0.0381% Schroder Asian Asset
Income Fund
施罗德亚洲高息股债基金
(A Sub-Fund of Schroder Umbrella Fund II)
( 施罗德伞型基金 II 的子基金 )
Unaudited Semi-Annual Report 2020
二零二零年度未经审核之中期报告书施罗德亚洲高息股债基金
Manager
Schroder Investment Management
(Hong Kong) Limited
Level 33
Two Pacifc Place
88 Queensway
Hong Kong
Telephone: 2521 1633
Hotline: 2869 6968
Fax: 2530 9095
Home Page: http://www.schroders.com.hk
Trustee and Registrar
HSBC Institutional Trust Services (Asia) Limited
1 Queen’s Road Central
Hong Kong
Registrar’s Service Provider Note
The Hongkong and Shanghai Banking
Corporation Limited
1 Queen’s Road Central
Hong Kong
Auditor
PricewaterhouseCoopers
Certifed Public Accountants
22/F Prince’s Building
Central
Hong Kong
基金?理?
施罗德投资管理（香港） 有限公司
香港金钟道88号
太古广场二座33字楼
电话：2521 1633
热线：2869 6968
图文传真：2530 9095
网页：http://www.schroders.com.hk
受托?及注册登记机构
汇丰机构信托服务（亚洲） 有限公司
香港中环皇后大道中1号
注册登记机构之服务提供机构 ?释
香港上海汇丰银行有限公司
香港中环皇后大道中1号
审计师
罗兵咸永道会计师事务所
香港
中环太子大厦二十二楼
Schroder Asian Asset
Income Fund
(A Sub-Fund of Schroder Umbrella Fund II)
施罗德亚洲高息股债基金
（施罗德伞型基金II的子基金）
Note: Effect from 1st July 2020, the registrar’s service provider has changed from HSBC France,
Luxembourg Branch to The Hongkong and Shanghai Banking Corporation Limited and the
address of registrar’s service provider has changed to 1 Queen’s Road Central, Hong Kong.
?释： 自二零二零年七月一日起，注册登记机构之服务提供机构已从 HSBC France, Luxembourg
Branch 更改为香港上海汇丰银行有限公司，注册登记机构之服务提供机构的地址已更改为香港中
环皇后大道中1号。Schroder Asian Asset Income Fund
Solicitor
Deacons
5/F Alexandra House
18 Chater Road
Central
Hong Kong
Further information
Schroders is a Foreign Account Tax Compliance
Act (“FATCA”) compliant organisation. Please
fnd the FATCA classifcation of this entity and
its Global Intermediary Identifcation Number
(“GIIN”) below.
FATCA entity classifcation: Nonreporting IGA
FFI / Registered Sponsored Investment Entity
Sponsored entity GIIN: IV2GGD.00030.SF.344
Sponsoring entity: Schroder Investment
Management (Hong Kong) Limited
律师
的近律师行
香港中环遮打道18号
历山大厦5楼
额外资讯
施罗德乃合规美国《海外帐户税收合规法案》
（「FATCA」） 机构。其FATCA类别及其机构的美国
全球中介人识别码（「GIIN」） 如下。
FATCA机构类别：在跨政府协议下免申报的海外
金融机构╱注册资助机构
资助机构的GIIN：IV2GGD.00030.SF.344
发行机构：施罗德投资管理（香港） 有限公司
Schroder Asian Asset
Income Fund
(A Sub-Fund of Schroder Umbrella Fund II)
施罗德亚洲高息股债基金
（施罗德伞型基金II的子基金）施罗德亚洲高息股债基金
Schroder Asian Asset
Income Fund
(A Sub-Fund of Schroder Umbrella Fund II)
施罗德亚洲高息股债基金
（施罗德伞型基金II的子基金）
Contents 目录
Pages 页次
Manager’s report 基金?理?报告 1﹣16
Statement of fnancial position 财务状况报表 17
Statement of comprehensive income 全面??报表 18﹣20
Statement of changes in net assets attributable to unitholders
分配给?额持有人净资产变动报表 21﹣28
Statement of cash ?ows 现金流量表 29﹣30
Investment portfolio 投资组合 31﹣49
Investment portfolio movements 投资组合变动 50﹣63
Details in respect of fnancial derivative instruments
金融衍生工具的详情 64﹣73
Holdings of collateral 所持有的抵押品 741 Schroder Asian Asset Income Fund
Manager’s Report 基金?理?报告
Market Review
In Q3 2020, Asian equities registered a robust
return, aided by optimism for a Covid﹣19
vaccine and US dollar weakness. Taiwan, where
IT stocks supported gains, and South Korea
were among the best﹣performing index
markets. Meanwhile, Thailand and Indonesia
and, to a lesser extent, the Philippines and
Singapore fnished in negative territory and
underperformed. In fxed income, government
bonds reflected the contending forces in
markets. Optimism over supportive policy and
signs of economic recovery were pitted against
continued fears over new Covid﹣19 infections.
The US 10﹣year yield was largely unchanged,
while corporate bonds enjoyed a decidedly
positive quarter, as riskier assets were broadly
buoyant and monetary policy helped anchor
yields at low levels. Going into the fnal quarter
of the year, Asian equities continued to
perform well, with US dollar weakness
amplifying gains. The rally in commodity
prices, in anticipation of a global economic
recovery, was also supportive of EM net
exporters. Within Asia, South Korea was the
best﹣performing index market, aided by strong
gains from the tech sector. On the other hand,
China and Hong Kong generated more modest
gains and underperformed as tensions with
the US and anti﹣trust moves weighed on
sentiment somewhat. In fxed income, the US
10﹣year yield was 25 bps higher, fnishing at
0.91%. Corporate bonds outperformed,
government bonds, with both investment
grade and high yield delivering strong positive
total returns.
?场观?
有赖新冠肺炎疫苗乐观气氛和美元偏软，二零二
零年第三季亚洲股市录得可观回报。台湾（资讯
科技股支持升幅） 及南韩都位居表现最佳市场之
列。与此同时，泰国和印尼及（较低程度上） 菲律
宾和新加坡却见低收兼落后同侪。固定收益方
面，政府债券反映市场上多种力量正在互相抗
衡。市场既看好支持政策和经济复甦迹象，同时
又继续对新增感染新冠肺炎个案忧心忡忡。美国
十年期国库券??率大致持平，企业债券季内则
表现亮丽，原因是风险较高资产普遍受追捧，货
币政策又有助将??率维持在低水平。踏入第四
季，亚洲股市持续造好，美元弱势令升幅更形丰
厚。预期环球经济复甦，商品价格上扬亦支持新
兴市场净出口国。亚洲区内，得力于科技股升幅
强劲，南韩为表现最佳指数市场。另一方面，中
港股市升幅较温和兼表现逊色，原因是中美关系
紧张，反垄断措施亦令气氛略为受压。固定收益
方面，美国十年期国库券??率升 25基点，收
报 0.91厘。企业债券表现突出，政府债券（投资
级别和高收益） 同样录得丰厚总回报。施罗德亚洲高息股债基金 2
Manager’s Report 基金?理?报告
Outlook
Going into the New Year, we expect the themes
of economic revival and sector rotation to
dominate markets as the world continues
to battle Covid﹣19 with vaccines and various
measures. While the recent resurgence in
cases might cause some slight volatility,
we believe the positive momentum could
continue and will beneft the “leave home” (vs
“stay home”) sectors such as retail, travel and
hospitality. These names were previously most
impacted by Covid﹣19, and therefore exhibit
more attractive valuations as compared to the
technology winners which outperformed last
year. With the economy gradually normalizing,
we believe the money ?ow, which previously
piled into growth / tech names, could also move
back into dividend plays, presenting a tactical
opportunity. Striking a balance between
different styles and actively managing the
exposures would be the focus of our strategy
going forward. Within the equity portfolio, we
have also added to more consumer names,
such as luxury goods and discretionary
products, as we expect consumer behaviour
to normalize as pent﹣up demand picks up,
especially in Asia where the virus situation
is more controlled and could see a sooner
recovery. For fxed income, valuations remain
expensive despite a modest normalization in
yields. We maintain a positive view on credit in
spite of valuations that begin to look stretched.
展望
踏入新一年，我们预期，随著全球继续以疫苗和
各项措施对抗新冠肺炎，经济复甦和板块轮动主
题会主导大市。近期感染宗数回升也许会导致若
干轻微波动，我们相信利好动力或可延续，并会
利好零售、旅游及酒店等「离家」（相对于「居家」）
板块。这些股份之前在新冠肺炎下首当其冲，估
值因而较去年跑赢大市的科技股赢家吸引。随著
经济逐步重拾正轨，我们相信之前涌入增长／科
技股的资金亦有望重投高息概念股，造就策略上
的机会。我们此后的策略将会聚集于在不同风格
之间取得平衡和主动管理风险承担。股票组合当
中，我们亦已加入较多消费股（例如奢侈品和非
必需产品），因为我们预期消费行为会随著积压
需求回升而回复常态，特别是疫情较受控、可望
较早复甦的亚洲。固定收益方面，尽管??率略
为正常化，估值依然昂贵。尽管信贷开始呈现疲
态，我们仍然采取乐观看法。具体而言，二零
二一年第二季出现疫苗复甦的或然率不断提高，
对基本因素和冒险意欲都有正面启示。至于本基
金策略，我们继续参与某些具吸引力的交易。3 Schroder Asian Asset Income Fund
Manager’s Report 基金?理?报告
Specifically, the increasing probability of
a vaccinated recovery coming through in
the second quarter of 2021 has positive
implications for both fundamentals and risk
appetite. In terms of our strategy, we continue
to take part in selective attractive deals. Within
EM and local markets, we prefer higher quality
corporate credits based on more favourable
valuations and a weaker US dollar. Changes
in fiscal and monetary policy will likely see
high volatility in government bond yields in
the coming months, and management of
duration risk will be more important going
forward. All in all, we continue to emphasize
the importance of security selection and risk
management as uncertainties remain and
could weigh on markets.
对于新兴市场和中国市场，我们基于估值较吸引
和美元偏软而属意质素较佳的企业信贷。财政和
货币政策变动有机会导致未来数月政府债券??
率大幅波动，此后管理存续期风险将更为重要。
总而言之，局势续欠明朗，有可能令市场受压，
我们继续强调证券挑选和风险管理的重要性。
Outlook (Continued) 展望（续）施罗德亚洲高息股债基金 4
截至二零二零年十二月三十一日，基金总值
29,581,312,099港元，发行?额如下：
Manager’s Report 基金?理?报告
As at 31st December 2020, the Fund size was
HK$29,581,312,099, represented by units as
below:
31st December
2020
二零二零年
十二月三十一日
Units
?额
30th June
2020
二零二零年
六月三十日
Units
?额
Class A 类别
HKD Accumulation Units 港元累积?额 1,539,926.42 1,635,078.71
HKD Distribution Units 港元收息?额 79,923,902.32 87,407,766.67
USD Accumulation Units 美元累积?额 6,555,142.17 8,711,106.87
USD Distribution Units 美元收息?额 127,175,396.15 140,638,049.94
AUD Hedged Distribution Units 澳元对冲收息?额 58,294,725.35 64,635,380.73
RMB Hedged Distribution Units 人民币对冲收息?额 35,685,879.36 39,432,221.46
GBP Hedged Accumulation Units英镑对冲累积?额 41,206.83 111,488.61
GBP Hedged Distribution Units 英镑对冲收息?额 822,809.56 793,971.76
Class C 类别
HKD Accumulation Units 港元累积?额 201,848.19 241,771.53
HKD Distribution Units 港元收息?额 567,148.08 560,525.85
USD Accumulation Units 美元累积?额 7,634,578.92 9,627,267.89
USD Distribution Units 美元收息?额 1,672,164.23 1,348,450.11
AUD Hedged Distribution Units 澳元对冲收息?额 222,479.95 222,459.59
Class I 类别
USD Accumulation Units 美元累积?额 1,058,603.02 1,320,034.13
USD Distribution Units 美元收息?额 623,762.48 2,771,963.55
Class M 类别
RMB Hedged Accumulation Units 人民币对冲累积?额 9,293,974.49 11,010,553.35
Class X 类别
HKD Accumulation Units 港元累积?额 67.62 67.62
HKD Distribution Units 港元收息?额 14,025.20 5,264.40
USD Accumulation Units 美元累积?额 68.14 68.14
USD Distribution Units 美元收息?额 122,791.45 80,711.225 Schroder Asian Asset Income Fund
Manager’s Report 基金?理?报告
The prices of units were: 基金?额价格如下：
NeT ASSeT VALUe PeR UNIT 每?额净资产
31st December
2020
二零二零年
十二月三十一日
30th June
2020
二零二零年
六月三十日
Class A 类别
HKD Accumulation Units 港元累积?额 HK$ 港元 164.6066 HK$ 港元 146.6570
HKD Distribution Units 港元收息?额 HK$ 港元 101.4384 HK$ 港元 92.5558
USD Accumulation Units 美元累积?额 US$ 美元 16.5310 US$ 美元 14.7348
USD Distribution Units 美元收息?额 US$ 美元 10.1878 US$ 美元 9.2998
AUD Hedged Distribution Units 澳元对冲收息?额 AU$ 澳元 9.3688 AU$ 澳元 8.5850
RMB Hedged Distribution Units 人民币对冲收息?额 RMB 人民币 96.0154 RMB 人民币 87.5294
GBP Hedged Accumulation Units 英镑对冲累积?额 GBP 英镑 11.3617 GBP 英镑 10.1036
GBP Hedged Distribution Units 英镑对冲收息?额 GBP 英镑 9.6817 GBP 英镑 8.8607
Class C 类别
HKD Accumulation Units 港元累积?额 HK$ 港元 176.2898 HK$ 港元 156.4946
HKD Distribution Units 港元收息?额 HK$ 港元 108.6752 HK$ 港元 98.7982
USD Accumulation Units 美元累积?额 US$ 美元 15.8339 US$ 美元 14.0621
USD Distribution Units 美元收息?额 US$ 美元 10.5169 US$ 美元 9.5652
AUD Hedged Distribution Units 澳元对冲收息?额 AU$ 澳元 9.6807 AU$ 澳元 8.8385
Class I 类别
USD Accumulation Units 美元累积?额 US$ 美元 16.4762 US$ 美元 14.5809
USD Distribution Units 美元收息?额 US$ 美元 12.8136 US$ 美元 11.6165
Class M 类别
RMB Hedged Accumulation Units 人民币对冲累积?额 RMB人民币 134.3015 RMB人民币 118.4884
Class X 类别
HKD Accumulation Units 港元累积?额 HK$ 港元 164.2496 HK$ 港元 146.3287
HKD Distribution Units 港元收息?额 HK$ 港元 152.2950 HK$ 港元 138.9591
USD Accumulation Units 美元累积?额 US$ 美元 16.4801 US$ 美元 14.6900
USD Distribution Units 美元收息?额 US$ 美元 15.2953 US$ 美元 13.9618施罗德亚洲高息股债基金 6
Manager’s Report 基金?理?报告
DISTRIBUTIONS
HKD Class A
港元A类别?额
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之?额
Distribution
per unit
每?额
派息额
HK$
港元
Total
distribution
amount
总派息额
HK$
港元
For the period ended 31st December 2020
二零二零年十二月三十一日止期间
29th July 2020二零二零年七月二十九日 10th August 2020二零二零年八月十日 85,401,625.17 0.376038 32,114,256.33
26th August 2020二零二零年八月二十六日 8th September 2020二零二零年九月八日 84,564,696.38 0.380511 32,177,797.18
23rd September 2020二零二零年九月二十三日 9th October 2020二零二零年十月九日 83,475,613.88 0.372438 31,089,490.68
28th October 2020二零二零年十月二十八日 9th November 2020二零二零年十一月九日 81,618,676.14 0.371746 30,341,416.38
25th November 2020二零二零年十一月二十五日 7th December 2020二零二零年十二月七日 81,449,602.28 0.389539 31,727,796.62
16th December 2020二零二零年十二月十六日 7th January 2021二零二一年一月七日 81,124,711.92 0.396376 32,155,888.81
For the year ended 30th June 2020
二零二零年六月三十日止年度
24th July 2019二零一九年七月二十四日 6th August 2019二零一九年八月六日 88,898,313.08 0.445092 39,567,927.97
28th August 2019二零一九年八月二十八日 9th September 2019二零一九年九月九日 88,776,452.97 0.435413 38,654,421.72
25th September 2019二零一九年九月二十五日 8th October 2019二零一九年十月八日 87,717,817.54 0.438663 38,478,561.00
30th October 2019二零一九年十月三十日 12th November 2019二零一九年十一月十二日 88,414,877.13 0.441385 39,025,000.54
27th November 2019二零一九年十一月二十七日 10th December 2019二零一九年十二月十日 89,830,814.72 0.392868 35,291,652.52
18th December 2019二零一九年十二月十八日 2nd January 2020二零二零年一月二日 90,786,463.32 0.389063 35,321,653.78
29th January 2020二零二零年一月二十九日 10th February 2020二零二零年二月十日 94,945,003.48 0.391757 37,195,369.73
26th February 2020二零二零年二月二十六日 9th March 2020二零二零年三月九日 93,723,903.07 0.383074 35,903,190.44
25th March 2020二零二零年三月二十五日 7th April 2020二零二零年四月七日 89,450,828.86 0.316306 28,293,833.87
22nd April 2020二零二零年四月二十二日 6th May 2020二零二零年五月六日 89,381,546.75 0.349104 31,203,455.50
27th May 2020二零二零年五月二十七日 9th June 2020二零二零年六月九日 89,675,305.97 0.358850 32,179,983.55
30th June 2020二零二零年六月三十日 10th July 2020二零二零年七月十日 87,407,766.67 0.367633 32,133,979.48
派息7 Schroder Asian Asset Income Fund
Manager’s Report 基金?理?报告
DISTRIBUTIONS (Continued)
HKD Class C
港元C类别?额
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之?额
Distribution
per unit
每?额
派息额
HK$
港元
Total
distribution
amount
总派息额
HK$
港元
For the period ended 31st December 2020
二零二零年十二月三十一日止期间
29th July 2020二零二零年七月二十九日 10th August 2020二零二零年八月十日 566,627.61 0.401631 227,575.21
26th August 2020二零二零年八月二十六日 8th September 2020二零二零年九月八日 566,636.51 0.406634 230,413.67
23rd September 2020二零二零年九月二十三日 9th October 2020二零二零年十月九日 566,645.56 0.398227 225,653.56
28th October 2020二零二零年十月二十八日 9th November 2020二零二零年十一月九日 571,696.84 0.397763 227,399.85
25th November 2020二零二零年十一月二十五日 7th December 2020二零二零年十二月七日 571,705.63 0.417032 238,419.54
16th December 2020二零二零年十二月十六日 7th January 2021二零二一年一月七日 567,148.08 0.424529 240,770.81
For the year ended 30th June 2020
二零二零年六月三十日止年度
24th July 2019二零一九年七月二十四日 6th August 2019二零一九年八月六日 547,865.43 0.471898 258,536.60
28th August 2019二零一九年八月二十八日 9th September 2019二零一九年九月九日 554,432.73 0.461958 256,124.64
25th September 2019二零一九年九月二十五日 8th October 2019二零一九年十月八日 564,280.14 0.465666 262,766.08
30th October 2019二零一九年十月三十日 12th November 2019二零一九年十一月十二日 566,980.10 0.468881 265,846.20
27th November 2019二零一九年十一月二十七日 10th December 2019二零一九年十二月十日 567,444.17 0.417573 236,949.36
18th December 2019二零一九年十二月十八日 2nd January 2020二零二零年一月二日 568,634.25 0.413701 235,244.56
29th January 2020二零二零年一月二十九日 10th February 2020二零二零年二月十日 555,709.47 0.416913 231,682.50
26th February 2020二零二零年二月二十六日 9th March 2020二零二零年三月九日 556,709.48 0.407899 227,081.24
25th March 2020二零二零年三月二十五日 7th April 2020二零二零年四月七日 557,292.79 0.336991 187,802.65
22nd April 2020二零二零年四月二十二日 6th May 2020二零二零年五月六日 557,300.91 0.372139 207,393.40
27th May 2020二零二零年五月二十七日 9th June 2020二零二零年六月九日 560,517.43 0.382795 214,563.27
30th June 2020二零二零年六月三十日 10th July 2020二零二零年七月十日 560,525.85 0.392428 219,966.04
派息（续）施罗德亚洲高息股债基金 8
DISTRIBUTIONS (Continued)
HKD Class X
港元X类别?额
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之?额
Distribution
per unit
每?额
派息额
HK$
港元
Total
distribution
amount
总派息额
HK$
港元
For the period ended 31st December 2020
二零二零年十二月三十一日止期间
29th July 2020二零二零年七月二十九日 10th August 2020二零二零年八月十日 5,259.22 0.564567 2,969.18
26th August 2020二零二零年八月二十六日 8th September 2020二零二零年九月八日 5,250.86 0.571283 2,999.73
23rd September 2020二零二零年九月二十三日 9th October 2020二零二零年十月九日 6,857.32 0.559162 3,834.35
28th October 2020二零二零年十月二十八日 9th November 2020二零二零年十一月九日 6,843.47 0.558123 3,819.50
25th November 2020二零二零年十一月二十五日 7th December 2020二零二零年十二月七日 7,929.49 0.584836 4,637.45
16th December 2020二零二零年十二月十六日 7th January 2021二零二一年一月七日 7,918.97 0.595102 4,712.59
For the year ended 30th June 2020
二零二零年六月三十日止年度
24th July 2019二零一九年七月二十四日 6th August 2019二零一九年八月六日 64.69 0.668447 43.24
28th August 2019二零一九年八月二十八日 9th September 2019二零一九年九月九日 64.97 0.653680 42.47
25th September 2019二零一九年九月二十五日 8th October 2019二零一九年十月八日 65.24 0.658585 42.97
30th October 2019二零一九年十月三十日 12th November 2019二零一九年十一月十二日 65.51 0.662687 43.41
27th November 2019二零一九年十一月二十七日 10th December 2019二零一九年十二月十日 65.79 0.589838 38.81
18th December 2019二零一九年十二月十八日 2nd January 2020二零二零年一月二日 66.04 0.584123 38.58
29th January 2020二零二零年一月二十九日 10th February 2020二零二零年二月十日 358.87 0.588169 211.08
26th February 2020二零二零年二月二十六日 9th March 2020二零二零年三月九日 358.63 0.575131 206.26
25th March 2020二零二零年三月二十五日 7th April 2020二零二零年四月七日 3,772.49 0.474888 1,791.51
22nd April 2020二零二零年四月二十二日 6th May 2020二零二零年五月六日 3,295.35 0.524128 1,727.19
27th May 2020二零二零年五月二十七日 9th June 2020二零二零年六月九日 3,874.83 0.538762 2,087.61
30th June 2020二零二零年六月三十日 10th July 2020二零二零年七月十日 5,264.40 0.551947 2,905.67
派息（续）
Manager’s Report 基金?理?报告9 Schroder Asian Asset Income Fund
Manager’s Report 基金?理?报告
DISTRIBUTIONS (Continued)
USD Class A
美元A类别?额
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之?额
Distribution
per unit
每?额
派息额
US$
美元
Total
distribution
amount
总派息额
US$
美元
For the period ended 31st December 2020
二零二零年十二月三十一日止期间
29th July 2020二零二零年七月二十九日 10th August 2020二零二零年八月十日 137,652,401.11 0.037785 5,201,195.98
26th August 2020二零二零年八月二十六日 8th September 2020二零二零年九月八日 136,429,492.01 0.038233 5,216,108.77
23rd September 2020二零二零年九月二十三日 9th October 2020二零二零年十月九日 133,779,605.23 0.037424 5,006,567.95
28th October 2020二零二零年十月二十八日 9th November 2020二零二零年十一月九日 129,785,418.87 0.037354 4,848,004.54
25th November 2020二零二零年十一月二十五日 7th December 2020二零二零年十二月七日 128,474,907.66 0.039137 5,028,122.46
16th December 2020二零二零年十二月十六日 7th January 2021二零二一年一月七日 128,197,455.74 0.039820 5,104,822.69
For the year ended 30th June 2020
二零二零年六月三十日止年度
24th July 2019二零一九年七月二十四日 6th August 2019二零一九年八月六日 137,863,971.73 0.044352 6,114,542.87
28th August 2019二零一九年八月二十八日 9th September 2019二零一九年九月九日 138,651,348.62