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)
Annual Report and Financial Statements
年度报告及财务报表
For the year ended 30th June 2017
二零一七年六月三十日止年度
Schroder Asian Asset Income Fund (A Sub-Fund of Schroder Umbrella Fund II) Annual Report and Financial Statements June 2017
施罗德亚洲高息股债基金
Schroder Asian Asset
Income Fund
(A Sub-Fund of Schroder Umbrella Fund II)
Manager
Schroder Investment Management
(Hong Kong) Limited
Level 33
Two Pacific Place
88 Queensway
Hong Kong
Telephone: 2521 1633
Hotline: 2869 6968
Fax: 2530 9095
Home Page: http://www.schroders.com.hk
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HSBC Institutional Trust Services (Asia) Limited
1 Queen’s Road Central
Hong Kong
Registrar’s Service Provider
Schroder Investment Management
(Luxembourg) S.A.
5 rue Hohenhof
L-1736 Senningerberg
Grand Duchy of Luxembourg
Auditor
PricewaterhouseCoopers
Certified Public Accountants
22/F Prince’s Building
Central
Hong Kong
Solicitors
Deacons
5/F Alexandra House
Central
Hong Kong
Further information
Schroders is a Foreign Account Tax Compliance
Act (“FATCA”) compliant organisation. Please
find the FATCA classification of this entity and
its Global Intermediary Identification Number
(“GIIN”) below.
FATCA entity classification: Nonreporting IGA
FFI / Registered Sponsored Invesment Entity
Sponsored entity GIIN: IV2GGD.00030.SF.344
Sponsoring entity: Schroder Investment
Management (Hong Kong) Limited
施罗德亚洲高息股债基金
(施罗德伞型基金II的子基金)
基金管理人
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
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受托人及注册登记机构
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
Schroder Investment Management
(Luxembourg) S.A.
5 rue Hohenhof
L-1736 Senningerberg
Grand Duchy of Luxembourg
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
律师
的近律师行
香港中环
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
Contents 目录
Pages 页次
Manager’s report 基金管理人报告1
Manager’s certificate 基金管理人证明书9
Trustee’s report 受托人报告10
Independent auditor’s report 独立审计报告11
Statement of financial position 财务状况报表18
Statement of comprehensive income 综合收益表20
Statement of changes in net assets attributable to unitholders
归于份额持有人的净资产值的变动表22
Statement of cash flows 现金流量表23
Notes to the financial statements 财务报表附注25
Investment portfolio (Unaudited) 基金投资组合(未经审核) 112
Investment portfolio movements (Unaudited) 投资组合变动(未经审核) 129
Performance table (Unaudited) 业绩表(未经审核) 144
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)
Reports and Financial Statements 年报及财务报表
For the year ended 30th June 2017 二零一七年六月三十日止年度
施罗德亚洲高息股债基金1
Manager’s Report 基金管理人报告
Market Review
Asia ex Japan equities had a strong third
quarter in 2016 as robust returns for the
region were driven by continued global
monetary easing in the wake of a shock Brexit
vote in the UK. Share prices were supported
by expectations of further easing measures
in China amid soft manufacturing and trade
numbers over the summer months. Chinese
equities saw some of Asia’s largest gains
over the period, with data showing that GDP
expanded by 6.7% year-on-year in the second
quarter – in line with expectations. Meanwhile,
in Hong Kong stocks finished up strongly on
positive policy sentiment from China and
as attractive valuations tempted mainland
investors into the market. Over the strait in
Taiwan, share prices saw robust returns driven
mainly by technology stocks and renewed
interest by foreign investors. Similarly, in
Korea, equity prices advanced on a wave of
optimism from foreign investors with three
consecutive months of net inflows for the
market. In ASEAN, equity returns were strong
in Thailand and Indonesia as both markets
benefitted from a delay in expectations over
the hiking of interest rates by the US Federal
Reserve, while the latter saw share prices
supported by progress on its infrastructure
and reform agenda by President Jokowi. In
fixed income, performance was mixed over
the quarter, with US 10-year yields rising,
weighed down by the Fed’s rather hawkish
tone. Both Asian USD and local currency bonds
rose in value. While Asian USD investment
grade credits gained, they underperformed
high yield credits as Mongolia sovereigns and
quasi-sovereigns rallied strongly on a potential
rescue loan from IMF and higher coal prices.
市场观察
二零一六年第三季亚洲(日本除外)股市表现强
劲,「英国脱欧」公投结果震撼,环球央行持续放
松银根,推动区内录得可观回报。夏季期间制造
业和贸易数据疲软,市场预料中国会进一步放松
银根,为股价提供支持。中资股位居期内亚洲升
幅最大行列, 数据显示第二季本地生产总值
(GDP) 按年增长百分之六点七-与预期相符。与
此同时,港股因中国政策气氛向好和估值吸引驱
使内地投资者入市而大幅高收。台湾方面股价回
报丰厚,主要有赖科技股推动和外国投资者对台
股重拾兴趣。同样,南韩有外资蜂拥入市,股价
上扬,连续三个月录得净流入。东协方面,泰国
和印尼股市进账可观,两地市场都受惠于美国联
邦储备局加息预期推迟,印尼股价更因Jokowi总
统的基建和改革议程取得进展而获支持。固定收
益方面,季内表现参差,美国十年期国库券因为
联储局语气相当强硬而受压,收益率上升。亚洲
美元及当地货币债券都有升值。亚洲美元投资级
别信贷上扬,但跑输高收益信贷,因为蒙古主权
及半主权信贷都因为有可能获国际货币基金组织
提供一笔援助基金及煤价上升而上扬。
2 Schroder Asian Asset Income Fund
Manager’s Report 基金管理人报告
Market Review (Continued)
In the final quarter of 2016, Asia ex Japan
equities fell and Donald Trump’s surprise
victory in the US presidential election saw
heightened expectations of a faster pace in
interest rate rises by the US Federal Reserve
(Fed). Broader emerging market assets saw a
sell off as US Treasury yields rose sharply over
the period. In China, stocks fell on the back of
weaker investor sentiment following a ramp up
in property curbs as well as tightening liquidity.
The continued weakening of the Chinese
yuan also put pressure on Chinese markets
as capital outflows increased. Meanwhile, in
Hong Kong, stocks fell as newly-introduced
property tightening policies weighed on
sentiment for developers. However, there
was some positive news as December saw
the launch of the Shenzhen-Hong Kong Stock
Connect which will give international investors
access to a wider array of stocks in China’s
equity markets. Elsewhere, Taiwan was down
driven by the technology sector on the back
of uncertainty surrounding trade policies
following the outcome of the US presidential
election. Similarly, Korean equities were down
on protectionist concerns and corruption
scandal involving President Park Geun-Hye. In
ASEAN, all markets were down on worries over
the pace of US interest rate hikes by the Fed. In
fixed income, global bond market movements
were overwhelmingly driven by political
factors and the rise of inflation expectation.
All major government bond yields finished the
quarter higher, with the 10-year US Treasury
yield rising the most by +85bps. Asian hard
currency bonds saw negative returns following
the wake of a shock Trump win, while local
currency markets underperformed on a
resurgent dollar. Investment grade bonds
underperformed high yield credits, which are
less sensitive to base yields.
市场观察(续)
二零一六年第四季亚洲(日本除外)股市报跌,特
朗普(Donald Trump)爆冷胜出美国总统大选,
有关美国联储局加息步伐加快的预期因而升温。
期内新兴市场资产普遍因为美国国库券收益率急
升而下挫。中国方面,股市因为当局加强打压楼
市和收紧流动性导致投资意欲疲软而下跌。资本
外流加剧,人民币持续偏软亦对中国市场构成压
力。与此同时,港股因为新引进收紧楼市措施压
抑发展股气氛而下挫。不过,期间亦有若干利好
消息,十二月份深港通启动,将会让国际投资者
得以涉足中国股票市场上范围更广泛的股份。至
于其他市场,美国总统大选结果揭盅后贸易政策
欠明朗,台湾市场受科技股推动而下跌。同样,
南韩股市因为保护主义隐忧和牵涉总统朴槿惠的
贪污丑闻而下挫。东协方面,所有市场皆因联储
局加息步伐忧虑而报跌。固定收益方面,全线环
球债市走势都受到政治因素和通胀预期升温左
右。主要政府债券市场收益率季末收市均报升,
美国十年期国库券收益率升幅最大,达到八十五
基点。特朗普爆冷当选,亚洲硬货币债券录得负
回报,美元急升,当地货币债市表现逊色。对基
本收益率敏感度较低的投资级别债券跑输高收益
信贷。
施罗德亚洲高息股债基金3
Manager’s Report 基金管理人报告
Market Review (Continued)
Going into 2017, Asia ex Japan equities
rebounded strongly from the previous quarter
to post strong positive returns. These gains
were spurred on by renewed optimism
surrounding global growth and by the broader
“Trump bump” rally seen in global stock
markets. In China, stocks gained strongly and
had their best first quarter in over 10 years,
driven on by continued positive data and a
stabilising Chinese yuan. Ongoing restrictions
on the property market and a tightening on
capital outflows also saw liquidity diverted into
equities. In nearby Hong Kong, stocks tracked
China markets higher on investor optimism as
well as strong buying interest from Mainland
Chinese investors via the Southbound Stock
Connect scheme. Over the strait in Taiwan,
stocks hit a nearly two-year high as foreign
investors returned to the market while Korean
equities advanced strongly on the back of its
technology sector. In ASEAN, both Indonesian
and Thai stocks gained. In fixed income, the
US 10-year yield barely moved as the Fed’s
tone, despite the rate hike, was much more
moderate than expected. Asian bonds gained
on the back of positive sentiment. Among
hard currency credit, high yield corporates
performed particularly well, as investors
maintained their search for yield.
市场观察(续)
踏入二零一七年,亚洲(日本除外)股市较上季强
力反弹,大有进账。环球增长再获看好,加上环
球股市有更广泛的「特朗普式升市」,升幅更受刺
激。中国方面,数据持续利好,人民币又正在回
稳,都推动股市大幅上扬,更录得超过十年来最
佳的首季表现。当局继续对楼市设限和收紧资本
外流,亦令游资转投股市。至于邻近的香港,投
资气氛乐观,加上中国内地投资者经港股通计划
入市意欲高涨,股市亦跟随中国市场向上。至于
海峡另一边的台湾,股市随著外国投资者重临而
上试近两年高位,南韩股市则凭借其科技股而大
幅上扬。东协方面,印尼和泰国股市上升。债市
方面,美国十年期收益率大致持平,原因是尽管
联储局调高利率,但语气却远较预期温和。亚洲
债券获利好气氛支持而上扬。硬货币信贷当中,
由于投资者继续追求收益,高收益企业债券表现
殊佳。
4 Schroder Asian Asset Income Fund
Manager’s Report 基金管理人报告
Market Review (Continued)
Asia ex Japan equities continued their strong
run in 2017 to record another period of solid
gains in the second quarter on the back of
improving data for the Chinese economy
and a broader risk-on approach from global
investors. Trade data and services PMI were
positive, and Chinese stocks saw robust gains
over the period after a landmark decision in
mid-June, by index provider MSCI, to include
Chinese A-shares in a range of its benchmark
indices supported sentiment. In nearby Hong
Kong, stocks tracked China markets higher on
investor optimism following a solid earnings
results season for its blue-chip heavyweights.
Elsewhere, Taiwan stocks advanced led by the
island’s technology sector while. Korean stocks
were among the region’s best performers
as its market gained strongly on a slew of
increased share buybacks and dividend
payouts from corporates. An election victory
for new President Moon Jae-In also supported
gains, in the hopes of fiscal stimulus and
reforms to reinvigorate the economy. In
ASEAN, all markets finished up with Indonesia
as the strongest performer. Thailand recorded
gains but underperformed the region amid a
strong Thai baht. In fixed income, continued
accommodative monetary policy and subdued
inflation provided a healthy backdrop for
bonds. Over the quarter, the US 10-year yield
fell marginally. Asian bonds were buoyed
by the synchronised global recovery theme
despite the sell-off in the final week following
comments from central bank leaders in the
US, Europe, and the UK, taken as signalling
increased hawkishness. Asian USD credit
rose on the back of range-bound US Treasury
yields, with the investment grade sector
outperforming their high yield counterpart.
市场观察(续)
有赖中国经济数据渐入佳境,加上环球投资者更
普遍采取承担风险方针,第二季亚洲(日本除外)
股市承接二零一七年的强势,再录得稳健升幅。
贸易数据和服务业采购经理指数(PMI) 同样向
好,而指数供应商摩根士丹利资本国际(MSCI)于
六月中决定将中国A 股纳入其一系列基准指数,
这项划时代决定支持市场气氛。至于邻近的香
港,其权重蓝筹股公布稳健业绩,投资气氛乐
观,股市跟随中国市场向上。其他市场方面,台
股受科技股带动上扬,南韩股市则为区内表现最
佳者,当地市场因企业接连增加股份回购和派息
而大幅上升。新总统文在寅当选亦支持升势,憧
憬其会推动财政刺激和改革以重振经济。东协方
面,各市场全线高收,以印尼表现最强。泰国录
得进账,但因泰铢强势而逊于区内同侪。债市方
面,货币政策持续宽松和通胀受控,都为季内债
券提供健康环境。季内美国10年期收益率微跌。
亚洲债市因为环球同步复甦主题而受刺激,只是
美国、欧洲和英国三地央行领导人言论被视为暗
示态度较前强硬,导致六月份最后一周的市场大
跌。月内美国国库券收益率窄幅上落,亚洲美元
信贷上扬,投资级别信贷表现优于高收益信贷。
施罗德亚洲高息股债基金5
Outlook
While the synchronised global upswing that
started last summer remains largely in place,
we have noticed that momentum has slowed
down somewhat in terms of macroeconomic
data in the US. However, in Asia, Chinese
growth and other high-frequency data have
surprised to the upside this month, with both
retail sales and fixed asset investment beating
expectations. This should ease fears over the
ongoing credit tightening in China. Elsewhere,
Purchasing Managers’ Indices (PMIs) across
Asia are improving with the new orders
component rebounding strongly. As such, we
continue to believe that the current cyclical
environment is supportive of growth assets.
In addition, the continued weakness in the US
dollar is also positive for Asian markets.
Having said that, we believe that market
valuations have become less attractive, and
therefore going forward earnings growth will
need to deliver in order to support prices to
go up further. This means that the market
is now more vulnerable to volatility, which
could return anytime from the current belowaverage
level. In addition, despite the lack
of inflationary pressure, we have started
to see central banks globally beginning to
tighten monetary conditions. The US Federal
Reserve is also expected to start unwinding its
quantitative easing (QE) programme towards
the end of the year. The equity markets
obviously have benefited from increased
liquidity over the last few years, and thus the
impact from a reversal of QE requires close
monitoring.
Manager’s Report 基金管理人报告
展望
尽管去年夏季展开的环球同步复甦大致未受影
响,我们已留意到以美国宏观经济数据衡量,动
力已稍为放缓。不过,亚洲方面,月内的中国增
长及其他备受关注的数据令人喜出望外,零售销
售额和固定资产投资都超越预期。中国持续收紧
信贷的忧虑应可因而纾缓。至于其他市场,亚洲
各地的采购经理指数(PMI) 渐见起色,新订单环
节强力反弹。因此,我们依然认为现周期环境有
利于增长资产。此外,美元持续偏软亦利好亚洲
市场。
虽然如此,我们认为市场估值已不如之前吸引,
因此,要支持价格进一步上升,此后的盈利增长
就需要符合预期。这意味著现在的市场比较容易
出现波动,波幅随时会由目前较一般为低的水平
回升。此外,尽管未见通胀压力,全球多间央行
却已开始收紧银根。预料美国联储局亦会在接近
今年底时开始撤回其量化宽松方案。过去数年间
的股票市场显然曾受惠于流动性增加,所以有需
要密切留意撤回量宽的影响。
6 Schroder Asian Asset Income Fund
Manager’s Report 基金管理人报告
展望(续)
综观而论,尽管我们整体上看好市场,但亦认为
现在估值既已较高,风险管理已较前重要。因
此,投资者在追求收益时,仍须留意积极主动的
资产配置和风险管理。
对于亚洲股市,纵使强劲的周期性环境一直利
好,显著上升过后的估值已不如之前吸引。事实
上,一些周期性较浓厚的股份(例如科技股)的估
值已升抵我们心目中昂贵的水平。另一方面,尽
管表现显著向好,防守性较强的高息股在上半年
却跑输大市。因此,本基金仍具备有利条件,而
且估值公平,因为基金策略是继续著眼于挑选资
产基础雄厚兼基本因素稳健、可持续派息的优质
公司。
亚洲信贷上半年表现不俗,未受美国联储局加息
影响。相对而言,和美国投资级别信贷相比,亚
洲投资级别信贷的收益率仍有可观的复甦,近年
的信贷质素改善便可证明。我们继续维持集中于
投资级别债券的优质信贷组合,对于估值较紧绌
而且市场上容易有大量供应的高收益信贷维持高
度选择性。对中国的投资依然有危有机,一方面
我们预期会有较平稳的宏观经济环境,短期内境
内去杠杆化政策影响有限,但另一方面,今年底
十九届全国党代表大会过后增长趋势有欠明朗,
可能是波动的源头。
Outlook (Continued)
All in all, while we are overall positive on the
markets, we believe risk management has
become more important now given the higher
valuation. Therefore, active asset allocation
and risk management will remain important
for investors when looking for income.
For Asian equities, while the strong cyclical
environment has been supportive so far,
valuations have become less attractive after
the strong rally. In fact, some of the more
cyclical names such as those in technology
have reached a valuation level which is
expensive in our opinion. On the other hand,
the more defensive high dividend yield sectors
have underperformed in the first half, despite
their strong positive performance. As such, the
fund remains well positioned and fairly valued
as our strategy continues to focus on selecting
high-quality companies with strong balance
sheets and solid fundamentals offering
sustainable dividend yields.
Asian credits have performed well in the first
half despite the rate hike from the US Federal
Reserve. Relatively speaking, Asian investment
grade credits still offer decent yield pickup
compared to US peers and can be justified in
the improvement of credit quality in recent
years. We continue to maintain a high-quality
credit portfolio focusing on investment grade
bonds, and remain highly selective in high yield
credits which are more stretched in terms of
valuations and vulnerable to large supply in
the market. The exposure to China remains
both a source of comfort and risk, as on one
hand we expect a more stable macroeconomic
environment and limited impact from onshore
deleveraging policies near term, but on the
other hand the low visibility of the growth
trend post the 19th national congress later this
year could be a source of volatility.
施罗德亚洲高息股债基金7
As at 30th June 2017, the Fund size was
HK$36,960,605,554, represent by units as
below:
Class A Units
HKD Accumulation Units 2,641,893.61
HKD Distribution Units 98,633,716.78
USD Accumulation Units 12,093,181.86
USD Distribution Units 181,721,729.31
AUD Hedged Distribution Units 67,981,330.12
RMB Hedged Distribution Units 35,958,145.85
GBP Hedged Accumulation Units 100.00
GBP Hedged Distribution Units 110,108.99
Class C
HKD Accumulation Units 199,227.64
HKD Distribution Units 351,611.40
USD Accumulation Units 7,399,456.34
USD Distribution Units 509.83
AUD Hedged Distribution Units 739.95
Class I
USD Accumulation Units 1,302,037.64
USD Distribution Units 4,382,518.73
Class M
RMB Hedged Accumulation Units 213.11
截至二零一七年六月三十日, 基金总值
36,960,605,554港元,发行份额如下:
A 类别 份额数量
港元累积份额 2,641,893.61
港元收息份额 98,633,716.78
美元累积份额 12,093,181.86
美元收息份额 181,721,729.31
澳元对冲收息份额 67,981,330.12
人民币对冲收息份额 35,958,145.85
英镑对冲累积份额 100.00
英镑对冲收息份额 110,108.99
C 类别
港元累积份额 199,227.64
港元收息份额 351,611.40
美元累积份额 7,399,456.34
美元收息份额 509.83
澳元对冲收息份额 739.95
I类别
美元累积份额 1,302,037.64
美元收息份额 4,382,518.73
M类别
人民币对冲累积份额 213.11
Manager’s Report 基金管理人报告
8 Schroder Asian Asset Income Fund
The prices of units were:
NET ASSET VALUE PER UNIT
Class A
HKD Accumulation Units HK$145.6691
HKD Distribution Units HK$106.3916
USD Accumulation Units US$14.5308
USD Distribution Units US$10.6129
AUD Hedged Distribution Units AU$9.9198
RMB Hedged Distribution Units RMB100.9079
GBP Hedged Accumulation Units GBP10.5501
GBP Hedged Distribution Units GBP10.2441
Class C
HKD Accumulation Units HK$152.0950
HKD Distribution Units HK$111.1226
USD Accumulation Units US$13.5682
USD Distribution Units US$10.6816
AUD Hedged Distribution Units AU$9.9987
Class I
USD Accumulation U