This is a marketing communication intended for professional investors only. It does not constitute any investment advice or a recommendation and must not be relied upon as such.

The value of investments and any income from them can go down as well as up, and investors may not get back the amount originally invested. Past performance is not a reliable indicator of future results.

Any views and opinions expressed are those of HSBC Asset management as of the date of publication, are subject to change without notice, and do not constitute a recommendation or offer to buy or sell any securities or financial instruments.

Where projections, forecasts or targets are provided, these are indicative only and not guaranteed in any way. HSBC Asset Management accepts no liability for any failure to meet such projections or targets.

This material is provided for general information purposes only and does not take into account the investment objectives, financial situation, or particular needs of any specific person.

Investors should consult the Key Information Document (KID), prospectus, or other relevant offering documents before making any investment decision.

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