• briefing asia infrastructure aug 15, 2006 • briefing asia energy aug 15, 2006
invest directly in an index, although they can invest
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invest directly in an index, although they can invest in its underlying securities. During the period shown, the Investment Manager waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower. HSBC INVESTOR FAMILY OF FUNDS 10 ------------------------------------------------------------------------------- Portfolio Reviews ------------------------------------------------------------------------------- HSBC Investor Value Fund (Class A Shares, B Shares, C Shares and I Shares) by Jon D. Bosse, CFA Chief Investment Officer NWQ Investment Management Co., LLC The HSBC Investor Value Fund (the "Fund") seeks long-term growth of capital and income by investing primarily in U.S. and foreign companies with large and medium capitalizations that possess hidden opportunities underpriced by the market. The Fund utilizes a two tier structure, commonly known as a "master-feeder" and invests all of its assets in the HSBC Investor Value Portfolio (the "Portfolio"), which acts as the master fund. The Portfolio employs NWQ Investment Management Company, LLC ("NWQ") as sub-adviser. Investment Concerns Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this fund will fluctuate as the value of the securities in the Portfolio changes. Market Commentary The Fund returned 13.42% (without sales charge) for the Class A Shares and 13.52% for the Class I Shares for the six month period ended April 30, 2006. That compared to a 12.87% return for the Russell 1000'r' Value Index(4) and a 11.99% return for the Lipper Multi-Cap Value Funds Average(4). Past performance does not guarantee future results. The Fund's absolute return benefited from strong stock-market performance. Investor sentiment improved late in the period, as investors showed confidence in market fundamentals and the Fed's ability to restrain inflation without endangering economic growth. Corporate consolidation, supported by strong corporate balance sheets, inexpensive financing, good organic growth and shareholder activism, also helped push the market higher. Financial stocks provided the largest contribution to the Fund's absolute gains, followed by shares of miners, producer durables firms and industrial companies. Technology stocks reduced the Fund's absolute return.* Stock selection in the financials sector provided the largest boost to the Fund's relative returns. Mortgage stocks in particular lifted relative performance, as those stocks posted gains after lagging for much of 2005. An overweight stake in the materials and processing sector also helped performance against the benchmark, as did stock selection within that sector. Mining stocks were especially strong, as the prices of gold and other metals climbed due to bullish market fundamentals, as well as concerns about inflation and potential stockpiling by certain governments. Overweight stakes in producer durables and industrial stocks also boosted relative gains.* The Fund held an overweight position in technology stocks, due to the portfolio manager's belief that higher corporate spending would benefit such shares. That allocation weighed on relative performance, as certain of the Fund's technology holdings issued disappointing earnings results. Selection among consumer discretionary stocks also hindered returns against the benchmark, as a relatively large stake in attractively valued media shares underperformed the market for this period. Selection in the consumer staples sector likewise dragged on relative returns, due largely to weakness among food producers.* * Portfolio composition is subject to change. 11 HSBC INVESTOR FAMILY OF FUNDS ------------------------------------------------------------------------------- Portfolio Reviews ------------------------------------------------------------------------------- HSBC Investor Value Fund - As of April 30, 2006 ------------------------------------------------------------------------------- Average Annual Total Return (%) ------------------------------------------------------------------------------- Inception Six 1 Since As of April 30, 2006 Date Month'D' Year Inception ------------------------------------------------------------------------------------- HSBC Investor Value Fund Class A(1) 5/10/04 7.72 16.63 15.15 HSBC Investor Value Fund Class B(2) 5/10/04 8.95 17.80 15.99 HSBC Investor Value Fund Class C(3) 5/10/04 11.96 20.84 17.30 HSBC Investor Value Fund Class I 5/10/04 13.52 23.04 18.53 Russell 1000'r' Value Index(4) -- 12.87 18.30 N/A Lipper Multi-Cap Value Funds Average(4) -- 11.99 18.21 N/A 'D' Aggregate Return. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183. (1) Reflects the maximum sales charge of 5.00%. (2) Reflects the contingent deferred sales charge, maximum of 4.00%. (3) Reflects the contingent deferred sales charge, maximum of 1.00%. (4) For additional information, please refer to the Glossary of Terms. The Fund is measured against the Russell 1000'r' Value Index, an unmanaged index comprised of the 1000 securities found in the Russell universe with a less-than-average growth orientation. Companies in this index generally have low price-to-book and price-to-earning ratios, higher dividend yields, and lower forecasted growth values. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities. During the period shown, the Investment Manager waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower. HSBC INVESTOR FAMILY OF FUNDS 12 ------------------------------------------------------------------------------- Portfolio Reviews ------------------------------------------------------------------------------- HSBC Investor Growth and Income Fund (Class A Shares, B Shares, C Shares and I Shares) by Gary U. Rolle, CFA, Principal/Chief Investment Officer and Edward S. Han, Principal/Portfolio Manager and Transamerica Investment Management, LLC The HSBC Investor Growth and Income Fund (the "Fund") normally invests at least 65% of its total assets in common stocks, preferred stocks, and convertible securities. The Fund may invest the balance of its assets in various types of fixed income securities and in money market instruments. The Fund employs Transamerica Investment Management, LLC ("TIM") as the sub-adviser to the Fund. Investment Concerns Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return. Market Commentary The Fund returned 12.21% (without sales charge) for the Class A Shares and 12.37% for the Class I Shares for the six month period ended April 30, 2006. That compared to a 9.63% return for the Standard & Poor's 500 Index(4) and a 9.23% return for the Lipper Large-Cap Core Funds Average(4). Past performance does not guarantee future results. Transamerica Investment Management serves as the sub-advisor for the HSBC Growth & Income Fund. The firm employs a bottom-up investment approach to identify attractively valued shares of firms that generate strong free cash flow and have high-quality management, good business plans and sound execution. The stock market posted strong returns for this six-month period, helping the Fund post good absolute performance. Shares of particular industrial, energy, telecommunications and financial firms especially boosted the Fund's gain. Certain stocks in the consumer discretionary and technology sectors held back Fund returns.* The sub-advisor's investment strategy led the Fund to hold an overweight position in industrials stocks. Shares of industrial firms benefited from global economic strength, so the Fund's relatively large stake in that sector boosted returns against the benchmark. The Fund held an underweight allocation to consumer staples. Stocks in that sector lagged the performance of the overall index, so the Fund's small position also lifted relative returns.* An overweight position in consumer discretionary stocks hurt performance against the S&P 500, as consumer stocks trailed the broad market. Likewise, the Fund's relatively small weighting in the financials sector weighed on relative performance, as financials out-gained the benchmark.* * Portfolio composition is subject to change. 13 HSBC INVESTOR FAMILY OF FUNDS ------------------------------------------------------------------------------- Portfolio Reviews ------------------------------------------------------------------------------- HSBC Investor Growth and Income Fund - As of April 30, 2006 ------------------------------------------------------------------------------- Average Annual Total Return (%) ------------------------------------------------------------------------------- Inception Six 1 5 Since As of April 30, 2006 Date Month'D' Year Year Inception ----------------------------------------------------------------------------------------------------- HSBC Investor Growth and Income Fund Class A(1) 4/12/01 6.63 16.91 -0.40 0.84 HSBC Investor Growth and Income Fund Class B(2) 4/5/01 7.76 18.07 -0.13 1.67 HSBC Investor Growth and Income Fund Class C(3) 11/3/03 10.65 21.14 -- 10.78 HSBC Investor Growth and Income Fund Class I 4/2/01 12.37 23.41 0.88 2.76 Standard & Poor's 500 Index(4) -- 9.63 15.41 2.70 N/A Lipper Large-Cap Core Funds Average(4) -- 9.23 15.51 1.35 N/A 'D' Aggregate Return. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183. (1) Reflects the maximum sales charge of 5.00%. (2) Reflects the contingent deferred sales charge, maximum of 4.00%. (3) Reflects the contingent deferred sales charge, maximum of 1.00%. (4) For additional information, please refer to the Glossary of Terms. The Fund is measured against the Standard & Poor's 500 Index, an unmanaged index that is generally representative of the U.S. stock market as a whole. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities. During the period shown, the Investment Manager waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower. HSBC INVESTOR FAMILY OF FUNDS 14 ------------------------------------------------------------------------------- Portfolio Reviews ------------------------------------------------------------------------------- HSBC Investor Mid-Cap Fund (Class A Shares, B Shares, C Shares and Trust Shares) by Tony Y. Dong, CFA, Director, Mid-Cap Equity and Senior Portfolio Manager and Brian S. Matuszak, CFA, Senior Equity Analyst and Andy Y. Mui, CPA, Senior Equity Analyst Munder Capital Management The HSBC Investor Mid-Cap Fund (the "Fund") seeks to achieve its objective by investing in common or preferred stocks and convertible securities. The Fund will normally invest at least 80% of its assets in equity securities of mid-sized companies with market capitalizations falling within the range of the S&P MidCap 400 Index (between $270 million and $8.6 billion as of March 31, 2005) at the time of acquisition. Investments are primarily in domestic common stocks but also may include, to a limited degree, preferred stocks, and convertible securities. The Portfolio employs Munder Capital Management ("Munder") as sub-investment adviser. Investment Concerns Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes. Mid capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure, and historically, their stocks have experienced a greater degree of market volatility than stocks on average. Market Commentary The Fund's Class A Shares posted a return of 15.71% (without sales charge) and 15.86% for the Trust Shares for the six months ended April 30, 2006. That compares to 15.26% and 16.41% for the Fund's benchmarks, the S&P MidCap 400 Index(4) and the Lipper Mid-Cap Growth Funds Average(4). Past performance does not guarantee future results. Mid-cap shares performed well on the strength of good earnings growth, high productivity and healthy corporate balance sheets. Medium-sized stocks as represented by the S&P 400 significantly outperformed the larger stocks in the S&P 500(4) during the first five months of the period, continuing a long period of superior gains. That environment helped the Fund's holdings in eight of ten economic sectors generate gains, supporting a strong absolute return. The Fund's consumer staples and utilities stakes both declined very slightly. Those sectors accounted for less than 7% of assets, and their losses reduced the Fund's overall absolute returns by less than 0.1 percentage points.* The Fund's sub-advisor, Munder Capital Management, focuses on attractively valued shares of companies with high levels of profitability. That stock selection approach helped the Fund's investments in a broad range of sectors outperform the corresponding sectors in the benchmark. The HSBC Mid Cap Equity Fund's consumer discretionary, industrials, materials and health care stakes produced particularly strong relative performance. Losses for a handful of stocks accounted for the only significant drag on the Fund's relative returns, as certain stocks in the information technology and energy sectors weighed modestly on returns against the mid-cap benchmarks.* * Portfolio composition is subject to change. 15 HSBC INVESTOR FAMILY OF FUNDS ------------------------------------------------------------------------------- Portfolio Reviews ------------------------------------------------------------------------------- HSBC Investor Mid-Cap Fund - As of April 30, 2006 ------------------------------------------------------------------------------- Average Annual Total Return (%) ------------------------------------------------------------------------------- Inception Six 1 5 10 Since As of April 30, 2006 Date Month'D' Year Year Year Inception -------------------------------------------------------------------------------------------------------- HSBC Investor Mid-Cap Fund Class A(1) 7/1/93 9.92 22.02 2.47 10.45 11.35 HSBC Investor Mid-Cap Fund Class B(2) 7/1/93 11.73 23.60 2.79 10.21 10.97 HSBC Investor Mid-Cap Fund Class C(3) 7/1/93 14.43 26.64 2.92 10.28 11.02 HSBC Investor Mid-Cap Fund Trust 7/1/93 15.86 28.77 3.79 11.25 12.07 Standard & Poor's MidCap 400 Index(4) -- 15.26 28.32 10.73 14.33 N/A Russell MidCap'r' Growth Index(4) -- 15.18 28.27 5.77 8.92 N/A Lipper Mid-Cap Growth Funds Average(4) -- 16.41 30.46 4.16 7.84 N/A 'D' Aggregate Return. Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor's shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183. (1) Reflects the maximum sales charge of 5.00%. (2) Reflects the contingent deferred sales charge, maximum of 4.00%. (3) Reflects the contingent deferred sales charge, maximum of 1.00%. (4) For additional information, please refer to the Glossary of Terms. (1) For periods prior to July 1, 2000, the performance shown above includes the total return (adjusted for Fund expenses) generate by HSBC Investments (USA) Inc's management of a pooled investment vehicle called a collective investment trust (CTF) with the same investment objective as the Fund. The assets from that CTF were converted into the HSBC Investor Mid-Cap Fund on July 1, 2000. The CTF was not registered with the Securities & Exchange Commission (SEC) and thus was not subject to certain investment restrictions that are imposed on the Fund. If the CTF had been registered with the SEC, its performance might have been adversely affected. Performance assumes reinvestment of dividends and distributions. The Fund has changed its standardized benchmark from the Russell MidCap'r' Growth Index to the Standard & Poor's MidCap 400 Index ("S&P MidCap 400") to provide a more appropriate market comparison. The S&P MidCap 400 Index is comprised of 400 domestic stocks chosen for market size (median market capitalization of $676 million), liquidity and industry group representation. The Russell MidCap'r' Growth Index tracks the performance of those Russell securities in the Russell Universe(4) with higher price-to-book ratios and higher forecasted growth values. The performance of the indices does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund's performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index, although they can invest in its underlying securities. During the period shown, the Investment Manager waived and/or voluntarily reimbursed fees for various expenses. Had these waivers and/or reimbursements not been in effect, performance quoted would have been lower. HSBC INVESTOR FAMILY OF FUNDS 16 ------------------------------------------------------------------------------- Portfolio Reviews ------------------------------------------------------------------------------- HSBC Investor International Equity Fund HSBC Investor Overseas Equity Fund (Advisor, Class A Shares, B Shares and C Shares) by Kevin F. Simms Co-CIO International Value Equities and Director of Research - Global and International Value Equities AllianceBernstein Investment Research and Management The HSBC Investor International Equity Fund and the HSBC Investor Overseas Equity Fund (the "Funds") seek to provide their shareholders with long-term growth of capital and future income by investing primarily in securities of non-U.S. issuers and securities of issuers whose principal markets are outside of the United States. The Funds employ a two-tier fund structure, known as "master-feeder," in which the Funds invest all of their investable assets in the HSBC Investor International Equity Portfolio (the "Portfolio"). The Portfolio employs AllianceBernstein Investment Research and Management ("AllianceBernstein"), a unit of AllianceBernstein Investment Research and Management as sub-investment adviser. The Portfolio invests primarily in equity securities of companies organized and domiciled in developed nations outside the U.S., or for which the principal trading market is outside the U.S., including Europe, Canada, Australia and the Far East. Yüklə 4,02 Mb. Dostları ilə paylaş:
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