二Schroder Investment Management (Hong Kong) Limited
零0Level 33, Two Pacifc Place, 88 Queensway, Hong Kong2J二TuTel: +852 2521 1633 Fax: +852 2530 9095零nCeO年 2施罗德投资管理(香港)有限公司_
六R0For the year ended 30th June 2020香港金钟道88号太古广场二座33字楼2IA月0A二零二零年六月三十日止年度电话:+85225211633 传真:+85225309095A_
P
S
Schroder Asian Asset 施罗德亚洲高息股债基金
(施罗德伞型基金II的子基金)Income Fund
(A Sub-Fund of Schroder Umbrella Fund II)
Manager基金管理人
Schroder Investment Management施罗德投资管理(香港)有限公司
(Hong Kong) Limited香港金钟道88号
Level 33太古广场二座33字楼
Two Pacifc Place电话:2521 1633
88 Queensway 热线:2869 6968
Hong Kong图文传真:2530 9095
Telephone: 2521 1633网页:http://www.schroders.com.hk
Hotline: 2869 6968
Fax: 2530 9095
Home Page: http://www.schroders.com.hk
Trustee and Registrar受托人及注册登记机构
HSBC Institutional Trust Services (Asia) Limited汇丰机构信托服务(亚洲)有限公司
1 Queen’s Road Central香港中环皇后大道中1号
Hong Kong
Registrar’s Service Provider (Note)注册登记机构之服务提供机构(附注)
HSBC France, Luxembourg BranchHSBC France, Luxembourg Branch
16 Boulevard d’Avranches16 Boulevard d’Avranches
L-1160, LuxembourgL-1160, Luxembourg
Auditor审计师
PricewaterhouseCoopers罗兵咸永道会计师事务所
Certifed Public Accountants香港
22/F Prince’s Building中环太子大厦二十二楼
Central
Hong Kong
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.
附注: 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。
施罗德亚洲高息股债基金
Schroder Asian Asset 施罗德亚洲高息股债基金
(施罗德伞型基金II的子基金)Income Fund
(A Sub-Fund of Schroder Umbrella Fund II)
Solicitor律师
Deacons的近律师行
5/F Alexandra House遮打道18号
Central香港中环历山大厦5楼
Hong Kong
Further information额外资讯
Schroders is a Foreign Account Tax Compliance 施罗德乃合规美国《海外帐户税收合规法案》
Act (“FATCA”) compliant organisation. Please (「FATCA」)机构。其FATCA类别及其机构的美国
fnd the FATCA classifcation of this entity and 全球中介人识别码(「GIIN」)如下。
its Global Intermediary Identifcation Number
(“GIIN”) below.
FATCA entity classifcation: Nonreporting IGA FATCA机构类别:在跨政府协议下免申报的海外
FFI / Registered Sponsored Invesment Entity金融机构╱注册资助机构
Sponsored entity GIIN: IV2GGD.00030.SF.344资助机构的GIIN:IV2GGD.00030.SF.344
Sponsoring entity: Schroder Investment 发行机构:施罗德投资管理(香港)有限公司
Management (Hong Kong) Limited
Schroder Asian Asset Income Fund
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 2020 二零二零年六月三十日止年度
Contents 目录
Pages 页次
Manager’s report 基金管理人报告1
Manager’s certifcate 基金管理人证明书7
Trustee’s report 受托人报告8
Independent auditor’s report 独立审计师报告9
Statement of fnancial position 财务状况报表16
Statement of comprehensive income 全面收入报表18
Statement of changes in net assets attributable to unitholders
归于份额持有人净资产变动报表20
Statement of cash fows 现金流量表21
Notes to the fnancial statements 财务报表之附注23
Investment portfolio (Unaudited) 基金投资组合(未经审核)129
Investment portfolio movements (Unaudited) 投资组合变动(未经审核)147
Performance table (Unaudited) 业绩表(未经审核)171
施罗德亚洲高息股债基金
Manager’s Report基金管理人报告
Market Review市场观察
Against the backdrop of US-China trade 在中美贸易争议及环球增长隐忧压抑市场气氛形
dispute and global growth concerns weighing 势下,亚洲市场报跌,对美元强势敏感者尤甚。
on market sentiment, Asian markets fell, 美国宣布新贸易关税后,中国股市表现逊色,港
especially those most sensitive to US dollar 股在示威活动不绝下亦报跌。相反,台湾则凭借
strength. China underperformed following 科技股表现强劲支持而录得进账。固定收益方
the announcement of new US trade tariffs 面,避险心态加剧,季内政府债券孳息率显著下
while Hong Kong equities also fell amid 跌,美国十年期国库券孳息率下跌逾30基点,
ongoing demonstrations. By contrast, Taiwan 季末收报1.67%。企业债券受惠于环球孳息率下
posted a positive return, underpinned by 跌,跑赢政府债券。投资级别企业债券大有进
strong performance from technology stocks. 账,较高风险的高收益债券市场亦见造好。新兴
Turning to fxed income, government bond 市场债券当中,硬货币和企业债务录得进账,当
yields declined markedly over the quarter due 地货币债券则见下挫。
to heightened risk aversion. The US 10-year
Treasury yield was more than 30 bps lower,
finishing the quarter at 1.67%. Corporate
bonds benefted from the decline in global
yields and outperformed government bonds.
Investment grade corporate bonds returned
strong returns, while the riskier high yield
part of the market also performed well. Across
emerging market bonds, hard currency and
corporate debt made positive returns, while
local currency bonds declined.
The geopolitical risks that harried markets 二零一九年大部分时间困扰市场的地缘政治风险
for much of 2019 faded in Q4, helping equity 于第四季有所减退,有助全球各地股市录得进
markets around the world to post gains. 账。贸易阴霾随著中美宣布达成「第一阶段」贸易
Trade uncertainty faded with the US and 协议而淡化。有赖拟订贸易协议所赐,亚洲方
China’s “phase one” trade deal announcement. 面,中国、南韩及台湾均表现突出。反之,泰国
In Asia, China, South Korea and Taiwan all 却因为第三季本地生产总值(GDP)增长继续低迷
outperformed thanks to the proposed trade 而录得负回报。政府债券孳息率普遍上扬。季内
deal. By contrast, Thailand recorded a negative 美国十年期国库券孳息率升26基点,两年期孳
return as Q3 GDP growth remained subdued. 息率则见下跌,孳息曲线陡峭,反映增长预期改
Government yields were broadly higher. The US 善。季内联邦储备局减息后表示「目前货币政策
10-year yield rose 26 bps over the quarter, while 立场恰当」。企业债券造好,全年报升,高收益
the two-year yield fell, steepening the yield 债券胜于其他类别。至于其他方面,新兴市场表
curve to refect improved growth expectations. 现不俗,当地货币债券尤甚。
The Federal Reserve cut rates once in the
quarter before indicating that “the current
stance of monetary policy is appropriate”.
Corporate bonds performed well to cap a
strong year, with high yield outperforming.
Elsewhere, emerging market debt performed
well, especially local currency bonds.
1Schroder Asian Asset Income Fund
Manager’s Report基金管理人报告
Market Review (Continued)市场观察(续)
Going into the New Year, the spread of the 踏入二零二零年,新冠肺炎冠状病毒蔓延对首季
Covid-19 coronavirus profoundly affected 全球市场构成深远影响,股市纷纷急挫。亚洲股
global markets in the frst quarter as equities 市下跌,美元走强及原油价格重挫令回报进一步
suffered steep declines. Asian equities fell, 受打击。东南亚市场尤其疲软,全线跑输。另一
with a stronger US dollar and sell-off in crude 方面,中国及香港在各市场中鹤立鸡群;中国内
oil prices further compounding returns. 地新冠肺炎活跃个案数目似乎已在二月份见顶,
ASEAN markets were particularly weak and 而香港方面疫情看来相对受控。一如大部分其他
all underperformed. On the other hand, 金融资产,政府债券孳息率显著波动。避险心态
China and Hong Kong were the only markets 一度升温,避险工具需求甚殷,将孳息率推至极
to outperform; the number of active cases 低水平。美国十年期孳息率由1.15%降至
of Covid-19 in mainland China appeared to 0.63%,期间一度跌穿0.5%。企业债券及新兴市
peak in February, while the spread of the 场债务被大举抛售,较高风险的高收益信贷更是
virus appeared to be relatively contained in 首当其冲。
Hong Kong. Government bond yields, like
most other fnancial assets, saw signifcant
levels of volatility. In the initial heightening
of risk aversion, demand for safe havens
pushed yields to extreme lows. The 10-year US
Treasury yield dropped from 1.15% to 0.63%,
at one point falling below 0.5%. Corporates
bonds and emerging market debt sold-off
sharply, with the riskier parts in high yield
credit in particular.
Finally, in Q2 2020, the easing of Covid-19 最后,新冠肺炎封城措施放宽,经济初步呈现复
lockdowns and early signs of economic 甦迹象,都刺激二零二零年第二季冒险意欲迅速
recovery saw risk appetites return rapidly. 回升。亚洲股市受到刺激措施鼓舞,印尼、泰国
Asian equities were buoyed by stimulus, while 及台湾等出口国市场则在环球需求复甦憧憬下超
the exporter markets of Indonesia, Thailand 越同侪。相反,二零二零年首季表现令其他市场
and Taiwan outperformed on hopes of a 瞠乎其后的中国则稍逊一筹为落后。美国十年期
recovery in global demand. By contrast, China 孳息率无甚变动。企业债券胜于政府债券,高收
slightly underperformed, following strong 益表现尤佳。新兴市场债券亦见反弹。硬货币政
outperformance in Q1 2020. The US 10-year 府债券及半主权债券表现最强,但新兴市场企业
yield was little changed. Corporate bonds 债券和当地货币债券亦见上升。
outpaced government bonds while high yield
performed particularly well. Emerging market
(EM) bonds also rebounded. Hard currency
government and quasi-sovereign bonds were
strongest, but EM corporate bonds and local
currency bonds also rose.
施罗德亚洲高息股债基金2
Manager’s Report基金管理人报告
Outlook展望
With major regions gradually easing lockdown 随著主要地区逐步放松封城限制和重启经济,气
restrictions and re-opening their economies, 氛已较前乐观,第二季环球市场以强势收市,未
sentiment has turned more positive as global 受美国感染数字隐忧影响。这一点以外,形势依
markets ended Q2 on a strong note despite 然不明朗。我们认为纵使病毒或已受控,第二波
concerns surrounding rising infections in the 感染风险或会再度压抑经济活动。与此同时,市
US. Beyond this point, uncertainty abounds. 场仍对重大地缘政治消息和中美关系再呈紧张表
Our view is that while the virus may be 现敏感。
contained, risks of a second wave of infection
could once again weigh on economic activities.
At the same time, markets remain sensitive to
geopolitical headlines and resurgent US-China
tensions.
From an asset allocation standpoint, while 从资产配置立场出发,尽管我们仍对企业信贷有
our conviction in corporate credit remains 信心,而盈利风险仍然存在,市场亦已大体上消
and earnings risk still exists, markets have 化病毒的负面冲击。因此,我们打算逐步将资金
also priced in the negative virus impact 重投股票,以进一步改进基金组合捕捉增长的能
quite substantially. Therefore, we will look to 力。
gradually shift back into equities to further
improve the growth capture of the portfolio.
The acceleration of trends such as digitalization, 数位化、去全球化和通缩(新「3Ds」)等趋势加
de-globalization and defation (the new 3Ds) 速,意味著在新冠肺炎后世界里,要为收益而投
means that investing for income in a post 资,必须与时俱进,以适应这个新环境。股票方
Covid-19 world has to evolve to adapt to 面,在源自虚拟经济和科技方面的增长机会与提
this new environment. For equities, tuning 供平稳收入的公用事业和电讯等机构两者当中调
the right mix between growth opportunities 节适当的配搭,以及管理来自面对结构性利淡因
from virtual economy and technology, and 素的行业(例如银行)的风险,将会是本基金股票
the stable income providers such as utilities 策略的重中之重。
and telecoms, as well as managing the risks
from the sectors facing structural headwinds
like banks, is going to be the key focus of our
equity strategy.
3Schroder Asian Asset Income Fund
Manager’s Report基金管理人报告
Outlook (Continued)展望(续)
The same trends mentioned above are going 上述的相同趋势将会影响我们如何管理固定收益
to impact how we manage the fxed income 组合,但新增的「D」就有必要思量 — 就是「违
portfolio, but an additional “D” will need to be 约」。一方面,政府债券孳息率持续低企(兼向
considered – and that is defaults. On one hand, 下)意味著投资者正被迫为了追求收益而进一步
the stubbornly low (and falling) government 承担风险;另一方面,违约风险不断上升所带来
bond yields means that investors are being 的考验,暗示须对信贷投资采取更审慎的方针。
pushed further out the risk curve to search 因此,要评估信贷风险溢价,现在采取选择性和
for income; on the other hand, the challenge 多元化的方针就更为重要。
from increasing default risks points to a more
cautious approach to credit investing. As
such, selection and diversifed approach now
becomes even more important for accessing
the credit risk premium.
Previous valuation opportunities in some 市场上某些被忽略的地区(例如澳大利亚和中东)
neglected areas of the markets, such as 之前出现的估值机会已大部分消失。我们应会重
Australia and Middle-east, have largely 投主流地区,并预期新发行信贷会有更多机会。
disappeared. We are likely to move back to 我们将继续参与某些具吸引力的交易。部分当地
the main-stream areas, and expect further 货币债券市场亦提供机会,因为亚洲多国央行的
opportunities in new issuances. We will 货币政策料将保持极端宽松。
continue to take part in selective attractive
deals. Some local currency bond markets
also present opportunities, as central banks
in Asia are expected to remain extremely
accommodative in their monetary policies.
All in all, we remain nimble and cognisant 整体而言,我们保持灵活,而且时刻关注围绕地
of ongoing developments surrounding 缘政治消息和新冠肺炎的事态发展,并观望更多
geopolitical headlines and Covid-19 as we 经济数据,在呈现周期性复甦迹象时承担更多风
await for further economic data to take more 险,又或在疫症进一步爆发时将风险降低。
risk should there are signs of cyclical recovery
or de-risk in the case of further outbreaks.
施罗德亚洲高息股债基金4
Manager’s Report 基金管理人报告
As at 30th June 2020, the Fund size was 截至二零二零年六月三十日,基金总值
HK$29,377,442,901, represent by units as 29,377,442,901港元,发行份额如下:
below:
Class A UnitsA 类别 份额
HKD Accumulation Units 1,635,078.71港元累积份额 1,635,078.71
HKD Distribution Units 87,407,766.67港元收息份额 87,407,766.67
USD Accumulation Units 8,711,106.87美元累积份额 8,711,106.87
USD Distribution Units 140,638,049.94美元收息份额 140,638,049.94
AUD Hedged Distribution Units 64,635,380.73澳元对冲收息份额 64,635,380.73
RMB Hedged Distribution Units 39,432,221.46人民币对冲收息份额 39,432,221.46
GBP Hedged Accumulation Units 111,488.61英镑对冲累积份额 111,488.61
GBP Hedged Distribution Units 793,971.76英镑对冲收息份额 793,971.76
Class C C 类别
HKD Accumulation Units 241,771.53港元累积份额 241,771.53
HKD Distribution Units 560,525.85港元收息份额 560,525.85
USD Accumulation Units 9,627,267.89美元累积份额 9,627,267.89
USD Distribution Units 1,348,450.11美元收息份额 1,348,450.11
AUD Hedged Distribution Units 222,459.59澳元对冲收息份额 222,459.59
Class I I类别
USD Accumulation Units 1,320,034.13美元累积份额 1,320,034.13
USD Distribution Units 2,771,963.55美元收息份额 2,771,963.55
Class M M类别
RMB Hedged Accumulation Units 11,010,553.35人民币对冲累积份额 11,010,553.35
Class XX类别
HKD Accumulation Units 67.62港元累积份额 67.62
HKD Distribution Units 5,264.40港元收息份额 5,264.40
USD Accumulation Units 68.14美元累积份额 68.14
USD Distribution Units 80,711.22美元收息份额 80,711.22
5Schroder Asian Asset Income Fund
Manager’s Report 基金管理人报告
The prices of the units were:基金份额价格如下:
NET ASSET VALUE PER UNIT每份额净资产
Class A A类别
HKD Accumulation Units HK$146.6570港元累积份额 146.6570港元
HKD Distribution Units HK$92.5558港元收息份额 92.5558港元
USD Accumulation Units US$14.7348美元累积份额 14.7348美元
USD Distribution Units US$9.2998美元收息份额 9.2998美元
AUD Hedged Distribution Units AU$8.5850澳元对冲收息份额 8.5850澳元
RMB Hedged Distribution Units RMB87.5294人民币对冲收息份额 87.5294人民币
GBP Hedged Accumulation Units GBP10.1036英镑对冲累积份额 10.1036英镑
GBP Hedged Distribution Units GBP8.8607英镑对冲收息份额 8.8607英镑
Class C C类别
HKD Accumulation Units HK$156.4946港元累积份额 156.4946港元
HKD Distribution Units HK$98.7982港元收息份额 98.7982港元
USD Accumulation Units US$14.0621美元累积份额 14.0621美元
USD Distribution Units US$9.5652美元收息份额 9.5652美元
AUD Hedged Distribution Units AU$8.8385澳元对冲收息份额 8.8385澳元
Class I I类别
USD Accumulation Units US$14.5809美元累积份额 14.5809美元
USD Distribution Units US$11.6165美元收息份额 11.6165美元
Class M M类别
RMB Hedged Accumulation Units RMB118.4884人民币对冲累积份额 118.4884人民币
Class X X类别
HKD Accumulation Units HK$146.3287港元累积份额 146.3287港元
HKD Distribution Units HK$138.9591港元收息份额 138.9591港元
USD Accumulation Units US$14.6900美元累积份额 14.6900美元
USD Distribution Units US$13.9618美元收息份额 13.9618美元
Schroder Investment Management施罗德投资管理(香港)有限公司
(Hong Kong) Limited二零二零年十月十九日
19th October 2020
施罗德亚洲高息股债基金6
Manager’s Certifcate基金管理人证明书
We, as Manager of the Schroder Asian Asset 本公司为施罗德亚洲高息股债基金(「基金」)(施
Income Fund (the “Fund”), a sub-fund of 罗德伞型基金II之子基金)基金管理人,谨证明
Schroder Umbrella Fund II, hereby certify to 由二零一九年七月一日至二零二零年六月三十日
the best of our knowledge and belief that 止年度间本基金管理人以及任何代表基金管理人
during the year from 1st July 2019 to 30th June 或其允许之人士均无:
2020, we have not, nor has any other person
acting on our behalf:
(a) transferred units to another person for sale, (a) 转让份额予其他人士作出售、转售或取消,
resale, cancellation or subsequent transfer 或其后转让予本基金管理人作出售、转售或
to us for sale, resale or cancellation;取消;
(b) acquired or disposed of investments for (b) 在认可之证券交易市场以外买卖本基金之投
account of the Fund other than through a 资;
recognised securities market;
(c) disposed of units to another person for a (c) 以低于当时发行价之价格出售份额;
price lower than the current issue price at
the time of disposal;
(d) acquired units for a price higher than the (d) 以高于当时赎回价之价格购入份额。
current realisation price at the time of such
acquisition.
For and on behalf of代表
Schroder Investment Management施罗德投资管理(香港)有限公司
(Hong Kong) Limited二零二零年十月十九日
19th October 2020
7Schroder Asian Asset Income Fund
Trustee’s Report受托人报告
We hereby confirm that, in our opinion, 本受托人谨确认基金管理人截至二零二零年六月
the Manager has, in all material respects, 三十日止年度间在各个重要方面均依照二零一零
managed the Schroder Asian Asset Income 年十月八日所订立之信托契约(经修订)之条款管
Fund, a sub-fund of Schroder Umbrella Fund II, 理施罗德亚洲高息股债基金(施罗德伞型基金II
in accordance with the provisions of the Trust 之子基金)。
Deed dated 8th October 2010, as amended
(the “Trust Deed”), for the year ended 30th
June 2020.
HSBC Institutional Trust Services 汇丰机构信托服务(亚洲)有限公司
(Asia) Limited二零二零年十月十九日
19th October 2020
施罗德亚洲高息股债基金8
Independent Auditor’s 独立审计师报告
致施罗德亚洲高息股债基金Report
(施罗德伞型基金II之子基金)To the Unitholders of
份额持有人Schroder Asian Asset Income Fund
(a sub-fund of Schroder Umbrella Fund II)
Report on the Audit of the Financial 就财务报表审计作出的报告
Statements
Opinion意见
What we have audited我们已审计的内容
The fnancial statements of Schroder Asian 施罗德亚洲高息股债基金(施罗德伞型基金II之
Asset Income Fund (the “Fund”), a sub-fund of 子基金)(以下简称「基金」)列载于第十六至
Schroder Umbrella Fund II, set out on pages 一百二十八页的财务报表,包括:
16 to 128, which comprise:
– the statement of fnancial position as at - 于二零二零年六月三十日的财务状况报表;
30th June 2020;
– the statement of comprehensive income - 截至该日止年度的全面收入报表;
for the year then ended;
– the statement of changes in net assets - 截至该日止年度的归于份额持有人应占净资
attributable to unitholders for the year 产变动报表;
then ended;
– the statement of cash fows for the year - 截至该日止年度的现金流量表;及
then ended; and
– the notes to the financial statements, - 财务报表附注,包括主要会计政策概要。
which include a summary of significant
accounting policies.
Our opinion我们的意见
In our opinion, the fnancial statements give 我们认为,该等财务报表已根据香港会计师公会
a true and fair view of the fnancial position 颁布的《香港财务报告准则》真实而中肯地反映了
of the Fund as at 30th June 2020, and of its 基金于二零二零年六月三十日的财务状况及其截
fnancial transactions and cash fows for the 至该日止年度的财务表现及现金流量。
year then ended in accordance with Hong
Kong Financial Reporting Standards (“HKFRSs”)
issued by the Hong Kong Institute of Certifed
Public Accountants (“HKICPA”).
9Schroder Asian Asset Income Fund
Independent Auditor’s 独立审计师报告
致施罗德亚洲高息股债基金Report
(施罗德伞型基金II之子基金)To the Unitholders of
份额持有人(续)Schroder Asian Asset Income Fund
(a sub-fund of Schroder Umbrella Fund II)
(Continued)
Basis for Opinion 意见的基础
We conducted our audit in accordance with 我们已根据香港会计师公会颁布的《香港审计准
Hong Kong Standards on Auditing (“HKSAs”) 则》进行审计。我们在该等准则下承担的责任已
issued by the HKICPA. Our responsibilities 在本报告「审计师就审计财务报表承担的责任」部
under those standards are further described 分中作进一步阐述。
in the Auditor’s Responsibilities for the A