Important risk disclosure

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HK0000465952

HSBC Global Money US Dollar(HK0000465952)

Cash management
Short duration
Global
USD Cash
Accumulating

Invest with

USD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund aims to preserve capital and provide daily liquidity together with an investment return that is comparable to US sovereign money market rate in the base currency of the Fund.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Offers a conservatively managed portfolio of USD-denominated ultra short-duration securities issued by both government and non-government issuers from around the world. Focus on capital preservation and liquidity, with yield generation being the second objective. A low-NAV LVNAV product that is suitable for smaller subscription amounts. Among the industry's earliest USD LVNAV funds, launched in 1991, it has demonstrated good risk control while delivering the investment objectives.

People

Run by a team of Hong Kong-based money market managers, headed by a Lead PM with over two decades of experience. This team is reinforced by a backup PM. Oversight is provided by HSBC's Liquidity CIO, who brings more than 30 years of expertise to the table. The team further benefits from HSBC's rich credit research resources, allowing the team to create a highly granular and sophisticated portfolio of high-quality issuers to maximise risk-return characteristics. HSBC is an established money manager with extensive experience working with HKD liquidity products.

Performance

The Fund has consistently delivered favourable levels of yield and total return since its inception. Note that the Fund does not attempt to generate the highest returns among peer group, as it focuses on delivering a conservative and reliable solution for cash management. However, it's crucial to highlight that the net yield/total return could remain stable or potentially dip negative in low interest rate environments, aligning with its cautious investment mandate that does not aim to substantially outperform current rates.

Process

In line with its objective of capital preservation and prudent liquidity management, the Fund does not pursue yield through opportunistic duration allocations. Portfolio maturity is capped at 60 days, and the average duration typically remains notably below the specified guidelines and tends to trail more prudently even compared to other money market peers. Historically, the Fund has consistently maintained liquidity levels surpassing regulatory requirements.

Cost

C Share Class with 100% trailer fee rebates to achieve the lowest possible fee. In periods of low-yield environments, management fee will generally be waived.

How it fits in a portfolio

The fund aims to provide capital preservation and liquidity for investors looking for short-term liquidity management while generating some yield. Please note that while capital preservation is the primary objective of the fund, the fund is not a capital guarantee fund. Negative daily returns are not rare during extreme low-rate environments, specifically due to fund-level fees being greater than the yield. Although such negative returns are minimal, it may take a prolonged period for the fund to recover, and investors should be aware of such limitations during unfavourable market environments.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

20.30%

YTD

0.86%

1 month

0.30%

6 month

1.82%

1 year

3.92%

3 year

14.66%

5 year

17.71%

As of Mar 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Yield

3.67%As of Apr 2026

Risk metrics

Volatility

0.58%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	0.3%	0.3%	0.3%	-	-	-	-	-	-	-	-	-
2025	4.1%	0.3%	0.4%	0.4%	0.3%	0.3%	0.4%	0.3%	0.3%	0.4%	0.3%	0.3%	0.3%
2024	5.1%	0.5%	0.4%	0.4%	0.5%	0.4%	0.4%	0.5%	0.4%	0.4%	0.4%	0.4%	0.4%
2023	5.0%	0.4%	0.3%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.5%	0.4%	0.4%
2022	1.5%	0.0%	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%	0.2%	0.2%	0.2%	0.3%	0.3%
Load more		5 of 8

Subscription details

Initial investment

Minimum

Subsequent investment

Minimum

The fund manager of this fund requires an additional day for processing, and the trading price will be locked in on the next business day

Redemption details

Lock-up period

None

Minimum amount

None

The fund manager of this fund requires an additional day for processing, and the trading price will be locked in on the next business day

Top Exposures

Holdings

Regions

Sectors

Deposit	37.18%
KB Kookmin Bank 0% (2026-03-12 Maturity)	3.86%
Industrial and Commercial Bank of China Limited, London Branch 0% (2026-06-15 Maturity)	2.55%
Commonwealth Bank of Australia 0% (2026-05-14 Maturity)	2.55%
Canadian Imperial Bank of Commerce (Hong Kong Branch) 0% (2026-06-16 Maturity)	2.54%
Bred Banque Populaire 3.97071% (2026-06-01 Maturity)	2.19%
Bank of China Ltd. Sydney Branch 0% (2026-04-16 Maturity)	2.18%
Bank of China Limited Macau Branch 0% (2026-04-02 Maturity)	2.18%
Agricultural Bank of China Limited, Hong Kong Branch 0% (2026-03-16 Maturity)	2.18%
Mizuho Bank, Ltd. Sydney Branch 0% (2026-04-09 Maturity)	2.18%
Shinhan Bank Singapore Branch 0% (2026-05-11 Maturity)	2.17%
Agence Centrale Des Organismes De Securite Sociale 0% (2026-04-27 Maturity)	2.17%
Agricultural Bank of China Limited, Hong Kong Branch 0% (2026-05-27 Maturity)	2.17%
Korea Development Bank 0% (2026-06-02 Maturity)	2.17%
Mizuho Bank, Ltd. Sydney Branch 0% (2026-05-07 Maturity)	2.17%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

0.44%0.29% p.a.

Save 34%

Fund facts

ISIN

HK0000465952

Fund house

HSBC AM

Fund inception date

04 Jan 2019

Fund class currency

USD

Fund share class

USD C Acc

Oldest share inception date

01 Mar 1991

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

Opinions Any forward-looking statements, prediction, projection or forecast on the economy, stock market, bond market or economic trends of the markets contained in this material are subject to market influences and contingent upon matters outside the control of Endowus HK Limited (“Endowus”) and therefore may not be realised in the future. Further, any opinion or estimate is made on a general basis and subject to change without notice. In presenting the information above, none of Endowus HK Limited, its affiliates, directors, employees, representatives or agents have given any consideration to, nor have made any investigation of the objective, financial situation or particular need of any user, reader, any specific person or group of persons. Therefore, no representation is made as to the completeness and adequacy of the information to make an informed decision. You should carefully consider (i) whether any investment views and products/ services are appropriate in view of your investment experience, objectives, financial resources and relevant circumstances. You may also wish to seek financial advice through a financial advisor or the Endowus platform and independent legal, accounting, regulatory or tax advice, as appropriate.

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