Core Viewpoint - Allianz Global Investors indicates that several factors support the continuation of strong performance in Asian credit for the remainder of the year, driven by structural advantages and resilient economic growth in the region [1][4]. Group 1: Performance of Asian Credit - Asian fixed income markets have shown resilience amid increased market volatility due to U.S. tariff policies, with spreads outperforming similar bonds in the U.S. and emerging markets [4]. - Chinese dollar-denominated high-yield bonds have consistently been the best-performing high-yield bond market compared to other regions [1][4]. - Factors supporting strong performance include robust export performance from China and surging tech and semiconductor exports from South Korea, Taiwan, and Malaysia [1]. Group 2: Economic Environment - The economic growth in Asia is supported by strong domestic demand in Southeast Asia and successful elections in India, contributing to a positive macroeconomic environment [1]. - Even frontier markets like Mongolia have achieved strong growth, while countries like Pakistan and Sri Lanka have made significant progress in debt restructuring [1]. - The overall corporate earnings in Asia remain stable, and increased policy support from China has significantly reduced systemic tail risks [1]. Group 3: Future Outlook for Asian Credit - Allianz believes that three key factors will drive Asian fixed income performance in 2025: advantages under potential U.S. trade policies, continued outperformance of Asian high-yield bonds, and the diversification benefits Asia offers in a fragmented global landscape [8][12]. - The Asian credit cycle remains in a favorable phase, with stable corporate earnings supporting lower debt levels across most industries [14]. - The high-yield credit sector is expected to rebound strongly in 2025, as default rates have been declining after a recent spike [15]. Group 4: Structural Advantages - The shift towards a more diversified global power structure since 2016 has positioned Asia to benefit from regional trade deepening and economic integration [19]. - Structural advantages such as favorable demographics, resilient economic fundamentals, and stable leadership are expected to support sustained growth in Asia [19]. - The past decade has seen Asian fixed income assets outperform similar assets in other regions, indicating a trend that may continue [20].

进入晨星小程序，轻松掌握更多基金信息！ 该基金主要投资于亚洲美元高收益债券，与同类基金相比，其在新兴市场主权债券和投资级债券上的配置比重相对更高。亚洲固收投资团队首先基于对宏 观经济的研判，确定信用、利率和货币等不同资产之间的配置比重，进而借助定量工具的辅助，制定针对不同行业和地区的配置策略；而在自下而上精选 个券环节，投资团队会与研究团队充分讨论后决定。在 2011 年 5 月至 2025 年 2 月底主基金经理管理期间，该基金的年化回报为 2.58% ，在同类基金中排名第 32 个百分位。在此期间，组合的波动性（以标准差衡量）为 8.63% ，低于晨星同类平均的 10.13% ，同样排在同类第 32 个百分位。费用方面，该基金的人民 币累计份额年化综合费率为 1.36% ，低于同类基金中位数的 1.49% 。 汇丰亚洲高收益债券基金由具备丰富投研经验的基金经理航舵，并得到研究团队的有力支持。基金的投资流程清晰且可复制性强，并在多个市场周期中 为投资者创造了良好的长期回报。 近年来基金的风险管理框架进行了调整，其实施效果还有待观察。 风险提示： 由于该基金对新兴市场主权债券和准主权债券的配置比重相对较高，回 ...

Core Viewpoint - The HSBC Asian High Yield Bond Fund aims to achieve an annualized return that exceeds its benchmark index, primarily investing in Asian dollar-denominated high-yield bonds, with a higher allocation to emerging market sovereign and investment-grade bonds compared to peers [2][4]. Fund Overview - Fund Code: 968092 - Fund Type: Asian High Yield Bonds - Benchmark Index: JPMorgan Asia Credit Index Non-Investment Grade Total Return Index [1] Fund Management - The fund was established on February 3, 2020, with a total fund size of 8.18 billion yuan as of March 25, 2025 [2]. - The fund is managed by a team including Mei Lizhong, Lin Jiaming, and Cai Jialin, with Mei Lizhong having nearly 30 years of investment management experience [4][6]. Performance Metrics - From May 2011 to February 2025, the fund achieved an annualized return of 2.58%, ranking in the 32nd percentile among similar funds [2][8]. - The fund's volatility, measured by standard deviation, was 8.63%, lower than the Morningstar peer average of 10.13%, also placing it in the 32nd percentile [8]. - The fund's annualized comprehensive fee rate is 1.36%, below the median of 1.49% for similar funds [8]. Investment Strategy - The fund employs a combination of top-down and bottom-up investment approaches, with a focus on macroeconomic analysis to determine asset allocation across credit, interest rates, and currencies [6][7]. - The fund's duration is generally adjusted within one year of the benchmark index duration, which is higher than the average duration of similar funds, exposing it to greater interest rate risk [6][7]. Risk Management - The fund has a higher exposure to emerging market sovereign and quasi-sovereign bonds, which can lead to more stable performance during credit market downturns [3][7]. - Recent challenges include defaults in the real estate sector, which have negatively impacted the fund's performance due to a significant allocation to real estate bonds [6][7]. Long-term Outlook - Despite short-term performance pressures, the fund has demonstrated strong long-term performance, with a risk-adjusted return (Sharpe ratio) ranking in the 19th percentile among peers [8].