Morningstar Fund Report  | 23/04/2025Print

HSBC Global Investment Funds - Euro High Yield Bond AM2

Performance History31/03/2025
Growth of 1,000 (GBP) Advanced Graph
HSBC Global Investment Funds - Euro High Yield Bond AM2
Fund-5.3-6.04.83.61.6
+/-Cat-1.7-0.8-2.91.30.0
+/-B’mrk-2.2-0.3-5.00.2-0.3
 
Category: EUR High Yield Bond
Category Benchmark: Morningstar EZN HY Bd GR EUR
Key Stats
NAV
22/04/2025		 EUR 9.59
Day Change -0.64%
Morningstar Category™ EUR High Yield Bond
ISIN LU0871576368
Fund Size (Mil)
22/04/2025		 EUR 639.54
Share Class Size (Mil)
22/04/2025		 EUR 0.97
Max Initial Charge 3.10%
Ongoing Charge
30/09/2024		  1.34%
Morningstar Research
Analyst Report25/06/2024
Jeana Marie Doubell, Analyst
Morningstar, Inc

HSBC Euro High Yield Bond continues to be led by the impressive Philippe Igigabel, who expertly implements the strategy's highly disciplined investment approach. The fund retains its Morningstar Analyst Rating of Gold for its cheaper share...

Click here to read this analyst report on the underlying fund.
Morningstar Pillars
People25
Parent23
Process25
Performance
Price
Investment Objective: HSBC Global Investment Funds - Euro High Yield Bond AM2
The sub-fund aims to provide long term total return by investing in a portfolio of Euro denominated high yielding bonds, while promoting ESG characteristics within the meaning of Article 8 of SFDR. The sub-fund aims to do this with a higher ESG rating, calculated as a weighted average of the ESG ratings given to the issuers of the sub-fund’s investments, than the weighted average of the constituents of the ICE BofA Euro High Yield BB-B Constrained1 (the “Reference Benchmark”). The sub-fund invests (normally a minimum of 90% of its net assets) in Non-Investment Grade rated fixed income securities and other higher yielding securities (including unrated bonds) which are either issued by companies or issued or guaranteed by government, government agencies or supranational bodies in both developed markets and Emerging Markets. These securities are denominated in Euro and, on an ancillary basis (normally up to 10% of the sub-fund's net assets), in other developed market currencies.
Returns
Trailing Returns (GBP)22/04/2025
YTD3.70
3 Years Annualised3.98
5 Years Annualised2.19
10 Years Annualised4.15
12 Month Yield 4.98
Dividend Paying Frequency Monthly
Management
Manager Name
Start Date
Philippe Igigabel
15/10/2003
Sophie Sentilhes
01/01/2015
Inception Date
19/03/2014

Category Benchmark
Fund BenchmarkMorningstar Benchmark
ICE BofA BB-B EUR HY Constnd TR EURMorningstar EZN HY Bd GR EUR
Portfolio Profile for  HSBC Global Investment Funds - Euro High Yield Bond AM231/03/2025
Fixed Income
Effective Maturity4.24
Effective Duration3.11
Morningstar Style Box®
Fixed Income Style
Asset Allocation
  % Long% Short% Net Assets
Stock0.000.000.00
Bond93.030.0093.03
Property0.000.000.00
Cash55.1052.542.57
Other4.900.504.40
Growth Of 1000 (GBP) 31/03/2025
Fund:  HSBC Global Investment Funds - Euro High Yield Bond AM2
Category:  EUR High Yield Bond
Category Index:  Morningstar EZN HY Bd GR EUR
Growth of 1,000 GBP
Annual Returns (GBP)31/03/2025
 201820192020202120222023202431/03
Price Return-2.163.077.96-5.34-6.034.813.581.59
+/- Category1.030.401.11-1.65-0.82-2.921.290.03
+/- Category Index---0.21-2.25-0.30-5.000.21-0.29
% Rank in Category2955309458902250
Trailing Returns (GBP)22/04/2025
   Total Returns   +/- Category   +/- Category Index
1 Day-0.64   -0.69-0.63
1 Week0.18   -0.62-0.69
1 Month1.71   0.440.18
3 Months1.17   0.03-0.30
6 Months4.11   0.11-0.47
YTD3.70   0.21-0.27
1 Year6.07   0.77-0.41
3 Years Annualised3.98   -0.54-1.71
5 Years Annualised2.19   -1.83-2.55
10 Years Annualised4.15   -0.40-1.19
 
Category: EUR High Yield Bond
Category Index: Morningstar EZN HY Bd GR EUR
Quarterly Returns (GBP)31/03/2025
 Quarter 1Quarter 2Quarter 3Quarter 4
20251.59---
20240.860.091.690.90
2023-0.88-2.461.876.41
2022-3.59-9.180.836.44
2021-4.551.470.38-2.62
2020-5.9610.651.811.90
 
 
 
Morningstar Rating™(Relative to Category)31/03/2025
 Morningstar ReturnMorningstar RiskMorningstar Rating™
3-YearBelow AverageAbove Average2 star
5-YearLowAbove Average1 star
10-YearAverageBelow Average3 star
OverallBelow AverageAverage2 star
 
Category :  EUR High Yield BondClick here to see our Methodology
Volatility Measurements31/03/2025
 
3-Yr Std Dev6.91 %
3-Yr Mean Return2.67 %
 
3-Yr Sharpe Ratio-0.20
 
Modern Portfolio Statistics31/03/202531/03/2025
 Standard IndexBest Fit Index
 Morningstar EZN HY Bd GR EUR  Morningstar EZN HY Bd GR EUR
3-Yr Beta1.041.04
3-Yr Alpha-1.78-1.78
 
Fixed Income Style31/03/2025
Morningstar Style Box®
Fixed Income Style
SizeRel to Cat
Total Market Value (Mil)EUR 718
Maturity Distribution %
1 to 36.91
3 to 517.72
5 to 714.33
7 to 108.54
10 to 153.60
15 to 200.96
20 to 304.72
Over 3039.07
Effective Maturity4.24
Effective Duration3.11
Credit Quality Breakdown %     %
AAA0.00   BB48.47
AA2.53   B4.90
A7.43   Below B0.00
BBB38.22   Not Rated-1.56
 
Category: EUR High Yield Bond
Asset Allocation31/03/2025
Asset Allocation
 % Long% Short% Net Assets
Stock0.000.000.00
Bond93.030.0093.03
Property0.000.000.00
Cash55.1052.542.57
Other4.900.504.40
Top 10 Holdings31/03/2025
 Portfolio NEW
Total Number of Equity Holdings0
Total Number of Bond Holdings152
Assets in Top 10 Holdings18.60
NameSectorCountry% of Assets
France (Republic Of) 0%France2.53
Getlink SE 3.5%France2.36
Veolia Environnement S.A. 2.5%France2.28
Vodafone Group PLC 2.625%United Kingdom2.17
UBS Group AG 7.75%Switzerland1.61
Getlink SE 4.125%France1.58
ING Groep N.V. 1%Netherlands1.55
Orange S.A. 5%France1.52
Caixabank S.A. 6.25%Spain1.50
Euroclear Holding SA/NV 2.625%Belgium1.50
 
Increase Decrease New since last portfolio
Category: EUR High Yield Bond
 
Management
Name of CompanyHSBC Investment Funds (Luxembourg) S.A.
Phone(+352) 40 46 46 767
Websitehttp://www.assetmanagement.hsbc.com
AddressC/O HSBC Securities Services (Luxembourg) S.A.
 Luxembourg   L-1160
 Luxembourg
DomicileLuxembourg
Legal StructureSICAV
UCITSYes
Inception Date19/03/2014
Fund Advisor(s)
HSBC Global Asset Management (France)
Fund ManagerPhilippe Igigabel
Manager Start Date15/10/2003
Education
ENSTA (France), B.A./B.S.
Universite Paris VI - Jussieu (France), M.S.
 
Biography
Philippe Igigabel is a portfolio manager in the European Credit Bond Management team specializing in high yield, and has been working in the industry since 2000, when he joined HSBC. He graduated from the engineering school ENSTA (France) and holds a Postgraduate degree in Probability and Applications with a specialization in Finance from the Université Paris VI – Jussieu (France). Mr. Igigabel is a CFA charterholder.
Fund ManagerSophie Sentilhes
Manager Start Date01/01/2015
Education
University of Bradford, Diploma
Paris Dauphine University, M.A.
 
Biography
Ms. Sentilhes becomes co-lead manager of a Euro High Yield segregated mandate and back-up manager of the HSBC GIF Euro High Yield Bond fund. She has been working in the industry and at HSBC since 1997 as fixed income portfolio manager. She managed long only and absolute return strategies in global government and euro corporate bonds and then global developed and emerging inflation-linked bond portfolios. Ms. Sentilhes graduated from ESC Grenoble Business School (France) and holds a diploma in Business and Management Studies from the University of Bradford (UK) and a postgraduate degree in Finance from Paris Dauphine University (France).
Fees and Expenses
Sales Charges (Maximum) 
Max Initial Charge3.10%
Max Exit Charge*n/a
Annual Charges
Max Annual Management Charge1.10%
Ongoing Charge1.34%
Purchase Details
Minimum Investments
Initial5000  EUR
Additional-
Savings-
Tax Free Savings Schemes
ISAsYes