Factsheet GB en Gb00byvxbg82

HSBC OpenFunds
Global Strategy Adventurous Portfolio

Monthly report 31 July 2022 | Share class Inc C
Share class details

Investment objective Key metrics
The Fund aims to provide growth in line with its risk profile in the long term, which is a period of NAV per share GBP 1.40
five years or more. The Fund’s risk profile is rated as 5 where 1 is a lower level of risk and 5 is a Performance 1 month 4.64%
higher level of risk. Please see the Prospectus for an explanation of the HSBC risk levels.
Sharpe ratio 3 years 0.52
Fund facts
Investment strategy UCITS V compliant No
This is one of a range of actively managed Global Strategy Portfolios offered at different risk ISA eligible Yes
levels. The asset allocation of each fund in the range reflects the risk level. The Fund is managed Dividend treatment Distributing
with the aim of maximising returns in line with its agreed long term risk profile therefore any
Distribution frequency Semi-Annually
potential returns are likely to be limited by the risk profile of the Fund. The exposure to each asset
class may be achieved by investing in collective investment schemes, investing directly in asset Dividend ex-date 19 April 2022
classes and investing in derivatives. The Fund aims to meet its objective with a focus on lower Dividend yield¹ 1.35%
ongoing charges. This is taken into consideration when deciding which asset classes the Fund Last paid dividend 0.005180
will invest in and how the Fund achieves exposure to those asset classes. The Fund is not
managed with reference to a benchmark. Dealing frequency Daily
Valuation time 12:00 United
Kingdom
Main risks Share class base currency GBP
• The value of investments and any income from them can go down as well as up and you may Domicile United Kingdom
not get back the amount originally invested. Inception date 24 August 2017
• Where overseas investments are held the rate of currency exchange may cause the value of
Fund size GBP 259,224,465
such investments to go down as well as up.
• The Fund invests in bonds whose value generally falls when interest rates rise. This risk is Managers Kate Morrissey
typically greater the longer the maturity of a bond investment and the higher its credit quality. Fees and expenses
The issuers of certain bonds, could become unwilling or unable to make payments on their Minimum initial GBP 1,000,000
bonds and default. Bonds that are in default may become hard to sell or worthless. investment²
Ongoing charge figure³ 0.210%
Codes
ISIN GB00BYVXBG82
Bloomberg ticker HSGSAIC LN
SEDOL BYVXBG8
¹Dividend Yield: represents the ratio of
distributed income over the last 12 months to
the fund’s current Net Asset Value.
²Please note that initial minimum subscription
may vary across different distributors
³Ongoing Charges Figure, is based on expenses
over a year. The figure includes annual
management charge but not the transaction
costs. Such figures may vary from time to time.
Past performance does not predict future returns. The figures are calculated in the share class base currency, dividend reinvested, net
of fees.
This is a marketing communication. Please refer to the prospectus and to the KIID before making any final investment decisions.
Source: HSBC Asset Management, data as at 31 July 2022
HSBC OpenFunds Global Strategy Adventurous Portfolio
Performance Fund
160
Return index rebased to
100 on starting date
150
140
130
120
110
100
08/17
08/18
08/19
07/20
07/21
07/22
Since inception
Performance (%) YTD 1 month 3 months 6 months 1 year 3 years ann 5 years ann ann
Inc C -5.95 4.64 -1.59 -0.18 1.99 7.42 -- 8.14
31/07/21- 31/07/20- 31/07/19- 31/07/18- 31/07/17-

Rolling performance (%) 31/07/22 31/07/21 31/07/20 31/07/19 31/07/18
Inc C 1.99 23.88 -1.88 8.86 --
Currency Allocation (%) Asset allocation (%) Fund

Global Equity 78.85
US Dollar 63.56 Global Government Bond 3.87
Pound Sterling 13.20 Global Corporate Bond 1.50
Euro 5.64 Property 10.95
Yen 4.88 Cash/Liquidity 4.82
Hong Kong Dollar 1.94
Swiss Franc 1.91
New Taiwan Dollar 1.40
Australian Dollar 1.33
Indian rupee 1.14
Swedish Krona 0.62
Other Currencies 4.38
Fund
Top 10 holdings Weight (%)

HSBC American Index Institutional Acc 32.20
HSBC S&P 500 UCITS ETF 18.61
iShares Dev Rl Ett Idx Instl Acc $ 10.95
iShares EmergMkts Idx Instl Acc USD 9.97
HSBC European Index Institutional Acc 8.94
HSBC Japan Index Instl Acc 5.04
HSBC FTSE 100 Index Instl Acc 3.05
iShares Pacific Index Instl Acc USD 2.47
HSBC Global Corporate Bond Index ZQHUSD 1.50
HSBC Global Government Bond Index ZQHUSD 0.85
Past performance does not predict future returns. The figures are calculated in the share class base currency, dividend reinvested, net
of fees.
The data displayed in above sections is shown on a look-through basis. This means that the fund may not directly hold these securities
and the investment in these securities may be via other funds.
Equity top 10 holdings Location Sector Weight (%)

Apple Inc United States Information Technology 3.57
Microsoft Corp United States Information Technology 3.00
Alphabet Inc United States Communication Services 1.92
Amazon.com Inc United States Consumer Discretionary 1.68
Tesla Inc United States Consumer Discretionary 1.07
Berkshire Hathaway Inc United States Financials 0.78
UnitedHealth Group Inc United States Health Care 0.72
Johnson & Johnson United States Health Care 0.65
NVIDIA Corp United States Information Technology 0.65
Taiwan Semiconductor Co Ltd Taiwan Information Technology 0.63
Reference Market cap allocation (GBP Mil %)

Equity characteristics Fund Benchmark
Average market cap (GBP Mil) 298,433 --
0-10,000 7.94
Price/earning ratio 15.41 --
Portfolio yield 2.04% -- 10,000-50,000 24.37
50,000-100,000 10.71
100,000-250,000 15.42
250,000+ 20.42
Fund
Equity sector allocation (%)
Information Technology 17.42
Financials 10.71
Health Care 9.96
Consumer Discretionary 9.17
Industrials 7.48
Communication Services 6.14
Consumer Staples 5.91
Materials 3.67
Energy 3.47
Utilities 2.44
Real Estate 2.32
Pooled 0.18
Fund
Equity geographical allocation (%)
USA 50.69
Japan 4.93
Mainland China 3.10
United Kingdom 2.56
France 1.78
Australia 1.76
Germany 1.46
Taiwan 1.42
India 1.29
South Korea 1.22
Other Locations 8.65
Fund
Fixed Income Reference Reference

Characteristics Fund Benchmark Relative Credit rating (%) Fund Benchmark Relative
Yield to worst 3.33% -- -- AAA 3.50 -- --
Yield to maturity 3.34% -- -- AA 0.26 -- --
Option adjusted duration 6.17 -- -- A 0.81 -- --
Rating average AA/AA- -- -- BBB 0.79 -- --
BB 0.00 -- --
NR 0.00 -- --
Cash 0.02 -- --
Fixed income top 10 holdings Location Instrument type Weight (%)

US TREASURY N/B 2.750 15/11/2023 USD United States Treasury Note 0.01
TAKEDA PHARMACEUTICAL 4.400 26/11/2023 Japan Corporate Bond 0.01
USD
MORGAN STANLEY 2.188 28/04/2026 USD United States Corporate Bond 0.01
VERIZON COMMUNICATIONS 0.850 20/11/2025 United States Corporate Bond 0.00
USD
UNITEDHEALTH GROUP INC 3.500 15/08/2039 United States Corporate Bond 0.00
USD
COCA-COLA CO/THE 3.375 25/03/2027 USD United States Corporate Bond 0.00
JAPAN (2 YEAR ISSUE) 0.005 01/03/2024 JPY Japan Government Bond 0.00
Fixed income geographical allocation (%)
United States 4.23
Japan 0.17
United Kingdom 0.16
France 0.16
Germany 0.12
Canada 0.08
Italy 0.07
Spain 0.06
Netherlands 0.04
Australia 0.03
Other Locations 0.23
Cash 0.02
Fund
Geographical
allocation (Option Reference
adjusted duration) Fund Benchmark Relative
United States 4.70 -- --
Japan 0.33 -- --
United Kingdom 0.22 -- --
France 0.19 -- --
Germany 0.14 -- --
Canada 0.10 -- --
Italy 0.09 -- --
Spain 0.07 -- --
Belgium 0.05 -- --
Netherlands 0.05 -- --
Other Locations 0.25 -- --
Cash 0.00 -- --
Fixed income sector allocation (%)
Treasuries (US) 3.39
Industrial 0.79
Financial Institutions 0.58
Treasuries (Non-US) 0.48
Utility 0.12
Agencies 0.00
Local Authorities 0.00
Cash 0.02
Fund
Amount based on GBP

3 year total return (%) 1000 invested 3 Year Volatility (%)
Global Strategy Adventurous Portfolio AC 7.55 1,243.94 13.29
Peer Group Average - EAA Fund GBP Adventurous Allocation 3.90 1,121.52 13.80
Lowest Returning Fund in Peer Group -7.03 803.54 9.65
Highest Returning Fund in Peer Group 9.57 1,315.55 22.84
Cash 0.47 1,014.20 0.14
HSBC OpenFunds offer a choice of five different risk levels, to be selected by investors depending on factors like their financial goals,
time horizon and capacity for loss. Typically, the more risk investors take, the more return they would expect to see.
At HSBC Asset Management, we measure risk by volatility – how sharply a Portfolio’s share price moves in any given time period (up
or down). The higher the volatility, the higher the risk.
The table above shows the Portfolio’s return (for the primary share class or hedged currency share class) per year over the last three
years (known as annualised) and the level of volatility over the same period. This can be compared against other funds in the peer
group, as defined by an independent research company*.
An example of a good outcome would be that the HSBC Portfolio return is higher than the peer group’s average return and the volatility
(risk taken) is lower. However investors should consider their own priorities when it comes to returns and the risk taken to achieve
them.
*Morningstar Categories are used to define the peer group compromising funds they deem similar based on fund objectives and
holdings. The average is a median.

Monthly performance commentary

Market Commentary
Global equities rose in July following better-than-feared earnings reports for Q2. Falling bond yields helped prompt improved valuations, boosting investor
demand. The equity market rally was led by the US– one of the major underperforming markets during the first half of 2022. The US equity index possibly
gained from expectations that the Fed could end its tightening cycle sooner than initially anticipated. European equities were also up despite the ECB’s
decision to raise policy rates and weak economic data. At the other end of the spectrum, some emerging markets remained under pressure, with the
mainland China equity index falling the most across all major markets globally. Concerns related to the property market seemed to weigh on investor
sentiment, and new COVID-19 cases in some cities, added to the list of worries related to the market. Across sectors, recovery was mostly driven by the
cyclical sectors – Consumer Discretionary, Industrials and Technology, all outperformed the global index. Conversely, relatively defensive sectors –
Telecoms, Consumer Staples, Healthcare and Utilities, all underperformed. Meanwhile, commodities driven sectors, Basic Materials and Energy, also
underperformed on the back of softer underlying prices. Short term yields across developed bond markets moved largely in line with central bank policy,
but longer dated yields dropped on recession fears. Central banks across the world continue ‘frontloading’ their cycles with the ECB delivering a 50bp
hike and the Fed continuing their hawkish path by hiking 75bp, though there were signs the Fed is becoming more cautious. The US dollar (DXY) ended
July marginally higher after reversing nearly all the gains made in the first half of the month although these gains were concentrated against the EUR. The
EUR was the worst performing G10 currency in July, with EUR-USD falling 2.5% as political uncertainty, the gas crisis, and disappointing economic data
pressured the pair lower. That said, the EUR reversed some losses into month-end after the ECB’s unexpected 50bp hike on 21 July. GBP closed the
month basically flat against the USD.
Fearing a global recession, oil prices fell 4% in July (Brent crude) as concerns of a global recession intensified. The bulk of the gains triggered by Russia’s
invasion of Ukraine were reversed, with central banks hiking rates to tame inflation and therefore increasing fears of a slowdown that will negatively
impact demand for commodities including energy.
Portfolio performance
The Global Strategy portfolio posted positive performance over the month, returns range from 3.14% in Global Strategy Cautious to 4.64% in Global
Strategy Adventurous. Active portfolio positioning was negative over the period. The headline decision to be underweight equity and overweight cash
detracted, but the overweight to property added value.
Current Positioning
During the last week of June/beginning July, we moved the portfolios further underweight equity, and increased cash. Within the equity allocation, the
portfolios remain underweight Europe ex UK versus other developed market equities. The portfolios remain neutral Investment Grade Credit, and
underweight duration
We continue to hold an overweight to US bonds given the yield pick-up versus Global bonds
Outlook
Global growth remains challenged by rapid central bank policy tightening, and further upside inflation surprises that is squeezing real incomes. There is a
rising chance the UK and Eurozone tip into recession this year, and the US enters a downturn in 2023, although elevated uncertainty means precise timing
is difficult to predict. Positively, however, the depth and duration of any recession may be limited by healthy private sector balance sheets and moderate
fiscal support. Furthermore, falling inflation later this year should allow central banks to adopt a more neutral policy stance. We expect a total of 325bp of
Fed rate hikes in 2022, leaving policy moderately restrictive. US fiscal policy will also be a drag on growth. In China, growth risks imply further policy
stimulus being implemented, including infrastructure investment, and targeted monetary easing. However, policy divergence with the US will act as a
constraint. As a result of the above, we have become increasingly selective with where we take risk in portfolios: focusing on regional and style
allocations in equities (e.g. value and quality factors), income strategies in fixed income (e.g. Asia fixed income, some parts of global credit), inflation
protection and “real” strategies (e.g. commodities, infrastructure), and parts of EM ex Europe (e.g. opportunities in China and Latam).
The stocks mentioned are for illustrative purposes only and are not investment advice, investments have risks.
Follow us on:
Risk disclosures
HSBC Asset Management
• Investing in other funds involves certain risks an investor would not face if investing in
markets directly. Governance of underlying assets can be the responsibility of third-party
managers. For more information please contact us
• The Fund may invest in Emerging Markets, these markets are less established, and often at E-mail:
more volatile, than developed markets and involve higher risks, particularly market, liquidity Wholesale.clientservices@hsbc.com.
and currency risks. www.assetmanagement.hsbc.com/uk
• Derivatives may be used by the Fund, and these can behave unexpectedly. The pricing and To help improve our service and in the
volatility of many derivatives may diverge from strictly reflecting the pricing or volatility of interests of security we may record and/
their underlying reference(s), instrument or asset. or monitor your communication with us.
• Investment Leverage occurs when the economic exposure is greater than the amount
invested, such as when derivatives are used. A Fund that employs leverage may experience
greater gains and/or losses due to the amplification effect from a movement in the price of
the reference source.
• Liquidity is a measure of how easily the Fund’s holdings can be quickly converted to cash. Glossary
The value of the Fund’s holdings may be significantly impacted by liquidity risk during
adverse market conditions.
• Further information on the potential risks can be found in the Key Investor Information
Document (KID) and/or the Prospectus or Offering Memorandum.
Important information
The material contained herein is for marketing purposes and is for your information only. This
document is not contractually binding nor are we required to provide this to you by any
legislative provision. It does not constitute legal, tax or investment advice or a recommendation
to any reader of this material to buy or sell investments. You must not, therefore, rely on the
content of this document when making any investment decisions.
This material is not intended for distribution to or use by any person or entity in any jurisdiction
or country where such distribution or use would be contrary to law or regulation. This material
is not and should not be construed as an offer to sell or the solicitation of an offer to purchase
or subscribe to any investment.
Any views expressed were held at the time of preparation and are subject to change without
notice. While any forecast, projection or target where provided is indicative only and not
guaranteed in any way. HSBC Global Asset Management (UK) Limited accepts no liability for
any failure to meet such forecast, projection or target.
This fund is a sub-fund of HSBC OpenFunds, an Open Ended Investment Company that is
authorised in the UK by the Financial Conduct Authority. The Authorised Corporate Director
and Investment Manager is HSBC Global Asset Management (UK) Limited. All applications are
made on the basis of the HSBC OpenFunds prospectus, Key Investor Information Document
(KIID), Supplementary Information Document (SID) and most recent annual and semi annual
report, which can be obtained upon request free of charge from HSBC Global Asset
Management (UK) Limited, 8, Canada Square, Canary Wharf, London, E14 5HQ, UK, or the
local distributors. Investors and potential investors should read and note the risk warnings in
the prospectus and relevant KIID and additionally, in the case of retail clients, the information
contained in the supporting SID.
To help improve our service and in the interests of security we may record and/or monitor your
communication with us. HSBC Global Asset Management (UK) Limited provides information to
Institutions, Professional Advisers and their clients on the investment products and services of
the HSBC Group.
Approved for issue in the UK by HSBC Global Asset Management (UK) Limited, who are
authorised and regulated by the Financial Conduct Authority.
www.assetmanagement.hsbc.co.uk
Copyright © HSBC Global Asset Management (UK) Limited 2022. All rights reserved.
Further Information can be found in the prospectus and in our Key Investor Information
Documents published in our Fund Centre at www.assetmanagement.hsbc.co.uk

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HSBC OpenFunds

Global Strategy Adventurous Portfolio

Share class details

31/07/21- 31/07/20- 31/07/19- 31/07/18- 31/07/17-

Currency Allocation (%) Asset allocation (%) Fund

Top 10 holdings Weight (%)

Equity top 10 holdings Location Sector Weight (%)

Reference Market cap allocation (GBP Mil %)

Equity sector allocation (%)

Information Technology 17.42

Health Care 9.96

Consumer Discretionary 9.17

Communication Services 6.14

Consumer Staples 5.91

Real Estate 2.32

Equity geographical allocation (%)

Mainland China 3.10

United Kingdom 2.56

South Korea 1.22

Other Locations 8.65

Fixed Income Reference Reference

Fixed income top 10 holdings Location Instrument type Weight (%)

Fixed income geographical allocation (%)

United States 4.23

United Kingdom 0.16

Other Locations 0.23

Fixed income sector allocation (%)

Treasuries (US) 3.39

Financial Institutions 0.58

Treasuries (Non-US) 0.48

Local Authorities 0.00

Amount based on GBP

Source: HSBC Asset Management, data as at 31 July 2022

Monthly performance commentary

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