The aim is to provide capital growth and income on your investment over time. The Fund will normally invest at least 90% of its assets in lower quality bonds (types of debt securities) and unrated debt securities paying a higher income. The Fund invests in bonds issued by companies, governments or government related agencies from developed markets or emerging markets. The Fund invests in bonds which are mostly denominated in Euro. At times the Fund may also invest in bonds denominated in other developed market currencies. Normally investment in non-Euro denominated currencies will be limited to 10% of the Fund’s assets. The Fund’s primary currency exposure will be to Euro. At times, however, the Fund may have exposure to other currencies. Normally the Fund’s exposure to currencies will be hedged into Euro. The Fund may invest up to 15% of its assets in contingent convertible securities (CoCos). The Fund may invest up to 10% of its assets in other open-ended funds, including other funds of HSBC. The Fund may use derivatives to meet its investment objectives. The Fund may also use derivatives for hedging or efficient portfolio management purposes (such as to manage risks or costs or to generate additional capital or income). The reference currency of the Fund is EUR. The reference currency of this share class is EUR. The Fund is actively managed and does not track a benchmark. The Fund has an internal or external target to a reference benchmark, ICE BofA Euro High Yield BB-B Constrained. The Investment Advisor will use its discretion to invest in securities not included in the reference benchmark based on active investment management strategies and specific investment opportunities. It is foreseen that a significant percentage of the Fund's investments will be components of the reference benchmark. However, their weightings may deviate materially from those of the reference benchmark. The magnitude of the Fund’s performance relative to the benchmark is also monitored, but not constrained, to a target range. Income is reinvested. You may sell your investment on most working days. Recommendation: this Fund may not be appropriate for investors who plan to withdraw their money within a period of 5 years.