HSBC RIF SRI BALANCED

Non contractual document

Document can be intended for non professional investors as defined by MIFID

Monthly Report

January 2022

HSBC RIF SRI BALANCEDEUR Share Class A

Strategic Allocation

50% Equities

HSBC RIF SRI BALANCED

We assign a rating: an Environmental Rating (E), a Social Rating (S), a Governance Rating (G), and finally an Overall Portfolio’s Rating (ESG).The scale of rating ranges from 0 to 10, 10 being the best rating.The overall rating is calculated based on the weight of the pillars E, S and G inherent in each sector according to our internal rating process. The overall portfolio's ESG rating is the weighted average of the ESG ratings by the weight of each rated stock and each rated issuer of the portfolio. ESG rating of the investment universe is the weighted average ESG ratings by the weight of each rated stock and each rated issuer of the investment universe.

For more details on the portfolio, the methodologies used and the ESG approach, please refer to the transparency code by clicking here. https://services.assetmanagement.hsbc.fr/documents/Code_de_Transparence_HSBC_RIF.pdf

https://services.assetmanagement.hsbc.fr/documents/Code_de_Transparence_HSBC_RIF.pdf

ESG Rating

Extra-financial data at 31/01/2022

(1) Source : HSBC Global Asset Management (France)(2) 50% Bloomberg Euro Aggregate 500 MM + 40% MSCI EMU + 10% MSCI World

EUR Share Class A

GSEESGCoverage rate (1)ESG Rating (1)

100.00% 5.84 6.08 7.07

98.70% 5.41 5.84 6.25

Portfolio

Investment Universe (2)

6.15

5.75

0.34% 8.11 1.02% 8.00 0.72% 7.83 0.13% 7.81 1.90% 7.78

Holdings WeightESG

Top holdings with the best ESG rating (3)

NATIONAL GRID PLC

RELX PLC

DIAGEO PLC

CGG

IBERDROLA SA

3.48% 4.29 0.50% 4.72 0.49% 5.10 0.00% 5.13 0.68% 5.14

Holdings WeightESG

Top holdings with the worst ESG rating (3)

(3) Scope of rated holdings excluding government bonds.

HSBC MONETAIRE ETAT

COVESTRO AG

CAIXABANK SA

SIEMENS AG GERMANY

SEB SA

(Coverage rate of rated companies, expressed as a percentage of net assets)

Portfolio (100,00%)

Investment Universe** (98,70%)

Monthly Report31 January 2022

Region: Malta


HSBC RIF SRI BALANCEDCarbon Intensity

The Carbon Intensity corresponds to the volume of CO2 emitted for 1 million dollars of turnover achieved. To calculate this intensity, we take into account not only the direct emissions related to the company's operations (Scope 1) but also those related to the supply of the necessary energy (Scope 2).

Company Carbon Intensity (tons of CO2/USD M of turnover) = (Scope 1 + Scope 2) / USD M of turnover

Scope 1: Greenhouse gas emissions generated from burning fossil fuels and production processes which are owned or controlled by the company Scope 2: Greenhouse gas emissions from consumption of energy by the company

The overall carbon portfolio's intensity is the sum of the firm's carbon intensities multiplied by the amounts held in the portfolio divided by the sum of amounts held with carbon intensities. Carbon data is provided by Trucost, a leader in carbon and environmental risk and data analysis and a subsidiary of S&P Dow Jones Indices.

(2) 50% Bloomberg Euro Aggregate 500 MM + 40% MSCI EMU + 10% MSCI World (3) Carbon intensity expressed in tons of CO2/USD M of turnover.Source: TRUCOST, world leader in measuring companies' carbon footprint. Trucost is a supplier of extra-financial data related to environmental impacts and GHG emissions published by companies.(4) Source : HSBC Global Asset Management (France). Coverage rate of companies with carbon intensity, expressed as a percentage of net assets.

EUR Share Class A

Carbon Intensity (3) Coverage rate (4)

107.3 79.30%

154.2 63.70%

Portfolio

Investment Universe (2)

1 366.1 0.47% 1 302.1 1.30%

688.8 1.62% 509.1 1.14% 473.4 0.50%

Holdings

Top holdings with highest intensity carbon (5)

WeightCarbon Intensity

(5) Scope of covered holdings.

LINDE PLC

CRH PLC ( DUBLIN )

ENEL SPA

UPM-KYMMENE OYJ

COVESTRO AG

0.34% 0.6 0.48% 0.7 0.56% 0.8 0.47% 0.9 1.28% 0.9

Holdings WeightCarbon Intensity

Top holdings with lowest intensity carbon (5)

DNB BANK ASA

BANKINTER SA

EUROPEAN INVESTMENT BANK

ING GROEP NV

ING GROEP NV (AMSTERDAM)


Region: Malta


HSBC RIF SRI BALANCED EUR Share Class A

The performance figures relate to the past performance which should not be seen as an indication of future returns. The capital invested in the fund can increase or decrease and is not guaranted. Future returns will depend, inter alia, on market conditions, fund manager’s skill, fund risk level and fees.


Region: Malta

Sharpe ratio

Fund's volatility 6.74% 1.02

12.25% 0.50

11.49% 0.52

30/09/2019*2 years1 year

Investment Universe**

**for comparison only

Net performance by calendar year

-1.66%-2.35%

8.83% 9.96%

4.47% 3.09%

1.39% 1.41%

Portfolio2019202020212022

Net monthly performance by calendar year

-1.66% -0.17% 0.54% 3.88% 0.62% 1.56% 0.28% 0.62% 0.88%-2.14% 1.42%-1.25% 2.39%

0.11%-3.49%-8.89% 4.03% 2.13% 2.96% 0.06% 1.29%-0.39%-1.99% 8.93% 0.65%

0.04% 1.23% 0.12%

2019

JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptemberOctoberNovemberDecember

202020212022

Fund Details


(AC)(EUR) 113.36(AC)(EUR) 113.36

Total AssetEUR 41 877 908.06

Performance and risk analysis

Bas

e 10

0 P

erfo

rman

ces

Fund's performanceover the recommended investment horizon

30/0

9/19

30/0

9/20

30/0

9/21

80

85

90

95

100

105

110

115

120

Legal FormSICAV regulated under French lawInvestment horizon4 yearsInvestment Universe50% Bloomberg Euro Aggregate 500 MM + 40% MSCI EMU (EUR) NR + 10% MSCI World (EUR) NRDividend Policy(AC): Accumulation Shares*Start Date of Management30/09/2019

Bas

e 10

0 P

erfo

rman

ces

over 1 year

(1) : Bloomberg Barclays Euro Aggregate 500 MM(2) : MSCI EMU Net

Indices performances

29/0

1/21

29/0

3/21

29/0

5/21

29/0

7/21

29/0

9/21

29/1

1/21

29/0

1/22

95

100

105

110

115

120

125

130

135

(1) (2) (3)

(3) : MSCI World Net

Net asset value

Investment ObjectiveThe subfund’s investment objective is to maximise a performance corresponding to an investment with a moderate exposure to equity market risk over a recommended investment period of at least 4 years. This investment is made by selecting securities of companies or countries selected for their good environmental, social, governmental practices and financial quality. The long-term strategic allocation is composed of 50% equities and 50%international bonds with a euro bias. This sub-fund promotes environmental or social characteristics (Article 8 of Regulation (EU) 2019/2088 known as Sustainable Finance Disclosure (SFDR)). HRIF - SRI Balanced is actively managed without reference to a benchmark.

HRIF - SRI Balanced is a profiled subfund within a multi-asset SRI range composed of several profiles. With a strategic allocation consisting of 50% equities on average, it constitutes an investment with a moderate exposure to equity market risk. The subfund’s sources of performance are the tactical allocation of asset classes, the selection of securities meeting non-financial and financial criteria, the active management of interest rate risk and credit risk, the active management of currency risk, and the choice of investment vehicles. The SRI selection is done using a best-in-class approach and consists in assigning an SRI score according to ESG criteria by classifying the stocks into quartiles within each sector. Stocks in the top two quartiles have no restrictions, those in the third quartile are limited to 15%, and those in the bottom quartile are excluded. Up to 10% of the subfund’s holdings may consist of stocks not rated according to ESG criteria.

This subfund has adopted the AFG/FIR/Eurosif Transparency Code for SRI UCIs open to the public. This Transparency Code is available on the Management Company’s website.

When reviewing the past performance of this Fund, you must also look at the 10 year performance chart which can be found in the KIID for this Fund on our website (https://www.assetmanagement.hsbc.com)Net Cumulated performance

Indicators & ratios (weekly)

**for comparison only. The periodicity of valuation is different between the portfolio and the displayed indexes. So, for the same period, calculation dates are different.

-1.66%-2.35%-1.12%-3.48%-3.92%

-0.57%-1.32%-1.09%-2.05%-0.28%

-0.45%-0.54%-3.22% 0.95% 6.06%

7.21% 8.24%-3.52%

19.49% 26.29%

11.68% 10.29%-2.02%

18.75% 33.00%

13.36% 12.25%-2.32%

22.65% 40.32%

30/09/2019*

Bloomberg Barclays Euro Aggregate 500 MMInvestment Universe**

MSCI World NetMSCI EMU Net

Portfolio

2 years1 year6 months3 months1 month

Analysis of the investment strategy

Portfolio Composition

Asset Type Allocation (1) as at 01/31/2022


Region: Malta

52.20%

42.75%

5.05% 4.70%

31/01/2022

100.00% 100.00% 0,16

Variation*% TNA

Europe

Global

Europe

North America

Global

* There is a change over the period if the difference in weighting is greater than 0.5% in absolute value terms.** Including fixed income and equity market exposure via derivatives. Bonds: issues in euro.

0,00

44,54

50.76%

45.17% 44.22% 7.03% 6.54%

44.54%

38.58% 40.47% 2.69% 2.64% 1.47% 1.44%

31/12/2021% TNA

Equities**

Bonds**

Money Market & Cash

Total

100.00%

Equities

Equities

Equity Mutual Fund

Rights Subscription

Bonds

Fixed-rate Bond

Money Market & Cash

Money Market Mutual Fund

Cash

Total

(1) except derivative products' off-balance-sheet commitment.

45.15%

6.54%

0.02%

44.54%

3.48%

0.26%






Region: Malta

Europe 89,25%

Global 8,08%

North America 2,67%

Total : 100,00%

Regional Allocation***as at 31/01/2022

***except cash

Equities 50,8 %

Bonds & Money Market 49,2 %

Total : 100,0 %

Asset Allocationas at 31/01/2022

Equity

Regional Allocation

as at 31/01/2022

Europe 87,11%

Global 12,89%

Total : 100,00%

Corporate 54,33%

Government 45,67%

Total : 100,00%

as at 31/01/2022

Bonds

Strategy Allocation

HSBC RIF SRI BALANCEDTop 10 Holdings

Main decisions taken during the month

EUR Share Class A


-5.85% -0.40%

-0.07% 0.00%

-1.77% -0.03%

9.49% 0.14%

-13.39% -0.22%

1

2

3

4

5

14.84%

WeightMonthly

Performance*Performance Contribution**

Equities

Money Market & Cash

Bonds

Equities

Equities

Total

* Monthly return in Euro of underlying funds is based on HSBC RESPONSIBLE INVESTMENT FUNDS - SRI BALANCED portfolio at the end of 01/31/2022 and 12/31/2021. The return is calculated with the following formula : end of month valuation ÷ preceding end of month valuation -1.** The performance contribution is calculated as follows : monthly return x monthly average weight.

6.54%

3.48%

1.69%

1.60%

1.53%

Asset Class

HSBC SRI GLOBAL EQUITY

HSBC MONETAIRE ETAT

BUND 2.5% 04/07/2044

ALLIANZ SE-REG

SCHNEIDER ELECTRIC SE

New positions Asset Class Regional Zone Bonds Europe

Equities Europe

Equities Europe

Bonds Europe

OAT 0.75% 25/05/2052

REXEL SA

CNH INDUSTRIAL NV

ENEL FINANCE INTL NV 0.875% 17/01/2031

Positions liquidated Equities EuropeSIEMENS AG GERMANY

Positions added

Bonds Europe

Bonds Europe

Bonds Europe

Money Market & Cash Europe

Bonds Europe

BONOS 1.6% 30/04/2025

BTP 0.5% 01/02/2026

BUND 2.5% 04/07/2044

HSBC MONETAIRE ETAT

BBVA 0.375% 02/10/2024

Positions reduced

Equities Europe

Equities Europe

Equities Europe

Equities Europe

Equities Europe

TELEPERFORMANCE SE

CAPGEMINI

INDITEX SA

CARREFOUR

AXA SA


Region: Malta



Stock of the Month

SAP SE

Founded in 1972, SAP is a global software company headquartered in Walldorf, Germany. SAP is a market leader in enterprise application software as well as in enterprise resource planning, supply chain management, data integration and quality, and master data management. The SAP Group employs more than 100K people across the world. During FY20, the group generated revenue of €14.67 bn and net income of €2.49 bn.

SAP is ranked in the first quartile of its sector (highest rating) and is therefore eligible for our fund. This favourable ranking is due to the high scores on each of the three ESG pillars.

Environmental Pillar

In the Environmental pillar (10% of its total rating), company scores higher, at 7.0 vs 6.3 for the sector. SAP reduced its energy consumption by 27% in 2020 to 693 GW, however the data center energy consumption per € revenue increased to 13 Wh from 11 Wh in 2017, as more of the business moved to cloud. SAP runs on 100% renewable energy in all of its data centers and facilities. The company has implemented an environmental management system (EMS) at 55 sites in 30 countries and the EMS is certified by ISO 14001 standard. In 2020, SAP’s carbon emissions decreased significantly (-55% YoY) to 135 kt. The company aims to become carbon neutral in its operations by 2023. Since 2017, SAP has complied with the requirements of the Science Based Targets initiative (SBTi) and is committed to reducing emissions by 85% by 2050 (base year 2016). The company stands out with an ‘A’ rating from the CDP (top 5% high-performing businesses). SAP cooperates with international and local e-waste disposal partners to refurbish, recycle, and dispose its e-waste of data center servers and IT equipment.

Social Pillar

In the Social pillar (60% of its total rating), company scores higher, at 8.7 vs 4.9 for the sector. SAP complies with relevant local requirements when processing personal data. The data protection and privacy training is mandatory for all SAP employees. SAP's own quality standards and international regulations require careful selection and monitoring for processing personal data. Its data protection management system (DPMS) is audited by the BSI annually and rewarded with certifications as per BS 10012. SAP has expended significant resources to enhance its cybersecurity program. The company has increased the Executive Board and Supervisory Board’s governance and involvement in cybersecurity matters, and continues to investigate and remediate vulnerabilities. To enhance cybersecurity, SAP certifies its cloud services as per various reporting standards and ISO certifications such as 9001, 27001, 27017, 27018, 22301 etc. SAP performs very well on employee engagement and retention criteria. The Employee Engagement Index increased to a record 86% in 2020 (+300bps YoY). For 2021-2025, SAP aims to maintain a level between 84% and 86%. Retention rate increased to 95.3% in 2020 (93.3% in 2019). Business Health Culture Index (BHCI) score remained high at 80%.

Governance Pillar

In the Governance pillar (30% of its total rating), company scores higher, at 6.8 vs 4.9 for the sector. SAP benefits from dual-board structure consisting of Executive Board (7-member committee) and supervisory board (18 independent members). Both the boards have separate chairman with the group CEO, Christian Klein taking chair in Executive Board and SAP co-founder Mr. Hasso Plattner, chairman of the Supervisory board. Female Directors constitute 44% (8/18) in the Supervisory board and 29% (2/7) in the Executive board. The Audit, Nomination and Pay committees are not fully independent. There has been continued dissatisfaction of shareholders over executive pay, with significant votes against the pay proposal in the past three votes (2020: 22% against). SAP co-founder Mr. Hasso Plattner remains chairman of the pay committee despite being an insider. The company has failed to incorporate links to sustainability performance in its current incentive pay policies. SAP has established robust policies to avoid bribery and corruption and also has an appropriate whistle blower protection structure in place. The company is involved in the following ongoing controversies, which we believe to be moderately serious (i) Allegations of unlawful conduct and bribery in state dealings with South Africa, Tanzania and Kenya (ii) Allegations of Kickback Scheme Connected to Gupta Family.


Region: Malta



Issue of the Month

TOYOTA MOTOR FINANCE

Toyota Motor Finance Netherland B.V (TMFNL) is the Toyota Motor Corporation (TMC) group’s captive finance vehicle for Europe and Eurasia, Africa, Korea, Thailand and Malaysia. At the end of September 2021, TMFNL’s dependent captive finance companies generated €13.3bn of loans and leases to finance fleets and vehicles sold by TMC. The captive finance company generated revenue of €122m in the 2021 fiscal year (ended in March 2021). It presents a relatively conservative financial profile despite very high leverage (market capitalisation <2%) thanks to TMC’s considerable support and a low cost of risk (<40bps). The entity also suffers from very low margins. TMFNL’s credit quality has been enhanced significantly thanks to a number of explicit and implicit guarantees from its final shareholder, TMC. TMC is obliged to guarantee that TMFNL has sufficient liquidity to serve its debt and to hold 100% of TMFNL’s share capital. The predominant role of captive finance companies in sales strategies also allows for a high level of implicit support. The volume of new loans is expected to rise in 2022, in line with the expected increase in vehicle sales volumes in Europe, Africa and Asia. Moderate improvement in the captive finance company’s financial profile is also anticipated. Toyota Motor Co. is Japan’s largest car manufacturer (world No. 1 in 2021). The group generated revenues of ¥30tn (<US$237bn) over the fiscal year ending in March 2021 and benefits from a very solid financial profile. Operating margin was 8.2% in the 2021 fiscal year, with positive net liquidity at the end of March 2021. The group benefits from a solid global competitive position in the premium and generalist segments, as well as being technologically and industrially advanced in hybrid electric vehicle technologies, allowing it to comply with the strictest emissions standards while also generating high margins. However, the group’s outlook remains uncertain, as is the case for the sector as a whole in 2022, due to the semiconductor shortage. The transition towards more electric vehicles, growing automation of driver functions and management of new competitive pressures will continue to dent the group’s margins over the years to come.

The company is eligible for inclusion in our SRI fund thanks to its excellent environmental practices and satisfactory staff management. The group’s ESG rating was also upgraded by MSCI in December 2021 from BBB to A. However, improvements are needed in terms of the composition of the Board of Directors.

Environmental Pillar

In terms of environmental criteria (50% of the score), the group’s absolute performance is good, with a high-performing electric vehicle fleet generating 23% of revenues. In December, the group announced a USD 70bn investment plan including research and development into all aspects of electric vehicles. Particular emphasis has been placed on batteries in order to secure supplies and reduce the cost. The group measures its carbon footprint and has set reduction targets at all levels of production and distribution. Toyota also seems highly proactive in terms of clean tech, with dedicated investment in this area. Toyota is continuing with its research into hydrogen as an alternative to petrol engines, as they are less polluting and help to mitigate the risks relating to the industry’s transition to electric vehicles.

Social Pillar

In terms of workforce and social matters (30% of the score), the group’s absolute performance is fairly good, particularly as regards staff management, with variable compensation plans and non-financial benefits. Toyota also endeavours to limit the impact of restructuring measures by helping employees concerned to reconvert. Its health and safety performance is slightly less satisfactory with a few controversies relating to product quality, in particular allegedly faulty airbags. However, the quality control system implemented by management is robust and better than that of other companies in the sector.

Governance Pillar

In terms of governance (20% of the score), the group’s absolute performance is slightly below that of its peers. The independence of the majority of members of the Board of Directors is not assured and one of its members sits on at least three other boards, which is considered detrimental to their commitment to the group. However, the roles of Chairman of the Board of Directors and Chief Executive Officer are clearly separated. With just one woman out of nine members, there is not enough gender balance on the Board, with the regrettable absence of an independent remuneration committee. The automotive industry is fairly exposed to the risk of corruption, particularly within the framework of changes in regulatory standards. Despite the adoption of preventive measures and regular audits, fraud allegations have been made, most recently in Thailand in March 2021 and in Japan in October 2021.


Region: Malta


Fund Manager Commentary

For illustrative purpose only, the fund manager commentary and analysis are a global view of the recent evolution of the economic conditions. This is a support which does not constitute neither an investment advice nor a recommendation to buy or sell investment. This commentary is not the result of investment research. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (France) accepts no liability for any failure to meet such forecast, projection or target.

175 1

Economic Environment

2022 began with a sharp surge in volatility in the financial markets. The FOMC's first meeting of the year raised the spectre of an earlier-than-expected hike in US key rates. Inflation continued to escalate (+7% in December for consumer prices in the USA and +5% in the euro zone) and investors feared this would lead the central banks to harden financial conditions swiftly. The 10-year US Treasury yield beat its record highs of early 2021 ending the month up 27 bps to 1.78%. There was a similar movement in Europe (10-year Bund yield +19 bps to 0). Private credit spreads also widened pushing the bond indices down (Barclays Euro Aggregate down 1.1%). International equities (MSCI AC NR World) shed 3.5% in euros with a sharp drop in US equities while emerging equities remained virtually flat over the month. The stellar US tech stocks were the hardest hit by rising bond yields (Nasdaq 100 down 7.1% in euros) along with small caps, while value stocks held up better (energy, banking).

ESG-Climate Analysis

Integrating extra-financial criteria into stock-picking resulted in significantly higher exposure to ESG criteria than in the investment universe (6.19 vs. 5.76). The lead is most marked in the E (7.15 vs. 6.22) pillar. The fund has a smaller carbon footprint than its investment universe.

Performance & current holdings

The fund ended the month in negative territory but above its investment universe. Our exposure to equity markets played negatively in absolute but positively in relative terms. Our underweighting of bonds had a positive impact given rising yields. The preference for credits had a negative contribution. International stock-picking had a negative impact this month. The euro value positions played positively more from a stock selection standpoint. Positives came from the banking ( Intesa, BBVA, Societe Generale) and insurance sector (Munich Re, Allianz, Axa) along with the telecom sector (KPN, Orange, Telefonica) and food sector ( Carrefour). In our fixed-income allocation, we stuck to our modest overweight to corporate bonds. This gave the fund a current yield higher than the investment universe’s.

Outlook

The recent health crisis and escalating consumer prices herald a slowdown in activity in the first quarter of 2022. However, the fall in unemployment and reduction in supply chain issues as the pandemic recedes could enable further growth in the second half, thus justifying the central banks' gradual return to normal conditions. We maintain our preference for the equity markets during this mid economic cycle with a preference for Europe over the United States. In our fixed-income allocation, we continue to prefer corporate bonds, which are more attractive. Government bonds, especially those in the safest countries, look overpriced.

Region: Malta



HSBC RIF SRI BALANCED

Bloomberg Barclays indices and associated data, Copyright © 2022 Bloomberg Index Services Limited, Bloomberg Finance L.P., their affiliates and/or third party licensors («Licensors»). Used with permission. All rights reserved. Licensors make no warranties regarding use of or reliance upon such index data and shall have no liability in connection therewith. Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain for making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided as an as is basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively 'the MSCI Parties') expressly disclaims all warranties (including, without limitation, all warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com). If you have any doubts about the suitability of this investment, you should contact an independent financial adviser.

Index Disclaimers

EUR Share Class A


Region: Malta




Region: Malta


Fund DetailsImportant Information

Document can be intended for non professional investors as defined by MIFID

The material contained herein is for information only and does not constitute investment advice or a recommendation to any reader of this material to buy or sell investments. There are risks involved with this type of investment. Investors and potential investors should read and note the risk warnings in the prospectus and relevant Key Investor Information Document (KIID). Past performance of investments is not necessarily a guide to future performance and the value of investments and any income from them can go down as well as up and you may not get back the amount you originally invested. The rate of currency exchange, where applicable, may cause the value of such investments to go down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. You should view this investment as medium to long-term, and should plan to keep it for at least three years. HSBC Responsible Investment Funds (the Funds) are marketed in Malta in terms of the Directive on Undertakings for Collective Investment Schemes in Transferable Securities (UCITS). All applications are made on the basis of the relevant and current Fund prospectus, the KIID of the related Fund and the most recent annual and semi-annual reports (when available), which can be obtained upon request free of charge from HSBC Bank Malta p.l.c which is licensed to conduct Investment Services business by the Malta Financial Services Authority. The Funds are manufactured by HSBC Global Asset Management (France) (the Portfolio Management Company) - RCS n°421 345 489 (Nanterre). The Portfolio Management Company is authorised by the French regulatory body AMF (n° GP-99026). Postal address: 75419 Paris cedex 08. Offices: Immeuble cœur Défense - 110, esplanade du Général de Gaulle - La Défense 4 - France. The Portfolio Management Company has appointed HSBC Global Asset Management (Malta) Ltd, 80 Mill Street, Qormi, QRM 3101 as the Distributor of the Fund with the right to appoint sub-distributors. In Malta, the Funds are distributed to Investors through HSBC Bank Malta p.l.c. (a sub-distributor of HSBC Global Asset Management (Malta) Ltd). Approved and issued by HSBC Global Asset Management (Malta) Ltd, Business Banking Centre, 80, Mill Street, Qormi QRM 3101. Company Reg No: C26053 which is licensed to provide investment services in Malta by the Malta Financial Services Authority under the Investment Services Act. The information contained herein is subject to change without notice. All non-authorised reproduction or use of this commentary and analysis will be the responsibility of the user and will be likely to lead to legal proceedings. This document has no contractual value and is not by any means intended as a solicitation, nor an investment advice for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful. The commentary and analysis presented in this document reflect the opinion of HSBC Global Asset Management (France) on the markets, according to the information available to date. They do not constitute any kind of commitment from HSBC Global Asset Management (France). For illustrative purpose only, the Fund manager commentary and analysis are a global view of the recent evolution of the economic conditions. This is a support which does not constitute neither an investment advice nor a recommendation to buy or sell investment. This commentary is not the result of investment research. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. Any forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (France) accepts no liability for any failure to meet such forecast, projection or target. Consequently, HSBC Global Asset Management (France) will not be held responsible for any investment or disinvestment decision taken on the basis of the commentary and/or analysis produced in this document. All data come from HSBC Global Asset Management (France) unless otherwise specified. Any third party information has been obtained from sources we believe to be reliable, but which we have not independently verified. Capital is not guaranteed. It is important to remember that the value of investments and any income from them can go down as well as up and is not guaranteed. The performance figures relate to the past performance which should not be seen as an indication of future returns. The capital invested in the Funds can increase or decrease and is not guaranteed. Future returns will depend, inter alia, on market conditions, Fund manager’s skill, Funds risk level and fees. Any subscription to any Fund described in this document must be made on the basis of the information available in the Prospectus, KIID and Factsheet, which may be obtained from all branches of HSBC Bank Malta p.l.c. or by visiting the Distributor’s website at www.assetmanagement.hsbc.com.mt

Document updated on 28/02/22Copyright © 2022. HSBC Global Asset Management (France). All rights reserved.

Legal FormSICAV regulated under French lawInvestment horizon4 yearsInvestment univers50% Bloomberg Euro Aggregate 500 MM + 40% MSCI EMU (EUR) NR + 10% MSCI World (EUR) NRDividend Policy(AC): Accumulation Shares*Start Date of Management30/09/2019Base CurrencyEURValuationDailyDealing / Payment DateDaily - D (Business Day) Initial Fee / Exit Fee2.00% / NilMinimum Initial InvestmentThousandths of sharesPortfolio Management CompanyHSBC Global Asset Management (France)CustodianCaceis BankCentral Paying AgentCaceis BankISIN Code(AC): FR0013443181FeesReal internal management fees 1.20% inc. taxes Maximum internal management fees 1.20% inc. taxes Maximum external management fees 0.20% inc. taxes

HSBC RIF SRI BALANCED

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