Navigating Geopolitical Shifts
Key takeaways
- Resilience amid geopolitical tensions:
Despite proximity to recent events, Frontier Markets have remained relatively resilient, supported by ongoing earnings momentum - Valuations are compelling versus EM:
Frontier Markets are trading at a meaningful discount to Emerging Markets, with the valuation gap widening—creating a potentially attractive entry point for investors - High-conviction themes remain intact:
Vietnam continues to stand out on structural growth with Foreign Direct Investment (FDI), industrial upgrading, domestic demand and government spending; while GCC (Gulf Co-oeration Council) markets are accelerating resilience and diversification initiatives that create investable opportunities beyond oil - Portfolio construction matters:
A diversified Frontier Markets allocation can complement EM exposure due to limited overlap and historically low correlation—and, contrary to a common misconception, Frontier has often delivered a less volatile return profile than investors expect. As a result, it’s typically considered as a satellite allocation alongside EM, sized to the investor’s diversification objectives and risk budget
Market backdrop: performance and what it signals
- The first half of 2026 has been defined by heightened geopolitical risk, including the conflict involving Iran and disruption risk around the Strait of Hormuz. In many asset classes, that would normally be a recipe for sustained risk-off behaviour. Yet Frontier Markets have, so far, behaved more like a stress-tested diversifier than a fragile satellite
- Performance dispersion across countries has been notable. Using the MSCI Select Frontier & Emerging Markets Capped Index—HSBC’s customised reference index developed in tandem with MSCI to capture the balanced Frontier Markets opportunity set across both Frontier and EM-classified markets—Frontier Markets returned 8.68 per cent* year-to-date, a resilient outcome given the asset class has been close to the epicentre of recent events. After several years of outperforming EM, Frontier has lagged MSCI Emerging Markets so far this year—partly reflecting the geopolitical shock, and partly because Frontier has limited exposure to the AI tailwind that has supported parts of the EM universe
- Even so, the opportunity set remains resilient. It’s balanced across energy importers and exporters, and includes countries that are rapidly improving infrastructure alongside those with already world-class logistics and energy systems—a combination that can help absorb shocks when geopolitics and commodity moves dominate the headlines
- At the country level, Oman led returns, supported by its geographic positioning outside key chokepoints and an under-owned starting point, while Indonesia lagged amid fiscal and inflation pressures linked to higher oil prices. Importantly, several core markets for the strategy—including Egypt—remained meaningful contributors, reinforcing our view that domestic fundamentals and reform momentum can reassert themselves even when headline risk dominates in the short term
Past performance does not predict future returns. This information shouldn't be considered as a recommendation to buy or sell specific investments, country or sector mentioned. Any forecast, projection or target where provided is indicative only and not guaranteed in any way. The views expressed above were held at the time of preparation and are subject to change without notice. *Index returns assume reinvestment of all distributions and do not reflect fees or expenses. You cannot invest directly in an index.
Frontier Markets YTD Performance
YTD Market Performance
(Total Return, USD)
Source: HSBC Asset Management, Bloomberg, 31 May 2026. Past performance does not predict future returns. This information shouldn't be considered as a recommendation to buy or sell specific investments, country or sector mentioned. Any forecast, projection or target where provided is indicative only and not guaranteed in any way. The views expressed above were held at the time of preparation and are subject to change without notice. Asset class performance is represented by different indices. Oman: Muscat Stock Exchange MSX 30 Index, Saudi Arabia: Tadawul All Share Index, Kuwait: Boursa Kuwait All Share Price Return Index, Qatar: Qatar Exchange Index, Bahrain: Bahrain Bourse All Share Index, Abu Dhabi: FTSE ADX General Index, Dubai: Dubai Financial Market General Index, Morocco: MASI Free Float All Shares Index, Egypt: Egyptian Exchange EGX 30 Index, Kazakhstan: Kazakhstan Stock Exchange Index KASE, Slovenia: Ljubljana Stock Exchange Slovenian Blue-Chip SBITOP Index, Romania: Bucharest Stock Exchange Trading Index, Greece: Bloomberg Greece Large & Mid Cap Index, Vietnam: Vietnam Ho Chi Minh Stock Index, Philippines: Philippines Stock Exchange PSEi Index, Indonesia: Bloomberg Indonesia Large & Mid Cap Index, Pakistan: Karachi Stock Exchange KSE-100 Index, MSCI Select FM&EM Capped: MSCI Select Frontier + Emerging Markets Capped Index, MSCI EM: MSCI Emerging Index. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. You cannot invest directly in an index.
Valuations: discount to EM has widened
- Valuations were already attractive prior to the conflict and have become more compelling as risk premia expanded. The Frontier benchmark is trading around 11.5x P/E, versus 19.0x for MSCI Emerging Markets—a meaningful discount for access to long-term growth and diversification, with returns driven more by local fundamentals and reform momentum than global themes such as AI, which have been a major driver of performance across EM and DM
- Within key allocations, Vietnam remains attractively valued, while UAE valuations are near historical lows versus five-year averages - suggesting investor sentiment is already conservative and risk premia remain elevated
- This matters because the market’s current “wait-and-see” stance isn’t being driven by collapsing fundamentals—it’s being driven by uncertainty and higher risk premia. Against that backdrop, we still expect ~15–20 per cent earnings growth this year, driven primarily by domestic factors such as financial deepening, consumption and GDP growth (rather than AI). If that earnings momentum is confirmed through Q2 and Q3 reporting, it could provide the evidence investors need to move from caution to conviction—supporting a re-rating, particularly where valuations are starting from more discounted levels
Frontier Markets Valuation
P/E Ratios vs. 5-Year History
Source: HSBC Asset Management, Bloomberg, 31 May 2026. Past performance does not predict future returns. This information shouldn't be considered as a recommendation to buy or sell specific investments, country or sector mentioned. Any forecast, projection or target where provided is indicative only and not guaranteed in any way. The views expressed above were held at the time of preparation and are subject to change without notice. Asset class performance is represented by different indices. Oman: Muscat Stock Exchange MSX 30 Index, Saudi Arabia: Tadawul All Share Index, Kuwait: Boursa Kuwait All Share Price Return Index, Qatar: Qatar Exchange Index, Bahrain: Bahrain Bourse All Share Index, Abu Dhabi: FTSE ADX General Index, Dubai: Dubai Financial Market General Index, Morocco: MASI Free Float All Shares Index, Egypt: Egyptian Exchange EGX 30 Index, Kazakhstan: Kazakhstan Stock Exchange Index KASE, Slovenia: Ljubljana Stock Exchange Slovenian Blue-Chip SBITOP Index, Romania: Bucharest Stock Exchange Trading Index, Greece: Bloomberg Greece Large & Mid Cap Index, Vietnam: Vietnam Ho Chi Minh Stock Index, Philippines: Philippines Stock Exchange PSEi Index, Indonesia: Bloomberg Indonesia Large & Mid Cap Index, Pakistan: Karachi Stock Exchange KSE-100 Index, MSCI Select FM&EM Capped: MSCI Select Frontier + Emerging Markets Capped Index, MSCI EM: MSCI Emerging Index. Index returns assume reinvestment of all distributions and do not reflect fees or expenses. You cannot invest directly in an index.
Vietnam: structural growth with multiple drivers
Vietnam remains the strategy’s highest-conviction allocation at c. 30 per cent, and the investment case remains intact despite periodic risk-off episodes.
 |
Liberation day has been a favourable tariff outcome for Vietnam
|
 |
Key China +1 beneficiary
|
 |
Domestic growth offsets export risks
|
 |
Domestic growth offsets export risks
|
This information shouldn't be considered as a recommendation to buy or sell specific investments, country or sector mentioned. Any forecast, projection or target where provided is indicative only and not guaranteed in any way. The views expressed above were held at the time of preparation and are subject to change without notice.
Vietnam’s investment case is built around earnings compounding from three reinforcing engines. First, it remains a clear China+1 beneficiary: global manufacturers continue to diversify supply chains, and Vietnam’s advantage is increasingly structural rather than cyclical—rooted in deep FDI linkages and a manufacturing ecosystem that has become difficult to replicate elsewhere. That “stickiness” matters because it supports a more durable pipeline of capacity expansion and upgrading, rather than one-off relocations.
Second, Vietnam is not reliant on exports alone. The domestic economy is providing a second leg of growth, with rising incomes and rapid digitisation supporting consumption and services activity. This helps cushion periods when external demand softens and broadens the set of companies able to grow through the cycle.
Third, policy is acting as a catalyst. The government’s push to accelerate infrastructure spending is an incremental driver for 2026 and beyond, improving connectivity and efficiency across the economy. From an equity perspective, the focus is on businesses positioned to benefit from higher activity levels and productivity gains, rather than treating infrastructure spend as a blanket positive.
Finally, Vietnam’s capital markets are approaching an inflection point. FTSE has confirmed Vietnam will be reclassified from Frontier to Secondary Emerging market status, which should broaden the investor base and support incremental flows (with passive flow estimates of c.USD2bn across four tranches), reinforcing liquidity and market depth over time.
Saudi Arabia and the UAE: Building Resilience Through Infrastructure
Recent events have accelerated GCC focus on energy security, logistics resilience and strategic infrastructure, alongside ongoing economic diversification reforms. The key investment implication is that the opportunity set is expanding into areas linked to activity, capex visibility and resilience spending—not just oil price direction.
Saudi Arabia: Capacity and flexibility
Saudi Arabia has been a key source of resilience through the shock, combining export-route flexibility with the ability to recover output quickly. As the chart in the next page illustrates, production dipped from around 10mbd to c.7.4mbd during the Hormuz disruption, but the more important point is the speed of normalisation—supported by the ability to reroute flows via the East–West pipeline—and the headroom to lift output towards 12mbd maximum sustainable capacity as conditions stabilise.
This information shouldn't be considered as a recommendation to buy or sell specific investments, country or sector mentioned. Any forecast, projection or target where provided is indicative only and not guaranteed in any way. The views expressed above were held at the time of preparation and are subject to change without notice. MBD - Million Barrels per day.
For investors, this operational flexibility helps explain why Saudi assets have been relatively resilient. The ability to restore output and reroute flows reduces the probability of a prolonged supply squeeze, supports fiscal visibility, and underpins continued domestic investment—creating a more stable backdrop for the portfolio’s Saudi exposure, which is focused on activity-linked beneficiaries rather than direct oil producers.
Saudi Arabia Crude production vs. Maximum Sustainable Capacity
(mbd)
For illustrative purpose only. This information shouldn't be considered as a recommendation to buy or sell specific investments, country or sector mentioned. Any forecast, projection or target where provided is indicative only and not guaranteed in any way. The views expressed above were held at the time of preparation and are subject to change without notice.
 |
UAE: A Parallel Story
|
The UAE allocation (c.16 per cent of the strategy) is built around four complementary pillars—designed to capture the domestic investment cycle while avoiding a simple “oil beta” exposure. The emphasis is on names within the energy supply chain that benefit from higher activity and investment without taking direct oil price risk, focusing instead on companies with contracted or high-visibility earnings profiles.
- Energy / energy services (c. 35 per cent of UAE exposure): positioned to benefit from increased hydrocarbon and related infrastructure spend over the next 3–5 years, with earnings linked to activity levels and contracted work rather than spot oil prices
- Financials (c.30 per cent): positioned as a domestic activity proxy—benefiting as higher capex and diversification projects feed through into credit growth, transaction volumes and fee income, with strong balance sheets providing capacity to support the investment cycle
- Real estate: exposure reflects the UAE’s longer-term proposition (infrastructure, lifestyle, low taxes), while recognising that confidence can take 2–3 years to fully rebuild after periods of volatility
- Consumer: positioned for domestic demand and services growth as sentiment normalises and the non-oil economy continues to deepen
Frontier Markets in a global portfolio: complementing EM exposure
Frontier Markets can complementary to EM allocations due to:
- Limited overlap with mainstream EM portfolios (many small EM/frontier markets are structurally under-owned in EM strategies)
- Historically low correlation and lower overlap in drivers, with returns often linked to domestic reforms and local growth rather than a single global theme
- Potential to enhance risk-adjusted returns when used as a satellite allocation
As a practical sizing reference, some investors allocate ~10–20 per cent of their EM exposure to Frontier Markets, depending on risk appetite and portfolio objectives.
This information shouldn't be considered as a recommendation to buy or sell specific investments, country or sector mentioned. Any forecast, projection or target where provided is indicative only and not guaranteed in any way. The views expressed above were held at the time of preparation and are subject to change without notice.
Conclusion
Frontier Markets have demonstrated resilience through a volatile and geopolitically complex period, supported by attractive valuations and ongoing earnings momentum. The opportunity set remains driven by structural reforms and domestic growth—most notably in Vietnam—while GCC markets are accelerating resilience and diversification initiatives that create investable themes beyond oil. For investors seeking differentiated return drivers, Frontier Markets serve as a complementary allocation to EM, particularly when implemented through a diversified approach focused on fundamentals and long-term structural growth.
Source: HSBC Asset Management as of 31 May 2026
This document provides a high level overview of the recent economic environment. It is for marketing purposes and does not constitute investment research, investment advice nor a recommendation to any reader of this content to buy or sell investments. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination.
Why HSBC for Frontier Markets
 |
A pioneer with a 18 year track record of investing in frontier markets
|
 |
A global investment approach
|
 |
The case for active management
|
Source: HSBC Asset Management as of 31 May 2026
Diversification does not ensure a profit or protect against loss. The views expressed above were held at the time of preparation and are subject to change without notice.
Key Risks
The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested.
- Counterparty Risk: The possibility that the counterparty to a transaction may be unwilling or unable to meet its obligations
- Emerging Markets Risk: Emerging markets are less established, and often more volatile, than developed markets and involve higher risks, particularly market, liquidity and currency risks
- Exchange Rate Risk: Changes in currency exchange rates could reduce or increase investment gains orinvestment losses, in some cases significantly
- Investment Leverage Risk: Investment Leverage occurs when the economic exposure is greater than the amount invested, such as when derivatives are used. A Fund that employs leverage may experience greater gains and/or losses due to the amplification effect from a movement in the price of the reference source
- Liquidity Risk: Liquidity Risk is the risk that a Fund may encounter difficulties meeting its obligations in respect of financial liabilities that are settled by delivering cash or other financial assets, thereby compromising existing or remaining investors
- Operational Risk: Operational risks may subject the Fund to errors affecting transactions, valuation, accounting, and financial reporting, among other things
Important Information
For Professional Clients and intermediaries within countries and territories set out below; and for Institutional Investors and Financial Advisors in the US. This document should not be distributed to or relied upon by Retail clients/investors.
The value of investments and the income from them can go down as well as up and investors may not get back the amount originally invested. The performance figures contained in this document relate to past performance, which should not be seen as an indication of future returns. Future returns will depend, inter alia, on market conditions, investment manager’s skill, risk level and fees. Where overseas investments are held the rate of currency exchange may cause the value of such investments to go down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Economies in emerging markets generally are heavily dependent upon international trade and, accordingly, have been and may continue to be affected adversely by trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries and territories with which they trade. These economies also have been and may continue to be affected adversely by economic conditions in the countries and territories in which they trade.
The contents of this document may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. All non-authorised reproduction or use of this document will be the responsibility of the user and may lead to legal proceedings. The material contained in this document is for general information purposes only and does not constitute advice or a recommendation to buy or sell investments. Some of the statements contained in this document may be considered forward looking statements which provide current expectations or forecasts of future events. Such forward looking statements are not guarantees of future performance or events and involve risks and uncertainties. Actual results may differ materially from those described in such forward-looking statements as a result of various factors. We do not undertake any obligation to update the forward-looking statements contained herein, or to update the reasons why actual results could differ from those projected in the forward-looking statements. This document has no contractual value and is not by any means intended as a solicitation, nor a recommendation for the purchase or sale of any financial instrument in any jurisdiction in which such an offer is not lawful. The views and opinions expressed herein are those of HSBC Asset Management at the time of preparation and are subject to change at any time. These views may not necessarily indicate current portfolios' composition. Individual portfolios managed by HSBC Asset Management primarily reflect individual clients' objectives, risk preferences, time horizon, and market liquidity. Foreign and emerging markets: investments in foreign markets involve risks such as currency rate fluctuations, potential differences in accounting and taxation policies, as well as possible political, economic, and market risks. These risks are heightened for investments in emerging markets which are also subject to greater illiquidity and volatility than developed foreign markets. This commentary is for information purposes only. It is a marketing communication and does not constitute investment advice or a recommendation to any reader of this content to buy or sell investments nor should it be regarded as investment research. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. This document is not contractually binding nor are we required to provide this to you by any legislative provision.
All data from HSBC Asset Management unless otherwise specified. Any third-party information has been obtained from sources we believe to be reliable, but which we have not independently verified.
HSBC Asset Management is the brand name for the asset management business of HSBC Group, which includes the investment activities that may be provided through our local regulated entities. HSBC Asset Management is a group of companies in many countries and territories throughout the world that are engaged in investment advisory and fund management activities, which are ultimately owned by HSBC Holdings Plc. (HSBC Group).
- In Australia, this document is issued by HSBC Bank Australia Limited ABN 48 006 434 162, AFSL 232595, for HSBC Global Asset Management (Hong Kong) Limited ARBN 132 834 149 and HSBC Global Asset Management (UK) Limited ARBN 633 929 718. This document is for institutional investors only and is not available for distribution to retail clients (as defined under the Corporations Act). HSBC Global Asset Management (Hong Kong) Limited and HSBC Global Asset Management (UK) Limited are exempt from the requirement to hold an Australian financial services license under the Corporations Act in respect of the financial services they provide. HSBC Global Asset Management (Hong Kong) Limited is regulated by the Securities and Futures Commission of Hong Kong under the Hong Kong laws, which differ from Australian laws. HSBC Global Asset Management (UK) Limited is regulated by the Financial Conduct Authority of the United Kingdom and, for the avoidance of doubt, includes the Financial Services Authority of the United Kingdom as it was previously known before 1 April 2013, under the laws of the United Kingdom, which differ from Australian laws;
- In Bermuda, this document is issued by HSBC Global Asset Management (Bermuda) Limited, of 37 Front Street, Hamilton, Bermuda which is licensed to conduct investment business by the Bermuda Monetary Authority;
- In France, Belgium, Netherlands, Luxembourg, Portugal, Greece, Finland, Norway, Denmark, Spain and Sweden this document is issued by HSBC Global Asset Management (France), a Portfolio Management Company authorised by the French regulatory authority AMF (no. GP99026);
- In Germany, this document is issued by HSBC Global Asset Management (Deutschland) GmbH which is regulated by BaFin (German clients) respective by the Austrian Financial Market Supervision FMA (Austrian clients);
- In Hong Kong, this document is issued by HSBC Global Asset Management (Hong Kong) Limited, which is regulated by the Securities and Futures Commission. This content has not been reviewed by the Securities and Futures Commission;
- In India, this document is issued by HSBC Asset Management (India) Pvt Ltd. which is regulated by the Securities and Exchange Board of India;
- In Italy, this document is issued by HSBC Global Asset Management (France), a Portfolio Management Company authorised by the French regulatory authority AMF (no. GP99026), through its Italian branch, regulated by Banca d’Italia and Commissione Nazionale per le Società e la Borsa (Consob);
- In Japan, this document is issued by HSBC Asset Management (Japan) Ltd (JRN 3010001124868), regulated by the Financial Services Agency;
- In Malta, this document is issued by HSBC Global Asset Management (Malta) Limited which is regulated and licensed to conduct Investment Services by the Malta Financial Services Authority under the Investment Services Act;
- In Mexico, this document is issued by HSBC Global Asset Management (Mexico), SA de CV, Sociedad Operadora de Fondos de Inversión, Grupo Financiero HSBC which is regulated by Comisión Nacional Bancaria y de Valores;
- In the United Arab Emirates, this document is issued by HSBC Investment Funds (Luxembourg) S.A. – Dubai Branch (Level 20, HSBC Tower, PO Box 66, Downtown Dubai, United Arab Emirates) regulated by the Capital Market Authority (CMA) in the UAE to conduct investment fund management, portfolios management, fund administration activities (CMA Category 2 license No.20200000336) and promotion activities (CMA Category 5 license No.20200000327).
- In the United Arab Emirates, this document is issued by HSBC Global Asset Management MENA, a unit within HSBC Bank Middle East Limited, U.A.E Branch, PO Box 66 Dubai, UAE, regulated by the Central Bank of the U.A.E. and the Capital Market Authority in the UAE under CMA license number 602004 for the purpose of this promotion and lead regulated by the Dubai Financial Services Authority. HSBC Bank Middle East Limited is a member of the HSBC Group and HSBC Global Asset Management MENA are marketing the relevant product only in a sub-distributing capacity on a principal-to-principal basis. HSBC Global Asset Management MENA may not be licensed under the laws of the recipient’s country of residence and therefore may not be subject to supervision of the local regulator in the recipient’s country of residence. One of more of the products and services of the manufacturer may not have been approved by or registered with the local regulator and the assets may be booked outside of the recipient’s country of residence.
- In Singapore, this document is issued by HSBC Global Asset Management (Singapore) Limited, which is regulated by the Monetary Authority of Singapore. The content in the document/video has not been reviewed by the Monetary Authority of Singapore;
- In Switzerland, this document is issued by HSBC Global Asset Management (Switzerland) AG. This document is intended for professional investor use only. For opting in and opting out according to FinSA, please refer to our website; if you wish to change your client categorization, please inform us. HSBC Global Asset Management (Switzerland) AG having its registered office at Gartenstrasse 26, PO Box, CH-8002 Zurich has a licence as an asset manager of collective investment schemes and as a representative of foreign collective investment schemes. Disputes regarding legal claims between the Client and HSBC Global Asset Management (Switzerland) AG can be settled by an ombudsman in mediation proceedings. HSBC Global Asset Management (Switzerland) AG is affiliated to the ombudsman FINOS having its registered address at Talstrasse 20, 8001 Zurich. There are general risks associated with financial instruments, please refer to the Swiss Banking Association (“SBA”) Brochure “Risks Involved in Trading in Financial Instruments”;
- In Taiwan, this document is issued by HSBC Global Asset Management (Taiwan) Limited which is regulated by the Financial Supervisory Commission R.O.C. (Taiwan);
- In Turkiye, this document is issued by HSBC Asset Management A.S. Turkiye (AMTU) which is regulated by Capital Markets Board of Turkiye. Any information here is not intended to distribute in any jurisdiction where AMTU does not have a right to. Any views here should not be perceived as investment advice, product/service offer and/or promise of income. Information given here might not be suitable for all investors and investors should be giving their own independent decisions. The investment information, comments and advice given herein are not part of investment advice activity. Investment advice services are provided by authorized institutions to persons and entities privately by considering their risk and return preferences, whereas the comments and advice included herein are of a general nature. Therefore, they may not fit your financial situation and risk and return preferences. For this reason, making an investment decision only by relying on the information given herein may not give rise to results that fit your expectations.
- In the UK, this document is issued by HSBC Global Asset Management (UK) Limited, which is authorised and regulated by the Financial Conduct Authority;
- In the US, this document is issued by HSBC Securities (USA) Inc., an HSBC broker dealer registered in the US with the Securities and Exchange Commission under the Securities Exchange Act of 1934. HSBC Securities (USA) Inc. is also a member of NYSE/FINRA/SIPC. HSBC Securities (USA) Inc. is not authorized by or registered with any other non-US regulatory authority. The contents of this document are confidential and may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose without prior written permission.
- In Chile, operations by HSBC's headquarters or other offices of this bank located abroad are not subject to Chilean inspections or regulations and are not covered by warranty of the Chilean state. Obtain information about the state guarantee to deposits at your bank or on www.cmfchile.cl;
- In Colombia, HSBC Bank USA NA has an authorized representative by the Superintendencia Financiera de Colombia (SFC) whereby its activities conform to the General Legal Financial System. SFC has not reviewed the information provided to the investor. This document is for the exclusive use of institutional investors in Colombia and is not for public distribution;
- In Costa Rica, the Fund and any other products or services referenced in this document are not registered with the Superintendencia General de Valores (“SUGEVAL”) and no regulator or government authority has reviewed this document, or the merits of the products and services referenced herein. This document is directed at and intended for institutional investors only.
- In Peru, HSBC Bank USA NA has an authorized representative by the Superintendencia de Banca y Seguros in Perú whereby its activities conform to the General Legal Financial System - Law No. 26702. Funds have not been registered before the Superintendencia del Mercado de Valores (SMV) and are being placed by means of a private offer. SMV has not reviewed the information provided to the investor. This document is for the exclusive use of institutional investors in Perú and is not for public distribution;
- In Uruguay, operations by HSBC's headquarters or other offices of this bank located abroad are not subject to Uruguayan inspections or regulations and are not covered by warranty of the Uruguayan state. Further information may be obtained about the state guarantee to deposits at your bank or on www.bcu.gub.uy.
Copyright © HSBC Global Asset Management Limited 2026. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, on any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior written permission of HSBC Asset Management.
Content ID: D074062_v1.0; Expiry Date: 30.06.2027
