Prospectus - April 2013 - Pictet Funds Hong Kong

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The compartment’s investments are concentrated on four environmental themes. These four themes areinvested in the global agriculture, clean energy, timber and water markets. Any fall in the value of one of thesesectors may have an adverse impact on the value of the compartment.Events that can lead to a fall of value of companies we invest in are detailed below.Agriculture: a government’s decision to suddenly decrease the level of subsidies can lower the level ofprofitability of listed agricultural companies which have operations in the country.Clean Energy: decrease in subsidies induced by government’s capital allocation may reduce the growthprospects of alternative energy companies, as 1it can delay the establishment of new power productionfacilities. This could lower the revenues and the returns of listed companies in the respective field.Timber: lumber prices usually decline when the number of new housing in the United States is belowexpectations. Companies with strong exposure to lumber could suffer from a lower expected demand.Water: companies active in markets with regulated water tariffs may suffer from decreasing water tariffs,which would lower the revenues and the returns of listed water operators. Moreover, during the budgetprocess, political forces may put priorities on different projects such as household consumption incentives,transportation infrastructure projects, education. Water infrastructure project may be given a lower priorityand be delayed. The growth outlook of water technology companies will then be reduced.Additional disclosure for PICTET – High Dividend Selection (“High Dividend Selection”)In addition to the investment policy set out in the Prospectus, High Dividend Selection provides exposure tocompanies that distribute high dividend yields. Companies eligible for investment by High Dividend Selectionmust have, at the time of purchase, an annual dividend yield which is higher than that of the average dividendyield of the applicable reference market, or, of at least 3%, whichever is lower. The “reference market” refers tothe sectors of the global equities universe having a market capitalisation above USD 1 billion.Additional disclosure for PICTET – Emerging Markets High DividendThe compartment’s objective is to invest mainly in shares and similar securities (including Americandepositary receipts and global depositary receipts) of companies whose headquarters are located in and/orthat conduct their main activity in emerging countries and for which it is expected that dividends are higher orgreater than those of their reference market (represented by the MSCI Emerging Markets Index).The compartment will not use FDI extensively for investment purposes.Additional disclosure for PICTET – Asian Equities Ex JapanThe compartment uses various selection criteria (e.g. cash flow returns and capacity replacement value) in itsselection of investments, which will be afforded greater or lesser focus depending upon current economicconditions.Additional disclosure for PICTET – Global Emerging DebtThe compartment uses various selection criteria (e.g. credit quality of the issuer and level of liquidity) in itsselection of investments, which will be afforded greater or lesser focus depending upon current economicconditions.Additional disclosure for Distribution sharesDistribution shares (e.g. dy shares) will be entitled to a dividend as decided by the Annual General Meeting.However, in respect of dm shares, whilst there is no guarantee, it is intended that a monthly dividend may bedistributed. Apart from the payment of distribution out of the net investment revenue, the Fund may at itsdiscretion determine such distributions may be paid from capital of the relevant compartment. Investorsshould be aware that distributions, including distributions out of capital, will result in an immediate decreasein the NAV per distribution share of the relevant compartment.Besides, investors should note that the payment of dividends out of capital represents a return or withdrawalof part of the amount they originally invested and/or any capital gains attributable to the original investment.The composition of dividends (i.e. relative amounts paid from net distributable income and capital) for the last12 months can be obtained either through the website www.pictetfunds.hk ★ or from the Hong KongRepresentative on request.The Fund may amend the dividend policy subject to obtaining the SFC’s prior approval and by giving not lessthan one month’s prior notice to Hong Kong shareholders.★ The website has not been reviewed by the SFC.10
Additional disclosure for compartments investing in emerging countriesCompartments which are not restricted to geographical limits on its investments may invest in shares ofcompanies that conduct activities in emerging or developing countries such as, but not limited to, China, Braziland Russia.Where a compartment is permitted to invest in China, the aggregate exposure of the compartment to ChinaA-Shares and China B-Shares will not exceed 10% of its NAV. At least one month’s prior notice will be givento Hong Kong shareholders if any of the compartments intends to invest more than the above-statedpercentage, and the Hong Kong offering documents will be updated accordingly.Additional disclosure for compartments investing in structured productsAlthough each of the compartments may invest in structured products, such investments will not form asubstantial part of each compartment’s portfolio.11
Page 1: www.pictetfunds.hkPictetHong Kong P
Page 4 and 5: The following paragraphs shall be i
Page 6 and 7: PFML was initially incorporated on
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Page 10 and 11: 6. Additional disclosures regarding
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Page 26 and 27: If payment in full has not been rec
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Page 32 and 33: The Fund will also comply with such
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Page 46 and 47: APPENDIX C - RISK FACTORS APPLICABL
Page 49: PICTETSociété d'investissement à
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Page 62 and 63: minimum subscription amount. The Bo
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Page 66 and 67: Information for shareholdersThe Fun
Page 68 and 69: The Dilution Levy thus applied will
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investors and for the compartments
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and/or other Undertakings for Colle
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8) The Fund may not invest more tha
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c) any other very liquid asset, con
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Annex 1: Fixed-income compartmentsT
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2. PICTET - USD GOVERNMENT BONDSInv
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3. PICTET - SHORT-TERM MONEY MARKET
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6. PICTET - EUR CORPORATE BONDSInve
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Manager: PAM LtdConsolidation curre
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8. PICTET - WORLD GOVERNMENT BONDSI
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9. PICTET - EUR HIGH YIELDInvestor
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PICTET - EUR HIGH YIELDType of shar
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Shares not yet issued that may be a
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Shares not yet issued that may be a
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PICTET - CHF BONDSType of share Act
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Initial subscription price: The net
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Frequency of NAV calculationEach Ba
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Investments in unlisted securities
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PICTET - EMERGING LOCAL CURRENCY DE
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Investors should be aware that the
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17. PICTET - GLOBAL EMERGING CURREN
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and falsified securities. There is
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PICTET - SHORT-TERM MONEY MARKET JP
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Swaps and Derivatives Association (
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20. PICTET - SOVEREIGN SHORT-TERM M
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21. PICTET - SOVEREIGN SHORT-TERM M
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22. PICTET - US HIGH YIELDInvestor
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PICTET - US HIGH YIELDType of share
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tion, conversion and/or redemption
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Expected leverage: 50%. Depending o
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25. PICTET - GLOBAL BONDS FUNDAMENT
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those applied in Western European c
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26. PICTET - EMERGING CORPORATE BON
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Payment value date for subscription
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Risk management method: Relative va
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PICTET - EMERGING LOCAL CURRENCY DE
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NAV are listed on markets that are
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PICTET - SMALL CAP EUROPEType of sh
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The exclusive purpose of PFML is to
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31. PICTET - EASTERN EUROPEInvestor
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32. PICTET - EUROPE INDEXInvestor t
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33. PICTET - USA INDEXInvestor type
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34. PICTET - EUROPEAN SUSTAINABLE E
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35. PICTET - JAPAN INDEXInvestor ty
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36. PICTET - PACIFIC EX JAPAN INDEX
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37. PICTET - DIGITAL COMMUNICATIONI
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38. PICTET - BIOTECHInvestor type p
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39. PICTET - PREMIUM BRANDSInvestor
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40. PICTET - WATERInvestor type pro
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41. PICTET - INDIAN EQUITIESInvesto
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j) Pictet Asset Management Ltd has
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PICTET - JAPANESE EQUITY OPPORTUNIT
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PAEML’s advisory activities for t
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44. PICTET - GREATER CHINAInvestor
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45. PICTET - JAPANESE EQUITY SELECT
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46. PICTET - GENERICSInvestor type
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47. PICTET - EMERGING MARKETS INDEX
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48. PICTET - EUROLAND INDEXInvestor
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49. PICTET - US EQUITY GROWTH SELEC
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50. PICTET - SECURITYInvestor type
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51. PICTET - CLEAN ENERGYInvestor t
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52. PICTET - RUSSIAN EQUITIESInvest
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PICTET - RUSSIAN EQUITIESType of sh
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Payment value date for subscription
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RedemptionBy 3:00 pm on the Banking
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Frequency of NAV calculationsEach b
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PICTET - US EQUITY VALUE SELECTIONT
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Frequency of NAV calculationEach ba
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ied forward to the next Banking Day
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ConversionThe most restrictive time
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RedemptionBy 12:00 noon one Banking
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Managers: PAM LtdConsolidation curr
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PICTET - EMERGING MARKETS HIGH DIVI
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Currency exchange risksThe compartm
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66. PICTET - QUALITY GLOBAL EQUITIE
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67. PICTET - QUALITY EUROPEAN EQUIT
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68. PICTET - GLOBAL MAJOR PLAYERSIn
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Annex 3: Balanced Compartments and
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70. PICTET - ABSOLUTE RETURN GLOBAL
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Type of shareIndexShare classes den
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SubscriptionBy 12:00 noon on the Ba
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PICTET - CONVERTIBLE BONDSType of s
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73. PICTET - GLOBAL FLEXIBLE ALLOCA
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Performance fee:The manager will re
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Risks linked to investments in othe
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For further information, please con
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Prospectus - April 2013 - Pictet Funds Hong Kong

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