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We measure the impact of unobserved actions by comparing the actual mutual fund performancewith the performance of a hypothetical portfolio that invests in the previously disclosed fund holdings.We term this return difference the return gap. The impact of unobserved actions is included in the investor return but not in the return of the hypothetical portfolio. For example, commissions paid by mutual funds to their brokers or stale-price arbitrage losses do not directly affect the returns of the holdings, but they do adversely affect the returns to investors. On the other hand, the value- creating interim trades increase the disclosed fund return relative to the return of a hypothetical portfolio. | HSBC Global Investment Funds Annual Report 2012 HSBC X Global Asset Management Contents HSBC Global Investment Funds Page 1-364 Additional notes for Hong Kong residents in relation to HSBC Global Investment Funds. The following sub-funds of HSBC Global Investment Funds referred to in this document are not authorized in Hong Kong and not available to Hong Kong residents HSBC Global Investment Funds sub-funds Asian Currencies Bond Brazil Bond CIVETS Emerging Inflation Linked Bond Euro Bond Euro Credit Bond Euro Reserve Euroland Growth European Equity Absolute Return Frontier Markets GEM Debt Total Return GEM Equity Absolute Return Global Credit Bond Global Currency Global Emerging Markets Corproate Debt Global Emerging Markets Elite Global Emerging Markets Investment Grade Bond Global Emerging Markets Local Debt Global Flex Allocation Global Inflation Linked Bond Global Macro II Global Marco Latin American Local Debt Middle East and North Africa Equity Multi Government Bond Strategies RMB Fixed Income Turkey Equity This page is intentionally left blank
