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 2017
二零一七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 Pacific 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
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
18 Chater Road
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 Investment Entity
Sponsored entity GIIN: IV2GGD.00030.SF.344
Sponsoring entity: Schroder Investment
Management (Hong Kong) Limited
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
网页：http://www.schroders.com.hk
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
遮打道18号
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
(A Sub-Fund of Schroder Umbrella Fund II)
施罗德亚洲高息股债基金
（施羅德傘型基金II的子基金）
1 Schroder Asian Asset Income Fund
Manager’s Report 基金管理人报告
Market Review
Over the period, Asia ex-Japan equities
continued on their solid run so far in 2017,
delivering positive returns against the
backdrop of steady economic growth and
benign inflation, backed by positive earnings
releases. Although geopolitical concerns
surrounding North Korea intensified over the
first half of the period, the supportive
environment allowed investors to overlook the
c omp a ra t i v e l y t u r b u l e n t g e o p o l i t i c a l
landscape. Chinese stocks led regional gains
as they advanced strongly on signs that growth
was picking up momentum. In nearby Hong
Kong, stocks gained on positive sentiment
surrounding China and on a solid earnings
season for a number of its blue chip companies.
This was followed by Indian equities, which
also finished up on the back of positive
domestic macroeconomic data and optimism
surrounding quarterly earnings. Meanwhile in
ASEAN, Indonesian, Thai and Philippine stocks
all advanced on hopes that increased spending
would spur growth. Korea equities thus
shrugged off rising tensions with North Korea
to deliver solid gains during the quarter on the
back of robust global demand. And finally,
Taiwan finished marginally ahead with the
island’s technology sector driving gains.
市场观察
经济增长平稳兼通胀温和，再加上利好业绩公布
支持，期内亚洲（日本除外）股市延续二零一七年
以来的稳健走势，录得进账。尽管环绕北韩的地
缘政治隐忧于上半段期间有所加剧，投资者在利
好环境下并不介怀地缘政治局势比较动荡。有迹
象显示增长动力回勇，中资股升幅在区内领先，
大幅上扬。至于邻近的香港，中国获看好，数间
蓝筹公司又业绩报捷，都支持股市向上。接著是
印度股市，同样因为内部宏观经济数据利好和市
场对季度业绩看法乐观而收市报升。至于东协方
面，印尼、泰国和菲律宾股市都因为憧憬消费会
刺激增长而上扬。因此，凭借殷切的环球需求，
即使南北韩局势日益紧张，南韩股市未受困扰，
季内录得可观升幅。最后，台湾股市轻微高收，
升势靠科技股推动。
施罗德亚洲高息股债基金2
Manager’s Report 基金管理人报告
Market Review (Continued)
Asian fixed income finished the period up but
underperformed Asian equities. The shift
towards monetary policy normalisation
continued as the Fed raised interest rates and
started balance sheet reduction. The ECB also
signaled tapering bond purchases. The US 10-
year bond yields rose 14bps over the period
amid growing momentum behind a tax reform
bill which is expected to stimulate growth and
inflation, while the interest rate hike also put
pressure on yields. In credit, corporate bonds
finished the period up and outperformed
government bonds. Within Asia, India and
Indonesia outperformed thanks to the credit
rating upgrade of the two countries on more
positive outlook of their economies, while
China credit performed largely in-line with the
broad market, despite the large increase in
onshore bond yields amid deleveraging effort
by the central government. Asian local currency
bonds also delivered positive returns thanks
the continued US dollar weakness.
市场观察（续）
亚洲固定收益期内收市报升，但表现逊于亚洲股
市。美国货币政策随著联储局调高利率和开始缩
减资产负债表而继续重拾正轨。欧洲央行亦暗示
缩减买债规模。期内美国十年期国库券收益率升
十四基点，税务改革法案料可刺激增长及通胀，
背后动力日益增强，而利率上升亦对收益率构成
压力。信贷方面，期末企业债券收市报升，跑赢
政府债券。至于亚洲内部，印度和印尼表现突
出，原因是两国经济展望较前乐观，信贷评级获
调高，中国信贷的表现则与整体市场大致相若，
但中央政府致力去杠杆化却令境内债券收益率大
幅上升。美元持续疲软， 亚洲当地货币债券同样
录得进账。
3 Schroder Asian Asset Income Fund
Manager’s Report 基金管理人报告
Outlook
For 2018, we believe the global economy will
continue to experience its most synchronised
expansion since the global financial crisis and,
in tandem with the economic upswing, the
outlook for corporate profits also appears
favourable. This should remain positive for
risky assets such as equities and credit. In
addition, the US Federal Reserve (Fed) has also
well broadcasted their intention and plan to
further unwind its balance sheet and raise
interest rate in the next 12 months. Currently
the markets look to have largely priced-in the
information and thus should not result in any
surprises. In such an environment, we should
expect only a gradual rise in bond yields as well
as a steady US dollar, which is supportive of
income and Asian assets.
From a valuation perspective, the strong rally
in the cyclical sectors such as technology and
consumption has resulted in significant
expansion in their price-multiples, whereas the
laggards in the more traditional sectors such
as financials remain more attractive in terms
of valuation. We believe these allow investors
to still participate in the growth of Asian
markets but with better protection on the
downside should market corrections occur,
which is increasingly likely given where market
valuation is.
展望
对于二零一八年，我们认为环球经济将会延续环
球金融危机爆发以来同步程度最显著的扩张，而
随著经济复甦，企业利润前景同样乐观。这种形
势应该继续利好股市和信贷等风险资产。此外，
美国联邦储备局（联储局）亦早已声明其于未来
十二个月进一步缩减资产负债表和加息的意向和
计划。目前市场看来已大致上消化有关资讯，因
此应不会有任何意外。在此形势下，我们预期债
券收益率只会逐渐上升，美元保持平稳，应有利
于收益和亚洲资产。
由估值观点出发，科技及消费等周期股大幅上
扬，已导致其市盈率显著扩张，而金融等较传统
板块当中的落后股以估值衡量仍然较吸引。我们
认为这可让投资者仍有机会分享亚洲市场的增
长，但一旦市场出现调整（以现水平市场估值衡
量，机会愈来愈大），亦可获得较佳的下跌保障。
施罗德亚洲高息股债基金4
Manager’s Report 基金管理人报告
Outlook (Continued)
The obvious risk to our benign outlook is that
asset valuations are stretched. Valuations on
their own do not predict returns on a one-tothree
year time horizon, but they are an
important indicator of risk and probability of
loss. So far valuations have been underpinned
by low inflation and low interest rates. Critical
to our strategy as we close 2017 is that inflation
and interest rates remain under control, and
thus the key risk would be for inflation to rise
faster than expected. Currently the market has
priced in subdued inflation for the future, as
reflected in the flat yield curve and steady
inflation expectation. However, our cyclical
analysis points out that we might see inflation
potentially going higher in the next few
months. This has a significant impact on US
monetary policy, such as a faster pace in their
balance sheet unwinding as well as raising
interest rates. This could trigger a large
appreciation of the US dollar, which could
result in outflows from the Asian markets,
weighing down asset prices in the region.
While this is not our central scenario, this is a
key risk that we have to monitor and would
adjust our position by increasing our USD
exposure and duration hedge, as well as
potentially some put options hedges should
we see any significant rise in inflation. All in all,
while we are overall positive on the markets,
we believe risk management has become more
important now given higher valuation. In
particular, higher valuation and potential risks
from geopolitics or policy uncertainty in
US / Europe could bring higher volatility to the
markets.
展望（续）
我们的温和展望存在的明显风险，是资产估值已
露疲态。估值本身不能预言一至三年期间的回
报，但却是风险以及亏损或然率的重要指标。迄
今估值都有低通胀和低息支持。二零一七年告一
段落，我们的策略关键在于通胀和利率仍然受
控，所以主要风险是通胀上升步伐较预期急速。
现水平市场已消化未来通胀低迷的因素（由收益
率曲线平缓及通胀预期平稳可见一斑）。不过，
我们的周期分析却暗示未来数月的通胀率有可能
上升。这种情况对美国货币政策构成重大影响，
例如「缩表」和加息步伐加快。届时有可能触发美
元大幅升值，或会导致资金流出亚洲市场，压低
区内资产价格。
尽管这不是我们的基本设想，但却是我们需要留
意的主要风险，并会透过增持美元投资和存续期
对冲来对持仓作调节，倘若预计通胀会显著升
温，亦有机会作出一些认沽期权对冲。综观而
论，尽管我们整体上看好市场，但亦认为现在估
值既已提高，风险管理已较前重要。尤须注意：
估值较高，可能出现的地缘政治风险又或美国╱
欧洲政策有欠明朗，都有可能令市场波动加剧。
5 Schroder Asian Asset Income Fund
Manager’s Report 基金管理人报告
As at 31st December 2017, the Fund size was
HK$39,389,772,038, represented by units as
below:
31st December
2017
二零一七年
十二月三十一日
Units
份额
30th June
2017
二零一七年
六月三十日
Units
份额
Class A 类别
HKD Accumulation Units 港元累积份额2,357,892.42 2,641,893.61
HKD Distribution Units 港元收息份额99,719,377.69 98,633,716.78
USD Accumulation Units 美元累积份额11,633,520.54 12,093,181.86
USD Distribution Units 美元收息份额180,773,818.89 181,721,729.31
AUD Hedged Distribution Units 澳元对冲收息份额63,273,325.42 67,981,330.12
RMB Hedged Distribution Units 人民币对冲收息份额38,606,346.89 35,958,145.85
GBP Hedged Accumulation Units 英镑对冲累积份额100.00 100.00
GBP Hedged Distribution Units 英镑对冲收息份额187,862.69 110,108.99
Class C 类别
HKD Accumulation Units 港元累积份额197,409.17 199,227.64
HKD Distribution Units 港元收息份额347,555.61 351,611.40
USD Accumulation Units 美元累积份额7,825,560.76 7,399,456.34
USD Distribution Units 美元收息份额990,470.73 509.83
AUD Hedged Distribution Units 澳元对冲收息份额759.66 739.95
Class I 类别
USD Accumulation Units 美元累积份额1,537,135.86 1,302,037.64
USD Distribution Units 美元收息份额4,351,501.61 4,382,518.73
Class M 类别
RMB Hedged Accumulation Units 人民币对冲累积份额7,514,012.69 213.11
截至二零一七年十二月三十一日， 基金总值
39,389,772,038港元，发行份额如下：
施罗德亚洲高息股债基金6
Manager’s Report 基金管理人报告
The prices of units were: 基金份额价格如下：
NET ASSET VALUE PER UNIT 每份额资产净值
31st December
2017
二零一七年
十二月三十一日
30th June
2017
二零一七年
六月三十日
Class A 类别
HKD Accumulation Units 港元累积份额HK$ 港元152.7197 HK$ 港元145.6691
HKD Distribution Units 港元收息份额HK$ 港元108.9216 HK$ 港元106.3916
USD Accumulation Units 美元累积份额US$ 美元15.2130 US$ 美元14.5308
USD Distribution Units 美元收息份额US$ 美元10.8502 US$ 美元10.6129
AUD Hedged Distribution Units 澳元对冲收息份额AU$ 澳元10.1280 AU$ 澳元9.9198
RMB Hedged Distribution Units 人民币对冲收息份额RMB 人民币103.0846 RMB 人民币100.9079
GBP Hedged Accumulation Units 英镑对冲累积份额GBP 英镑10.9378 GBP 英镑10.5501
GBP Hedged Distribution Units 英镑对冲收息份额GBP 英镑10.4484 GBP 英镑10.2441
Class C 类别
HKD Accumulation Units 港元累积份额HK$ 港元160.0404 HK$ 港元152.0950
HKD Distribution Units 港元收息份额HK$ 港元114.1817 HK$ 港元111.1226
USD Accumulation Units 美元累积份额US$ 美元14.2572 US$ 美元13.5682
USD Distribution Units 美元收息份额US$ 美元10.9592 US$ 美元10.6816
AUD Hedged Distribution Units 澳元对冲收息份额AU$ 澳元10.2468 AU$ 澳元9.9987
Class I 类别
USD Accumulation Units 美元累积份额US$ 美元14.5237 US$ 美元13.7728
USD Distribution Units 美元收息份额US$ 美元13.0781 US$ 美元12.7002
Class M 类别
RMB Hedged Accumulation Units 人民币对冲累积份额RMB 人民币120.5497 RMB 人民币114.4701
7 Schroder Asian Asset Income Fund
Manager’s Report 基金管理人报告
DISTRIBUTION
HKD Class A
港元A类别份额
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额
Distribution
per unit
每份额
派息额
HK$
港元
Total
distribution
amount
总派息额
HK$
港元
For the period ended 31st December 2017
二零一七年十二月三十一日止期间
26th July 2017 二零一七年七月二十六日4th August 2017 二零一七年八月四日100,286,711.43 0.428820 43,004,947.60
30th August 2017 二零一七年八月三十日8th September 2017 二零一七年九月八日100,125,688.65 0.430567 43,110,817.38
27th September 2017 二零一七年九月二十七日10th October 2017 二零一七年十月十日100,477,305.23 0.424199 42,622,372.40
25th October 2017 二零一七年十月二十五日6th November 2017 二零一七年十一月六日100,922,778.91 0.427507 43,145,194.44
29th November 2017 二零一七年十一月二十九日8th December 2017 二零一七年十二月八日100,620,080.25 0.429399 43,206,161.84
27th December 2017 二零一七年十二月二十七日8th January 2018 二零一八年一月八日98,794,829.85 0.431268 42,607,048.68
For the year ended 30th June 2017
二零一七年六月三十日止年度
27th July 2016 二零一六年七月二十七日8th August 2016 二零一六年八月八日81,696,848.04 0.445702 36,412,448.57
24th August 2016 二零一六年八月二十四日6th September 2016 二零一六年九月六日87,323,328.24 0.446911 39,025,755.95
28th September 2016 二零一六年九月二十八日11th October 2016 二零一六年十月十一日92,356,479.41 0.420423 38,828,788.14
26th October 2016 二零一六年十月二十六日7th November 2016 二零一六年十一月七日96,270,259.89 0.412607 39,721,783.12
23rd November 2016 二零一六年十一月二十三日2nd December 2016 二零一六年十二月二日99,912,354.37 0.396893 39,654,514.06
28th December 2016 二零一六年十二月二十八日9th January 2017 二零一七年一月九日101,607,968.12 0.395894 40,225,984.93
25th January 2017 二零一七年一月二十五日7th February 2017 二零一七年二月七日104,554,179.52 0.403248 42,161,263.78
22nd February 2017 二零一七年二月二十二日3rd March 2017 二零一七年三月三日106,261,063.06 0.409916 43,558,109.93
29th March 2017 二零一七年三月二十九日11th April 2017 二零一七年四月十一日104,326,334.00 0.414465 43,239,614.02
26th April 2017 二零一七年四月二十六日9th May 2017 二零一七年五月九日101,706,615.43 0.416758 42,387,045.63
24th May 2017 二零一七年五月二十四日6th June 2017 二零一七年六月六日100,130,134.72 0.418663 41,920,782.59
30th June 2017 二零一七年六月三十日11th July 2017 二零一七年七月十一日98,633,716.78 0.422789 41,701,250.48
派息
施罗德亚洲高息股债基金8
Manager’s Report 基金管理人报告
DISTRIBUTION (Continued)
HKD Class C
港元C类别份额
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额
Distribution
per unit
每份额
派息额
HK$
港元
Total
distribution
amount
总派息额
HK$
港元
For the period ended 31st December 2017
二零一七年十二月三十一日止期间
26th July 2017 二零一七年七月二十六日4th August 2017 二零一七年八月四日351,617.62 0.448120 157,566.89
30th August 2017 二零一七年八月三十日8th September 2017 二零一七年九月八日348,830.55 0.450259 157,064.09
27th September 2017 二零一七年九月二十七日10th October 2017 二零一七年十月十日348,836.78 0.443846 154,829.81
25th October 2017 二零一七年十月二十五日6th November 2017 二零一七年十一月六日348,843.01 0.447556 156,126.78
29th November 2017 二零一七年十一月二十九日8th December 2017 二零一七年十二月八日348,849.29 0.449850 156,929.85
27th December 2017 二零一七年十二月二十七日8th January 2018 二零一八年一月八日347,555.61 0.452059 157,115.64
For the year ended 30th June 2017
二零一七年六月三十日止年度
27th July 2016 二零一六年七月二十七日8th August 2016 二零一六年八月八日203,666.37 0.462412 94,177.77
24th August 2016 二零一六年八月二十四日6th September 2016 二零一六年九月六日203,670.67 0.463923 94,487.51
28th September 2016 二零一六年九月二十八日11th October 2016 二零一六年十月十一日203,675.01 0.436729 88,950.78
26th October 2016 二零一六年十月二十六日7th November 2016 二零一六年十一月七日204,142.84 0.428847 87,546.04
23rd November 2016 二零一六年十一月二十三日2nd December 2016 二零一六年十二月二日204,148.89 0.412743 84,261.03
28th December 2016 二零一六年十二月二十八日9th January 2017 二零一七年一月九日204,154.90 0.411991 84,109.98
25th January 2017 二零一七年一月二十五日7th February 2017 二零一七年二月七日204,160.83 0.419876 85,722.23
22nd February 2017 二零一七年二月二十二日3rd March 2017 二零一七年三月三日244,090.87 0.427058 104,240.96
29th March 2017 二零一七年三月二十九日11th April 2017 二零一七年四月十一日280,175.62 0.432097 121,063.04
26th April 2017 二零一七年四月二十六日9th May 2017 二零一七年五月九日316,005.26 0.434729 137,376.65
24th May 2017 二零一七年五月二十四日6th June 2017 二零一七年六月六日351,605.28 0.436959 153,637.09
30th June 2017 二零一七年六月三十日11th July 2017 二零一七年七月十一日351,611.40 0.441590 155,268.08
派息（续）
9 Schroder Asian Asset Income Fund
Manager’s Report 基金管理人报告
DISTRIBUTION (Continued)
USD Class A
美元A类别份额
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额
Distribution
per unit
每份额
派息额
US$
美元
Total
distribution
amount
总派息额
US$
美元
For the period ended 31st December 2017
二零一七年十二月三十一日止期间
26th July 2017 二零一七年七月二十六日4th August 2017 二零一七年八月四日182,441,282.71 0.042749 7,799,182.39
30th August 2017 二零一七年八月三十日8th September 2017 二零一七年九月八日184,769,351.98 0.042842 7,915,888.58
27th September 2017 二零一七年九月二十七日10th October 2017 二零一七年十月十日186,765,609.46 0.042302 7,900,558.81
25th October 2017 二零一七年十月二十五日6th November 2017 二零一七年十一月六日185,177,956.59 0.042665 7,900,617.52
29th November 2017 二零一七年十一月二十九日8th December 2017 二零一七年十二月八日185,087,158.65 0.042822 7,925,802.31
27th December 2017 二零一七年十二月二十七日8th January 2018 二零一八年一月八日179,121,979.41 0.042990 7,700,453.89
For the year ended 30th June 2017
二零一七年六月三十日止年度
27th July 2016 二零一六年七月二十七日8th August 2016 二零一六年八月八日146,957,145.34 0.044754 6,576,920.08
24th August 2016 二零一六年八月二十四日6th September 2016 二零一六年九月六日159,297,394.30 0.044882 7,149,585.65
28th September 2016 二零一六年九月二十八日11th October 2016 二零一六年十月十一日171,544,125.34 0.042220 7,242,592.97
26th October 2016 二零一六年十月二十六日7th November 2016 二零一六年十一月七日177,920,147.62 0.041424 7,370,164.20
23rd November 2016 二零一六年十一月二十三日2nd December 2016 二零一六年十二月二日179,124,040.68 0.039846 7,137,376.52
28th December 2016 二零一六年十二月二十八日9th January 2017 二零一七年一月九日178,443,368.00 0.039735 7,090,447.23
25th January 2017 二零一七年一月二十五日7th February 2017 二零一七年二月七日186,798,572.28 0.040478 7,561,232.61
22nd February 2017 二零一七年二月二十二日3rd March 2017 二零一七年三月三日188,729,081.23 0.041134 7,763,182.03
29th March 2017 二零一七年三月二十九日11th April 2017 二零一七年四月十一日189,243,168.39 0.041542 7,861,539.70
26th April 2017 二零一七年四月二十六日9th May 2017 二零一七年五月九日187,711,045.08 0.041717 7,830,741.67
24th May 2017 二零一七年五月二十四日6th June 2017 二零一七年六月六日185,575,491.31 0.041861 7,768,375.64
30th June 2017 二零一七年六月三十日11th July 2017 二零一七年七月十一日181,721,729.31 0.042174 7,663,932.21
派息（续）
施罗德亚洲高息股债基金10
Manager’s Report 基金管理人报告
DISTRIBUTION (Continued)
USD Class C
美元C类别份额
Record date
纪录日
Payment date
派息日
No. of units
entitled
distributions
有权收取派息
之份额
Distribution
per unit
每份额
派息额
US$
美元
Total
distribution
amount
总派息额
US$
美元
For the period ended 31st Dece