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Philippe Igigabel
Outstanding Portfolio Manager

Philippe Igigabel named as Outstanding Portfolio Manager by Morningstar Europe

Awards

The Outstanding Portfolio Manager Award honors managers who, in addition to delivering strong returns for investors consistently over their careers, have demonstrated excellent investment skills and the courage to differ from the consensus while aligning the strategy with the interests of investors.

I feel greatly honored by this rare distinction.

Delivering solid and reliable performance to our clients is the ultimate goal of our daily efforts. Having an eminent institution like Morningstar acknowledge that this objective has been fulfilled is a source of great satisfaction.

Going forward I will strive to live up to the high expectations that come with such an award.

Philippe Igigabel, CFA, Fixed Income Portfolio Manager

Following this award, Xavier Baraton, Global CIO, Fixed Income, Private Debt and Alternatives at HSBC Asset Management highlighted that:

For more than 15 years, Philippe has developed and implemented a consistent yet adaptive process, combining careful issuer selection and his precise understanding of macro and credit cycles with robust portfolio construction.

Philippe demonstrates very well the notion of Investment Excellence, which is at the heart of HSBC Asset Management, and I am delighted that his outstanding work in high yield investing has been recognised by this prestigious award.

HSBC GIF Euro High Yield Bond - Net cumulative performance (IC share class in Euro) vs. peer group as at 30/09/2020

Awards

A 20 year-long track record encompassing very different market environments
Historically the fund always outperformed in negative total return years

Net performance (IC)

YTD

 1 year 

 3 years 

 5 years 

 10 years 

HSBC GIF Euro High Yield Bond

-0.59%

0.68%

7.53%

23.81%

77.39%

Morningstar’s Mean1

-3.05%

-1.58%

2.00%

16.76%

57.20%

Peer rankings

61/858

92/829

41/673

63/553

27/276

Quartile Rank

1

1

1

1

1

1. Morningstar Sector: EAA OE EUR High Yield Bond, end September 2020
The above performance figures refer to the past and are not a reliable indicator of future returns. The value of investments and any income from them, can go down as well as up. Investment involves risks.


Fund Highlights

High Conviction

High conviction portfolio of issuers selected after careful credit and ESG examination

Flexibility

Flexibility to invest on the most attractive segments of the market, including out of the benchmark, with the objective to outperform this benchmark

Disciplined approach

Disciplined approach to investing: close attention paid to the level of risk premiums both at the macro and issuer levels

Focus on fundamentals

Focus on fundamentals
Extremely low level of capital losses and no default since 2003

Resources

Video Interview with Morningstar

Morningstar video

Watch the video

3 questions to Philippe Igigabel

Philippe Igigabel’s interview

Download the PDF

Morningstar methodology

Morningstar methodology

Download the PDF

Past performance is no guarantee of future returns. The return, the value of money invested in the fund may become negative as a result of price losses and currency fluctuations. There is no guarantee that all of your invested capital can be redeemed.

Key risks: capital loss risk, credit risk, liquidity risk, interest rate, derivatives risk, counterparty risk
Synthetic Risk and Reward Indicator (SRRI) *: 4/7. Do not run any unnecessary risk. Read the Key Investor Information Document

Source: HSBC Asset Management Morningstar, as of 13 November 2020.
Key risks: capital loss risk, credit risk, liquidity risk, interest rate, derivatives risk, counterparty risk.
Synthetic Risk and Reward Indicator (SRRI) *: 4/7. Do not run any unnecessary risk. Read the Key Investor Information Document. The rating is based on price volatility over the last five years, and is an indicator of absolute risk. Historical data may not be a reliable indication for the future. The value of an investment, and any income from it, may fall as well as rise, and you may not get back the amount you originally invested. The rating is not guaranteed to remain unchanged and the categorisation may shift over time. The lowest rating does not mean a risk-free investment.

Important information

Quartile rank is a term widely used in financial services to denote performance of a fund within its sector. For example a ranking of 1 denotes a Fund in the top 25% of its peer group sector, with a ranking of 4 denoting a fund in the bottom 25% of its peer group sector.
Data Source - © Copyright 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Main risks associated with HSBC GIF Euro High Yield Bond :

Capital risk - It is important to remember that the value of investments and any income from them can go down as well as up and is not guaranteed.
High yield risk - Please note that the fund is invested in High Yield issues, which represent a higher risk of default compared to Investment Grade issues.
Derivatives risk - The value of derivative contracts is dependent upon the performance of an underlying asset. A small movement in the value of the underlying can cause a large movement in the value of the derivative. Unlike exchange traded derivatives, over-the-counter (OTC) derivatives have credit risk associated with the counterparty or institution facilitating the trade.
Interest rate risk - As interest rates rise debt securities will fall in value. The value of debt securities is inversely proportional to interest rate movements.
Credit risk - Issuers of debt securities may fail to meet their regular interest and/or capital repayment obligations. All credit instruments therefore have potential for default. Issuers of debt securities may fail to meet their regular interest and/or capital repayment obligations. All credit instruments therefore have potential for default. Higher yielding securities are more likely to default.
Liquidity risk - Liquidity is a measure of how easily an investment can be converted to cash without a loss of capital and/or income in the process. The value of assets may be significantly impacted by liquidity risk during adverse market conditions.
Counterparty risk - The fund is exposed to Over the Counter (OTC) markets for all or part of its total assets. The fund will therefore be subject to the risk that its direct counterparty will not perform its obligations under the OTC transactions and that the fund will sustain losses.

Swing pricing: The fund uses the swing principle calculation method which determines the net asset value of the fund. Swing pricing allows investment funds to pay the daily transaction costs arising from subscription and redemptions by incoming and outgoing investors. The aim of swing pricing is to reduce the dilution effect generated when, for example, major redemptions in a fund force its manager to sell the underlying assets of the fund. These sales of assets generate transaction costs and taxes, also significant, which impact the value of the fund and all its investors.
Gates: The fund has a redemption threshold (gate), the level at which the manager of an undertaking for collective investment in transferable securities can stagger the redemption of securities instead of proceeding immediately. Before subscription, investors should refer to the Key Investor Information Document (KIID) of the fund as well as its complete prospectus available on request from HSBC Asset Management, the centralizing agent, the financial department or the usual representative. For more detailed information on the risks associated with this fund, investors should refer to the prospectus of the fund.
HSBC GIF Euro High Yield Bond is a sub fund of HSBC Global Investment Funds, a Luxemburg domiciled SICAV. Before subscription, investors should refer to Key Investor Document (KIID) of the fund as well as its complete prospectus. For more detailed information on the risks associated with this fund, investors should refer to the complete prospectus of the fund. Shares of the Company may not be offered or sold for sale or sold to any "U.S. Person within the meaning of the Articles of Incorporation, i.e. a citizen or resident of the United States of America (the "United States"), a partnership organised or existing under the laws of any state, territory or possession of the United States, or a corporation organised or existing under the laws of the United States or of any state, territory or possession thereof, or any estate or trust, other than an estate or trust the income of which from sources outside the United States is not includible in gross income for purposes of computing United States income tax payable by it.