Important information:• The Fund invests mainly in Asian bonds.• The Fund is subject to the risk of investing in emerging markets.• Debt instruments with loss-absorption features, non-investment grade bonds and unrated bonds are subject to additional risks and volatility.• Because the Fund’s base currency, investments and classes may be denominated in different currencies, investors may be affected

adversely by exchange controls and exchange rate fluctuations. There is no guarantee that the currency hedging strategy applied to the relevant classes will achieve its desired result.

• The Fund may pay dividends out of capital or gross of expenses. Dividend is not guaranteed and may result in capital erosion and reduction in net asset value.

• The Fund may invest in financial derivative instruments for investment purpose which may lead to higher volatility to its net asset value.• The Fund’s investments may involve substantial credit, currency, volatility, liquidity, interest rate, tax and political risks. Investors may suffer

substantial loss of their investments in the Fund.• Unit trusts are NOT equivalent to time deposits. Investors should not invest in the Fund solely based on the information provided in this

document and should read the offering document of the Fund for details.

HSBC Investment Funds Trust – HSBC Asian Bond Fund

This document does not constitute an offering document and should not be construed as a recommendation, an offer to sell or the solicitation of an offer to purchase or subscribe to any investment. Investment involves risk, you may suffer significant loss of your investments. Please refer to the offering document for further details including the risk factors. The publication has not been reviewed by the Securities and Futures Commission.

1. Better equipped to remain resilient – Asia’s solid macroeconomic fundamentals

◆ Asia is not immune to the COVID-19 pandemic, but it still looks to fare better than other regions in terms of growth outlook

◆ Policy-makers in Asia have responded more quickly and in a better coordinated manner than most developed markets to mitigate the coronavirus impact

◆ Reform momentum continues in the region, which provides additional support for the long-term outlook for Asia dollar credit

Asian GDP growth vs rest of the World(%)¹

5.5

1.7

6.1

2.31.2

0.11.0

-6.1

1.2

-5.9-7.5

-5.2

8.5

4.5

9.2

4.7 4.73.4

-8.5-6.5-4.5-2.5-0.51.53.55.57.59.5

Emerging andDeveloping

Asia

AdvancedEconomies

China United States Euro Area Latin Americaand the

Caribbean2019 2020E 2021E

1. Source: IMF, World Economic Outlook, April 2020. Any forecast, projection or target contained in this presentation is for information purposes only and is not guaranteed in any way. HSBC accepts no liability for any failure to meet such forecasts, projections or targets. For illustrative purpose only.

2. Asian investment-grade bonds remain resilient amid the virus outbreak

◆ During market crash caused by COVID-19, Asian IG bond market remains resilient and outperforms other markets

◆ We expect the newsflow on the coronavirus front to continue to affect risk sentiment in the near term and remain potential source of market volatility

Investment-grade credit market performance2

95

100

105

110

115

120

12/17 03/18 06/18 09/18 12/18 03/19 06/19 09/19 12/19 03/20

Asia IG Corp

31/12/2017=100

EM IG Corp US IG Corp

2. Source: Bloomberg; JP Morgan, BAML, HSBC Global Asset Management as of 2 April 2020. Investment involves risks. Past performance is not indicative of future performance.

3. Asian bonds offer attractive yields

◆ The market correction can create opportunities. With similar average credit ratings, Asia dollar corporate bonds now offer competitive yields with lower duration versus other markets

◆ Meanwhile, we expect a majority of outbound flows to go into Asia dollar bonds given Asian investors’ high participation and preference for the asset class, keeping technicals for Asia credit well supported

Investment-grade corporate yield comparison3Investment-grade corporate yield comparison3

Yield to maturity, % Duration, years

3.54 3.67 1.83 4.46

4.14

7.51

5.04 5.29

0.0

2.0

4.0

6.0

8.0

0.0

1.0

2.0

3.0

4.0

5.0

Asia IG Corp (A3)

Yield - LHS

US IG Corp (A3) Euro IG Corp (A3) EM IG Corp (Baa1)

Yield (5Y average) - LHS Effective duration - RHS

3. Source: JP Morgan, BAML, as of 2 April 2020. US IG Corporate – ICE BofA US Corporate Index; Euro IG Corporate – ICE BofA Euro Corporate Index; Asia IG Corporate – JP Morgan Asia Credit Corporate Index Investment Grade; EM IG Corporate – JP Morgan Corporate Emerging Markets Bond Broad Diversified Index Investment Grade.

4. Investment-grade focused, with attractive income potential

◆ Focusing on investment-grade bonds, the Fund could be suitable for conservative investors seeking income and moderate growth without equity-like volatility

◆ The Fund seeks to provide monthly income (class AM only); the latest annualised yield (Class AM2USD) is 3.55%4

Credit rating allocation (%)5

1.11.5

31.845.38.67.93.20.7

AAAAAABBBBBBNRCash

4. Source: HSBC Global Asset Management, data as at 31 March 2020. Dividend is not guaranteed and may be paid out of capital, which will result in capital erosion and reduction in net asset value. A positive distribution yield does not imply a positive return. Past distribution yields and payments do not represent future distribution yields and payments. Historical payments may be comprised of both distributed income and capital. The calculation method of annualised yield: ((1 + (dividend amount/ex-dividend NAV)) ̂ 12) – 1. The annualised dividend yield is calculated based on the dividend distribution on the relevant date with dividend reinvested, and may be higher or lower than the actual annual dividend yield. 5.Source: HSBC Global Asset Management, data as at 31 March 2020.

Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors.

2 HSBC Asian Bond Fund

Why consider the Fund?

3 HSBC Asian Bond Fund

Investment objectiveFund seeks a reasonably high income whilst maintaining a prudent policy of capital conservation, through investing in fixed interest securities primarily within the Asian region.Potential key risks◆ Investment risk: The Fund’s investment portfolio may fall in value due

to any of the key risk factors below and therefore your investment in the Fund may suffer losses. There is no guarantee of the repayment of principal.

◆ General Liquidity risk: The Fund’s investment portfolio will be exposed to liquidity risks – meaning it may take time to sell assets and/or assets may need to be sold at a discount. This risk is greater in exceptional market conditions when a large number of market participants may seek to liquidate their investments which may include the Fund. The Fund may employ a number of techniques to manage liquidity including pricing adjustments and temporarily suspending redemptions.

◆ Currency risk: The currency used to quote the price of a class of unit may be different from that of the base currency of the Fund or the currency exposure of the underlying assets of the Fund, such price may be affected unfavourably by fluctuations in exchange rates between these currencies or, in the case of Currency Hedged Unit Classes, between the currency of the underlying assets and the Base Currency. Exchange rates may be affected by changes to exchange rate controls amongst other political and economic events.

◆ General debt securities risks: the Fund is subject to credit risk, credit rating risk, Interest rate risk, valuation risk, non-investment grade and unrated debt securities risks, sovereign debt risk.

◆ Geographic concentration risk: The Fund’s investments are concentrated in Asia. The value of the Fund may be more volatile than that of a fund having a more diverse portfolio of investments. Further, the value of the Fund may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting Asia.

◆ Emerging market risk: The Fund invests in emerging markets which may involve increased risks and special considerations not typically associated with investment in more developed markets, such as greater liquidity risks, currency risks/control, political and economic uncertainties, legal and taxation risks, settlement risks, custody risk and the likelihood of a higher degree of volatility.

◆ Derivative investment risk: exposure to financial derivatives instruments may lead to a high risk of significant loss by the Fund.

For details of risk factors, please refer to the fund documents.

Geographical allocation (%)6

50.310.8

8.36.75.74.9

ChinaIndonesiaHong Kong SARIndiaSouth KoreaSingapore

3.12.82.11.53.20.7

PhilippinesThailandMalaysiaUnited StatesOthers Locations Cash

Sector allocation (%)6

18.117.913.310.3

8.16.5

Real EstateBanksEnergyGovernmentUtilitiesCommunications

5.84.23.43.28.60.7

Diversified Finan ServiceConsumer CyclicalIndustrialInvestment CompaniesOther SectorsCash

Fund detailsLaunch date of the share class:

24 July 1996 (Class AM2USD) 10 June 2011 (Class ACUSD / AM2HKD)4 March 2013 (Class AM3HAUD / AM3HEUR)

Share class: Class ACUSD / AM2HKD / AM2USD / AM3HAUD / AM3HEUR

Base currency: USDShare class currency: USD / HKD / AUD / EUR / RMBMinimum investment: USD1,000 / HKD10,000 / AUD1,500 /

CAD1,000 / EUR850 / GBP650 / RMB10,000

Initial charge: Up to 3.00% of the total subscription amount

Management fee: 1.00% per annumSwitching fee: Up to 1.00% of the total subscription

amountDealing: DailyDividend policy7: Monthly, if any (only for Class AM2

and AM3H)Fund Manager: Cecilia ChanReference benchmark: Markit iBoxx USD Asia Bond

6.Source: HSBC Global Asset Management, as of 31 March 2020. 7.Note: Dividend is not guaranteed and may be paid out of capital, which will result in erosion of capital and reduction in net asset value.This document is prepared for general information purposes only and does not have any regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive it. Any views and opinions expressed are subject to change without notice. This document does not constitute an offering document and should not be construed as a recommendation, an offer to sell or the solicitation of an offer to purchase or subscribe to any investment. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (Hong Kong) Limited (“AMHK”) accepts no liability for any failure to meet such forecast, projection or target. AMHK has based this document on information obtained from sources it reasonably believes to be reliable. However, AMHK does not warrant, guarantee or represent, expressly or by implication, the accuracy, validity or completeness of such information. Investment involves risk. Past performance is not indicative of future performance. Please refer to the offering document for further details including the risk factors. This document has not been reviewed by the Securities and Futures Commission. Copyright © HSBC Global Asset Management (Hong Kong) Limited 2020. All rights reserved. This document is issued by HSBC Global Asset Management (Hong Kong) Limited.www.assetmanagement.hsbc.com/hk