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Conditions of use
By accessing this website and the products, services, information, tools and materials that it contains or describes (hereinafter, "the website"), you acknowledge that you have understood and accept the following conditions of use.
Access to the website
Access to the website is forbidden to any person from a jurisdiction (by reason of their domicile, residence, nationality or other) whose applicable laws and/or regulations prohibit the publication and/or availability of the website. Persons in respect of whom such prohibitions apply or persons other than those specified above must not access this website. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
No offer
The information on this website does not constitute an offer or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to the investor's needs.
Investment performance
Investment involves risks. The value of an investment and the income received from it can go down as well as up and, on sale, investors may not get back the full amount invested and should be prepared to sustain a total loss of their investment. No assurance can be given that the investment objective of any investment products will be achieved. No representation or promise as to the performance of any investment products or the return on an investment is made. Past performance is not a guide to future performance. Changes in the rates of exchange may have an adverse effect on the value of an investment. The investment returns may be denominated in a foreign currency. Consequently, US dollar / HK dollar-based investors may be exposed to fluctuations in the exchange rate of the relevant foreign currency against US dollar / HK dollar. Please read the offering documents for further details, in particular, the risk factors therein. This website has not been reviewed by the Securities and Futures Commission (SFC). You are advised to exercise caution and if you are in any doubt about any of the contents of this document, you should obtain independent professional advice.
NAVs relating to dates on which shares are not issued or redeemed (“non-trading NAVs”) may be published here. They can only be used for statistical performance measurements and calculations or commission calculations and cannot under any circumstances be used as a basis for subscription or redemption orders.
Finally, the performance shown does not take account of any commissions or costs charged when subscribing to or redeeming units.
Exclusion of warranty
The information and opinions on this website are provided by Pictet Asset Management (Hong Kong) Limited for general information purposes only and does not constitute an advertisement.
Pictet Asset Management (Hong Kong) Limited and its data suppliers make every effort to ensure that the information on this website is accurate and complete at the time of its inclusion. However, although this information is obtained from data suppliers and sources that are in good faith believed to be reliable, Pictet Asset Management (Hong Kong) Limited does not guarantee, explicitly or implicitly, that such information is accurate, up-to-date or exhaustive. Furthermore, any view or opinion expressed on this website is subject to alteration without notice. There is no guarantee that the information on this website has not been altered as a result of technical malfunctions (disconnection, interference by third parties, computer viruses, etc.).
The latest versions of the offering documents, annual reports and semi-annual reports of the investment funds are the only versions deemed to be official fund publications on which investment decisions may be based.
Limitation of liability
Pictet Asset Management (Hong Kong) Limited and its data suppliers accept no liability for any loss or damage of any nature whatsoever, whether direct, indirect or consecutive, arising from accessing, using, consulting or navigating its website, or from links to other websites.
Local legal restrictions
None of the investment funds mentioned nor any of the related prospectuses shall be distributed to persons resident in any State in which the distribution of such funds or prospectuses is contrary to local laws and/or regulations. Such persons are forbidden to access this website.
It is your responsibility to ensure that you are authorised to access this website.
The latest versions of the offering documents, annual report and semi-annual report translated into the language of your country of residence conform with any requirements laid down in the laws or regulations of that country. These documents may be obtained free of charge from the investment fund representative in the countries of domicile of the funds in question or in the countries in which the funds are registered.
The following pages contain information and material relating to funds that are authorized by the SFC in Hong Kong, however, SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Some pages may contain information and material relating to funds that are not authorized by the SFC. Such funds are not available to the public in Hong Kong.
Material interests
The Pictet Group, its managing partners, directors, managers and staff may hold or may have held interests or positions in the securities referred to on this website or may have negotiated or acted as a market maker in respect of these securities. Furthermore, these entities or persons may have – or may have had – relationships with directors of the companies issuing the above-mentioned securities, and may supply – or may have supplied – financial or other services to them, or may hold or may have held directorships of the companies in question.
Tax
Tax treatment depends on the personal circumstances of the investor and is subject to change. Investors are advised to seek specific professional advice before making any investment decision.
Ownership of website, brands and copyright
Pictet Asset Management (Hong Kong) Limited and the other Pictet Group brands mentioned on the website are registered trademarks or service marks of the Pictet Group or its affiliated companies.
Unless otherwise indicated, the entire website is protected by copyright. It is forbidden to reproduce (in full or in part), transmit (by electronic or any other means), amend, create a link to or use this website for any public or commercial purposes without the prior agreement of Pictet Asset Management (Hong Kong) Limited.
Links to other websites
This website may provide automatic links to other websites. You use such links to any external websites entirely at your own risk. Pictet Asset Management (Hong Kong) Limited does not verify the accuracy of the information provided on the websites mentioned on this website. Pictet Asset Management (Hong Kong) Limited therefore accepts no liability for their content or for the products, services or other offers available through them. The websites may contain information and material relating to funds that are not authorized by the Securities and Futures Commission in Hong Kong for distribution to the public in Hong Kong. Due care should be taken by all Hong Kong intermediaries that they comply with all relevant local rules and regulations in responding to requests from clients for information in respect of the investment products referred to on such websites. You are advised to exercise caution and if you are in any doubt about any of the contents of the websites, you should obtain independent professional advice.
This website is prepared and issued by Pictet Asset Management (Hong Kong) Limited, which is a corporation licensed by the SFC to engage in Type 1 (dealing in securities); Type 2 (dealing in futures contracts); Type 4 (advising on securities) and Type 9 (asset management) regulated activities. The contents of this website have not been reviewed by the SFC or any regulatory authority in Hong Kong. You are advised to exercise caution and if you are in doubt about any of the contents of this website, you should obtain independent professional advice.
I have read and accept the present terms and conditions of use.
Conditions of use
By accessing this website and the products, services, information, tools and materials that it contains or describes (hereinafter, "the website"), you acknowledge that you have understood and accept the following conditions of use.
Access to the website
Access to the website is forbidden to any person from a jurisdiction (by reason of their domicile, residence, nationality or other) whose applicable laws and/or regulations prohibit the publication and/or availability of the website. Persons in respect of whom such prohibitions apply or persons other than those specified above must not access this website. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
No offer
The information on this website does not constitute an offer or a recommendation to implement or liquidate an investment or to carry out any other transaction. It should not be used as a basis for any investment decision or other decision. Any investment decision should be based on appropriate professional advice specific to the investor's needs.
Investment performance
Investment involves risks. The value of an investment and the income received from it can go down as well as up and, on sale, investors may not get back the full amount invested and should be prepared to sustain a total loss of their investment. No assurance can be given that the investment objective of any investment products will be achieved. No representation or promise as to the performance of any investment products or the return on an investment is made. Past performance is not a guide to future performance. Changes in the rates of exchange may have an adverse effect on the value of an investment. The investment returns may be denominated in a foreign currency. Consequently, US dollar / HK dollar-based investors may be exposed to fluctuations in the exchange rate of the relevant foreign currency against US dollar / HK dollar. Please read the offering documents for further details, in particular, the risk factors therein. This website has not been reviewed by the Securities and Futures Commission (SFC). You are advised to exercise caution and if you are in any doubt about any of the contents of this document, you should obtain independent professional advice.
NAVs relating to dates on which shares are not issued or redeemed (“non-trading NAVs”) may be published here. They can only be used for statistical performance measurements and calculations or commission calculations and cannot under any circumstances be used as a basis for subscription or redemption orders.
Finally, the performance shown does not take account of any commissions or costs charged when subscribing to or redeeming units.
Exclusion of warranty
The information and opinions on this website are provided by Pictet Asset Management (Hong Kong) Limited for general information purposes only and does not constitute an advertisement.
Pictet Asset Management (Hong Kong) Limited and its data suppliers make every effort to ensure that the information on this website is accurate and complete at the time of its inclusion. However, although this information is obtained from data suppliers and sources that are in good faith believed to be reliable, Pictet Asset Management (Hong Kong) Limited does not guarantee, explicitly or implicitly, that such information is accurate, up-to-date or exhaustive. Furthermore, any view or opinion expressed on this website is subject to alteration without notice. There is no guarantee that the information on this website has not been altered as a result of technical malfunctions (disconnection, interference by third parties, computer viruses, etc.).
The latest versions of the offering documents, annual reports and semi-annual reports of the investment funds are the only versions deemed to be official fund publications on which investment decisions may be based.
Limitation of liability
Pictet Asset Management (Hong Kong) Limited and its data suppliers accept no liability for any loss or damage of any nature whatsoever, whether direct, indirect or consecutive, arising from accessing, using, consulting or navigating its website, or from links to other websites.
Local legal restrictions
None of the investment funds mentioned nor any of the related prospectuses shall be distributed to persons resident in any State in which the distribution of such funds or prospectuses is contrary to local laws and/or regulations. Such persons are forbidden to access this website.
It is your responsibility to ensure that you are authorised to access this website.
The latest versions of the offering documents, annual report and semi-annual report translated into the language of your country of residence conform with any requirements laid down in the laws or regulations of that country. These documents may be obtained free of charge from the investment fund representative in the countries of domicile of the funds in question or in the countries in which the funds are registered.
The following pages contain information and material relating to funds that are authorized by the SFC in Hong Kong, however, SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Some pages may contain information and material relating to funds that are not authorized by the SFC. Such funds are not available to the public in Hong Kong.
Material interests
The Pictet Group, its managing partners, directors, managers and staff may hold or may have held interests or positions in the securities referred to on this website or may have negotiated or acted as a market maker in respect of these securities. Furthermore, these entities or persons may have – or may have had – relationships with directors of the companies issuing the above-mentioned securities, and may supply – or may have supplied – financial or other services to them, or may hold or may have held directorships of the companies in question.
Tax
Tax treatment depends on the personal circumstances of the investor and is subject to change. Investors are advised to seek specific professional advice before making any investment decision.
Ownership of website, brands and copyright
Pictet Asset Management (Hong Kong) Limited and the other Pictet Group brands mentioned on the website are registered trademarks or service marks of the Pictet Group or its affiliated companies.
Unless otherwise indicated, the entire website is protected by copyright. It is forbidden to reproduce (in full or in part), transmit (by electronic or any other means), amend, create a link to or use this website for any public or commercial purposes without the prior agreement of Pictet Asset Management (Hong Kong) Limited.
Links to other websites
This website may provide automatic links to other websites. You use such links to any external websites entirely at your own risk. Pictet Asset Management (Hong Kong) Limited does not verify the accuracy of the information provided on the websites mentioned on this website. Pictet Asset Management (Hong Kong) Limited therefore accepts no liability for their content or for the products, services or other offers available through them. The websites may contain information and material relating to funds that are not authorized by the Securities and Futures Commission in Hong Kong for distribution to the public in Hong Kong. Due care should be taken by all Hong Kong intermediaries that they comply with all relevant local rules and regulations in responding to requests from clients for information in respect of the investment products referred to on such websites. You are advised to exercise caution and if you are in any doubt about any of the contents of the websites, you should obtain independent professional advice.
This website is prepared and issued by Pictet Asset Management (Hong Kong) Limited, which is a corporation licensed by the SFC to engage in Type 1 (dealing in securities); Type 2 (dealing in futures contracts); Type 4 (advising on securities) and Type 9 (asset management) regulated activities. The contents of this website have not been reviewed by the SFC or any regulatory authority in Hong Kong. You are advised to exercise caution and if you are in doubt about any of the contents of this website, you should obtain independent professional advice.
I have read and accept the present terms and conditions of use.
Trip notes - China materials: A view from the ground
Notes from our recent China tour as we assessed how recent developments have impacted the materials sector.
Written by
Much has been discussed about the developments in the Chinese materials market. Environmental regulations and winter season shutdowns have had a pronounced impact on Chinese materials supply and by extension on global pricing. The wide ranging implications of Chinese supply curtailment, and of course the evolution of Chinese demand, led us to plan a trip to the region to get a feel for what is actually going on in government offices, on production sites, and company meeting rooms.
What is certain is that the environmental changes are here to stay
For the sake of brevity, in this short blog post we’ll focus on steel and iron ore. At the risk of sounding like a central banker under journalist pressure, the overall impression was one of cautious optimism. What is certain is that the environmental changes are here to stay. Inefficient and polluting steel mills continue to be shut down and taken off the market. This puts a floor on steel mill margins as the government is clearly committed to delivering a reformed and profitable industry. With that said, a return to the buoyant margins seen during the second half of 2017 is unlikely as a key input, coking coal, is in short supply and will likely remain well bid.
Separately, as for iron ore, pricing is likely to stay range bound but still at great levels for decent cashflow generation. In the short term, here it would seem risks are skewed to the downside. Inventory levels have piled up as Chinese market participants overestimated construction starts. As of yet, we do not see this as a concern. Many seasonal factors ranging from the recent National Communist Party Congress to a late Chinese New Year have had a temporary effect.
These sorts of trips provide us with snippets of information which are crucial to our bottom-up fundamental approach.
Important legal information
This marketing document is issued by Pictet Asset Management. It is neither directed to, nor intended for distribution or use by any person or entity who is a citizen or resident of, or domiciled or located in, any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the fund’s prospectus, the KIID (Key Investor Information Document), regulations, annual and semi-annual reports may be relied upon as the basis for investment decisions. These documents are available on assetmanagement.pictet.
This document is used for informational purposes only and does not constitute, on Pictet Asset Management part, an offer to buy or sell solicitation or investment advice. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. The effective evolution of the economic variables and values of the financial markets could be significantly different from the indications communicated in this document.
Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. Pictet Asset Management has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional.
The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise and, as a consequence, investors may receive back less than originally invested. Risk factors are listed in the fund’s prospectus and are not intended to be reproduced in full in this document.
Past performance is not a guarantee or a reliable indicator of future performance. Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming shares. This marketing material is not intended to be a substitute for the fund’s full documentation or for any information which investors should obtain from their financial intermediaries acting in relation to their investment in the fund or funds mentioned in this document.
EU countries: the relevant entity is Pictet Asset Management (Europe) S.A., 15, avenue J. F. Kennedy, L-1855 Luxembourg
Switzerland: the relevant entity is Pictet Asset Management SA , 60 Route des Acacias – 1211 Geneva 73
Hong Kong: this material has not been reviewed by the Securities and Futures Commission or any other regulatory authority. The issuer of this material is Pictet Asset Management (Hong Kong) Limited.
Singapore: this material is issued by Pictet Asset Management (Singapore) Pte Ltd. This material is intended only for institutional and accredited investors and it has not been reviewed by the Monetary Authority of Singapore.
For Australian investors, Pictet Asset Management Limited (ARBN 121 228 957) is exempt from the requirement to hold an Australian financial services license, under the Corporations Act 2001.
For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.
For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.
Pictet Asset Management Inc. (Pictet AM Inc) is responsible for effecting solicitation in North America to promote the portfolio management services of Pictet Asset Management Limited (Pictet AM Ltd) and Pictet Asset Management SA (Pictet AM SA).
In Canada Pictet AM Inc. is registered as Portfolio Manager authorised to conduct marketing activities on behalf of Pictet AM Ltd and Pictet AM SA. In the USA, Pictet AM Inc. is registered as an SEC Investment Adviser and its activities are conducted in full compliance with the SEC rules applicable to the marketing of affiliate entities as prescribed in the Adviser Act of 1940 ref. 17CFR275.206(4)-3.