Assessment of Value Report
Matthew Higginbotham
CEO HSBC Asset Management (Fund Services UK) Limited
We are pleased to announce the publication of our sixth annual Assessment of Value (AoV) report. This report is designed to assess the value each fund delivers, based on specific criteria. We have set out the work completed, the conclusions drawn, and the actions taken or that we are planning to take. This report covers our 41 UK domiciled funds and uses data as at the 30 June 2025.
Some of the key improvements we have made since last year’s report include:
- Consumer Duty - To further improve the clarity of our report, a third-party research firm was enlisted, to evaluate our AoV report, obtaining valuable investor feedback. We have utilised this feedback to refine our reporting approach.
- Global Listed Real Assets Fund - The Global Property Fund was rated red for performance in the AoV, published in 2023 and was restructured to become a listed real assets fund in September 2024 to improve customer outcomes.
- Global Responsible Multi-Asset Portfolios - We renamed the Global Sustainable Multi-Asset Portfolios to classify them as ‘non-labelled ESG’ funds. In response to an AoV action and alongside the name change, the pricing strategy has been reviewed and we have implemented tiered pricing to the fund range. Please refer to the main report for more detail.
- Pricing review of UK Index Funds - During 2025 we have undertaken a strategic review of our index fund pricing, including reducing the fees on 3 index funds, addressing AoV specific actions from last year to improve customer outcomes.
For more information on these improvements and the other ways we continue to deliver value for our fund investors in the UK, please read the full report.
Our Funds
| Index Funds (Investment Association primary share class) |
Overall value conclusion |
| American Index Fund |  |
| Developed World Lower Carbon ESG Tilt Equity Index Fund | |
| European Index Fund | |
| FTSE 100 Index Fund | |
| FTSE 250 Index Fund | |
| FTSE All-Share Index Fund | |
| FTSE All-World Index Fund | |
| Japan Index Fund | |
| MSCI Emerging Markets Equity Index Fund | |
| MSCI Emerging Markets ex China Equity Index Fund | |
| Pacific Index Fund | |
| S&P 500 Equal Weight Equity Index Fund | |
| Sterling Corporate Bond Index Fund | |
| UK Gilt Index Fund | |
| USA Lower Carbon ESG Tilt Equity Index Fund | |
| Multi-Asset Funds (Investment Association primary share class) |
Overall value conclusion |
| Balanced Fund | |
| Global Responsible Multi-Asset Adventurous Portfolio | |
| Global Responsible Multi-Asset Balanced Portfolio | |
| Global Responsible Multi-Asset Cautious Portfolio | |
| Global Responsible Multi-Asset Conservative Portfolio | |
| Global Responsible Multi-Asset Dynamic Portfolio | |
| Global Strategy Adventurous Portfolio | |
| Global Strategy Balanced Portfolio | |
| Global Strategy Cautious Portfolio | |
| Global Strategy Conservative Portfolio | |
| Global Strategy Dynamic Portfolio | |
| Monthly Income Fund | |
| World Selection – Adventurous Portfolio | |
| World Selection – Balanced Portfolio | |
| World Selection – Cautious Portfolio | |
| World Selection – Conservative Portfolio | |
| World Selection – Dividend Distribution Portfolio | |
| World Selection – Dynamic Portfolio | |
| World Selection – Interest Income Portfolio | |
| Active Funds (Investment Association primary share class) |
Overall value conclusion |
| Corporate Bond Fund | |
| Europe Ex-UK Equity Fund | |
| Global Listed Real Assets Fund | |
| Income Fund | |
| UK Growth & Income Fund |  |
| UK Multi-Factor Equity Fund | |
| US Multi-Factor Equity Fund | |
Important Information
The material contained herein is for marketing purposes and is for your information only. This document is not contractually binding nor are we required to provide this to you by any legislative provision. It does not constitute legal, tax or investment advice or a recommendation to any reader of this material to buy or sell investments. You must not, therefore, rely on the content of this document when making any investment decisions.
This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe to any investment.
The contents are confidential and may not be reproduced or further distributed to any person or entity, whether in whole or in part, for any purpose. This presentation is intended for discussion only and shall not be capable of creating any contractual or other legal obligations on the part of HSBC Asset Management (Fund Services UK) Limited or any other HSBC Group company.
The document is based on information obtained from sources believed to be reliable but which have not been independently verified. HSBC Asset Management (Fund Services UK) Limited and HSBC Group accept no responsibility as to its accuracy or completeness. Care has been taken to ensure the accuracy of this presentation but HSBC Asset Management (Fund Services UK) Limited accepts no responsibility for any errors or omissions contained therein.
This document and any issues or disputes arising out of or in connection with it (whether such disputes are contractual or non-contractual in nature, such as claims in tort, for breach of statute or regulation or otherwise) shall be governed by and construed in accordance with English law.
Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. HSBC Asset Management (Fund Services UK) Limited accepts no liability for any failure to meet such forecast, projection or target.
The value of investments and any income from them can go down as well as up and investors may not get back the amount originally invested. Where overseas investments are held the rate of currency exchange may also cause the value of such investments to fluctuate. Investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in some established markets. Stock market investments should be viewed as a medium to long term investment and should be held for at least five years. Any performance information shown refers to the past and should not be seen as an indication of future returns.
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The Assessment of Value Report is approved for issue in the UK by HSBC Asset Management (Fund Services UK) Limited, which is authorised and regulated by the Financial Conduct Authority. HSBC Asset Management is the brand name for the asset management business of HSBC Group, which includes the Authorised Corporate Director activities provided through our local regulated entity, HSBC Asset Management (Fund Services UK) Limited’.
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Content ID: D057682; Expiry Date: 01.11.2026