Core Insights - The Hong Kong mutual fund market is experiencing a divergence in fund flows, with the number of inflows and outflows being nearly equal as of August 2025 [1] - After the relaxation of the sales cap for mutual funds in mainland China, sales of Hong Kong mutual funds surged, reaching a cumulative net outflow of over 150 billion RMB in March 2025, a historical high, but have since declined [1] - The decline in enthusiasm for overseas investments among mainland investors is attributed to the strong recovery of the A-share market [1] Fund Performance - The Morgan Asian Total Return Bond Fund attracted 975 million RMB in August, leading in net inflows and maintaining a top-three position for the year [2] - The fund employs a "best investment opportunity" strategy, focusing on Asian credit bonds, local currency bonds, and convertible bonds, outperforming domestic pure bond funds [2] - The Morgan Asian Dividend Fund continued its inflow trend from July, becoming the third most popular Hong Kong mutual fund in August [2] - Conversely, the Morgan International Bond Fund saw a net outflow of 894 million RMB in August, despite being the largest net inflow fund for the year [2] - The East Asia United Global Equity Fund faced significant outflows of 933 million RMB in August, ranking last in net inflows for the year [2] - Global equity funds in the Hong Kong mutual fund sector are generally experiencing large outflows due to weaker performance compared to Chinese and Asian stock markets [2] Company-Specific Insights - HSBC's Asian Bond Fund and related products have paused mainland subscriptions since reaching sales limits in March 2025, leading to a one-way exit for mainland investors [3] - East Asia United was the largest net inflow fund in July but faced substantial outflows in August, primarily due to the performance of the East Asia United Global Equity Fund [3] - Morgan and HSBC continue to dominate the Hong Kong mutual fund market, with asset management sizes of 77.08 billion RMB and 34.55 billion RMB respectively, together accounting for approximately 60% of the total market size [3]

以下文章来源于Morningstar晨星 ，作者晨星中国 Morningstar, Inc.是全球目前最主要的投资研究机构之一，旨在为投资者提供专业的财经资讯、基金、股 票的分析及评级，以及功能卓著的分析应用软件工具。Morningstar在全球33个国家和地区有发展业务。 【导读】晨星8月香港互认基金月报：资金流向分化，内地投资海外热情降温 Morningstar 晨星（中国）研究中心 吴粤宁 2025 年 8 月，香港互认基金资金流向呈现分化态势，净流入与净流出产品数量基本持平。 自年 初 放宽互认基金内地销售比例上限 后，香港互认基金在内地的销售额快速增加。国家 外汇管理局数据显示， 2 025 年 3 月，香港互认基金内地发行销售累计净汇出金额突破 1500 亿元人民币 ，创下历史新高，随后数月却连续回落。这一变化显示出，随着 A 股市场 的强劲复苏，内地投资者对海外投资的热情有所降低。 具体到基金产品， 摩根亚洲总收益债券基金 8 月 " 吸金 "9.75 亿元，月净流入规模居首 位，今年以来净流入排名稳居前三。该基金采用无基准的 " 最佳投资机会 " 总回报策略，借 助亚洲信用债、本币债券及可转债 ...

Core Viewpoint - The article highlights the mixed fund flow dynamics in Hong Kong mutual recognition funds, indicating a shift in investor sentiment towards domestic A-shares as overseas investment enthusiasm declines [1]. Fund Flow Dynamics - In August 2025, the number of products with net inflows and outflows in Hong Kong mutual recognition funds was nearly balanced, reflecting a significant change since the beginning of the year when sales limits were relaxed [1]. - Cumulative net outflow from Hong Kong mutual recognition funds in mainland China reached a historical high of 150 billion RMB in March 2025, but has since declined [1]. - The Morgan Asian Total Return Bond Fund led the inflow in August with 975 million RMB, maintaining a strong performance compared to domestic pure bond funds [1][3]. Fund Performance - The Morgan Asian Dividend Fund continued its inflow trend from July, becoming the third most popular mutual recognition product in August [1]. - Conversely, the Morgan International Bond Fund experienced a net outflow of 894 million RMB in August, continuing a trend from July [1][3]. - The East Asia United Global Equity Fund faced significant outflows of 933 million RMB in August, reflecting broader challenges for global equity funds compared to Chinese and Asian markets [1]. Company-Level Insights - East Asia United was the largest net inflow fund company in July 2025 but faced substantial outflows in August, primarily due to the performance of the East Asia United Global Equity Fund [8]. - Morgan remains the leader in net inflows for both August and year-to-date, while all HSBC mutual recognition fund products have continued to see net outflows since reaching sales limits earlier in the year [8]. - As of August 2025, Morgan and HSBC dominate the Hong Kong mutual recognition fund market, with asset management scales of 77.08 billion RMB and 34.55 billion RMB, respectively, accounting for approximately 60% of the total market [15].

Core Viewpoint - The article highlights the significant inflow of funds into bond-focused Hong Kong mutual funds, particularly in light of regulatory changes and market conditions favoring fixed-income products. Fund Flow and Performance - Since the beginning of 2025 (up to July), there has been a substantial inflow into bond-type Hong Kong mutual funds, with Morgan International Bond Fund attracting the most at 16.56 billion yuan [1] - The Morgan International Bond Fund saw a net cash inflow of 16.56 billion yuan, despite some outflows in July [1] - HSBC Asian Bond Fund, while being the second most popular fund, experienced a significant outflow of over 1.2 billion yuan in July [1] - East Asia United Asian Strategy Bond Fund became the top choice for domestic investors in July, with a net cash inflow exceeding 500 million yuan [1] Company Performance - Morgan and HSBC dominated the Hong Kong mutual fund market by the end of July 2025, with fund sizes of 75.6 billion yuan and 35.7 billion yuan, respectively [1][12] - Morgan led with a net cash inflow of 19.876 billion yuan, nearly double that of HSBC [9] - East Asia United and Morgan saw the most net inflows in July 2025, while HSBC faced the most significant outflows [6] Fund Management Strategies - The investment strategies of the funds vary, with Morgan's funds showing flexibility across different types of bonds, while HSBC's strategy is more conservative, focusing on investment-grade Asian dollar bonds [1] - Schroder High Yield Equity Bond Fund recorded the highest net outflow of 1.637 billion yuan due to underperformance compared to other Hong Kong mutual funds [1]

Core Viewpoint - The Morgan International Bond Fund aims to achieve an annualized return that exceeds its benchmark index by investing primarily in investment-grade bonds from developed and emerging markets, while also allowing for a small allocation to high-yield bonds and utilizing liquidity credit default swap indices for beta management [1][5]. Fund Overview - The fund was established on January 23, 2019, and has a fund size of 33.793 billion yuan as of June 30, 2025 [1]. - The fund is managed by experienced fund managers Arjun Vij and Jason Pang, supported by a robust research team [4]. Investment Strategy - The investment approach combines top-down and bottom-up methodologies, leveraging the expertise of various research teams to identify global bond investment opportunities [1][5]. - The fund's asset allocation strategy has proven effective across different market environments, contributing to capital appreciation [1][5]. Historical Performance - The fund has demonstrated stable performance due to diversified sources of returns, with industry and issuer selection being the primary contributors to excess returns [7]. - In 2021, the fund's excess returns were driven by a low duration allocation and an overweight in investment-grade and high-yield corporate bonds [7]. - The fund maintained a low duration in 2022, which helped mitigate losses in a rising U.S. Treasury yield environment, although it faced challenges in early 2023 due to a flattening yield curve [7]. Fee Structure - The fund's annualized comprehensive fee rate, excluding transaction costs, is 0.89%, slightly above the median of 0.87% for similar funds [1][11].