Global Emerging Markets Local Debt IDEUR

Investment Objective: The Fund aims to provide capital growth and income of your investment over time. Investment Policy: The Fund will primarily hold a mix of high and lower quality debt issued by emerging market governments and companies. The debt will mainly be valued in the local currency. Sometimes the Fund will hold debt valued in US Dollars (USD) or currencies from countries within the Organisation for Economic Co-operation and Development. The Fund will invest in currency forwards and non-deliverable forwards. The Fund may invest up to 10% of its assets in Chinese onshore bonds through the China Interbank Bond Market (CIBM). The Fund may invest up to 10% of its assets in convertible bonds (excluding contingent convertible bonds). The Fund may also invest up to 10% of its assets in other funds, including HSBC funds. The Fund may invest up to 10% of its assets in total return swaps. However, this exposure is not expected to exceed 5%. The Fund may also invest in derivatives and use them for hedging, cashflow management and investment purposes. Derivatives may also be embedded in other instruments used by the Fund. The Fund may enter into securities lending transactions for up to 29% of its assets. However, this is not expected to exceed 25%. The reference currency of the Fund is USD. The reference currency of this share class is EUR. The Fund is actively managed and does not track a benchmark. The Fund has an internal or external target to a reference benchmark, 50% JP Morgan Government Bond Index Emerging Market Global Diversified|50% JP Morgan Emerging Local Market Index+. 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. The deviation of the Fund’s performance and underlying investments’ weightings relative to the benchmark are monitored, but not constrained, to a defined range. Income is distributed. You may sell your investment on most working days. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within a period of 5 years.