Growth of USD 10,000



Fund Documents


Investment Strategy:

KBND is benchmarked to the Bloomberg China Treasury and Policy Bank 9% Capped Index, which is designed to track the performance of China’s onshore renminbi-denominated government and government-related bond market. The Fund seeks to invest at least 80% of its assets in a basket of fixed income securities issued by either China’s Ministry of Finance itself or government-owned banks within China.

KBND Overview:

  • Invests in treasuries (i.e. government bonds) and attempts to provide attractive yields relative to other government bond markets with a monthly distribution.
  • KBND offers access to the securities being included in Bloomberg broad fixed income indexes and investment opportunities within the second largest bond market in the world.
  • For investors seeking diversification within their global government bond allocations, KBND offers low correlations to other major government bond markets.

Bloomberg China Bond Inclusion Overview:

  • The inclusion process began in April 2019 and is expected to conclude at the end of 2020.
  • The market estimates nearly $150 billion of fund inflows into China’s $13 trillion onshore bond market.1
  • China’s government bonds are a focus of the inclusion and China has already replaced South Korea as the top issuer by weight within the Bloomberg Emerging Market Local Currency Government Bond Index.

1. Financial Times, “Bloomberg adds Chinese government bonds to flagship index”, 31/03/2019.

Daily Performance

Data for USD share class as of 27/Nov/2023
Daily Net Asset Value (NAV)
NAV $23.91
NAV Daily Change -0.08%

Performance History

Cumulative %
Data for USD share class as of: 31/Oct/2023
Fund NAV Index
1 Month -0.64% -0.03%
3 Month -2.43% -1.97%
6 Month -3.14% -3.40%
YTD -1.36% -1.71%
Since Inception 7.11% 8.58%
Avg Annualized %
Data for USD share class as of month end: 31/Oct/2023
Fund NAV Index
1 Year 3.34% 2.56%
3 Year 1.38% 1.58%
Since Inception 2.01% 2.42%
Avg Annualized %
Data for USD share class as of quarter end: 30/Sep/2023
Fund NAV Index
1 Year 2.02% 0.46%
3 Year 2.18% 2.24%
Since Inception 2.26% 2.49%

The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when sold or redeemed, may be worth more or less than their original cost and current performance may be lower or higher than the performance quoted.

Growth of USD 10,000

Data as of 27/Nov/2023

The Growth of USD 10,000 chart reflects an initial investment of USD 10,000 in the Fund's USD share class on the day prior to the selected time period and assumes reinvestment of dividends and capital gains. For the growth of USD 10,000 chart since inception, the initial investment of USD 10,000 is instead made on the inception date of the Fund. Fund expenses, including management fees and other expenses were deducted. The growth of a USD 10,000 investment in the fund is hypothetical and for illustration purposes only. Fund performance data used in this chart is based on Fund NAV and represents past performance. Past performance does not guarantee future results.

Top 10 Holdings

Data as of 27/Nov/2023 Full Holdings .CSV
Rank Name % of Net Assets Ticker Identifier Shares Held Market Value($)
1 CGB 4 06/24/69 15.37% CND10002CGX0 1,680,000 284,791
2 CGB 4.22 03/19/48 15.28% CND10000LMZ8 1,680,000 283,105
3 CGB 3.54 08/16/28 13.26% CND10001L774 1,680,000 245,687
4 CGB 3.03 03/11/26 7.64% CND100045210 1,000,000 141,652
5 CGB 2.89 11/18/31 7.64% CND10004NXW0 1,000,000 141,627
6 CGB 2.47 09/02/24 7.54% CND10004LLJ6 1,000,000 139,684
7 ADBCH 3.1 02/27/33 6.87% CND100064F16 900,000 127,318
8 CGB 2.37 01/20/27 6.00% CND10004R114 800,000 111,189
9 Cash 5.68% 105,199 105,199
10 CGB 3.39 03/16/50 5.66% CND10002M200 710,000 104,938

Holdings are subject to change.


Data as of 27/Nov/2023
Exchange Ticker Currency Listing Date SEDOL ISIN
London Stock Exchange KBND LN USD 26/May/2020 BLP5299 IE00BLM1CC35

Each share class is offered in the base currency noted above. To the extent the fund holds exposure to any positions in a currency different to the base currency, that position is unhedged.