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HMAF
+6.36 · +12.71%
£56.38 · LSE
HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF | Asia ex-Japan Equity
HSBC Investment Funds (Luxembourg) S.A. · Ireland
AUM:£243.7M
#– of – in Asia ex-Japan Equity ETFs
ℹ️
Reward Rating
69
Good
56.81% 1Y return
ℹ️
Risk Rating
61
Elevated
Risk Assessment
ℹ️

Educational tool only – Scores are based on historical data, holdings and expense metrics for informational purposes. This is not financial advice or a recommendation to buy or sell any security. Always conduct your own research or consult a qualified financial adviser.

Market Performance

📈 Up 56.8% over the past year, reflecting strong price momentum.

Cost Efficiency

Ongoing charge of 0.45% — moderate cost. Consider how fees compound over long holding periods.

What is HMAF?

HSBC MSCI AC FAR EAST ex JAPAN UCITS ETF tracks Morningstar Asia xJpn TME NR USD, providing diversified exposure across 47 holdings. Its ongoing charge is 0.45%.

Performance Highlights

Investment Breakdown

Strong Recent Performance
HMAF delivered 56.8% over the past year. Historical returns only — past performance is not indicative of future results.
Moderate Cost
Ongoing charge of 0.45%. Consider how fees compound over a long holding period.
Moderate Concentration
Top 10 holdings make up 44.4% of the ETF — a moderate level of name concentration.

Openbook Analysis

Performance: Good (69)

The scoring profile reflects moderate historical performance, with a 56.8% 1-year return (historical). The ongoing charge of 0.45% should be considered against long-term return expectations. Risk indicators are elevated — volatility warrants consideration (historical).

For informational and educational purposes only. Not financial advice. Past performance is not indicative of future results.

ETF Information
AUM£243.7M
Ongoing Charge0.45%
Dividend Yield3.62%
Holdings47
Inception DateSept 2013
DomicileIreland
DistributionNA
IndexMorningstar Asia xJpn TME NR USD
ProviderHSBC Investment Funds (Luxembourg) S.A.
Beta–
CategoryAsia ex-Japan Equity
CurrencyGBP
Portfolio Impact

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6168
+7 points · better diversified
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Uses ISF.L (iShares FTSE 100 ETF)
Indicators

Performance Metrics

Historical returns

6M
+36.2%
1Y
+74.1%
3Y
+99.4%
5Y
+56.4%
OpenBook InsightIf you had invested £10,000 in HMAF 5 years ago, it would have grown to £15,641 — a gain of £5,641.

Annual Returns

Calendar year performance

HMAF delivered positive returns in 3 of the last 5 calendar years.
YearHMAF
2026 YTD+32.2%
2025+31.3%
2024+14.3%
2023-5.3%
2022-11.6%
CAGR 4yr+5.9%
3/5 positive yearsAvg return: +12.2%Worst year: -11.6% (2022)

Technical Analysis Summary

Automated insights from historical price action and indicators

Technical Regime: POSITIVE
Trend Strength
100%
Positive
Volatility
24.9%
Moderate
Momentum
+15.5%
30-day change
Support Level
62.83
Key floor
Key Insights
  • Price is currently trading above all key moving averages.
  • Momentum is upward with a 15.5% move over 30 days.
  • Monitor key support and resistance levels as part of broader risk assessment.

Reward Rating Breakdown

Our reward rating analyses HMAF's attractiveness using 4 weighted factors. Each factor is scored 0-100, then combined using the weights shown below. Past performance does not guarantee future results.

Overall Reward Rating
69
Good REWARD
Data Coverage: %
Factor Framework
Performance
Has the ETF delivered strong historical returns versus similar ETFs?
Cost Efficiency
Is the ETF cheap to own over long periods?
Income
Does it provide attractive and consistent distributions?
Diversification Quality
Does it spread exposure across holdings, sectors, and regions?

📈 Performance

Weight: 30%
80/100

Has the ETF delivered strong historical returns versus similar ETFs? Combines 1/3/5/10-year returns with the Sharpe ratio (risk-adjusted return).

1Y Return
56.81%
Very Good
3Y Return
22.61%
Very Good
5Y Return
4.94%
Neutral
10Y Return
10.62%
Very Good
Sharpe Ratio
—
No Data

Strong historical performance profile: 1-year return of 56.81%, 3-year annualised 22.61%, 5-year annualised 4.94%. Past performance is not indicative of future results.

💰 Cost Efficiency

Weight: 30%
73/100

Is the ETF cheap to own over long periods? Low ongoing charges compound into meaningful additional returns over a 10-year horizon.

Ongoing Charge
0.45%
Weak
Net Expense Ratio
0.00%
Very Good
Annual Turnover
0.11%
Very Good
Tracking Difference
—
No Data

Low-cost and efficient structure: ongoing charge of 0.45%, net expense ratio of 0.00%, annual turnover of 0.1%.

💵 Income

Weight: 15%
80/100

Does the ETF provide attractive and consistent distributions? Combines the current yield with distribution frequency.

Distribution Yield
3.62%
Good
Distribution Frequency
NA
No Data

Attractive income profile: distribution yield of 3.62%, na distributions.

🌐 Diversification Quality

Weight: 25%
44/100

Does the ETF spread exposure across many holdings, sectors, and regions? Concentrated funds can be doing exactly what they're meant to do — treat the score as context, not a verdict.

Holdings
47
Very Weak
Top 10 Concentration
44.42%
Weak
Top Sector
Technology43.5%
Very Weak
Top Region
Asia Developed64.7%
Neutral

Concentrated but typical for its category: 47 holdings, top 10 at 44.4%, Technology sector at 43.5%, Asia Developed at 64.7%.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Past performance is not indicative of future results.

Risk Rating Breakdown

Our risk rating analyses HMAF using 4 weighted factors. A higher score indicates higher risk. This is a framework for understanding exposure — concentrated funds can still be doing exactly what they're meant to do.

Overall Risk Rating
61
Elevated RISK
Data Coverage: 83%
Factor Framework
Holdings Concentration
How much of the fund sits in its largest positions? Few dominant names mean returns ride on those companies.
Market Exposure
Geographic, sector and cyclical dependencies. High single-country or single-sector weight increases macro sensitivity.
Volatility
Historical price movement, beta and drawdowns — how sharply the fund moves relative to the market.
Income Reliability
How dependable the distribution yield is — cyclical-sector dependency and unusually high yields can flag payout risk.

🎯 Holdings Concentration

Weight: 25%
59/100

How much of the fund sits in a small number of positions? If the top holdings dominate, returns will be driven by those specific companies rather than the broader index.

Top 10 Weight
44.42%
Moderate
Largest Holding
17.79%
High Risk
Number of Holdings
47
Elevated
HHI (weight²)
444
Lower Risk

Moderate holdings concentration: top 10 holdings at 44.4%, largest single position at 17.79%, 47 total holdings.

🌍 Market Exposure

Weight: 25%
68/100

How dependent is the fund on a single country, sector or economic cycle? Heavy exposure to one market means a single macro event can drive most of the return.

Top Region
Asia Developed64.7%
Moderate
Top Sector
Technology43.5%
High Risk
Top 2 Sectors
60.18%
High Risk
Cyclical Sectors
31.02%
Moderate

Notable regional or sector dependency: Asia Developed at 64.7%, Technology sector at 43.5%, 31.0% in cyclical sectors.

📊 Volatility

Weight: 35%
55/100

How sharply does the fund move day-to-day and how deep have its drawdowns been? High volatility means wider return outcomes over short horizons.

1Y Volatility
15.16%
Moderate
Beta
—
No Data
Max Drawdown
—
No Data

Elevated volatility profile: 1Y volatility of 15.16% (historical).

💵 Income Reliability

Weight: 15%
67/100

How dependable is the fund's distribution yield? Heavy cyclical-sector exposure or unusually high yields can flag vulnerability to dividend cuts in a downturn.

Current Yield
3.62%
Moderate
Cyclical Sector Exposure
31.02%
Moderate
Top-Sector Dependency
Technology43.5%
High Risk

Income has some cyclical dependency: yield of 3.62%, 31.0% in cyclical sectors (financials, energy, materials, industrials, real estate), Technology sector at 43.5%.

Scores are derived from fund-provider disclosures and historical data. For informational and educational purposes only — not investment advice. Risk scoring is model-based and past data does not guarantee future results.
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