SA国际传谋

As with other portfolios, changes in interest rates and inflation have an impact on the portfolio’s value. Coupon payments move in parallel with changes in inflation, i.e. they increase when inflation rises and decrease in a deflationary environment. In terms of the par value paid out on maturity, the capital invested for inflation-linked bonds with a deflation floor does not fall below the par value. However, for inflation-linked bonds with no deflation floor, the capital invested can fall below the par value. The majority of inflation-linked bonds are issued by governments. Inflation-linked bonds that are issued by companies have a higher default risk than government bonds, and therefore require investors to have corresponding risk tolerance and capacity. All investments are subject to market fluctuations. Every fund has specific risks, which can significantly increase under unusual market conditions. The fund can use derivatives, which may result in additional risks (particularly counterparty risk). This Fund may not be appropriate for investors who plan to withdraw their money before the recommended holding period disclosed in the PRIIPs KID, if available for this share class.