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 2018
二零一八年六月三十日止年度
SP_AAIAR_OCT18
Schroder Asian Asset Income Fund (A Sub-Fund of Schroder Umbrella Fund II) Annual Report and Financial Statements June 2018
施罗德亚洲高息股债基金 ( 施罗德伞型基金 II 的子基金 ) 年度报告及财务报表 二零一八年六月
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
Prior to 27 June 2018
Registrar’s Service Provider
Schroder Investment Management
(Luxembourg) S.A.
5 rue Hohenhof
L-1736 Senningerberg
Grand Duchy of Luxembourg
With effect from 27 June 2018
Registrar’s Service Provider
Schroder Investment Management
(Europe) S.A.
5 rue Hohenhof
L-1736 Senningerberg
Grand Duchy of Luxembourg
Auditors
PricewaterhouseCoopers
Certified Public Accountants
22/F Prince’s Building
Central
Hong Kong
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
在二零一八年六月二十七日之前
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
由二零一八年六月二十七日起生效
注册登记机构之服务提供机构
Schroder Investment Management
(Europe) 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
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)
Schroder Asian Asset Income Fund 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)
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
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
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 10
Trustee’s report 受托人报告 11
Independent auditor’s report 独立审计报告 12
Statement of financial position 财务状况报表 19
Statement of comprehensive income 综合收益表 21
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 23
Statement of cash flows 现金流量表 24
Notes to the financial statements 财务报表之附注 26
Investment portfolio (Unaudited) 基金投资组合(未经审核) 128
Investment portfolio movements (Unaudited) 投资组合变动(未经审核) 146
Performance table (Unaudited) 业绩表(未经审核) 162
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 2018 二零一八年六月三十日止年度
1 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 2
Manager’s Report 基金管理人报告
Market Review
Global equities posted a quarter of solid
gains in Q3 2017 against the backdrop of
steady economic growth and benign inflation,
backed by positive earnings releases. Although
geopolitical concerns surrounding North Korea
intensified over the period, the supportive
environment allowed investors to overlook
the comparatively turbulent geopolitical
landscape. Emerging markets recorded the
largest gains amid positive sentiment and
the recovery of commodity prices, followed
by Asia which was supported by the strong
performance of Chinese equities on signs of
growth momentum picking up. Developed
market equities also advanced over the
quarter albeit less than emerging markets.
US, Europe and Japanese equities all gained
by about 5% in local currency terms given
robust macroeconomic data and earnings
growth across different regions. In fixed
income, bond yields fell initially given falling
inflation and expectation for central banks to
keep monetary policy accommodative. The
10-year US Treasury yield fell from 2.4% to
2.1% at its low, before rebounding to finish
the quarter flat at 2.4%. The more hawkish
than expected announcement by the US
Federal Reserve in September triggered a
strong rebound in bond yields. In credit,
corporate bonds made positive returns and
rose ahead of government bonds, while high
yield outperformed investment grade given
solid earnings growth and the recovery in
commodity prices. Asian bonds and emerging
market debt also finished the quarter up in line
with their global counterparts, topping gains
from dollar weakness and the theme of global
synchronised growth.
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,环球股市于二零一七年第三季录得稳健进
账。尽管环绕北韩的地缘政治隐忧于期内有所加
剧,投资者在利好环境下并不介怀地缘政治局势
比较动荡。气氛乐观兼商品价格回升,新兴市场
升幅最大,其次是亚洲,支持来自中国股市在增
长动力呈现回勇迹象情况下表现强劲。期内成熟
市场股市亦见上扬,但升幅逊于新兴市场。不同
区域宏观经济数据及盈利增长蓬勃,美欧日股市
以当地货币计都上升约百分之五。固定收益方
面,债券收益率一度因通胀下降及预期多国央行
会维持宽松货币政策而下跌。期内美国十年期债
券收益率由百分之二点四降至百分之二点一低
位,其后反弹至百分之二点四,季末收市持平。
美国联储局于九月份发表的声明较预期强硬,触
发债券收益率强力反弹。信贷方面,企业债券录
得进账,升幅超越政府债券,高收益信贷则因为
盈利增长和商品价格回升而跑赢投资级别。亚洲
债券和新兴市场债务季末亦跟随环球债市而高
收,因美元偏软和环球同步增长主题而录得升
幅。
Manager’s Report 基金管理人报告
Market Review (Continued)
Going into the final quarter of 2017, global
equities continued its strong run with gains
across most markets in Q4. In developed
markets, Japan led gains while the yen ended
little changed. Positive macroeconomic data
and strong corporate earnings were matched
by a significant pick-up in foreign inflows after
Mr. Abe’s victory in October. This was followed
by US equities, which moved higher on the
news of the long-awaited tax reform bill, with
big permanent cuts for corporations as the
centrepiece of the package. On the other hand,
despite encouraging earnings in the quarter,
European equities saw negative returns amid
profit-taking and the expectation of tapering
of quantitative easing by the European
Central bank (ECB). Emerging market equities
outperformed with most of the countries
delivering strong returns on the back of
increasing investors’ sentiment, earnings
growth and a weak US dollar. In fixed income,
the 10-year US Treasury yield rose 8bps over
the quarter amid growing momentum behind
a tax reform bill which is expected to stimulate
growth and inflation, while the interest rate
hike by the US Fed also put pressure on yields.
In credit, corporate bonds finished the quarter
with positive total returns, outperforming
government bonds. Investment grade credit
outperformed high yield as the investors took
profit from the latter having reached elevated
valuations. Asian bonds and emerging market
debt also finished the quarter up, helped by
strong investors’ risk appetite and the US
dollar weakness.
市场观察(续)
踏入二零一七年第四季,环球股市继续气势如
虹,大部分市场都录得进账。成熟市场当中,日
本升幅领先,日圆收市大致持平。宏观经济数据
利好兼公司业绩彪炳,安倍晋三(Shinzo Abe)十
月份胜出大选后外资流入显著回升。美国升幅次
之,因期待已久的税务改革法案的消息而上扬,
方案重点在于大幅度永久下调企业税。另一方
面,尽管季内业绩令人鼓舞,欧洲股市因获利回
吐及欧洲央行料将撤回量化宽松而录得负回报。
新兴市场股市表现突出,大部分国家都因为投资
情绪日益高涨、盈利增长和美元疲软而录得丰厚
回报。固定收益方面,季内美国十年期债券收益
率升八基点,支持来自税务改革法案料可刺激增
长和通胀,动力日益加强,而美国联储局加息亦
对收益率构成压力。信贷方面,季末企业债券录
得正数总回报,跑赢政府债券。投资级别信贷超
越高收益债券,原因是投资者将估值已届高位的
后者获利回吐。投资者冒险意欲强劲,加上美元
疲软,亚洲债券和新兴市场债务季末收市亦报
升。
3 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 4
Manager’s Report 基金管理人报告
Market Review (Continued)
Despite a strong start buoyed by ongoing
strength in economic data and the confirmation
of US tax reform, markets were weaker in the
first quarter of 2018, unnerved by higher-thanexpected
inflation data in February and fears
over US-China trade sanctions. In developed
markets, US equities were among the stronger
region despite negative performance in
absolute terms. It was followed by European
equities, as softer macroeconomic data
weighed on sentiment. Japanese equities
fell the most in major developed markets on
global trade tensions and a stronger Yen. On
the other hand, Asian and emerging markets
registered positive gains in the first quarter
in spite of the pick-up in market volatility.
Chinese equities also generated modest gains
but still managed to finish ahead of the broad
market as macroeconomic data was more
resilient than expected. Thailand, Malaysia
and Taiwan were the other outperformers
in Asia. In bond markets, government yields
rose markedly over the quarter. US 10-year
Treasury yields rose by 33bps and the yield
curve continued to flatten modestly, with
shorter-dated maturities further impacted by
the March rate hike and substantial issuance.
In credit, corporate bonds declined and
underperformed government bonds, as
volatility in the equity market spilt over into
credit spread, while investment grade credit
saw larger negative returns than high yield, as
the latter is less affected by the change in base
yields. Elsewhere, emerging local currency
sovereign bonds made strong gains as the US
dollar weakened, but hard currency sovereign
and corporate bonds suffered from both rising
base yield and widening spreads.
市场观察(续)
尽管二零一八年首季市场因经济数据持续强势和
美国税务改革获确定而旗开得胜,但二月份却因
为通胀数据高于预期以及美国对中国实施贸易制
裁以致其后表现偏软。成熟市场方面,尽管以绝
对值计报跌,美股却属表现较强区域。欧洲股市
居次,原因是宏观经济数据回软令气氛受压。日
股在主要成熟市场当中因为环球贸易关系紧张和
日圆走强而录得最大跌幅。另一方面,纵使市场
波幅回升,亚洲和新兴市场于第一季仍有进账。
中资股亦有温和升幅,由于宏观经济数据较预期
强韧,收市仍能超越整体市场。其他表现突出的
亚洲市场有泰国、马来西亚及台湾。债市方面,
季内政府债券收益率显著上扬。季内美国十年期
国库券收益率升三十三基点,收益曲线持续略为
平缓,较短期债券则因为三月份加息和大量发行
而进一步受冲击。信贷当中,企业债券下跌且落
后政府债券,原因是股市波动殃及信贷利差,而
投资级别信贷跌势较高收益债券严重,因为后者
较少受到基本收益率变动影响。其他方面,新兴
市场当地货币主权债券因为美元回软而大幅上
升,但硬货币主权债券和企业债券却受到基本收
益率上升和利差扩大两方面夹攻。
Manager’s Report 基金管理人报告
Market Review (Continued)
Moving onto the second quarter of 2018,
global equities managed to make gains against
a volatile geopolitical backdrop supported
by resilient economic and earnings data. In
developed markets, US equities were the top
performer given the support from positive
earnings momentum and robust economic
data which outshone the China-US trade
posturing. Consumer confidence remained
strong and retail sales suggested a rebound
in consumption. Eurozone equities also
posted positive returns in Euro terms with the
energy and technology sectors leading gains.
However, the market was down in USD terms
given the depreciation of the Euro. Similarly,
Japanese equities in JPY were up slightly but
lost value in USD terms. On the other hand,
emerging markets underperformed and
declined with US dollar strength a significant
headwind. Escalating trade tensions led to
concern over the impact on global trade,
contributing to weakness across the region.
Asian markets which are the most exposed
to a slowdown in global trade were especially
vulnerable. In bond markets, government
bond yields rose significantly in April before
risk aversion led to the buying of perceived
safe havens. The US 10-year Treasury yields
rose +12bps as the US Federal Reserve
raised interest rates twice over the quarter
as expected. Global corporate bonds made
negative total returns and underperformed
government bonds on widening spreads
given concerns on growth. Both investment
grade and high yield credit fell. Elsewhere,
emerging market bonds had a difficult quarter,
particularly local currency bonds which were
hurt by the strengthening US dollar.
市场观察(续)
到二零一八年第二季,有赖强韧经济及盈利数据
支持,环球股市即使地缘政治局势动荡仍能获
利。成熟市场方面,美股表现独占鳌头,盈利动
力充沛及经济数据蓬勃,令人忽略了中美在贸易
上各摆姿态的影响。消费信心依然高涨,零售销
售额亦暗示消费反弹。欧元区股市以欧元计亦录
得进账,能源及科技股升势领先。然而,由于欧
元下跌,以致股市以美元计下挫。同样,日本股
市以日圆计微升,以美元计却见贬值。另一方
面,新兴市场表现逊色兼报跌,美元强势乃重大
利淡因素。贸易关系日趋紧张令市场关注对环球
贸易构成冲击,导致区内市场全线偏软。在环球
贸易放缓下首当其冲的亚洲市场尤其易跌难升。
债券市场方面,四月份政府债券收益率显著上
升,其后避险心态驱使投资者买入心目中的避险
对象。美国联储局一如预期于季内两度加息,美
国十年期国库券收益率升十二基点。增长隐忧导
致利差扩大,以致环球企业债券录得负数总回
报,落后政府债券。投资级别和高收益债券信贷
同告下跌。其他方面,新兴市场债券季内表现失
利,当地货币债券尤其因美元日益走强而受挫。
5 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 6
Outlook
We have downgraded our view on equities
from positive to neutral given the uncertainty
surrounding the synchronised global growth
environment. The recent weakness in
macroeconomic indicators from Europe, Japan
and emerging markets has cast doubts on
where we are in terms of the economic cycle.
While our central case remains that this is just
a mid-cycle slowdown, we cannot afford to
be complacent given where market valuation
is; hence we increased equity protection
and lowered physical equity exposures.
We are waiting for further evidence (e.g.
macroeconomic growth indicators, economic
surprise index, etc.) to confirm that global
growth remains strong, and we will look
to re-allocate back to equities to capture
better market valuation. On the other hand,
inflationary pressure remains, especially given
the strong oil price and rising wage pressure.
This does not bode well for fixed income as an
asset class. In terms of currency, we continue
to hold a short-term tactical positive view on
US dollar, which should provide the portfolio
with some diversification amid rising volatility.
Although we maintain the view that the US
dollar would run out of steam in the longer
term due to a high current account and fiscal
deficit, the macroeconomic growth divergence
and ongoing trade tensions may result in the
greenback strength running for longer than
anticipated.
Manager’s Report 基金管理人报告
展望
基于环球同步增长形势欠明朗,我们已将对股市
的看法由正面降至中性。近期欧洲、日本和新兴
市场宏观经济指标疲软,已令我们对当前究竟处
于经济周期中哪个阶段产生疑问。尽管我们的基
本设想仍维持这不过是周期中段的放缓,但以现
水平市场估值衡量,我们绝不能掉以轻心;因
此,我们加强股票保障,并减持实质股票持仓。
我们观望进一步迹象(例如:宏观经济增长指
标、经济意外指数等)以确认环球增长依然强
劲,而我们会伺机对股市作重新配置,以把握较
佳的市场估值。另一方面,通胀压力仍然存在,
特别是油价强劲而且工资压力日益加剧。这种情
况不利于固定收益这个资产类别。货币方面,我
们继续对美元采取短线战术正面看法,应可在波
幅加剧下为组合提供某程度的分散风险作用。尽
管我们依然认为美元长远而言会因为经常账及财
政赤字高企而失去动力,但宏观经济增长分化和
贸易关系持续紧张仍有可能导致美元强势比预期
持久。
Manager’s Report 基金管理人报告
展望(续)
中美贸易关系紧张局势不断升级,形势更添不明
朗,政治和保护主义已备受关注,成为左右市场
及投资意欲的主要因素。即使首批关税措施已生
效,我们的基本设想仍是全面、极具破坏力的贸
易战并不符合任何人的利益。由于迄今已公布的
关税范围相当狭窄,因此亚洲盈利的真正风险仍
然难以衡量。虽然如此,我们维持区内经济基本
因素依然良好的看法。再者,基于收入来源集中
本土兼具防守本质,纵使爆发贸易冲突,我们的
股票组合所受影响应该较为轻微。由行业观点出
发,我们的策略大致不变。我们继续减持电讯
股,同时分散投资于香港地产╱房地产投资信托
(REITs)等其他行业。金融股方面,我们对部分跑
赢大市的对象作选择性获利回吐。波动加剧意味
著此后强劲现金流和较吸引估值将会更为重要。
因此,财力雄厚兼基本面稳健的优质公司若可提
供持续股息收益,仍会是本策略的目标。
Outlook (Continued)
With escalating trade tensions between US
and China, politics and protectionism have
taken centre stage as key drivers of markets
and investor sentiment amidst a sense of
heightened uncertainty. Even with the first set
of tariffs having taken effect, our base case
remains that a wide-ranging, very destructive
trade war is not in anyone’s interest. The real
risk to Asian earnings remains hard to gauge
given that the announced tariffs to date
are fairly narrow in scope. Nonetheless, we
maintain the view that economic fundamentals
within the region are in still intact. Furthermore,
our equity portfolio is likely to be less affected
by any trade conflicts due to the domestically
focused revenue source and defensive nature
of our holdings. From a sector perspective,
our strategy remains largely unchanged.
We continue to reduce the exposure to
telecom while diversifying into other sectors
such as HK properties/REITs. For financials,
we are selectively taking profit on some
names which have outperformed. The higher
volatility means that strong cash-flows and
more attractive valuation will become more
important going forward. Hence high-quality
companies with robust balance sheets and
solid fundamentals offering sustainable
dividend yields will continue to be the focus
of our strategy.
7 Schroder Asian Asset Income Fund 施罗德亚洲高息股债基金 8
Manager’s Report 基金管理人报告
Outlook (Continued)
Going into the second half of the year, we
expect to see further tightening of financial
conditions in developed markets and emerging
markets. Many central banks in the region have
started raising interest rates this year including
Malaysia, the Philippines and India to defend
their currency against a stronger dollar. Amid
the backdrop of monetary tightening, we kept
a low duration exposure in order to reduce
the impact of rising yields in the portfolio.
We have also taken profit in convertibles to
reduce potential effects from equity market
volatility and maintained CDS in the portfolio
as a hedging instrument to actively manage
risks. Although technical support for Asian
credit remains stronger within the emerging
market universe, we expect spreads to remain
under pressure given lower investors’ appetite.
We will look into adding back to Asian USD
credit which now offers compelling valuation
and attractive entry points.
展望(续)
踏入下半年,预料成熟市场和新兴市场的银根都
会进一步收紧。今年区内多间央行(包括马来西
亚、菲律宾和印度)已针对美元走强而开始加
息,以捍卫其货币。在收紧银根形势下,我们维
持短久期部署,以减轻组合收益率上升的影响。
我们并已将可换股债券沽出获利,以减轻股市波
动可能造成的影响,并维持组合的信贷违约掉期
(CDS)作为对冲工具,以主动管理风险。尽管亚
洲信贷在新兴市场范畴内仍有较强技术支持,基
于投资者意兴阑珊,预料利差仍会受压。现时亚
洲美元信贷可提供具吸引力的估值和入市价位,
我们将会伺机重新增持。
As at 30th June 2018, the Fund size was
HK$39,323,917,498, represent by units as
below:
Class A Units
HKD Accumulation Units 2,257,901.29
HKD Distribution Units 112,970,964.16
USD Accumulation Units 10,432,193.81
USD Distribution Units 185,734,129.28
AUD Hedged Distribution Units 75,242,159.73
RMB Hedged Distribution Units 39,607,249.52
GBP Hedged Accumulation Units 37,089.07
GBP Hedged Distribution Units 382,119.84
Class C
HKD Accumulation Units 248,179.06
HKD Distribution Units 479,564.73
USD Accumulation Units 7,238,439.17
USD Distribution Units 205,811.49
AUD He