Important risk disclosure

Please click here and read carefully the summary of the key features and risks specific to this fund stated in the offering document prepared by the relevant fund house before making any investment decision.

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LU2334455255

HSBC GIF Ultra Short Duration Bond Fund(LU2334455255)

Fixed income
Short duration
Global
USD Cash
Accumulating

Invest with

USD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund aims to provide short term capital growth and income by investing in a portfolio of bonds and money market instruments whose average duration of the portfolio holdings of the Fund is not expected to exceed one year, which is considered to be...

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 with a typical duration of 0.3-0.5 years, and up to 1 year. Primarily invests in investment-grade, USD-denominated ultra short-duration securities, including investment-grade corporate bonds (both fixed and floating rate), government bonds, and asset-backed securities (ABS).

People

Managed by Lead PM Jason Moshos, who has 25 years of industry experience and 17 years at HSBC; supported by Co-PM Viral Desai, with 10 years of industry experience. Benefits from HSBC's extensive resources, including dedicated analysts for credit and securitized credit, and a robust global research platform.

Performance

Demonstrated the ability to deliver attractive returns without taking excessive risks, outperforming peers in both low and high rates environments. Prudent risk management with effective control over drawdowns and volatility.

Process

Employs a conservative strategy with a primary focus on credit selection, typically buying undervalued credits and holding them to maturity, benefiting from yield pickup and pull-to-par effect.

Cost

Access to clean share class with no embedded trailer fee to achieve the lowest cost possible.

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 higher yield than money market funds. It is suitable for investors seeking an ""in-between"" option between money market funds and short-duration bond funds. While the Fund aims for capital preservation, it is not a capital guarantee fund. Investors should be aware of potential negative returns during periods of extreme low rates, although such occurrences are expected to be minimal compared to fixed income funds targeting longer duration.

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

20.66%

YTD

1.00%

1 month

0.37%

6 month

1.85%

1 year

4.45%

3 year

17.05%

As of Apr 2026

Distributions

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

Risk metrics

Max drawdown

-0.61%As of Apr 2026

Volatility

0.87%As of Apr 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	0.3%	0.3%	0.0%	0.4%	-	-	-	-	-	-	-	-
2025	4.9%	0.4%	0.4%	0.5%	0.2%	0.5%	0.5%	0.3%	0.4%	0.4%	0.3%	0.3%	0.5%
2024	5.9%	0.6%	0.5%	0.5%	0.4%	0.6%	0.4%	0.6%	0.5%	0.5%	0.2%	0.4%	0.5%
2023	6.1%	0.7%	0.5%	0.0%	0.5%	0.5%	0.5%	0.6%	0.6%	0.3%	0.4%	0.6%	0.7%
2022	1.2%	-0.0%	-0.1%	-0.1%	0.0%	-0.2%	-0.2%	0.1%	0.5%	-0.1%	0.1%	0.7%	0.5%
Load more		5 of 6

Top Exposures

Holdings

Regions

Sectors

2 Year Treasury Note Future June 26 (2026-06-30 Maturity)	8.49%
HSBC GIF Global IG Sec Credit Bd ZC	2.32%
John Deere Capital Corp. 4.2928% (2028-09-11 Maturity)	0.43%
Svenska Handelsbanken AB 4.40524% (2028-05-23 Maturity)	0.42%
Eli Lilly & Co. 4.19621% (2028-10-15 Maturity)	0.42%
Caterpillar Financial Services Corp. 4.31219% (2028-08-15 Maturity)	0.42%
Driver UK Multi-Compartment SA Compartment Driver UK Ten 4.3285% (2033-04-25 Maturity)	0.41%
Chevron USA Inc 4.24106% (2028-08-13 Maturity)	0.41%
ABN AMRO Bank N.V. 4.4166% (2028-07-07 Maturity)	0.41%
SC Germany SA 2.458% (2036-09-14 Maturity)	0.40%
Bank of Montreal 4.4793% (2027-06-04 Maturity)	0.39%
Metropolitan Life Global Funding I 4.36704% (2028-08-25 Maturity)	0.38%
Morgan Stanley Private Bank National Association 4.4373% (2028-07-06 Maturity)	0.37%
JPMorgan Chase & Co. 4.59652% (2028-07-22 Maturity)	0.36%
Protective Life Global Funding Frn 11/09/2028 (2028-09-11 Maturity)	0.35%

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

0.45% p.a.

Fund facts

ISIN

LU2334455255

Fund house

HSBC AM

Fund size

US$7.4B

As of 06 May 2026

Fund inception date

07 Jun 2021

Fund class currency

USD

Fund share class

PC USD

Oldest share class ISIN

LU2334455255

Oldest share inception date

07 Jun 2021

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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