TAILIEUCHUNG - HSBC Global Investment Funds - Unaudited Semi-Annual Report

At the same time, we document a substantial cross-sectional variation in the return gap, indicating that hidden costs are more important for some funds, while hidden benefits are more pronounced for also find strong persistence in the return gap for up to 5 years into the future, which suggests that the return gap is driven by systematic factors. Moreover, we find persistence in the return gap not only for the worst performers but also for the best performers. Ourmain result shows that the past return gap helps to predict fund per- formance. Funds with high past return gaps tend to perform consistently better before and after adjusting for. | HSBC Global Investment Funds Unaudited Semi-Annual Report for the period from 1 April 2011 to 30 September 2011 . Luxembourg B 25 087 HSBC X Global Asset Management Unaudited semi-annual report for the period from 1 April 2011 to 30 September 2011 Société d Investissement à Capital Variable SICAV Luxembourg 1 Information concerning the distribution of shares of HSBC Global Investment Funds in or from Switzerland. HSBC Private Bank Suisse SA Quai du General Guisan 2 case postale 3580 CH-1211 Geneva 3 is the legal representative of the Company in Switzerland and the Company s paying agent in that country. The Prospectus simplified Prospectuses Articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Private Bank Suisse . A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review can be obtained free of charge from the Company s representative in Switzerland. Information concerning the distribution of shares of HSBC Global Investment Funds in or from Germany. HSBC Trinkaus Burkhardt AG 21-23 Konigsallee D-40212 Dusseldorf is the legal representative of the Company in Germany and the Company s paying agent in that country. The Prospectus simplified Prospectuses Articles and annual and semi-annual reports of the Company may be obtained free of charge upon request from the HSBC Trinkaus Burkhardt AG. A breakdown of all transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds for the period under review can be obtained free of charge from the Company s representative in Germany. No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report if published thereafter. Unaudited semi-annual report for the period from 1 April 2011 to 30 September 2011

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