HSBC Global Asset Management HISF Multimanager Premium (E) by izj82566


									                                                                                                                                            "Capture the performance from a broad
                                                                                                                                            selection of funds whilst controlling
    HSBC Global Asset Management                                                                                                            your risk"

    HISF Multimanager Premium (E)                                                                                                          ISIN Code                              LU0277343835

                                                                                                                                           Total net assets (E)                     30,875,105.91

    Monthly reporting- OCTOBER                                                                                                             Net asset value                               8.62

                                                     Performance of HISF Multimanager Premium E                                            Management policy
      104.0                                                                                                                                The investment objective is an optimized return
      102.0                                                                                                                                over the medium term, investing in a selection of
                                                                                                                                           different funds and management styles, whilst
                                                                                                                                           controlling the risks. This target is represented by
       98.0                                                                                                                                an indicative objective of a net annualized
       96.0                                                                                                                                performance of 3.5%-6.5% over a 3-year
                                                                                                                                           investment       horizon.     Nevertheless,      this
       94.0                                                                                                                                performance objective is not guaranteed.HISF
       92.0                                                                                                                                Multimanager Premium combines a selection of
                                                                                                                                           funds invested in different assets (equities, fixed
                                                                                                                                           income, commodities etc.) whose expected return
       88.0                                                                                                                                is in correlation with market variations and a
       86.0                                                                                                                                selection of absolute return funds.
             09.07     10.07      12.07    01.08      02.08        03.08      04.08      06.08       07.08      08.08      09.08   10.08

    Any performance information relates to the past and is not an indicator of future returns.

                                                                                                                    Calend. Y.             Risk level
                                                                           Cumulated performance
                                                                                                                      Perf.                Fund's 1 year volatility : N/A
                                                                                                                                           Fund's 3 years volatility : N/A
                                                              1 month                2008           Inception
                                                                                                                                            low   medium       high               very high
                                                               1 mois            début d'année      Début de
    Funds                                                     -5.82%               -11.75%           -12.70%
                                                                                                                                           This risk scale is composed of four levels: low, medium,
    Portfolio Composition                                                                                                                  high and very high: it is calculated from the fund's target
                                                                                                                                           volatlity. Volatilty is a value which measures the
                                                                                                   30/09/2008                              propensity of an asset (equity, bond, etc.) to significantly
                                                                                                                                           vary up and down.
                                                                                                   % TNA
                                                                                                                                            Fund details
    Equity Europe                                                                                    10.80%
    Equity North America                                                                              6.46%                                 Fund Manager
    Equity Japan                                                                                      1.78%                                 Laurent Garrigue
    Equity World                                                                                      5.41%
                                                                                                                                            First subscription date
    Equity Asia ex Japan                                                                              0.25%
                                                                                                                                            24 September 2007
    Equity                                                                                           24.70%
                                                                                                                                            Launch price (€)
    Equity derivatives products                                                                      -3.04%                                 10.00
    Net equity exposure                                                                              21.66%
                                                                                                                                            Minimum initial investment (€)
    Commodities                                                                                       2.81%                                 5000

    Absolute return North America                                                                     6.52%                                 Monthly investment plan (€)
    Absolute return Europe                                                                            5.97%                                 250
    Absolute return World                                                                             8.14%
    Absolute return                                                                                  20.63%                                 5.00pm (Luxembourg time)

    Bonds Global                                                                                      6.21%                                 Dealing
    Bonds Emerging Markets                                                                            0.83%                                 Daily at 3.00pm (Jersey time for price two
    Government Bonds                                                                                  8.42%                                 business days later)
    High Yield Bonds                                                                                  2.24%
                                                                                                                                            Initial charge
    Investment Grade Bonds                                                                            1.12%
    Bonds                                                                                            18.81%
                                                                                                                                            Annual charge
    Money Market                                                                                     33.05%                                 1.30%

    TOTAL NET ASSET                                                                                  100.00%                                Financial year end
                                                                                                                                            31 March
    Main holdings of the portfolio

1   HSBC MONETAIRE                                        Money market 0 Europe                      18.66%
2   HSBC MONETAIRE ETAT                                   Money market 0 Europe                       6.58%
3   JPM HIGHBRIDGE STAT MKT NEUTRAL                       Multi-asset       0 North America           6.52%
4   SSGA US INDEX EQUITY FUND                             Equity            0 North America           6.46%
5   GAM STAR WORLDWIDE EQUITY                             Equity            0 World                   5.41%
    Total                                                                                            43.63%
                                                                                                                                Monthly report as of 31/10/2008
       HSBC Global Asset Management
 Principal increasing variations

      The JPM Highbridge Statistical Market Neutral fund is a US equities quantitative strategy managed by
      Highbridge Capital Management. Its performance is independent of that of the equity market, with a
      combination of long positions offset by a combination of short positions. The fund's objective is to                                    5.96%
      achieve a return of Eonia + 4 5%, with a volatility of 4 6%, using sophisticated quantitative models and
      systems capable of high-frequency trading on the market. The investment process has been devised
      by Evan Dick, and the team is made up of highly-qualified researchers and computer experts..

      The Mellon Global Bond fund seeks to maximise the total return in terms of income and capital gains
      by investing mainly in government bonds and debt instruments. The approach of the management
      team, led by Stewart Cowley, is macro-economic and favours thematic research. It is high-conviction                                 3.64%
      management which manifests itself in significant active plays on country allocation, the curve and
      duration by country and geographical area and on currencies.                                                                                                         4.11%

 Principal decreasing variations

      Dynamic money market fund management under the direction of the CAAM International Bonds team
      in London. The performance motors are based on directional or arbitrage positions taken on the                                                                         1.84%
      various asset classes in the OECD area.

      Management of the HSBC Monétaire Etat fund combines steadiness of performance and liquidity of
      assets by way of investments that favour French government debt instruments with a life of less than 1
      year that are linked to EONIA. The fund's objective is to replicate the performance of the EONIA OIS                                                                8.64%
      whatever the investment period envisaged.

      Contact details †

      Overseas Residents                             Tel: + 44 1534 61600             Fax: +44 1534 616001
      Intermediaries/Financial Advisers               Tel: + 44 1534 606417           Fax: +44 1534 606328

      † To help us continually improve our services and in the interests of security we may record and/or monitor your
      communications with us.

Important Notes: There are risks involved with this type of investment. Where overseas investments are held the rate of exchange may cause the value of such investments to go
down as well as up. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. Investment in Financial
Derivative Instruments (FDI) may result in losses in excess of the amount invested. This is because a small movement in the price of the underlying financial instrument may result in
a substantial movement in the price of the FDI.

Forecast, projection or target where provided is indicative only and is not guaranteed in any way. HSBC Global Asset Management (International) Limited accepts no liability for any
failure to meet such forecast, projection or target. Stockmarket investments should be viewed as a medium to long term investment and should be held for at least 5 years. If you
undertake Investment Business with any non UK members of the HSBC Group you will be excluded from the benefit of the rules and regulations made under the UK’s Financial
Services and Markets Act 2000, including the UK Financial Services Compensation Scheme.

Unless otherwise stated all fund information is up to the 31 October 2008. Underlying fund purchases are made without initial charge. This factsheet does not constitute an invitation,
or solicitation, to make an investment in the Fund in any way to any person to whom it is unlawful. All applications are made on the basis of the current HSBC International Select
Fund Prospectus and the most recent annual and semi-annual reports, which can be obtained free of charge from HSBC Fund Administration (Jersey) Limited, HSBC House,
Esplanade, St Helier, Jersey JE1 1HS, Channel Islands. he securities representing interests in the SICAV range have not been and will not be registered under the US Securities Act
of 1933 and will not be offered for sale or sold in the United States of America, its territories or possessions and all areas subject to its jurisdiction, or to United States Persons,
except in a transaction which does not violate the Securities Law of the United States of America.

Issued by HSBC Global Asset Management (International) Limited. Registered at HSBC House, Esplanade, St Helier, Jersey, Channel Islands, JE4 8WP. HSBC Global Asset
Management (International) Limited is regulated by the Jersey Financial Services Commission for Investment Business and is licensed by the Guernsey Financial Services
Commission for Collective Investments and Investment Business.
FAC0097/09/2008 GF0948

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