風險考慮因素:
  1. 本基金以主動方式管理及主要投資於全球(包括新興市場)發行人的所有類別債務證券的多元化投資組合及不受可能投資於任何一個國家或地區的資產淨值部分的任何限制。
  2. 投資於本基金涉及風險,包括一般投資風險、貨幣風險、剔除標準風險和地理集中風險,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、新興市場的波動性/流動性風險、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、與抵押及/或證券化產品相關的風險、主權債務風險、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(包括場外衍生工具和交易所買賣的衍生工具)作對沖、有效投資組合管理及投資目的,或以建立貨幣、債務證券及信貸指數的合成短倉,因而涉及衍生工具風險。本基金或會執行高槓桿及主動貨幣、利率及信貸金融衍生工具長短倉,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. 本基金價值可以波動不定,並有可能大幅下跌。
  6. 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
環球綜合債券基金
旨在透過其投資價值及投資收入的增長盡量提高其股份價值。
ISIN LU0133095157
基金單張
產品資料概要
SFDR DISCLOSUR
2016年12月31日 - Arif Husain, 固定收益主管兼首席投資總監,
We expect periods of volatility over the coming months on uncertainty around the policy direction of the incoming U.S. administration and heightened political risk in Europe. On top of that, the U.S. Federal Reserve (Fed) is expected to make further interest rate rises in 2017, and other major central banks are showing signs of stepping back slightly from their accommodative monetary policy stances. We maintain a cautious approach but look for opportunities identified by our fundamental research approach to take advantage of any pricing anomalies and dislocations that might occur.

概覽
策略
基金概要
以主動方式管理及主要投資於全球(包括新興市場)發行人的所有類別債務證券的多元化投資組合及不受可能投資於任何一個國家或地區的資產淨值部分的任何限制。
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 - Arif Husain, 固定收益主管兼首席投資總監,
A rise in the U.S. Fed Funds rate in December as well as expectations of higher global inflation drove yields across a number of developed markets higher during the month. In terms of the fund's performance, our underweight duration position in Hong Kong contributed to relative returns. An option position in U.S. government bonds detracted, however. In the currency sphere, the U.S. dollar strengthened against most major currencies on the back of the U.S. rate rise as well as continuing expectations of higher inflation and fiscal deficits. This boosted our overweight U.S. dollar position versus an underweight in the South Korean won. Offsetting this gain was our overweight in the Australian dollar, which modestly detracted.
2016年12月31日 - Arif Husain, 固定收益主管兼首席投資總監,

Currency selection

  • In December, we closed an underweight position in the Australian dollar that we had held since early September, as we felt the currency was undervalued in relation to the prices of copper and iron ore, which are key exports of the country.
  • Toward the end of the period, we closed an underweight position in the Canadian dollar, as the currency reached its weakest level in a month and we felt its run of depreciation had become overextended.
  • In emerging markets, we closed an overweight in the Indian rupee in December. This was based on our view that uncertainty around the currency's outlook had increased following the implementation of the country's demonetization program in November.
  • We went underweight the Polish zloty around the beginning of the period on our concerns over the worsening political situation in the country, as well as the risk of a rating downgrade of the country's debt by credit ratings agencies.

County/duration positioning

  • We increased our underweight duration position in the UK throughout the period, based on our view that UK gilts are likely to come under further pressure amid the economic uncertainty in the UK following the Brexit vote, as well as ambiguity around the future direction of UK monetary policy over the coming year.
  • We slightly trimmed our underweight duration position in eurozone government debt, but we still feel valuations in eurozone government bonds are rich, with yields trading at extremely low levels, particularly in core countries.
  • In emerging markets, we moved to overweight positions in several countries in anticipation of hikes in interest rates by central banks, including Russia in November and Brazil late in the period. Midway through the quarter, we took profit on our overweight duration position in South Korea after the bonds had outperformed most other markets. We also closed our overweight duration position in South Africa in October after a government budget policy statement suggested the country was facing a delayed path of fiscal consolidation and debt stabilization, which could negatively impact the country's credit rating.

Sector allocation and security selection

  • We retained exposure to European high yield bonds as these have the potential to benefit indirectly from the ECB's accommodative stance and Europe's credit-friendly part of the economic cycle with inflation low and the recovery moderate.
  • Portfolio protection expressed via positions on European and U.S. high yield credit indices modestly detracted from relative returns during the quarter.
2016年12月31日 - Arif Husain, 固定收益主管兼首席投資總監,
We maintain a low credit risk beta in the portfolio by using credit derivative instruments to act as insurance. We continue, however, to retain an overweight in European high yield, which is indirectly supported by the European Central Bank's corporate bond-buying programme.
2016年12月31日 - Arif Husain, 固定收益主管兼首席投資總監,
We have an underweight duration position in the U.S. as the incoming U.S. administration raises the possibility for fiscal stimulus and higher inflation, factors that are likely to put pressure on Treasuries, particularly at the long end of the curve. Outside of developed markets, we see value in select emerging market local government bonds, including Malaysia and Romania.
2016年12月31日 - Arif Husain, 固定收益主管兼首席投資總監,
We increased our overweight position in the U.S. dollar as the Fed tightened monetary policy for the first time in the year during December. Elsewhere, we opened an underweight position in the Mexican peso.

有關基準數據來源的披露僅提供英文版本,可在此處找到。