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RMB Fund Commentary 03 2023

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Eurizon SLJ Bond Aggregate RMB (Renminbi) Fund Monthly Commentary March 2023

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For professional investors only Report Contents Performance and portfolio update ................................................................................... 2 Chart one: Strategy performance since inception .......................................................... 2 Fund characteristics ........................................................................................................... 2 Asset Allocation .................................................................................................................. 3 Chart three: Asset allocation since inception .................................................... 3 Duration ............................................................................................................................... 4 Chart two: Duration & Maturity profile since inception .................................................... 4 Currency .............................................................................................................................. 5 Chart four: Relative FX overlay since inception ................................................ 5 The Chinese economy is showing a steady recovery. .................................................... 6 Property sector saw good signs of recovery. ................................................................... 6 The write-down of CS AT1 will not affect Chinese banks ................................................. 6 Alibaba's share split boosts investor confidence ............................................................. 7 Bottom line .......................................................................................................................... 8 Strategy overview ............................................................................................................. 10 Key Risks ............................................................................................................................ 11

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For professional investors only Performance and portfolio update The fund performance in March was 0.19%% net of fees, while the since inception UK Fund return reached 17.9% on a net basis for the Eurizon SLJ Bond Aggregate RMB I6 - GB00BMY78T53 class. Chart one: Strategy performance since inception Sourc e: Euriz on S LJ a nd Morni ngstar Dir ec t, t otal re turn n e t of fee s i n GB P ter ms a s at 31 Ma rch 2023. The f un d’ s i nc epti on da te i s 22 February 2 02 1 and benchmark the Bl oomberg Bar clays Chin a Tre as u ry In de x . Perf ormanc e p ri or to 2 2 February 20 21 i s exten de d p erf orm ance based on th e p erformanc e of Euri zon F un d Bo n d Aggr ega te RMB Fun d Z EU R Acc , adju st ed fo r currency an d fee s. Track rec or d exte nsi on pe rf orm ed by Mornings ta r. Fund characteristics Fund Benchmark Characteristics Duration 6.29 years 7.15 years Shorter duration # of Bonds 36 149 Focused on Liquidity Average Yield 3.45% 2.71% Higher Yield Average Rating A+ A+ Focused on Quality -5051015202530354045Jan18Apr18Jul18Oct18Jan19Apr19Jul19Oct19Jan20Apr20Jul20Oct20Jan21Apr21Jul21Oct21Jan22Apr22Jul22Oct22Jan23% Total Return, GBP, Net of feesRelative Eurizon SLJ Bond Agg RMB I6 WS GBP Acc EAA Fund RMB Bond - Onshore

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For professional investors only Asset Allocation From an asset allocation perspective, we maintain ed our strategy of investing in the most liquid and highly rated part of the China onshore bond market. We maintained our exposures to high-quality Chinese offshore USD bonds to seek capital gains as UST yields have likely topped out and credit quality shou ld largely improve from the prospective policy pivot, we believe. The Corporate Bond sector allocation decreased from 35.12% to 34.83%, the Government Bond sector allocation decreased from 11.37% to 11.23%, while the Policy Bank sector allocation also decreased from 49.48% to 49.13%. Key views: • We like Policy Bank bonds due to their tax advantage for foreign investors and high creditworthiness. • We like Central ‘State Owned Enterprises’ within Corporate Bonds due to their structural importance to the Chinese economy and ownership structure. • We do not like Local Government Bonds due to their illiquidity. Chart thr e e: Ass et a ll oc a ti on si nc e in cep t ion Sourc e: Euriz on S LJ C ap ital & Black rock Solution s a s a t 31 March 2 02 3. Portfolio cha r acterist ics and h oldin gs ar e subj ect t o cha nge wi th out n oti ce. Thi s do e s n ot c on sti t ute an in vestmen t re co mm end ati on . F or information purpose s only, m eth od ol ogy a vaila ble on req ue st . Excl ude s cash , n umb er s sub ject to ro un ding . 11.23%49.13%34.83%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%Mar 21Apr 21May 21Jun 21Jul 21Aug 21Sep 21Oct 21Nov 21Dec 21Jan 22Feb 22Mar 22Apr 22May 22Jun 22Jul 22Aug 22Sep 22Oct 22Nov 22Dec 22Jan 23Feb 23Mar 23Government Policy Bank Corporate Bond

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For professional investors only Duration In March, bonds traded within a narrow range, with a slightly steepening curve due to ample liquidity associated with the 25 bps RRR cut. Despite the high volatility in the offshore credit market triggered by the Credit Suisse AT1 (additional tier 1) write -down, Chinese banks bonds were remarkably stable. During the month we maintained our short duration at 6.29yrs, compared to 7.15yrs for the benchmark. Chart two: Duration & Maturity profile since inception Sourc e: Euriz on S LJ C ap ital & Black rock Solution s a s a t 31 March 2 02 3. Portfolio cha r acterist ics and h oldin gs ar e subj ect t o cha nge wi th out n oti ce. Thi s do e s n ot c on sti t ute an in vestmen t re co mm end ati on . F or information purpose s only, m eth od ol ogy a vaila b le on req ue st . 66.577.588.50.0%20.0%40.0%60.0%80.0%100.0%Mar 21Apr 21May 21Jun 21Jul 21Aug 21Sep 21Oct 21Nov 21Dec 21Jan 22Feb 22Mar 22Apr 22May 22Jun 22Jul 22Aug 22Sep 22Oct 22Nov 22Dec 22Jan 23Feb 23Mar 230 to 1 1 to 3 3 to 55 to 7 7 to 10 10 to 1520 to 30 30 plus Fund (LH, yrs)Benchmark (LH, yrs)

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For professional investors only Currency On the currency front, we stayed long-EURUSD, (long GBPUSD (U.K.)) and short-USDCNY. Chart four: Relative F X ov erl ay si n c e in ception Sourc e: Euriz on S LJ C ap ital & Black rock Solution s a s of 31 Ma r ch 2023. Portfolio cha r acterist ics and h oldin gs ar e subj ect t o cha nge wi th out n oti ce. Thi s do e s n ot c on sti t ute an in vestmen t re co mm end ati on . F or information purpose s only, a met hod ol ogy is avail abl e on reque st . -40.0%-30.0%-20.0%-10.0%0.0%10.0%20.0%30.0%40.0%Feb 21Mar 21Apr 21May 21Jun 21Jul 21Aug 21Sep 21Oct 21Nov 21Dec 21Jan 22Feb 22Mar 22Apr 22May 22Jun 22Jul 22Aug 22Sep 22Oct 22Nov 22Dec 22Jan 23Feb 23Mar 23EUR CNY&CNH USD GBP

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For professional investors only The Chinese economy is showing a steady recovery. China's March PMI continued the expansionary trend, with both manufacturing PMI and non-manufacturing PMI in expansionary territory for the third month. The January -February combined activity data also showed a sanguine picture: investment surprised on th e upside, industrial production accelerated as factory activities finally normalised after COVID -19; consumption also saw a healthy rebound, mainly driven by the pent-up demand in consumer discretionary spending. All these showed that the economic recover y in China is well underway. However, the road ahead may face headwinds due to the still-weak labour market and softer global demand. Thus, we believe more supportive policies are still needed, and monetary policy should stay accommodative. Property sector saw good signs of recovery. In March, we saw solid signs of stabilisation in the property sector. Several defaulted property companies have released restructuring proposals, and some have successfully upgraded to "green area" under "three red lines" standard. Furthermore, the top SOE and POE property companies have resumed actively bidding on land auctions recently. Second-hand house sales continued to recover; new house prices also increased. With the help of the multi -faceted supportive polic ies, we believe the property market should see a marked turnaround this year . The write-down of CS AT1 will not affect Chinese banks. On March 19th, UBS bought Credit Suisse for CHF 3 billion. The Swiss Financial Market Supervisory Authority's decision to fully write down CS' AT1 bond before equity holders triggered a global bond market panic. The global outstanding AT1 bonds are aroun d USD1 trillion, of which China, Britain, the US, Japan and France account for up to 44.7%, 7.8%, 7.6%, 4.1% and 3.8%, respectively. The number of AT1 bonds globally is around 1300, 200 of which is issued by China. Most Chinese AT1s are listed in the onsh ore market, and 84% of Chinese AT1s are embedded with write-down terms. In China, commercial banks are the main issuers of AT1 bonds. Security houses and other

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For professional investors only non-bank financial institutions have issued very limited AT1 bonds. Despite the significant o utstanding amount, there have been no AT1 bonds written down in China previously. Due to the sufficient core tier 1 capital adequacy ratio, capital adequacy ratio and low non -performing ratio, risks to Chinese AT1 bonds should be well under control, in our view. Given that Chinese banks are quite separated from the global banking business and the global financial markets, we believe that neither Chinese banks nor Chinese AT1s would be negatively affected by the CS AT1 write -down incident. In fact, our holdings of the top banks tier 2 bonds are performing well . Alibaba's share split boosts investor confidence. Alibaba announced its plan to split its $250 billion conglomerate into six autonomous business units. Each unit will be managed by its own CEO and board of directors, and each will have the ability to raise outside funding and issue IPO individually. For Alibaba, this biggest restructuring should make its operations more efficient with shorter commend chains and clearer management incentives, allowing for better decision-making processes and faster responses to market changes, in our view. In a statement , Alibaba said the move is "designed to unlock shareholder value and foster market competitiveness." For the Tech sector, this move is more meaningful. With the government crack-down and the slowing economy, Alibaba's share price had dropped 70% from its peak in Oct 2020. While the Chinese government started to support platform economy and private enterprises last year to boost economic recovery and employment, no clear actions have yet been made, and market confidence remained low. Although the governme nt did not comment on this restructuring plan, it's our judgement very likely that Alibaba had already received the green light from the government before the announcement. Therefore, the market perceives this massive restructuring plan as a turning point of the Chinese government's tight regulatory control and conservative attitude towards the internet sector. As a result, Alibaba's share price surged by 12% and 14% in HK and US, respectively, on March 28th. Its peers Tencent and Baidu were up 2%, and Meituan up 4%. The Hang Seng Tech Index closed 2.5% higher .

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For professional investors only Bottom line In March, the bond yields traded within a very narrow range with a slightly bullish steepening curve. Despite the high volatility in bond yields in the US and the EU, Chinese bonds have remained extraordinarily stable. Going forward, we expect to see more confirmations of further economic recovery. Being defensive, we will maintain a duration below our benchmark, and trade on the curve and the spreads when it is appro priate to do so. We will also stay in the safest corner of the credit universe for onshore bond and add exposure to high quality offshore bonds whenever we see opportunities. On the currency front, we believe the RMB is likely to benefit from the economy recovery, as the dollar weakens .

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For professional investors only Further information Useful links Visit our website for more insights & details about our strategies www.eurizonsljcapital.com Further information Useful links Sales & Business Development Matt Jones, Head of Distribution Email: matthew.jones@eurizonslj.com Mobile: 07716 639835 Business address Eurizon SLJ Asset Management 90 Queen Street London EC4N 1SA Fund Information Umbrella Name Eurizon Funds ICVC Fund Name Eurizon SLJ Bond Aggregate RMB (Renminbi) Objective The objective of the Sub-fund is to provide capital growth by achieving a return after fees in excess of the return of the Bloomberg Barclays China Treasury Total Return Index over any five-year period. Benchmark Bloomberg Barclays China Treasury Total Return Index. The Sub-fund’s investment process is not constrained by the Index and the composition of the Sub-fund’s portfolio may deviate from the Index in a significant way. Accordingly, the Sub-fund’s returns could be similar to or different from the Index. Regulatory Status UK UCITS Fund Managers Monica Wang, Stephen Jen Share Class Information ISIN Currency Acc/Inc OCF Minimum Investment Wholesale GB00BMY78T53 GBP Acc 0.65% £1,000,000 Institutional GB00BLN8SH09 GBP Acc 0.50% £10,000,000 Founder GB00BMY78V75 GBP Acc 0.40% £1,000,000 Founder GB00BMY78W82 EUR Acc 0.40% £1,000,000

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For professional investors only Strategy overview The fund offers exposure to the world’s second largest bond market. It invests in a diversified set of Renminbi - denominated debt instruments traded on the China Interbank Bond Market or in other regulated markets in China and Hong Kong. Key points: We focus on the most liquid and highly rated bonds in our universe. Our risk aware approach aims to deliver growth over the medium to long term. Our diverse team have a deep understanding of the cult ure, policies and market they invest in. All team members, whilst based in London, are Mandarin speakers having lived and worked in China. We have a research led approach which is based on our original macroeconomic research. Our understanding of economic mega trends, currencies and the place China has in global markets is complimented by our active bottom up analysis. The RMB Strategies team The Investment, Advisory & Research team share a strong collaboration ethic. This allows a constant stream of information on macro, economic and monetary themes leading to interesting investment ideas and opportunities. Based in London, our team is extremely diverse in terms of cultural and professional background. Most of our portfolio managers are originally from the emerging markets and speak local languages, having lived and worked in these countries. This provides us with the unique combination of being able to understand the local culture, whilst also applying the global context of how the outside world views these markets.

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For professional investors only Key Risks Charges from capital The fund charges are taken from capital invested. Taking charges from capital has the effect of increasing the yield, whilst also negatively effecting the growth potential of the investment. Chinese securities The fund invests in financial instruments dealt in on the local Chinese markets, including on the CIBM, and denominated in Renminbi may imply specific regulatory, exchange rate, repatriation and tax risks are detailed in section 5.40 of the Prospectus. Counterparty risk The fund carries the risk that a third-party with which the Sub-fund entered into contracts in order to perform some operations may default on its obligations. Credit risk The risk that the issuer of debt instruments fails to pay to the Sub-fund interests and principal, even only in part. Liquidity risk The risk that the sale of the financial instruments in which the Sub-fund invests may be difficult depending on the features of these instruments themselves and/or on the market conditions when the sale is to be executed or on the lack of a sufficient number of potential buyers. The selling price may then be less than the value of a financial instrument. Geopolitical risk The risk related to the investments in geographic areas that may be sensitive to any event of economic, geopolitical or regulatory nature or any other events beyond the control of the Management Company that could expose the Sub-fund to losses. Exchange rate risk Changes in currency exchange rates may affect the value of your investment. Concentration risk The price of funds that invest in a reduced number of holdings, sectors, or geographical areas may be more heavily affected by events that influence markets and increase volatility. Past performance is not a reliable indicator of future returns. The value of investments and any income from them may go down as well as up and is not guaranteed. Investors may not get back the amount invested.

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For professional investors only Disclaimer This document (the “Document”) has been prepared by Eurizon SLJ Capital Limited (“ESLJ”), a private limited company registered in England (company number: 09775525) having its registered office at 90 Queen Street, London EC4N 1SA, United Kingdom. ESLJ is authorised and regulated by the Financial Conduct Authority (FRN: 736926). The information contained in this Presentation is confidential and, without the prior written consent of ESLJ, should not be disclosed by the recipients to any person other than their professional advisers on a confidential basis in connection with the Specified Purpose (as defined below) or as may be required by law. The purpose of this Document is to assist the recipient in deciding whether it wishes to proceed with a further investigation of investing in the Fund (the “Specified Purpose”). This Document does not constitute an offer to sell or an invitation to purchase in any jurisdiction shares or other securities in the Fund (as defined below) or any other entity. The content of this Document is for information purposes only. This Document is intended for professional investors only and does not contain any investment advice or recommendation. No information set out or referred to in this Document shall form the basis of any contract. Any prospective investor in the Fund may be required to enter into a subscription agreement acknowledging that it has not relied on, or been induced to enter into such an agreement by, any representation, warranty, assurance or undertaking save as expressly set out in that agreement. ESLJ is the manager of the [Eurizon SLJ Bond Aggregate RMB (Renminbi)] fund (the “Fund”), which is a sub-fund of Eurizon Funds ICVC (the “Company”), an open-ended investment company with variable capital having limited liability and segregated liability between its sub-funds. The Company is registered in England and Wales under registered number IC027300. It is a UCITS scheme as defined in COLL and an umbrella company for the purposes of the OEIC Regulations. The Authorised Corporate Director (ACD) of the Company is ESLJ. Persons outside the United Kingdom may not be entitled to subscribe for shares in the Fund and the Fund is not registered for sale or distribution in any jurisdiction other than the United Kingdom. Without limiting the generality of the foregoing, US Persons are not permitted to subscribe for shares in the Fund. The shares in the Fund have not and will not be registered under the United States Securities Act 1933, the United States Investment Company Act 1940, or the securities laws of any of the States of the United States of America and may not be directly or indirectly offered or sold in the United States of America or for the account or benefit of any US Person, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the United States Securities Act 1933, United States Investment Company Act 1940 and similar requirements of such state securities law. For the above purposes, “US Persons” means American citizens or residents or companies, associations or other entities created under or governed by the laws of the United States of America. This Document may contain forward-looking statements that involve substantial risks and uncertainties and actual results and developments may differ materially from those expressed or implied by these statements due to a variety of factors. These forward-looking statements speak only as at the date of this Document. In addition, all opinions, projections, valuations and statistical analyses provided in this Document may be based on subjective assessments and assumptions and may use alternative methodologies that produce different results and should not be relied upon as an accurate prediction of future performance. Except as required by applicable law or regulation, ESLJ does not undertake any obligation

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For professional investors only to update or revise any forward-looking or other statements, whether as a result of new information, future developments or otherwise, contained in this Document. The value of investments and any income generated may go down as well as up and may be affected by fluctuations in markets and exchange rates. Past performance is not a guide to future performance and there can be no assurance that the Fund’s objectives will be met. Investors may not get back the amount invested. Any analysis of potential trading strategies is used purely for illustrative purposes, does not represent a recommendation to buy or sell any investments and does not represent investment advice. For more information on the Fund, or the risks of investing in the Fund, please refer to the Prospectus or Key Investor Information Document (KIID), available via the relevant fund information page on [www.eurizonsljcapital.com/rmb-bond-fund/]. The information in this Document does not purport to be comprehensive and has not been independently verified. While this Document has been prepared in good faith, no representation, warranty, assurance or undertaking (express or implied) is or will be made, and no responsibility or liability is or will be accepted by ESLJ, its affiliates or by its officers, employees or agents in relation to the adequacy, accuracy, completeness or fairness of the information and opinions in this Document. All and any such responsibility and liability is hereby expressly disclaimed to the extent permitted by law. As such, no reliance may be placed on the information and opinions contained in this Document. This Document is being distributed on the basis that each person in the United Kingdom to whom it is issued is reasonably believed to be a “professional client” as such term is defined in COBS 3.5 (Professional Clients) of the FCA Handbook of Rules and Guidance. For the avoidance of doubt, however, none of the recipients of this Document shall become a client of ESLJ or any of its affiliates as a result of receiving this Document. Persons who do not fall within the description of a professional client may not act upon the information contained in this Document. This Document is not being distributed to persons outside the UK. However, any recipient of this Document in jurisdictions outside the UK should inform themselves about and observe any applicable legal requirements. This Document shall not exclude any liability for, or remedy in respect of, fraudulent misrepresentation. If you have not received this Document directly from ESLJ, your receipt is unauthorised. Please return this document to ESLJ immediately. This Document is dated March 2023.

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For professional investors only