UBS (HK) Fund Series - China High Yield Bond (USD) Class A USD-acc


The UBS (HK) Fund Series – China High Yield Bond (USD) Class A USD-Acc is a well-diversified fund investing in fixed income securities, either domiciled in China or generating significant business there targets income and capital growth.

This relatively new Fund offers a single market focus on predominately non-investment grade corporate bonds managed by a well-resourced investment team. In addition to a large China team at UBS, it has access to significant resources both at a regional and global level. Investment ideas are generated from a bottom-up fundamental review of individual securities and top-down macro views. At the same time, risk managers are consulted at various points during research, investment, or divestment processes.

While we noted the Fund has a concentration risk in Chinese real estate – which is the largest issuance sector in China – the managers articulated well how they dynamically managed credit risk here early in 2020 by rebalancing towards issuers with superior balance sheets. During this period, the maximum drawdown was 6%, suggesting confidence in this approach to date.

The Fund has explicit ESG and stewardship standards that are well integrated into the investment process.

This Fund has been reviewed by five industry veterans of the Benchmark judging committee.


House Awards: China Fixed Income
Hong Kong – Outstanding Achiever


ISIN: HK0000318607
Inception Date: 03/06/2017
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Investment Style Consistency: 5.00
Environmental Consequence: 4.17
Stewardship – Engagement: 4.44

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