AllianceBernstein - American Growth Portfolio (USD) A
Last NAV
(Last Update : 2024/05/17)
1-Month return
Fund House AllianceBernstein Hong Kong Ltd
Fund Type Equity Funds
Fund Size
Sector Growth
Geographic Allocation US
Fund Investment Objective & Strategy
The investment objective of the Portfolio is to increase the value of your investment over time through capital growth. In actively managing the Portfolio, the Investment Manager focuses on US largecapitalisation companies. The Investment Manager uses fundamental research to build a comparatively concentrated, high conviction Portfolio of securities (typically 40-60 companies) that the Investment Manager believes are of high quality and superior long-term growth characteristics (bottom-up approach). Under normal market conditions, the Portfolio typically invests at least 80%, and not less than two thirds, of its net asset value in equity securities of companies that are organised, or have substantial business activities, in the US. Although the Portfolio invests primarily in US stocks, it may invest up to 15% of its net asset value in the equity securities of non-US companies issued by companies with substantial business activities in the US. The Portfolio’s equity investments may include convertible securities, depositary receipts and exchange traded funds (ETFs).
Key Risks
General Investment Risk: The Portfolio’s investment may fall in value due to any of the key risk factors below and therefore your investment in the Portfolio may suffer losses. There is no guarantee of the repayment of principal. Equities Securities Risk: The Portfolio’s investment in equity securities is subject to general market risks, whose value may fluctuate due to various factors, such as changes in investment sentiment, political and economic conditions and issuer-specific factors. Concentration Risk: The Portfolio’s investments are concentrated in the US market. The value of the Portfolio may be more volatile than that of a fund having a more diverse portfolio of investments. The value of the Portfolio may be more susceptible to adverse economic, political, policy, foreign exchange, liquidity, tax, legal or regulatory event affecting the market.Currency Risk: Underlying investments may be denominated in one or more currencies different from the Portfolio's base currency. Also, a class of shares may be designated in a currency other than the base currency of the Portfolio. This means changes in exchange rate controls, currency movements in such underlying investments and fluctuations in the exchange rates between these currencies and the base currency may significantly and unfavorably affect the net asset value of the Portfolio’s shares. Risk Relating to Renminbi (“RMB”) Class(es): RMB is currently not freely convertible and is subject to exchange controls and restrictions. Non-RMB based investors are exposed to foreign exchange risk and there is no guarantee that the value of RMB against the investors’ base currencies (for example HKD) will not depreciate. Any depreciation of RMB could adversely affect the value of investor’s investment in the Portfolio. Although offshore RMB (CNH) and onshore RMB (CNY) are the same currency, they trade at different rates. Any divergence between CNH and CNY may adversely impact investors. Under exceptional circumstances, payment of redemptions and/or dividend payment in RMB may be delayed due to the exchange controls and restrictions applicable to RMB. Risk in Investing in Financial Derivative Instruments: Risks in investing with financial derivative instruments include counterparty/credit risk, liquidity risk, valuation risk, volatility risk and over-the-counter transaction risk. The leverage element/component of a financial derivative instrument can result in a loss significantly greater than the amount invested in the financial derivative instrument by the Portfolio. Exposure to financial derivative instrument may lead to a high risk of significant loss by the Portfolio. Risks Associated with Payment of Dividends out of Capital: The Board has the sole and absolute discretion to amend the dividend policy, subject to the SFC’s prior approval (if required) and by giving no less than one month’s prior notice to investors. Dividend yield is not indicative of return of the Portfolio. Dividends may be paid from capital or effectively out of the capital of the Portfolio at the discretion of the Board, which may amount to a partial return or withdrawal of an investor’s original investment or from any capital gains attributable to that original investment, and result in an immediate decrease of the net asset value per Share. The distribution amount and net asset value of the currency hedged share classes may be adversely affected by differences in the interest rates of the reference currency of the currency hedged share classes and the Portfolio’s base currency, resulting in an increase in the amount of distribution that is paid out of capital and hence a greater erosion of capital than other nonhedged share classes.
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