Central bank policies, trade negotiations and geopolitical tensions could move markets
in the months ahead, but still-solid economic fundamentals may help keep both U.S. and
global growth positive, even if slower than in recent months.
· INVESTMENT INVOLVES RISKS. The value of the Funds can be volatile and investors may not get back the amount originally invested. Past performance is not indicative of future results.
· The Funds are sub-funds of Legg Mason Global Funds plc, an open-ended umbrella investment company constituted in Ireland. The Funds have different investment objectives and risk profiles which may invest in equity securities, debt securities, derivatives and/or other financial instruments. You may refer to the respective webpages of the Funds for the detail investment objectives.
· In light of the investment style, some of the Funds may face the risk of mis-estimation by the Sub-Investment Manager in its fundamental analysis regarding the companies in which the Funds invest. The performance of the Funds may not closely correlate to specific market indices over time and may include extended periods of underperformance as compared to the broader market.
· The directors of Legg Mason Global Funds Plc may at their discretion pay dividends out of capital of a Distributing Plus Share Class. The payment of dividends out of capital effectively amounts to a return or withdrawal of an investor´s original capital investment or of capital gains attributable to that original investment. Such distribution will result in a corresponding immediate decrease in the Net Asset Value per share of these Share Classes.
· Depending on the fund(s) invested, investors may be exposed to equity market, concentration, custody and settlement, currency, credit, liquidity, convertible securities, debt securities (including risks of Government securities, rated and unrated securities) and interest rate risks.
· Some funds may be invested in shares of other investment companies and/or Exchange Traded Funds, and Real Estate Investment Trusts which involves additional risks.
· Some Funds may be invested in inflation protected securities, 'non-investment grade'/ unrated debt securities, mortgage-backed securities and/ or asset-backed securities, which may carry different degrees of risks.
· Some Fund’s investments are concentrated in one single country (i.e. the United States), the Fund carries more risk than other funds that diversify across multiple countries.
· Some Funds may be exposed to China-specific risks, including the risk of significant change in Chinese political, social or economic policy, which may adversely affect the capital growth and performance of such investments. There are also special risks associated with the Shanghai-Hong Kong Stock Connect and/or Shenzhen-Hong Kong Stock Connect.
· Some Funds may invest in sovereign bonds and may expose to the risk that sovereign issuers’ ability to repay principal and/or interest when due may be adversely impacted by political, economic or other factors, and there may be limited legal recourse against the sovereign issuer in case of default. The Fund(s) may invest more than 10% of its net assets (but no more than 35%) in the securities of a single sovereign rated below investment grade, such as Venezuela. In adverse situations, the Fund(s) may incur substantial loss.
· Some Funds may invest in US, Asian and/ or emerging markets which involve special risks.
· Some Funds may have significant exposures to Euro denominated securities or unsecured debt instruments issued by EU domiciled financial institutions and carries more risk than other funds that diversify across multiple regions. In light of the current fiscal conditions and concerns of the sovereign risk of certain European countries, there is an increased amount of volatility, liquidity, price and foreign exchange risk associated with relevant securities. The performance of the Fund(s) could deteriorate significantly should there be any adverse credit events (e.g. downgrade of the sovereign credit rating of a European country), or when any country abandons the Euro and/ or withdraws from the European Union.
· Some Funds may invest in securities of smaller companies which generally are less liquid and more volatile than those of larger companies; and smaller companies generally are more likely to be adversely affected by poor economic or market conditions.
· Some Funds may use certain types of financial derivative instruments ("FDIs") extensively for investment and other non-hedging purposes, which may involve a higher degree of risk such as counterparty, volatility, liquidity, leverage and valuation risks. The Funds may suffer a total or significant loss arising from the extensive use of FDIs.
· Some Funds may invest in Master Limited Partners and/ or Business Development Companies, which may be relatively illiquid, and may be more adversely affected by changes in economic or other conditions which could cause a substantial loss to the investments held by, hence the value of, the Funds.
Investors should not invest based on this marketing material alone. Offering documents should be read for further details, including the risk factors.
This website is only directed at investors based in the Hong Kong Special Administrative Region of the People’s Republic of China ("Hong Kong"). Persons resident in territories other than Hong Kong should not access this website.
This website only includes information on those funds that are authorized in Hong Kong pursuant to section 104 of the Securities and Futures Ordinance. Authorization does not imply official approval or recommendation.
This website has not been reviewed by the Hong Kong Securities and Futures Commission. Please read the following important information and confirm that you agree to the terms and conditions of this website (these "Terms") and that you are resident in Hong Kong. If you do not agree with these Terms, please do not use this website.
By clicking “ACCEPT”, you confirm that you have read and accept these Terms and that you are resident in Hong Kong.
This website is owned and operated by Legg Mason Asset Management Hong Kong Limited ("LMAMHK"), which is an indirect wholly owned subsidiary of Legg Mason, Inc., a U.S. based financial services holding company that is listed and traded on the New York Stock Exchange. All information on this website is approved for publication by LMAMHK. LMAMHK is licensed by the Securities and Futures Commission in Hong Kong.
LMAMHK reserves the right, in its sole discretion, to change, modify, add or remove portions of these Terms at any time without notice to website users. Similarly, LMAMHK reserves the right, in its sole discretion, to change, modify, add or remove the content of this website. You must check these Terms periodically for changes. Any changes, modifications, or additions to, or deletions from these Terms shall be notified to you by, and effective upon, posting on this website. You agree that such notification of changes shall be sufficient notice for the purpose of this clause. If you access and/or use this website after we have posted changes to these Terms, you are deemed to have accepted these Terms as changed. If you do not agree to be bound by the changes, you shall immediately cease all access and/or use of this website. LMAMHK reserves the right to grant or revoke the authority of any person to use this website at its absolute discretion.
You agree:- (i) to comply with all the notices, guidelines, rules and instructions pertaining to the use of the website as issued by LMAMHK from time to time and/or made available at this website, including all specific terms and conditions governing use of specific aspects of the website set out in any additional terms and conditions; (ii) to abide by all applicable laws and regulations in your use of the website; (iii) not to impersonate any person or entity or to falsely state or otherwise misrepresent your affiliation with any person or entity; (iv) not to upload or distribute in any way files that contain viruses, corrupted files or any other similar software, programs, macros or files that may impair or damage the operation of another's computer or handset; and (v) not to post, promote or transmit through the website any unlawful, harassing, libellous, harmful, vulgar, obscene or otherwise objectionable material of any kind or nature.
The information provided on this website is not intended for distribution to, or use by, any person or entity in the United States, or any jurisdiction or country where such distribution or use would be contrary to law or regulation, or which would subject LMAMHK and its affiliates (collectively hereafter "Legg Mason") or any of Legg Mason's funds, products or services to any registration requirement within such jurisdiction or country. If you choose to access this website from a location other than Hong Kong, you do so without invitation and on your own initiative, and you are solely responsible for compliance with any applicable local laws and regulations.
All copyrights, trademarks, logos, service marks, trade names, or other intellectual property displayed on, or used in conjunction with, this website are proprietary to Legg Mason, unless otherwise indicated. All intellectual property and proprietary rights in the content, including but not limited to text, software, code, scripts, webpages, music, sound, photographs, video, graphics, graphical user interface, forms, diagrams or other material contained in this website belong to Legg Mason or the applicable third party service provider unless otherwise indicated. Legg Mason reserves all rights with respect to intellectual property ownership of all materials on this website, and will enforce such rights to the full extent permissible by law. The materials accessible on or through this website are made available for personal browsing and printing purposes only. You may access materials displayed on this website for your non-commercial use only provided that you also retain all copyright and other proprietary notices contained on the materials. Users of this website may not:
1. copy, reproduce, modify, sell, republish, post, transmit, or distribute in any way materials from this website without the express, written permission of Legg Mason;
2. use, copy, modify, or display any Legg Mason name, logo, text, or graphic image without Legg Mason's express written permission;
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4. use or reproduce the pages, text, images, or other content from this website for any purpose other than browsing or printing for personal, non-commercial use only;
5. take any action to create an impression of affiliation, sponsorship, or endorsement between any user and/or website and Legg Mason; or
6. insert a hyperlink to this website (or any part thereof) on any other website or webpage or "mirror" any materials contained on this website on any other server or establish and/or maintain, on any website or webpage, any in-links, frame-links and/or any other type of hyperlinks to this website or any part thereof.
Any hyperlinks to any other websites which are not issued or owned by Legg Mason are not an endorsement or verification of such websites and such websites should only be accessed at the user's own risks. Legg Mason is in no way responsible for the content of any website, owned or operated by a third party, that may be linked to this website via hyperlink, whether such hyperlink is provided by Legg Mason or by a third party. Unless the linked website is owned or operated by Legg Mason, the information contained in any such linked website is neither prepared nor maintained by Legg Mason, and Legg Mason has not reviewed or updated and will not review or update the information contained in any such linked website. Legg Mason is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, or reliability of such linked website. Use of any website hyperlinked to or from this website shall be at your own risk. It is up to you to take precautions to ensure that whatever you select for your use is free of such items as viruses, worms, trojan horses and other items of a destructive nature.
Third Party Content
Through this website, you may have access to market data such as news reports, third-party analyst reports, research, last sale transaction data, securities price quotations, and other information relating to securities and the securities markets ("Market Data"). Legg Mason may obtain such Market Data from third parties who are independent of Legg Mason. Even though the sources of the Market Data provided on this website are believed to be reliable, Legg Mason is not responsible for, and makes no warranty with respect to the contents, accuracy, completeness, timeliness, suitability, reliability, merchantability or fitness for any particular purpose of the Market Data.
The Market Data is provided on "as is" and "as available" bases. Legg Mason will not be responsible for lost profits, trading losses, or any other damages resulting from inaccurate, defective, or unavailable Market Data or other information. Legg Mason is not obligated to update or to continue to offer Market Data or other information accessible through this website.
Any Market Data and other information accessible through this website is for personal, non-commercial use. You agree not to reproduce, modify, sell, distribute, broadcast, publish or use for any commercial or unlawful purpose any Market Data or other information you access through this website.
The following information is important and is for your protection. This website is for information purposes only and does not constitute an offer to sell or a solicitation or an offer to buy any security that may be referenced on or through this website. Nor does this website constitute an offering or recommendation by Legg Mason of any security, investment management service, or advisory service. No investment advice, tax advice, or legal advice is provided through this website, and you agree that this website will not be used by you for these purposes. No representation is given that the securities, products, or services discussed on or accessible through this website are suitable for any particular investor. You acknowledge that your use of this website and requests for information are unsolicited, and the provision of any information through this website shall not constitute or be considered investment advice, or an offer to sell, or a solicitation of an offer to buy any security. This website should not be considered as communicating any invitation or inducement to engage in investment activity.
Nothing contained within this website should be construed as investment advice. An investment in any of the funds mentioned in this website may not be suitable for all investors. You should consider whether the security, investment products or services referred to, discussed on, or accessible through, this website are suitable for you, and Legg Mason strongly recommend that you seek independent financial advice before making any investment decisions. Investment in any of the products outlined in this website should only be made on the basis of the relevant Hong Kong offering document.
Any forecasts or opinions set out on this website are Legg Mason's own as at the date of the relevant document and may change without notice and should not be regarded as a guarantee or indication of future or likely performance of the subject matter in question. Whilst Legg Mason believes that the information provided on this website is correct as at the date of production, no warranty or representation is given to this effect and Legg Mason expressly disclaims liability for errors or omissions in such information. No reliance may be placed for any purpose on the information and opinions provided on this website or the accuracy or completeness thereof and no responsibility can be accepted by Legg Mason to anyone for any action taken on the basis of such information or opinions.
You should be aware of the following general risk factors before making any investment decisions:
Investment involves risks.
Past performance is no guide to future returns. Please note that the price of units or shares and the income from them can fall as well as rise and you may not get back the amount originally invested.
The value of your investment and any income from it can fall as well as rise and you may not get back the amount you have invested.
Exchange rate fluctuations may affect the value of an investment and any income derived from it.
If you exercise any right to cancel, you may not get back the amount initially invested if the unit or share price has fallen since you invested.
Deductions for charges and expenses (particularly the initial charge) are not made uniformly throughout the life of the investment, so if you redeem out of the investment during the early years, you may not get back the amount invested.
There can be no guarantee that the tax position or proposed tax position prevailing at the time of an investment will not change.
Dividends and capital gains on securities issued in the relevant funds may be subject to withholding taxes imposed by the countries in which each particular fund invests.
The investment decision is yours but you should not invest unless the intermediary who offers you the funds has advised you that the funds are suitable for you and has explained why, including how the investment will be consistent with your investment objectives.
You must read the relevant Hong Kong offering document of the fund for all the relevant risk factors pertaining to that investment.
Use of Internet Communication
You acknowledge that messages sent over the Internet (including, without limitation, emails) cannot be guaranteed to be completely secure. If you transmit any communication through this website to Legg Mason directly or through any third party internet or other service provider, you shall be responsible and liable for any unauthorized access, errors, omissions or failures that may be made while transmitting such communications. This website is not designed for the transmission of time sensitive or action-oriented messages, and if you use this website to transmit time sensitive or action-oriented messages, you will be responsible and liable for any loss that may arise, and you transmit such information at your own risk.
Legg Mason shall not be under any obligation whatsoever, express or implied, to reply to unsolicited correspondence, communications or email or to acknowledge receipt of the same. In addition, Legg Mason may not, and is not obliged to, process your requests, orders, or instructions until Legg Mason can confirm your instructions or obtain appropriate written documentation where it deems necessary.
Your privacy is very important to Legg Mason. To the extent any information you provide to Legg Mason constitutes personal data, we have set procedures for the use of that information.
Legg Mason does not warrant this website for any particular purpose. It is provided "as is" and on an "as available" basis. Legg Mason disclaims, to the fullest extent of the law, any warranty of any kind, whether statutory, express or implied, as to any information, materials, content or matter provided at or through this website or otherwise relating to this website, including, without limitation, the implied warranties of merchantability, fitness for a particular purpose, non-infringement of third party rights, or freedom from computer virus or other malicious destruction or corrupting code, agent, program or macros. Use of this website is at your own risk.
Legg Mason and its directors, officers, or employees will not be liable or have any responsibility of any kind for any loss or damage that you incur arising from or in connection with:
1. any delay, termination, failure, defect, or interruption in the transmission of this website;
2. any inaccuracy, error, unavailability, or incompleteness in the transmission of this website;
3. any termination or interruption of your access to this website;
4. your reliance on or use of this website;
5. any e-mail requests, orders, or instructions you send, or the interception by third parties of any requests, orders, or instructions you send via e-mail;
6. any act or omission of Legg Mason in making this website available to you; or
7. any other cause relating to your access to or use of this website, whether or not the circumstances giving rise to such cause may have been within the control of Legg Mason or within the control of any other party providing software or services support for this website.
Legg Mason does not warrant that this website, or the functions contained in this website, will be uninterrupted or error-free, that defects will be corrected, or that this website, or the servers that make it available, are free from viruses or other harmful components. You assume the entire cost of any necessary servicing, repairing, or correcting of your property or operations as a result of using this website. You accept at your own risk that the Internet or other online communications medium may not perform as intended as a result of human, mechanical, or other error, despite the efforts of Legg Mason, you, or any third party.
In no event will Legg Mason or its directors, officers, or employees be liable to you for any direct, indirect, special, consequential, or incidental damages related in any way to your use of this website, even if: (a) such damages are reasonably foreseeable; or (b) Legg Mason or any other party has been advised of the possibility of such damages.
You agree to indemnify Legg Mason and their officers, directors, employees and agents in respect of any third party claim for any injury, loss, damage or expense occasioned by or arising directly or indirectly from your use of this website or any information or content therein, and/or the use or supply of information to a third party provided in breach of any of your obligations under these Terms.
You acknowledge and agree that LMAMHK's records and any records of communications, transactions, instructions or operations relating to the operation of the website and any record of any communications, transactions, instructions or operations maintained by LMAMHK or by any relevant person authorised by LMAMHK relating to or connected with the website shall be binding on you for all purposes whatsoever and shall be conclusive evidence of such communications, transactions, instructions or operations. You agree that such records are admissible in evidence and that you shall not challenge or dispute the admissibility, reliability, accuracy or the authenticity of the contents of such records merely on the basis that such records were in electronic form or were produced by or are the output of a computer system, and hereby waive any of your rights (if any) to so object.
These Terms shall be governed by and construed in accordance with the laws of Hong Kong and you agree to submit to the non-exclusive jurisdiction of the Hong Kong courts. If any part of these Terms is held invalid or unenforceable, that part shall be deemed modified as necessary to make it effective, and the remaining provisions of these Terms shall remain in full force and effect.
In case of any discrepancies between the English and Chinese versions of these Terms, the English version shall prevail.
Issued and approved by Legg Mason Asset Management Hong Kong Limited, which is licensed by the Securities and Futures Commission in Hong Kong, and whose registered office is at Suites 1202-03, 12/F, York House, The Landmark, 15 Queen's Road Central, Hong Kong.
IMPORTANT: By accessing this website, you agree to the terms set out below. If you do not agree to the terms, please do not use this website.
Your privacy is very important to Legg Mason Asset Management Hong Kong Limited (“LMAMHK”) and its affiliates (collectively hereafter “Legg Mason”). To the extent any information you provide to Legg Mason constitutes personal data, we have set procedures for the use of that information.
From time to time, it is necessary for you to supply Legg Mason with personal data in connection with the use of this website, in the course of business relationship with Legg Mason, for provision of services to you, and/or for processing requests from you. The kinds of data that may be collected include, without limitation, name, job title, email address, phone number, address, and name of the company you represent.
Failure to supply such personal data may result in your inability to use or access this website, or parts of this website, and/or Legg Mason being unable to process your request and/or provide services to you.
Please note that if you telephone Legg Mason, calls may be monitored or recorded to maintain and improve services.
The purposes for which personal data relating to you may be used are as follows:
1. enabling and/or ensuring the daily operation of this website and/or services provided to you;
2. processing your requests submitted to Legg Mason, whether through this website or by other means;
3. promoting and marketing services and products of Legg Mason;
4. providing alerts, newsletters, leaflets, investor communications and investment education materials requested/signed up by users;
5. designing and organising financial, investment seminars/events/forums;
6. compliance with the disclosure, reporting, and any other legal and regulatory requirements (including without limitation, tax reporting, detection, investigation and prevention of money laundering, terrorist financing, bribery, corruption and fraud) under any applicable laws and regulations, judgment, court order, sanctions regime or Legg Mason group’s compliance policy;
7. enabling a potential purchaser of all or any part of the business or shares of Legg Mason to evaluate the transaction intended to be the subject of such purchase; and
8. purposes directly related to or incidental to the above, including, without limitation, seeking professional advice.
Personal data held by Legg Mason relating to you will be kept confidential but Legg Mason may transfer such information to the following parties whether within or outside Hong Kong for the purposes set out above:
1. the ultimate holding company, subsidiaries and/or affiliates of LMAMHK, and the employees, officers and directors of LMAMHK and such holding company, subsidiaries and/or affiliates;
2. the intermediaries of Legg Mason (including third party financial institutions such as banks and insurers);
3. any agent, contractor, cloud provider or third party service provider who provides administrative, research, design, launch, data storage, telecommunications, software development and application, printing, letter-shopping, mailing, computer, payment, securities clearing and settlement or other services to Legg Mason in connection with the operation of its business; and
4. any legal, regulatory, judicial, administrative, public or law enforcement body, or governmental, tax, revenue, monetary, securities or future exchange, court, central bank or other authorities, or self-regulatory or industry bodies or associations of financial service providers, or any of their agents with jurisdiction over all or any part of Legg Mason group.
Our website utilizes a variety of technologies (including, without limitation, cookies and web beacons) to collect, store, and aggregate data about usage and browsing patterns. These technologies may identify users and can store information about them and their usage and browsing patterns. These technologies help us analyze and better understand the use of this website by the users so that improvements can be made to this website.
Data collected by Legg Mason may be maintained for such period of time required under applicable laws and regulations or as otherwise required to fulfil any of the purposes set out above.
You are entitled under the Personal Data (Privacy) Ordinance (Cap. 486 of Laws of Hong Kong) (the "Ordinance") to check whether Legg Mason holds personal data about you and request access to such data, request Legg Mason to correct any personal data relating to you which is inaccurate, and ascertain Legg Mason’s policies and practices in relation to personal data and be informed of the kind of personal data held by Legg Mason. In accordance with the terms of the Ordinance, Legg Mason has the right to charge a reasonable fee for processing of any data access request.
All requests for access to or correction of personal data or for information regarding the policies and practices and kinds of data held by Legg Mason, should be addressed to:
Data Protection Officer
Legg Mason Asset Management Hong Kong Limited
Suites 1202-03, 12/F, York House, The Landmark
15 Queen's Road Central
Nothing in this Policy shall limit your rights under the Ordinance.
In case of any discrepancies between the English and Chinese versions of this Policy, the English version shall prevail.
Issued and approved by Legg Mason Asset Management Hong Kong Limited which is licensed by the Securities and Futures Commission in Hong Kong, and whose registered office is at Suites 1202-03, 12/F, York House, The Landmark, 15 Queen's Road Central, Hong Kong.