組合達致最大的總回報。
表現(已扣除費用)

過往表現並非未來表現的可靠指標。

2016年12月31日 - Michael Della Vedova, 基金經理,
New issuance was subdued in December amid increased uncertainty following the U.S. election and the U.S. Federal Reserve's decision to raise interest rates early in the month. However, healthy appetite for risk assets contributed to the strong monthly return, and European high yield performed in line with its U.S. counterpart. Investors seeking to reduce exposure to longer duration, low-coupon bonds ahead of year-end created an environment in which B rated and higher coupon, shorter-term credits outperformed.
2016年12月31日 - Michael Della Vedova, 基金經理,

Technical conditions were supportive, particularly at the onset of the quarter. Increased capital market activity in October was met with inflows. New issue volume decreased in subsequent months; however, over 60% of the final quarter's primary market activity was rated B. This compares with the full year where 55% was in BB rated securities and with 49% from the previous year. In addition, the majority of annual activity was refinancing related, including the final quarter. According to J.P. Morgan, fourth-quarter bond supply was EUR €11.7 billion, a decrease from the previous period of EUR €14.1 billion. In 2016, EUR €58.9 billion came to market, which was also a decrease from the EUR €75.9 billion the previous year. Overall flow activity was relatively flat with outflows in November offsetting inflows from the other two months. Over the full year, retail funds tracked a small inflow. Overall retail fund inflows combined with limited new money issuance, which supported the euro high yield market. Euro high yield spreads tightened by 54 basis points to end the three-month period at 386 basis points. BB rated bonds underperformed every month over the quarter despite the higher-quality characteristics typically associated with that rating. Of particular note is the underperformance in November where structural issues weighed on BB rated bonds, pulling down the rest of the market. The euro high yield market is higher quality compared with its U.S. counterpart and particularly demarcated by credit quality as each rating reveals a stark contrast of characteristics. According to our benchmark, over 65% of the market is rated BB and yields less than 3%. This compares with approximately 30% in B rated issues yielding 5.5%. The carry from higher coupons afforded by single B rated securities alongside a shorter-duration profile helped drive outperformance in that segment. As such, market declines over the period were not credit-by-credit but rather curve-risk reaction.

Fundamental credit convictions drive industry allocation

Gaming is the top overweight allocation by industry driven by meaningful positions in Cirsa and Codere. Conversely, we are positioned with a longstanding significant underweight allocation to the automotive segment given its composition of low-yielding fallen angels.

Our allocation to cable and satellite TV remains our largest absolute weight by industry and second-highest relative weight. Altice, Liberty Global Group, and several of their subsidiaries remain top positions. The cable sector enjoys relatively defensive characteristics, including stable cash flow throughout the cycle, steady EBITDA growth based on wider offerings, and strong demand. Additionally, elevated mergers and acquisitions (M&A) activity in recent years is creating meaningful synergies within the industry.

Our significant underweight to wirelines helps offset the overweight to cable issuers. While both industries have some similar characteristics such as subscription-based business models, overall, wirelines have been in secular decline at the expense of cable and wireless companies.

Defensive stance helps during periods of volatility

The average rating of our portfolio is lower than that of our benchmark, mainly due to our significant overweight in B rated securities and corresponding underweight to BB rated credits. Our portfolio reflects bottom-up security selection with well-calculated risks without relying on the views of public rating agencies. We believe an underweight to BB rated bonds and focus on single B credits better compensates for the risk of a high yield rating while building a portfolio with a current yield advantage over our benchmark. Despite risks typically associated with greater yield, we believe our defensive stance is reflected through a higher-coupon profile positioned to withstand volatility over the long term. Indeed, since its inception, the SICAV has outperformed with less risk. With less primary issuance in the final quarter of 2016, most investment activity was adding to existing names with higher coupons. Our concentrated approach (90 issuers across 111 holdings compared with over 550 individual positions in the index) represents a high-conviction portfolio of medium- to long-term improving credit stories within an inefficient market. Our focused portfolio is made possible by strict discipline.

Sovereign research enhances country allocations

While our investment process is primarily driven by bottom-up credit selection, proprietary sovereign views serve as a key input in our overall risk assessment. The firm's sovereign analysts identify and convey top-down macro trends to help evaluate exogenous risks related to individual companies. An underweight exposure to peripheral eurozone countries, including Italy and Spain, is largely driven by bottom-up credit selection. Our holistic view of capital structures and our willingness to invest in holdings companies is reflected in an allocation to companies domiciled in Luxembourg.

2016年12月31日 - Michael Della Vedova, 基金經理,
We maintain our overweight allocation to the cable industry. Although the market penetration of these companies is increasing across Europe, we believe that there is still room for growth, especially as they roll out broadband offerings to existing customers. In contrast, the automotive sector represents a long-standing, significant, underweight allocation in the portfolio given its composition of low-yielding fallen angels, issuers downgraded from investment-grade to high yield.
2016年12月31日 - Michael Della Vedova, 基金經理,
While our investment process is primarily driven by bottom-up credit selection, proprietary sovereign views serve as a key input in our overall risk assessment. The firm’s sovereign analysts identify and convey top-down macro trends and help evaluate external risks related to individual companies.
2016年12月31日 - Michael Della Vedova, 基金經理,
We do not expect to add value via currency management and typically hedge our non-euro exposure back to euros to limit volatility, keeping the focus on credit selection.
請從股份類別列表中選擇Ax類別查看股息分派資訊。

基準數據來源: ICE BofA Merrill Lynch

除另有說明外,所有基金評級、獎項和數據均截至 2024年09月30日,且相關數據來自普徠仕。 

信貸評級來源:本基金持有的證券之信貸評級由穆迪、標準普爾與惠譽提供,並轉換至標準普爾的命名方法。“AAA”評級代表評級最高的證券,評級“D”代表評級最低的證券。當所有三間機構均有評級時,則使用中間的評級。若有兩個評級,則使用較低的評級;若只有一個評級,則使用該評級。若未有評級,則該證券被分類為「無評級」(NR)。相關投資工具的評級用於決定信貸違約掉期及主權證券的信譽。本基金未經任何機構評級。

成立少於一年的股份類別(和相關基準)的業績回報為累積計算,而非年度化。

年度表現僅代表有關股份類別的成立日至該年度最後一日之表現,並不代表整年回報。

SICAV是指普徠仕(盧森堡)系列。普徠仕(盧森堡)系列是一家盧森堡投資公司,具有可變資本,在盧森堡金融業監管委員會註冊(Commission de Surveillance du Secteur Financier),並獲認可為可轉讓證券集體投資計劃(「UCITS」)。

表現資料來源:普徠仕。基金表現使用資產淨值以股份類別貨幣計算,並將股息再作投資 (如有)。投資價值和任何所得收益可升可跌,投資者可能取回低於投資之金額。。此值會因基金的基本貨幣與認購基金之間的匯率變動 (如有不同) 而受到影響。銷售費用(A類最高可達5%)、稅款及其他當地適用的成本 (如適用) 皆尚未扣除,這些款項會降低表現數據。指示性基準回報包括再投資的股息總額。

請參閱基金單張查看最基本的業績表現資料及其他詳情。  

投資涉及風險。過往業績表現並非未來業績表現的可靠指標。某些基金的投資回報以美元/港元以外的外幣計值。以美元/港元為基礎的投資者因而承受美元/港元兌其他外幣的貨幣風險。投資者應參閱公開說明書,以了解目標、投資政策及風險的全面詳情。公開說明書可向當地代表索取。   

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所示的所有風險及回報資料乃屬所顯示之股份類別,並不一定反映本基金整體的情況。倘股份類別有足夠的歷史業績表現,則根據所選股份類別超過3年(倘股份類別的往績紀錄期介乎3至5年)或5年的回報及標準差計算該等風險及回報資料。股份類別的歷史業績表現少於3年者,則未能提供風險及回報資料。

本網站中提及與描述的特定證券不代表附屬基金購買、出售或推薦的所有證券,亦不應假設所提及和討論的證券為盈利證券或將會盈利。

本網站持倉部分所示的十大貢獻因素及拖累因素數據,乃指截至 2024年09月30日 ,按正面或負面貢獻百分比計算的十大貢獻/拖累證券。

所示的個別主要貢獻因素及拖累因素數據,乃指截至 2024年09月30日 ,於十大基金表現貢獻因素及拖累因素當中,按基金規模百分比計算的最大貢獻/拖累因素。

貢獻/拖累因素的計算方法乃應要求提供。所提及與描述的特定證券並不代表基金購買、出售或推薦予客戶的所有證券。涵蓋期間的貢獻/拖累因素完整列表乃應要求提供。

由於四捨五入,本網站的部分數字未必等於所列總和。 

晨星(Morningstar)星號評級資料來自晨星公司(Morningstar, Inc.) 。

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