| Risk of investing in sector-based fund:Since the Fund will not normally maintain a wide spread of investments, a more concentrated approach is taken. Investments are chosen for their long term potential and their prices (and therefore the net asset value) may be subject to above average volatility.Risk of investing in REITs:The Fund does not invest directly in real estate and insofar as it directly invests in REITs, any dividend policy or dividend payout at the Fund level may not be representative of the dividend policy or dividend payout of the relevant underlying REIT. The relevant underlying REIT may not necessarily be authorised by the SFC in Hong Kong. Please note that The Fund is authorised under the SFC’s Code on Unit Trusts and Mutual Funds and not under the SFC’s Code on Real Estate Investment Trusts. SFC authorisation does not imply official approval or recommendation. Equities risk:The value of, and income derived from, equity securities held may fall as well as rise and the Fund may not recoup the original amount invested in such securities. The prices of and the income generated by equity securities may decline in response to certain events, including the activities and results of the issuer, general economic and market conditions, regional or global economic instability and currency and interest rate fluctuations. Credit risk:Investment in bonds or other fixed income securities are subject to the risk that issuers not make payments on such securities. An issuer suffering from an adverse change in its financial condition could lower the quality of a security leading to greater price volatility on that security. Interest rate risk:The bonds or fixed income securities that the Fund invests in may fall in value if the interest rates change. Longer term debt securities are usually more sensitive to interest rate changes. Risk with international investing: Since the Fund invests on an international basis, the value of the assets of the Fund may be affected by uncertainties of the underlying countries such as political, economic or other developments in the law or regulations of the countries in which the Fund may invest. Besides, as the Fund invests in securities denominated in different currencies other than the base currency of the Fund; changes in foreign currency exchange rates will affect the value of shares held in the Fund. Investment risk :There can be no assurance that the Fund will achieve its investment objective.There is no guarantee of the repayment of principal. The instruments invested by the Fund may fall in value. |