-
1.在不斷變化的市場環境中體驗「90/70」策略
聯博－低波幅策略股票基金
重要事項1 本基金投資於投資管理人擬物色其認為日後從根本上波動性較低及下跌風險較小的股本證券。2
投資於新興市場面對較高的波動性及較高的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）。3
投資於本基金亦可能涉及國家風險、股本證券風險、貨幣風險、流動性風險及人民幣類別風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。
閣下於本基金的投資可能會價值全失。4
本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效
基金管理的目的，且本基金可能會遭受重大損失。5
本基金可從資本中或實際上以資本撥付派息（此舉可構成部分退回或撤回投資者原本的投資）或來自原本投資應佔的任何資本收益，由此即時減低每股資
產淨值。6 投資者不應只依賴本文件而作出投資決定。
OVERALL MORNINGSTAR RATINGA
TM
(Global Large-Cap Blend Equity Category) 3295
*
截至 2020 年 6 月 30
日。過往表現並非未來業績的指示。概不保證任何估計或預測將會實現。基於聯博低波幅策略股票基金。成立日期：聯博—低波幅策略股票基金（A類）：2012年12月11日。聯博—低波幅策略股票基金（A類，美元）的歷年表現——5.1%
（2015年）、3.3% （2016 年）、18.8% （2017 年）、-4.6% （2018 年）及 24.66% （2019
年）。按資產淨值比較計算，股息用於再投資，按美元計值，截至 2019 年 6 月 30
日。表現數據扣除費用。投資者不能直接投資於指數或平均值，兩者亦不包括與互惠基金投資有關且會降低總回報的銷售費用或經營開支。
資料來源：Morningstar Direct、MSCI 及聯博。
過往表現並不保證未來業績。截至 2020 年 6 月 30 日。聯博低波幅策略股票基金成立日，A 類股份，扣除費用－2012 年
12 月 11
日。聯博提供的表現數據反映淨資產值的變動，並假設所示期間內向基金股份支付的任何分派進行再投資，但不反映銷售費用。因此，該等數據並不能代表投資者的實際回報。投資者不能直接投資於指數，其業績並不代表任何特定投資的表現，包括聯博基金的表現。指數並不包括與互惠基金投資相關的銷售費用及經營開支，銷售費用及經營開支或會減少總回報。資料來源：摩根士丹利資本國際及聯博
股票參與度…（年化回報）
…風險較低（年化波動性）
聯博低波幅策略股票基金
MSCI 世界指數 聯博低波幅策略股票基金
MSCI 世界指數
8.8% 9.0%
14.5%12.2%
波動性較低及下跌風險較小有助實現較佳財富創造
環球股票（MSCI 世界指數）上升市場
2019年回報MSCI世界指數：27.7%
聯博低波幅策略股票基金：24.7%（89%上行市場捕獲）
低波幅策略股票基金在5月份及8月份提供強勁的下行保障
5月份：MSCI世界指數：(5.8)%聯博低波幅策略股票基金：(1.9)%
8月份：MSCI世界指數：(2.0)%聯博低波幅策略股票基金：(0.2)%
季初至今及年初至今：MSCI世界指數：
19.4%; -5.8%聯博低波幅策略
股票基金：12.9%; -8.6%
2020年初至今市場震盪回升
500
550
600
650
700
750
1月 2月 3月 4月 5月 6月 7月 8月 9月 10月 11月 12月2019 2019 2019 2019 2019
2019 2019 2019 2019 2019 2019 2019
1月 2月 3月2020 2020 2020
4月 5月 6月2020 2020 2020
7.8 3.0 1.3 3.6 (5.8) 6.6 0.5 (2.1) 2.1 2.5 2.8 3.0 (0.6) (8.5)
(13.2) 10.9 4.8 2.6
第3季 2020
-
4. 基金投資組合配置
* 貝他值：衡量相對於整體市場的波動性。 資料來源：聯博，截至 2020 年 6 月 30 日
此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽www.abfunds.com.hk
或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。
聯博 ─ 低波幅策略股票基金為 AB SICAV I
（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律註冊成立的開放型可變資本投資公司 (société
d'investissement à capital variable)，法定名稱為 AB SICAV I。在 2016 年 2 月
5 日之前，聯博的法定名稱為 ACMBernstein SICAV，營業名稱為 AllianceBernstein。
以往表現並非未來業績的保證。本基金股份只可根據本基金的現行認購章程連同最近的財務報表發售。如有提及任何個別證券，目的僅為說明本公司投資理念的應用，不可視為聯博所作推薦。本資料所指明及所述的個別證券，並不代表為本基金買入、賣出或建議的所有證券，本基金於任何特定時間可能持有，亦可能不持有。不應假定投資於此等證券在以往或將來均可獲得利潤。
投資風險 ─
投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。本基金旨在作為分散投資的工具，並非完整投資計劃。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程包括風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。
* Overall Morningstar Rating 是晨星有限公司 2020 版權所有。晨星提供的資料：(1)
為晨星的獨有資產；(2) 未經許可不得複製或轉載；及 (3)
晨星未就資料的完整性、準確性及即時性作出任何保證。晨星及其內容供應商對於因使用相關資料而作出的交易決定均不承擔任何責任。過往績效紀錄不能保證未來投資結果。晨星將同類型基金比較，以其表現為基礎（經考慮風險及銷售費用而調整後），從一到五星評級。於晨星各分類內，表現首
10% 的基金評為五星，接下來的 22.5% 的基金評為四星，中間35% 的基金評為三星，接下來 22.5% 的基金評為兩星，而尾
10% 的基金評為一星。
基金評級分為三個時段：三年、五年和十年；評級會結合並產生一個整體評級。基金成立少於三年並不獲評級。評級是客觀的，完全以歷來表現的數學評價為基礎。
評級為鑑定值得進一步研究的基金的有用工具，但不應被視作買入或贖回基金的信號。截至 2020 年 6 月 30 日。
^
貨幣對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其他報價貨幣類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。
# 聯博—低波幅策略股票基金歷年表現：A 類，美元 — 5.08% (2015)，3.33% (2016)，18.81%
(2017) ，-4.63% (2018)，24.66% (2019) 及 -8.55% （2020
至今）。資料來源：聯博，按資產淨值比較計算，股息用於再投資，以美元計，截至 2020 年 6 月 30 日。基金成立日期： 2012
年 12 月 11 日。
‡ 聯博—低波幅策略股票基金歷年表現：AD 類，美元 — 5.07% (2015)，3.32% (2016)， 18.83%
(2017)，-4.63% (2018)，24.68% (2019) 及 -8.56% （2020
至今）。資料來源：聯博，按資產淨值比較計算，股息用於再投資，以美元計，截至 2020 年 6 月 30 日。基金成立日期： 2013
年 10 月 15 日。
此文件並未經證監會審閱。
此文件的發行者為聯博香港有限公司。
© 2020 AllianceBernstein L.P. [A/B] 標誌為
AllianceBernstein的服務標記，而AllianceBernstein
®為註冊商標，須獲得其擁有人AllianceBernstein L.P. 的批准方可使用。
（本文件刊發日期：2020 年 8 月 6 日）
LVE-PRF-CH-HK-3Q20
3. 過往派息記錄 ‡
過往表現並不保證未來業績。截至 2020 年 6 月 30
日。表現數據扣除費用。所示表現代表過往業績，且並非未來業績的保證。當前表現可能低於或高於所示表現資料。表現假設分派再投資，並且不計及稅項。超過一年期間的基金回報將進行年化處理。投資者不能直接投資某一指數，其表現亦不反映任何聯博基金的表現。指數並不包括與互惠基金投資有關且會降低總回報的銷售費用或經營開支。資料來源：摩根士丹利資本國際及聯博
MSCI世界指數月跌幅超過5%（百分比）
低波幅策略股票基金 MSCI世界指數
通脹 + 聯儲局收緊政策
2018年1月26日-2018年3月23日
加息 + 中國及歐洲增長放緩
2018年9月21日-2018年12月24日
-7.2
-15.5
-9.1
-18.1
2. 風險低於市場
資料來源：聯博，截至 2020 年 6 月 30 日
AD 類股份
以下 AD 類別旨在每月宣派及派付股息。派息並無保證，派息可從資本中支付（注意重要事項5）。正股息派發不代表正回報。
月份 資產淨值（美元） 股息（美元）
06/30/2020 18.93 0.080705/31/2020 19.00 0.080704/30/2020 18.14
0.080703/31/2020 16.98 0.080702/28/2020 19.34 0.080701/31/2020
21.16 0.080712/31/2019 21.24 0.080711/30/2019 20.98
0.080710/31/2019 20.68 0.080709/30/2019 20.34 0.071308/30/2019
20.15 0.071307/31/2019 20.25 0.0713
備有港元報價貨幣。歐元、澳元、加元、英鎊、
紐西蘭元、人民幣及新加坡元對沖股份類別亦供發售。^
• 70 - 90 隻股票• 貝他值
-
1. Experiencing 90/70 in a Changing Market Environment
AB–LOW VOLATILITY EQUITY PORTFOLIO
Important Information1 The portfolio invests in equity
securities that the Investment Manager believes to have
fundamentally lower volatility and less downside risks in the
future.2 Invest in emerging markets is subject to higher volatility
and higher risks (e.g. liquidity risk, currency risk, political
risk, regulatory risk and economic risk).3 Investment in the
portfolio may also involve country risks, equities securities risk,
currency risk, liquidity risk and Renminbi share class risk. The
value of the portfolio
can be volatile and can go down substantially within a short
period of time. It is possible that the entire value of your
investment in the portfolio can be lost.4 The portfolio is entitled
to use financial derivative instruments for hedging and efficient
portfolio management purposes which may involve additional risks.
In adverse
situations, the portfolio’s use of derivative instruments may
become ineffective in hedging or efficient portfolio management and
the portfolio may suffer significant losses.
5 Dividends may be paid from capital or effectively out of the
capital of the Portfolio, which may amount to a partial return or
withdrawal of an investor’s original investment or from any capital
gains attributable to that original investment and result in an
immediate decrease of the Net Asset Value per Share.
6 Investors should not rely on this document alone to make
investment decisions.
As of 30 June 2020. Past performance is not necessarily
indicative of future results. There is no guarantee that any
estimates or forecasts will be realized.Based on the AB Low
Volatility Equity Portfolio. Inception date: AB Low Volatility
Equity Portfolio—Class A Shares: 11 December 2012. The calendar
year performance for AB – Low Volatility Equity Portfolio (LVE)
(Class A, USD) — 5.1% (2015), 3.3% (2016), 18.8% (2017), -4.6%
(2018) and 24.66%(2019). Calculated on an NAV-to-NAV basis with
dividend reinvested, in U.S. Dollars, as of 30 June, 2019.
Performance data are net of fees. An investor cannot invest
directly in an index or average and they do not include sales
charges or operating expenses associated with an investment in a
mutual fund, which would reduce total returns. "UMC" = Up Market
Capture. Source: Morningstar Direct, MSCI and AB; see Performance
Disclosure.
Past performance does not guarantee future results. As of 30
June 2020. Inception date: Low Volatility Equity Portfolio Class A
Shares, Net of fees — 11 December 2012. Performance data, provided
by AB, reflect the change in net asset value and assume
reinvestment of any distributions paid on fund shares for the
period shown, but do not reflect sales charges. Accordingly, these
figures do not represent actual returns to an investor. An investor
cannot invest directly in an index, and their results are not
indicative of the performance for any specific investment,
including an AB fund. Indices do not include sales charges or
operating expenses associated with an investment in a mutual fund,
which would reduce total returns. Source: MSCI and AB
OVERALL MORNINGSTAR RATINGTMClass A USD Shares
Rated against 3295 funds in the Global Large-Cap Blend
EquityCategory, based on risk-adjusted returns.
*
Equity Participation… (Annualized Returns)
…with Lower Risk(Annualized Volatility)
AB Low VolatilityEquity Portfolio
MSCI World AB Low Volatility Equity Portfolio
MSCI World
8.8% 9.0%
12.2%14.5%
Rising Market2019 Return
MSCI World: 27.7%AB LVE: 24.7% (89% UMC)
LVE provided strong downsidecapture in May & August
May: MSCI World: (5.8)%AB LVE: (1.9)%
Aug: MSCI World: (2.0)%AB LVE: (0.2)%
QTD & YTD: MSCI World:
19.4%; -5.8%AB LVE:
12.9%; -8.6%
2020 YTD Bumpy Recovery
500
550
600
650
700
750
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2019 2019 2019
2019 2019 2019 2019 2019 2019 2019 2019 2019
Jan Feb Mar2020 2020 2020
Apr May Jun2020 2020 2020
7.8 3.0 1.3 3.6 (5.8) 6.6 0.5 (2.1) 2.1 2.5 2.8 3.0 (0.6) (8.5)
(13.2) 10.9 4.8 2.6
Lower Volatility and Less Downside Risks Helpful to Achive
Better Wealth Creation#
Global Stocks (MSCI World Index)
3Q 2020
-
4. Our Investment Philosophy
This information is directed solely at persons in jurisdictions
where the funds and relevant share class are registered or who may
otherwise lawfully receive it. Before investing in
AllianceBernstein funds, investors should review the fund’s full
prospectus, together with the fund’s Product Key Facts and the most
recent financial statements. Copies of these documents, including
the latest annual report and, if issued thereafter, the latest
semi-annual report, may be obtained free of charge from
www.abfunds.com / www.alliancebernstein.com or by contacting the
local distributor in the jurisdictions in which the funds are
authorized for distribution.AB SICAV I —Low Volatility Equity
Portfolio is part of AB SICAV I (referred to as “AB”). AB is an
open-ended investment company with variable capital (société
d’investissement à capital variable) incorporated under the laws of
the Grand Duchy of Luxembourg. Prior to 5 February 2016, AB’s legal
name was ACMBernstein SICAV, its trading name was
AllianceBernstein.Past performance is no guarantee of future
results. Please refer to the Prospectus for the full list of share
classes and currencies offered. Shares of the Portfolio are offered
only pursuant to the Portfolio’s current prospectus together with
the most recent financial statements. References, if any, to
specific securities are presented to illustrate the application of
our investment philosophy only and are not to be considered
recommendations by AB. Any specific securities identified and
described in the material do not represent all of the securities
purchased, sold or recommended for the Portfolio, and may or may
not be held by the Portfolio at any given time. It should not be
assumed that investments in the securities were or will be
profitable.Investment Risks—Investment in the Portfolio entails
certain risks. Investment returns and principal value of the
Portfolio will fluctuate so that an investor’s shares, when
redeemed, may be worth more or less than their original cost. The
Portfolio is meant as a vehicle for diversification and does not
represent a complete investment program. These and other risks are
described in the Portfolio’s prospectus. Prospective investors
should read the prospectus carefully including risk factors and
discuss risk and the Portfolio’s fees and charges with their
financial advisor to determine if the investment is appropriate for
them.* Overall Morningstar Rating is a copyright of Morningstar,
Inc., 2020. All Rights Reserved. The information contained herein:
(1) is proprietary to Morningstar and/or its content providers; (2)
may not
be copied or distributed; and (3) is not warranted to be
accurate, complete or timely. Neither Morningstar nor its content
providers are responsible for any damages or losses arising from
any use of this information. Past performance is no guarantee of
future results. Morningstar rates funds from one star to five stars
based on how well the funds have performed (after adjusting for
risk) in comparison to similar funds. Within each Morningstar
Category, the top 10% of funds receive five stars, the next 22.5%
four stars, the middle 35% three stars, the next 22.5% two stars,
and the bottom 10% receive one star. Funds are rated for up to
three time periods, in three years, five years, and ten years, and
these ratings are combined to produce an overall rating. Funds with
less than three years of history are not rated. Ratings are
objective, based entirely on a mathematical evaluation of past
performance. They are a useful tool for identifying funds worthy of
further research, but should not be considered buy or sell
recommendations. As of 30 June 2020.
^ Currency-hedged share classes use hedging techniques in an
attempt to reduce — but not eliminate — fluctuations between the
investor’s holdings in a particular currency-hedged share class
denominated in the investor’s investing currency and the
portfolio’s base currency. The goal is to deliver returns that
track the portfolio’s base currency returns more closely.
Convenience Pricing/Reporting Currencies which offers the ability
to purchase or redeem shares using the currency indicated, which is
then converted into the base currency of the portfolio using a
market rate at the time of the purchase or redemption. Convenience
pricing/Reporting Currencies involves no currency hedging and does
not seek to provide any protection from currency fluctuations.
Please contact sales representative from AllianceBernstein Hong
Kong Ltd. (聯博香港有限公司) for the entire list of portfolios offered in
different jurisdictions.# The calendar year performance for AB –
Low Volatility Equity Portfolio (Class A, USD) — 5.08% (2015),
3.33% (2016), 18.81% (2017), -4.63% (2018), 24.66% (2019) and
-8.55% (2020 YTD).
Source: AB, calculated on an NAV-to-NAV basis with dividend
reinvested, in U.S. Dollars, as of 30 June 2020. Inception date for
Class A (USD): 11 December 2012.‡ The calendar year performance for
AB – Low Volatility Equity Portfolio (Class AD, USD) — 5.07%
(2015), 3.32% (2016), 18.83% (2017), -4.63% (2018), 24.68% (2019)
and -8.56% (2020
YTD). Source: AB, calculated on an NAV-to-NAV basis with
dividend reinvested, in U.S. Dollars, as of 30 June 2020. Inception
date for Class AD (USD): 15 October 2013.
This document has not been reviewed by the Securities and
Futures Commission. The issuer of this document is
AllianceBernstein Hong Kong Limited.© 2020 AllianceBernstein L.P.
The [A/B] logo is a service mark of AllianceBernstein and
AllianceBernstein® is a registered trademark used by permission of
the owner, AllianceBernstein L.P.
(Issue date of this document: 6 August 2020)
LVE-PRF-EN-HK-3Q20
Quantitative Analysis Fundamental ResearchComponents of
Alpha
Free Cash ROA Earnings Quality
Asset Growth Equity/Debt Issuance
Free Cash Yield
Dividend Yield
Beta
Price Momentum Short Interest,Options Skew
Quality
Stability
Price
Volume Growth
Pricing Power
Margins
Capital Efficiency
• 70 - 90 holdings• Beta < 1• Large Caps• Developed
Markets
Are Company’s Earnings Sustainable?
Are Managers Good Stewards of Capital?
3. Past Dividend Payout Record‡
Past performance does not guarantee future results.As of 30 June
2020. Performance data are net of fees. The performance shown
represents past performance and does not guarantee future results.
Current performance may be lower or higher than the performance
information shown.Returns for other share classes will vary due to
different charges and expenses. Performance assumes reinvestment of
distributions and does not account for taxes. Fund returns for
periods longer than one year are annualized. An investor cannot
invest directly in an index, and their results are not indicative
of the performance for any specific investment, including an AB
fund. Indices do not include sales charges or operating expenses
associated with an investment in a mutual fund, which would reduce
total returns. Source: MSCI and AB
2. Lower Risk than the Market
Source: AB, as of 30 June 2020.
ROA: Return on assetsBeta: a measure of the volatility in
comparison to the market as a whole.Source: AB, as of 30 June
2020.
Class ADThe share class below intend to declare and pay monthly
dividends. Dividend amount is not guaranteed and may be paid from
capital of the Portfolio. (See Important Information 5). A positive
distribution yield does not imply a positive return.
Month NAV (US$) DIV (US$)06/30/2020 18.93 0.080705/31/2020 19.00
0.080704/30/2020 18.14 0.080703/31/2020 16.98 0.080702/28/2020
19.34 0.080701/31/2020 21.16 0.080712/31/2019 21.24
0.080711/30/2019 20.98 0.080710/31/2019 20.68 0.080709/30/2019
20.34 0.071308/30/2019 20.15 0.071307/31/2019 20.25 0.0713
Available in HKD reporting currencies.
AUD, CAD, EUR, GBP, NZD, RMB and SGD Hedged Share
Classes are also offered.^
With MSCI World Monthly Loss Worse than 5% (Percent)
LVE MSCI World
Inflation + Fed Tightening
26 Jan 2018–23 Mar 2018
Rising rates + Slowing growth in
China & Europe21 Sep 2018–24 Dec 2018
-7.2
-15.5
-9.1
-18.1
Offering documents canbe downloaded from"Quick Links"
Section:
3Q 2020LOW VOLATILITY EQUITY PORTFOLIO
-
EQUITY 股票
July 2020 年 7 月 MONTHLY NAV AND DIVIDEND SUMMARY
每月資產淨值及股息摘要
AB - Low Volatility Equity Portfolio 聯博 - 低波幅策略股票基金 NAV and
Dividend Information as of 07/31/2020 截至 07/31/2020 的資產淨值及股息資料 The
share classes below intend to declare and pay monthly dividends.
Dividend amount/distribution rate is not guaranteed and may be paid
from capital of the Portfolio. (See Important Information 5)
以下股份類別旨在每月宣派及派付股息。派息/息率並無保證，派息可從資本中支付。(注意重要事項 5)
Class AD shares, AUD-Hedged^ (ISIN: LU0965509010)
AD類股份，澳元對沖^
Class AD shares, CAD-Hedged^ (ISIN: LU1037948970)
AD類股份，加元對沖^
Month 月份
NAV (A$) 資產淨值 (澳元)
DIV (A$) 股息 (澳元)
Month 月份
NAV (CAD) 資產淨值（加元）
DIV (CAD) 股息（加元）
07/31/2020 18.52 0.0773 07/31/2020 17.86 0.0736 06/30/2020 17.92
0.0773 06/30/2020 17.27 0.0682 05/29/2020 18.02 0.0773 05/29/2020
17.33 0.0682 04/30/2020 17.24 0.0773 04/30/2020 16.57 0.0682
03/31/2020 16.24 0.0630 03/31/2020 15.56 0.0682 02/28/2020 18.87
0.0630 02/28/2020 17.99 0.0682 01/31/2020 20.67 0.0630 01/31/2020
19.69 0.0682 12/31/2019 20.76 0.0630 12/31/2019 19.77 0.0682
11/29/2019 20.52 0.0630 11/29/2019 19.54 0.0682 10/31/2019 20.22
0.0630 10/31/2019 19.24 0.0682 09/30/2019 19.90 0.0541 09/30/2019
18.94 0.0561 08/30/2019 19.71 0.0541 08/30/2019 18.76 0.0561
Class AD shares, USD (ISIN: LU0965508806) AD類股份，美元
Class AD shares, HKD^ (ISIN: LU1037948897) AD類股份，港元^
Month 月份
NAV (US$) 資產淨值 (美元)
DIV (US$) 股息 (美元)
Month 月份
NAV (HK$) 資產淨值 (港元)
DIV (HK$) 股息 (港元)
07/31/2020 19.58 0.0807 07/31/2020 151.75 0.6255 06/30/2020
18.93 0.0807 06/30/2020 146.73 0.6254 05/29/2020 19.00 0.0807
05/29/2020 147.29 0.6255 04/30/2020 18.14 0.0807 04/30/2020 140.60
0.6255 03/31/2020 16.98 0.0807 03/31/2020 131.63 0.6256 02/28/2020
19.34 0.0807 02/28/2020 150.74 0.6285 01/31/2020 21.16 0.0807
01/31/2020 164.30 0.6273 12/31/2019 21.24 0.0807 12/31/2019 165.46
0.6291 11/29/2019 20.98 0.0807 11/29/2019 164.24 0.6311 10/31/2019
20.68 0.0807 10/31/2019 162.10 0.6327 09/30/2019 20.34 0.0713
09/30/2019 159.41 0.5590 08/30/2019 20.15 0.0713 08/30/2019 157.99
0.5591
Important Information 重要事項 1. The portfolio invests in equity
securities that the Investment Manager believes to have
fundamentally lower volatility and less downside risks in the
future. 本基金投資於投資管理人擬物色其認為日後從根本上波動性較低及下跌風險較小的股本證券。 2. Invest in
emerging markets is subject to higher volatility and higher risks
(e.g. liquidity risk, currency risk, political risk, regulatory
risk and economic risk).
投資於新興市場面對較高的波動性及較高的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）。 3. Investment
in the portfolio may also involve country risks, equities
securities risk, currency risk, liquidity risk and Renminbi share
class risk. The value of the portfolio can be volatile and can go
down substantially within a short period of
time. It is possible that the entire value of your investment in
the portfolio can be lost.
投資於本基金亦可能涉及國家風險、股本證券風險、貨幣風險、流動性風險及人民幣類別風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。
4. The portfolio is entitled to use financial derivative
instruments for hedging and efficient portfolio management purposes
which may involve additional risks. In adverse situations, the
portfolio's use of derivative instruments may become
ineffective in hedging or efficient portfolio management and the
portfolio may suffer significant losses.
本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的，且本基金可能會遭受重大
損失。
5. Dividends may be paid from capital or effectively out of the
capital of the Portfolio, which may amount to a partial return or
withdrawal of an investor’s original investment or from any capital
gains attributable to that original investment and result in an
immediate decrease of the Net Asset Value per Share.
本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。
6. Investors should not rely on this document alone to make
investment decisions. 投資者不應只依賴本文件而作出投資決定。
-
LVE–DYI–EN–CH–HK–0720 (Issue date of this document 本文件刊發日期:
08/10/2020)
Class AD shares, EUR-Hedged^ (ISIN: LU1037949275)
AD類股份，歐元對沖^
Class AD shares, GBP-Hedged^ (ISIN: LU1037949358)
AD類股份，英鎊對沖^
Month 月份
NAV (EUR) 資產淨值（歐元）
DIV (EUR) 股息（歐元）
Month 月份
NAV (GBP) 資產淨值（英鎊）
DIV (GBP) 股息（英鎊）
07/31/2020 18.36 0.0636 07/31/2020 17.87 0.0736 06/30/2020 17.76
0.0636 06/30/2020 17.27 0.0736 05/29/2020 17.82 0.0636 05/29/2020
17.36 0.0736 04/30/2020 17.03 0.0343 04/30/2020 16.58 0.0464
03/31/2020 15.93 0.0463 03/31/2020 15.51 0.0551 02/28/2020 18.17
0.0367 02/28/2020 17.95 0.0551 01/31/2020 19.85 0.0367 01/31/2020
19.64 0.0551 12/31/2019 19.93 0.0367 12/31/2019 19.72 0.0551
11/29/2019 19.71 0.0367 11/29/2019 19.50 0.0551 10/31/2019 19.41
0.0367 10/31/2019 19.21 0.0551 09/30/2019 19.11 0.0282 09/30/2019
18.91 0.0441 08/30/2019 18.93 0.0282 08/30/2019 18.74 0.0441
Class AD shares, NZD-Hedged^ (ISIN: LU0965509440)
AD類股份，紐元對沖^
Class AD shares, RMB-Hedged^ (ISIN: LU1366339296)
AD類股份，人民幣對沖^
Month 月份
NAV (NZD) 資產淨值（紐元）
DIV (NZD) 股息（紐元）
Month 月份
NAV (RMB) 資產淨值 (人民幣)
DIV (RMB) 股息 (人民幣)
07/31/2020 18.81 0.0781 07/31/2020 98.51 0.5448 06/30/2020 18.19
0.0781 06/30/2020 95.28 0.5005 05/29/2020 18.29 0.0781 05/29/2020
95.53 0.4068 04/30/2020 17.50 0.0781 04/30/2020 91.22 0.4068
03/31/2020 16.41 0.0707 03/31/2020 85.49 0.4739 02/28/2020 19.07
0.0707 02/28/2020 97.37 0.4739 01/31/2020 20.92 0.0707 01/31/2020
106.49 0.4739 12/31/2019 21.02 0.0665 12/31/2019 106.98 0.4739
11/29/2019 20.78 0.0665 11/29/2019 105.71 0.4739 10/31/2019 20.47
0.0665 10/31/2019 104.21 0.4739 09/30/2019 20.14 0.0639 09/30/2019
102.52 0.3925 08/30/2019 19.96 0.0639 08/30/2019 101.55 0.3925
Class AD shares, SGD-Hedged^ (ISIN: LU0965509283) AD類股份，新加坡元對沖^
Month 月份
NAV (SGD) 資產淨值（新加坡元）
DIV (SGD) 股息（新加坡元）
07/31/2020 19.11 0.0787 06/30/2020 18.48 0.0708 05/29/2020 18.54
0.0708 04/30/2020 17.71 0.0708 03/31/2020 16.61 0.0708 02/28/2020
19.01 0.0708 01/31/2020 20.80 0.0708 12/31/2019 20.89 0.0708
11/29/2019 20.64 0.0708 10/31/2019 20.34 0.0708 09/30/2019 20.01
0.0617 08/30/2019 19.82 0.0617
The calendar year performance for AB - Low Volatility Equity
Portfolio: Class AD, USD —5.07% (2015), 3.32% (2016), 18.83%
(2017), -4.63% (2018), 24.68% (2019) and -5.03% (2020 YTD). Source:
AllianceBernstein (AB), calculated on an NAV-to-NAV basis with
dividend reinvested, in U.S. Dollars, as of 31 July 2020. Portfolio
Inception Date: 15 October 2013. 聯博 - 低波幅策略股票基金歷年表現：AD類，美元 —
5.07%（2015年），3.32%（2016 年），18.83%（2017 年），-4.63%（2018
年），24.68%（2019 年）及-5.03%（2020 年初至今）。
資料來源：聯博，按資產淨值比較計算，股息用於再投資，以美元計，截至 2020 年 7 月 31日。基金成立日期：2013 年 10 月
15 日。 ^ Currency-hedged share classes use hedging techniques in an
attempt to reduce—but not eliminate—fluctuations between the
investor’s holdings in a particular currency-hedged share class
denominated in the investor’s investing currency and the
portfolio’s base currency. The goal is to deliver returns that
track the portfolio’s base currency returns more closely.
Convenience Pricing/Reporting Currencies offers the ability to
purchase or redeem shares using the currency indicated, which is
then converted into the base currency of the portfolio using a
market rate at the time of the purchase or redemption. Convenience
pricing/Reporting Currencies involves no currency hedging and does
not seek to provide any protection from currency fluctuations. ^
貨幣對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。其它報價貨幣類別可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。
AB SICAV I - Low Volatility Equity Portfolio is part of AB SICAV I
(referred to as “AB”). AB is an open-ended investment company with
variable capital (société d'investissement à capital variable)
incorporated under the laws of the Grand Duchy of Luxembourg. Prior
to 5 February 2016, AB’s legal name was ACMBernstein SICAV, its
trading name was AllianceBernstein. This information is directed
solely at persons in jurisdictions where the funds and relevant
share class are registered or who may otherwise lawfully receive
it. Before investing, investors should review the fund’s full
prospectus, together with the fund’s Product Key Facts and the most
recent financial statements. Copies of these documents, including
the latest annual report and, if issued thereafter, the latest
semi-annual report, may be obtained free of charge from
www.abfunds.com.hk or by contacting the local distributor in the
jurisdictions in which the funds are authorized for distribution.
聯博 - 低波幅策略股票基金為 AB SICAV
I（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律註冊成立的開放型可變資本投資公司(société
d'investissement à capital variable)，法定名稱為 AB SICAV I。在 2016 年 2 月
5 日之前，聯博的法定名稱為 ACMBernstein SICAV，營業名稱為
AllianceBernstein。此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽
www.abfunds.com.hk或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。 Past performance is no
guarantee of future results. Total returns, provided by AB, include
the change in Net Asset Value and reinvestment of any distributions
paid on portfolio shares for the period shown, but do not reflect
sales charges. Shares of the portfolio are offered only pursuant to
the portfolio’s current Prospectus together with the most recent
financial statements.
以往表現並非未來業績的保證。聯博提供的總回報反映資產淨值的變動，並於所示時期內就基金股份所支付的任何分派均用於再投資，但不反映銷售費。所列回報不一定代表投資者所得的實際回報。本基
金股份只可根據本基金的現行認購章程連同最近的財務報表發售。 Investment Risks—Investment in the
Fund entails certain risks. Investment returns and principal value
of the Fund will fluctuate so that an investor’s shares, when
redeemed, may be worth more or less than their original cost.
Dividends are not paid for all share classes and are not
guaranteed. The Fund is meant as a vehicle for diversification and
does not represent a complete investment program. Returns
denominated in a currency other than the base currency of the fund
may increase or decrease as a result of foreign exchange currency
fluctuations. These and other risks are described in the Fund’s
prospectus. Prospective investors should read the prospectus
including risk factors carefully and discuss risk and the fund’s
fees and charges with their financial adviser to determine if the
investment is appropriate for them.
投資風險─投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在
作為分散投資的工具，並非完整投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其
風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。 Source: AB, as of 31 July
2020. 資料來源：聯博，截至 2020 年 7 月 31 日。 This document has not been
reviewed by the Securities and Futures Commission. The issuer of
this document is AllianceBernstein Hong Kong Limited.
此文件並未經證監會審閱。此文件的發行者為聯博香港有限公司。
©2020 AllianceBernstein L.P. The [A/B] logo is a service mark of
AllianceBernstein and AllianceBernstein® is a registered trademark
used by permission of the owner, AllianceBernstein L.P. ©2020
AllianceBernstein L.P. [A/B] 標誌為 AllianceBernstein
的服務標記，而AllianceBernstein®為註冊商標，須獲得其擁有人AllianceBernstein L.P.
的批准方可使用。
-
Jul 2020年7月
All data as of 所有資料截至 31/07/2020
AB - Low Volatility Equity Portfolio聯博－低波幅策略股票基金
∆
Important Information 重要事項1 Invest in emerging markets is
subject to higher volatility and higher risks (e.g. liquidity risk,
currency risk, political risk, regulatory risk and economic
risk).投資於新興市場面對較高的波動性及較高的風險（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險）。
2 Investment in the portfolio may also involve country risks,
equities securities risk, currency risk, liquidity risk and
Renminbi share class risk. The value of the portfolio can be
volatile and can godown substantially within a short period of
time. It is possible that the entire value of your investment in
the portfolio can be
lost.投資於本基金亦可能涉及國家風險、股本證券風險、貨幣風險、流動性風險及人民幣類別風險。基金價格可反覆波動，並可在一段短時期內顯著下跌。閣下於本基金的投資可能會價值全失。
3 The portfolio is entitled to use financial derivative
instruments for hedging and efficient portfolio management purposes
which may involve additional risks. In adverse situations, the
portfolio'suse of derivative instruments may become ineffective in
hedging or efficient portfolio management and the portfolio may
suffer significant
losses.本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生工具未必能夠有效地達到對沖或有效基金管理的目的，且本基金可能會遭受重大損失。
4 Dividends may be paid from capital or effectively out of the
capital of the Portfolio, which may amount to a partial return or
withdrawal of an investor’s original investment or from any
capitalgains attributable to that original investment and result in
an immediate decrease of the Net Asset Value per
Share.本基金可從資本中或實際上以資本撥付派息(此舉可構成部分退回或撤回投資者原本的投資)或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。
5 Investors should not rely on this document alone to make
investment decisions.投資者不應只依賴本文件而作出投資決定。
Portfolio Objective/ Strategy/ Key Features 基金目標/ 策略/ 特色The
Portfolio's investment objective is long-term capital growth. In
seeking to achieve the Portfolio'sobjective, the Investment Manager
identifies equity securities that it believes have
fundamentallylower volatility and less downside risks in the
future. The Investment Manager uses its proprietary riskand return
models as well as its judgment and experience in managing
investment portfolios toconstruct a portfolio that seeks to
minimize volatility while maximizing quality exposure. The
Portfoliowill predominantly invest in equity securities of
companies in developed markets; however, thePortfolio is not
restricted from purchasing equity securities in any country,
including emergingmarkets.
基金的投資目標是長遠資本增值。為達成基金目標，投資管理人擬物色其認為日後從根本上波動性較低及下跌風險較小的股本證券。投資經理運用專有的風險及回報模型，以及在管理投資組合方面的判斷和經驗，構建投資組合，致力減低波幅並提高證券的質素。基金將主要投資於發達市場的公司股本證券；然而，基金也可購買包括新興市場在內任何國家的股本證券。
Portfolio Composition^ 投資組合配置^
Sector Allocation^^ 行業分佈^^Information Technology資訊科技
26.94%Consumer Staples主要消費品 13.08%Health Care 健康護理 12.03%Consumer
Discretionary非必需消費品 10.92%Financials 金融 9.80%Industrials 工業
8.24%CommunicationServices 通訊服務 6.68%Utilities 公共設施 6.55%Real
Estate 房地產 1.72%Energy 能源 0.71%Other 其它 3.33%
Country Allocation 國家分佈United States 美國 55.28%United Kingdom 英國
7.24%Switzerland 瑞士 6.45%Japan 日本 5.90%Netherlands 荷蘭 3.80%Israel
以色列 3.42%Canada 加拿大 2.28%Italy 意大利 1.70%Denmark 丹麥 1.59%Sweden 瑞典
1.46%Other 其它 10.88%
^ Holdings are expressed as a percentage of total investments
and may vary over time.投資組合配置比重以總投資比重之百分比表示，可能隨時間而改變。
^^ Excludes sectors with no portfolio
holdings.基金沒有持股的行業不包括在內。
1. As a percentage of purchase price for Classes A and AD
only.適用於 A 股及 AD 股之費用，以認購價格之百分比計算。
2. As an annual percentage of average daily Net Asset
Value.以每日平均資產淨值之年度百分比率計費用。
Profile 基金資料Domicile註冊地點 Luxembourg 盧森堡
Inception Date基金成立日
11/12/2012（Class A – USD）（ A 股–美元 ）
Fiscal Year End財政年度終結 31 May（5 月 31 日）
Net Assets淨資產 $3,862.89 Million 百萬美元
Subscription/Redemption認購/贖回
Daily 每日
Base Currency基準貨幣 USD 美元
Reporting Currencies其他報價貨幣 USD, HKD 美元，港元
Currency HedgedShare Classes†
貨幣對冲股份類別†
AUD, CAD, EUR, GBP, NZD,RMB, SGD澳元，加元，歐元，英鎊，紐西蘭元，人民幣，新加坡元
Initial Sales Charge1
首次認購費 1Up to 最多為 5.00%（Class A & AD 股）
Management Fee2
管理費 21.50%
Management CompanyFee2
管理公司費 20.05%
Total No. Of Holdings總持股數量 88
Portfolio ManagementTeam基金管理團隊
Kent HargisSammy Suzuki, CFA
For fees applicable to other share classes, please refer to the
offeringdocuments for details.有關其他股份類別的費用詳情，請參閱基金銷售文件。
Offering documents canbe downloaded from"Quick Links"
Section:基金銷售文件可於「重要文件」一欄下載:
English 中文
-
Jul 2020年7月
All data as of 所有資料截至 31/07/2020
Top 10 Holdings 十大持股Sector 行業 Holding 持股量
Microsoft Information Technology 資訊科技 4.26%Apple Information
Technology 資訊科技 2.78%Roche Health Care 健康護理 2.36%Walmart Consumer
Staples 主要消費品 2.28%Oracle Information Technology 資訊科技 2.01%RELX
Industrials 工業 1.89%Procter & Gamble Consumer Staples 主要消費品
1.86%Koninklijke Ahold Delhaize Consumer Staples 主要消費品
1.85%Amazon.com Consumer Discretionary 非必需消費品 1.75%AutoZone
Consumer Discretionary 非必需消費品 1.73%Total 合共 22.77%
Calendar Year Returns 年度回報%
-20
0
20
40
2015 2016 2017 2018 2019 2020 YTD
2015 2016 2017 2018 2019 2020 YTD年初迄今Class A – USDA 股–美元 5.08
3.33 18.81 -4.63 24.66 -5.02
Cumulative Total Returns 總累積回報%
1 Year（年）
3 Year（年）
5 Year（年）
10 Year（年）
SinceInception成立迄今
Class A – USDA 股–美元 1.48 20.73 36.65 - 96.87
Please refer to Profile section for Inception Date of Class A –
USD.請見基金資料有關 A 股 – 美元的成立日。Source: AllianceBernstein (AB),
calculated on an NAV-to-NAV basis, with dividend reinvested, in
U.S. Dollars資料來源：AB，按資產淨值比資產淨值計算，股息用於再投資，以美元計。
Past performance is no guarantee of future results. Total
returns, provided by AB, include the change in netasset value and
reinvestment of any distributions paid on Portfolio shares for the
period shown, but do notreflect sales charges. The information on
this page is for information purposes only and should not
beconstrued as an offer to sell, or solicitation of an offer to
buy, or a recommendation for the securities of
thePortfolio.過往的業績不保證將來的表現。AB
所提供的總回報包括期內之資產淨值變化及股息或利息之再投資，但是並不反映認購費。本頁資訊僅作參閱之用，不應被視作銷售或誘導讀者購買或推薦本基金之證券。
NAV & Dividend Information (as of 31/07/2020)†資產淨值及股息資料（截至
2020 年 07 月 31 日）†
AD share class below intend to declare and pay
dividends.Dividend amount/distribution rate is not guaranteed
andmay be paid from capital of the Portfolio. (See
ImportantInformation 4)
AD 股份類別旨在提供每月派息。派息並無保證及可從資本中支付。(注意重要事項 4)
NAV基金淨值
Dividend股息 Bloomberg ISIN
Class A – USDA 股–美元 29.53 - ABELVAD:LX LU0861579265
Class A – HKDA 股–港元 228.87 - ABLVEAH:LX LU1037948541
Class A – AUD(H)A 股–澳元（對沖） 25.32 - ABAAUDH:LX LU0965508988
Class A – EUR(H)A 股–歐元（對沖） 26.50 - ABELVAH:LX LU0861579778
Class A – NZD(H)A 股–紐西蘭元（對沖） 26.21 - ABANZDH:LX LU0965509366
Class A – SGD(H)A 股–新加坡元（對沖） 24.41 - ABEASGH:LX LU0965509101
Class AD – USDAD 股–美元 19.58 0.0807 ABEADUS:LX LU0965508806
Class AD – HKDAD 股–港元 151.75 0.6255 ABLVEAD:LX LU1037948897
Class AD – AUD(H)AD 股–澳元（對沖） 18.52 0.0773 ABADAUH:LX
LU0965509010
Class AD – CAD(H)AD 股–加元（對沖） 17.86 0.0736 ABADCAH:LX
LU1037948970
Class AD – EUR(H)AD 股–歐元（對沖） 18.36 0.0636 AADEURH:LX
LU1037949275
Class AD – GBP(H)AD 股–英鎊（對沖） 17.87 0.0736 AADGBPH:LX
LU1037949358
Class AD – NZD(H)AD 股–紐西蘭元（對沖） 18.81 0.0781 ABADNZH:LX
LU0965509440
Class AD – RMB(H)AD 股–人民幣（對沖） 98.51 0.5448 ABLVEAY:LX
LU1366339296
Class AD – SGD(H)AD 股–新加坡元（對沖） 19.11 0.0787 ABADSGH:LX
LU0965509283
∆ Overall Morningstar Rating is a copyright of Morningstar,
Inc., 2020. All Rights Reserved. The information contained herein:
(1) is proprietary to Morningstar and/or its content providers; (2)
may not be copied ordistributed; and (3) is not warranted to be
accurate, complete or timely. Neither Morningstar nor its content
providers are responsible for any damages or losses arising from
any use of this information. Pastperformance is no guarantee of
future results.Morningstar rates funds from one star to five stars
based on how well the funds have performed (after adjusting for
risk) in comparison to similar funds. Within each Morningstar
Category, the top 10% of funds receivefive stars, the next 22.5%
four stars, the middle 35% three stars, the next 22.5% two stars,
and the bottom 10% receive one star. Funds are rated for up to
three time periods, in three years, five years, and ten years,and
these ratings are combined to produce an overall rating. Funds with
less than three years of history are not rated. Ratings are
objective, based entirely on a mathematical evaluation of past
performance. They are auseful tool for identifying funds worthy of
further research, but should not be considered buy or sell
recommendations.∆ Overall Morningstar Rating 是晨星有限公司 2020
版權所有。晨星提供的資料：(1)為晨星的獨有資產；(2)未經許可不得複製或轉載；及(3)晨星未就資料的完整性、準確性及即時性作出任何保證。晨星及其內容供應商對於因使用相關資料而作出的交易決定均不承擔任何責任。過往績效紀錄不能保證未來投資結果。晨星將同類型基金比較，以其表現為基礎（經考慮風險及銷售費用而調整後），從一到五星評級。於晨星各分類內，表現首
10%的基金評為五星，接下來的 22.5％的基金評為四星，中間 35％的基金評為三星，接下來 22.5％的基金評為兩星，而尾
10%的基金評為一星。 基金評級分為三個時段：三年、五年和十年；評級會結合並產生一個整體評級。
基金成立少於三年並不獲評級。評級是客觀的，完全以歷來表現的數學評價為基礎。
評級為鑑定值得進一步研究的基金的有用工具，但不應被視作買入或贖回基金的信號。† Currency-hedged share
classes use hedging techniques in an attempt to reduce – but not
eliminate – fluctuations between the investor’s holdings in a
particular currency-hedged share class denominated in theinvestor’s
investing currency and the portfolio’s base currency. The goal is
to deliver returns that track the portfolio’s base currency returns
more closely. Stand-alone currency symbols represent convenience
pricing,which offers the ability to purchase or redeem shares using
the currency indicated, which is then converted into the base
currency of the portfolio using a market rate at the time of
purchase or redemption.Convenience pricing involves no currency
hedging and does not seek to provide any protection from currency
fluctuations.†對沖股份類別運用對沖技術，嘗試減低（但並不能完全消除）基金基準貨幣與投資者所持有的對沖股份類別的投資貨幣之間的匯率波動，其目的是達致更接近以基準貨幣計算的回報。單獨的貨幣符號代表其它報價貨幣類別，即可用該貨幣買入或贖回基金，然後依買進或贖回時的市場匯率兌換成基金基準貨幣。此類報價貨幣並無貨幣對沖，亦不提供對貨幣匯率波動的保護。Investment
in the Fund entails certain risks. Investment returns and principal
value of the Fund will fluctuate so that an investor’s shares, when
redeemed, may be worth more or less than their original cost.
Dividendsare not paid for all share classes and are not guaranteed.
The Fund is meant as a vehicle for diversification and does not
represent a complete investment program. Returns denominated in a
currency other than thebase currency of the fund may increase or
decrease as a result of foreign exchange currency fluctuations.
These and other risks are described in the Fund’s prospectus.
Prospective investors should read theprospectus including risk
factors carefully and discuss risk and the fund’s fees and charges
with their financial adviser to determine if the investment is
appropriate for
them.投資於本基金須承擔若干風險。投資於本基金的回報及本金值會有波動，故投資者的股份在贖回時的價值可能高於或低於原來成本。並非所有股份類別均可獲派息，亦無派息保證。本基金旨在作為分散投資的工具，並非完整投資計劃。以基金基準貨幣以外的貨幣所計價的回報，可能受外匯波動有所增加或減少。此等風險以及其他風險在本基金認購章程內有說明。準投資者應細閱認購章程及其風險因素，並與其理財顧問商討本基金的風險及各項費用，以確定是否適合投資。This
information is directed solely at persons in jurisdictions where
the funds and relevant share class are registered or who may
otherwise lawfully receive it. Before investing, investors should
review the fund’s fullprospectus, together with the fund’s Product
Key Facts and the most recent financial statements. Copies of these
documents, including the latest annual report and, if issued
thereafter, the latest semi-annual report,may be obtained free of
charge from www.abfunds.com.hk or by contacting the local
distributor in the jurisdictions in which the funds are authorized
for
distribution.此信息只針對本基金和相關股份類別已註冊之司法權區內人士或其他方式合法接收之人士。投資前，投資者應審查基金的認購章程全文，連同基金的產品資料概要，以及最近期的財務報表。這些文件的副本，其中包括最近期的年度報告，以及如果其後頒布者，則為最近期的中期報告，可瀏覽
www.abfunds.com.hk 或聯繫基金獲授權經銷司法權區的當地經銷商免費索取。The Portfolio is part
of AB SICAV I (referred to as “AB”). AB is an open-ended investment
company with variable capital (société d’investissement à capital
variable) incorporated under the laws of the Grand Duchy
ofLuxembourg. Prior to 5 February 2016, AB’s legal name was
ACMBernstein SICAV, its trading name was AllianceBernstein.本基金為 AB
SICAV I（即“聯博”）旗下的一個投資組合。聯博是根據盧森堡大公國法律註冊成立的開放型可變資本投資公司(société
d'investissement à capital variable)，法定名稱為 AB SICAV I。在 2016 年 2月 5
日之前，聯博的法定名稱為 ACMBernstein SICAV，營業名稱為 AllianceBernstein。This
document is issued by AllianceBernstein Hong Kong Limited and has
not been reviewed by the Securities and Futures
Commission.此文件的發行者為聯博香港有限公司及未經證監會審閱。©2020 AllianceBernstein L.P.
The [A/B] logo is a service mark of AllianceBernstein and
AllianceBernstein® is a registered trademark used by permission of
the owner, AllianceBernstein L.P.©2020 AllianceBernstein L.P. [A/B]
標誌為 AllianceBernstein 的服務標記，而 AllianceBernstein®為註冊商標，須獲得其擁有人
AllianceBernstein L.P. 的批准方可使用。
-
產品資料概要 聯博
AllianceBernstein (Luxembourg) S.à r.l. 低波幅策略股票基金 2020年8月
本概要提供本基金的重要資料， 是銷售文件的一部分。
請勿單憑本概要作投資決定。
資料便覽 管理公司： AllianceBernstein (Luxembourg) S.à r.l. 投資管理人：
AllianceBernstein L.P.（內部委任，美國特拉華州） 存管人： Brown Brothers Harriman
(Luxembourg) S.C.A. 交易頻密程度： 每日 基準貨幣： 美元 派息政策： (i)
A類、C類、I類、S#類及S1#類股份（及相應H類股份）：
無 (ii) AD類股份（及相應H類股份）： 目標為按月宣派及派付或由投資者選擇再投資*
*股息可從資本中或實際上以資本撥付並降低本基金的資產淨值
財政年度終結日： 5月31日 財政年度累計費用：
A類及AD類股份（及相應H類股份 ）
AD類H人民幣股份 C類股份
1.69%† 1.72% † 2.14%† S#類股份 S類H歐元#股份 S1類#股份（及相應
H類股份） I類股份（及相應H類股份）
0.06%† 0.05%† 0.55%† 0.89%† 最低投資額*： 首次 其後
A類、AD類及C類股份（及相應H類股份）
2,000美元 | 15,000港元 | 2,000歐元 2,000澳元| 3,000新加坡元| 3,000紐西蘭元
2,000加元| 2,000英鎊 | 人民幣10,000 元
750美元 | 5,000港元 | 750歐元 750澳元 | 1,000新加坡元| 1,000紐西蘭元750加元 |
750英鎊 | 人民幣3,750元
I類股份（及相應H類股份） 1,000,000美元 | 1,000,000歐元 無
S#類及S1#類股份（及相應H類股份）
25,000,000美元 | 25,000,000歐元 無
#S類及S1類股份保留予機構投資者。 除非另行指明。
†累計費用的數值乃根據截至2019年11月30日止半年度的開支計算得出。該數值可能因年而異。累計費用的數值乃年化數值，以半年度報告的資料為依據，計算方法為適用費用加上從本基金資產扣除的付款，再除以相關股份類別於該財政年度應佔的本基金平均資產淨值。
*不同的最低投資額、其後投資額及最高投資額可適用於以不同貨幣計價的不同股份類別。投資者應參閱本傘子基金的發售文件了解詳情。
本基金是甚麼產品？
低波幅策略股票基金（「本基金」）是AB SICAV I
傘子基金（「本傘子基金」）的投資產品。本傘子基金是一家在盧森堡註冊的開放型可變資本投資公司，當地監管機關為盧森堡Commission
de Surveillance du Secteur Financier。
-
聯博 低波幅策略股票基金
- 2 -
目標及投資策略 目標 本基金的投資目標是長期資本增值。
策略 投資管理人擬物色其認為日後從根本上波動性較低及下跌風險較小的股本證券（一般為上市股本證券，但本基金可偶
爾投資於尚未上市的新興市場證券）。波動性較低的股本證券指就回報標準差等因素而言，與市場或基準相比展現出較
低波動性特征的股本證券。投資管理人利用專有風險模式、定量分析及市場研究衡量某個股本證券及本基金整體的波
動性。投資管理人利用其專有風險及回報模式以及管理投資組合的判斷及經驗來建立尋求波動性最小化的基金，同時
最大限度提升持倉質素。本基金將主要投資於成熟市場公司的股本證券，但本基金可購入任何國家的股本證券，包括新
興市場。本基金可投資於證券，包括但不限於普通股及優先股、貨幣現貨及遠期合約、股票指數期貨、股票期權及交易
所買賣基金。
投資管理人可利用各類金融衍生工具（包括但不限於股票指數期貨、貨幣遠期、股票指數及單一發行人期權）作對沖目
的、有效基金管理或投資目的（作為直接投資於相關證券或工具的替代性投資）。
本基金可將其最多10%的淨資產投資於並無現成市場的證券。本基金不會將其多於10%的資產淨值投資於由任何單一國家（包括其政府及該國的任何公營或當地機關）發行或擔保且信貸評級低於投資級別（定義見本傘子基金的認購章程）
的證券。
本基金須承受市場、利率及貨幣波動及證券投資固有的其他風險。因此，不能保證投資管理人一定能透過物色其認為
日後從根本上波動性較低及下跌風險較小的股本證券而實現長期資本增值的投資目標，或投資資本將得以保全或資本
得以增值。
使用衍生工具／投資於衍生工具 本基金的衍生工具風險承擔淨額最多可達本基金資產淨值的50%。
本基金有哪些主要風險？ 投資涉及風險。請參閱發售文件以了解詳情，包括風險因素。
1. 國家風險—一般 本基金可投資於不同國家及地區發行人的證券。各國經濟在許多領域可能存在對本基金有利或不利的差別，包括
國內生產總值或國民生產總值增長率、通貨膨脹率、資本再投資、資源自給及收支平衡。收歸國有、徵用或沒收
性質稅項、貨幣凍結、政治變動、政府規例、政治或社會不穩定或外交事件均可能對一國的經濟或基金在該國的
投資產生不利影響。
2. 國家風險—新興市場
本基金將投資於新興市場，面對的風險較高（例如流動性風險、貨幣風險、政治風險、監管風險及經濟風險），波
動性亦會高於成熟市場。匯率波動可能對投資的價值造成負面影響或降低回報率－這些風險在新興市場更為明顯。
3. 股本證券風險 本基金將投資於股本證券並會承受市場風險，股本證券的價值可能因應個別公司的活動及業績或因投資氣氛、政
治環境、整體市場及經濟狀況、區域及全球不穩定性以及匯率及利率的變動而波動，間或出現大幅波動。若本基
金所投資股本證券的市場價值下跌，本基金的資產淨值或會受到不利影響，且投資者或會遭受重大損失。
4. 投資金融衍生工具的風險
本基金可使用衍生工具達到對沖及有效基金管理的目的，這可能涉及額外風險。在不利情況下，本基金使用的衍生
工具未必能夠有效地達到對沖或有效基金管理的目的，且本基金可能會遭受重大損失。
5. 貨幣風險 本基金的相關投資可以一種或多種不同於本基金基準貨幣的貨幣計值，意味著相關投資的貨幣變動可能嚴重影響
-
聯博 低波幅策略股票基金
- 3 -
本基金股份的資產淨值。
6. 人民幣類別的相關風險
人民幣現時不可自由兌換，且受外匯管制及限制規限。概無法保證人民幣不會貶值。人民幣出現任何貶值均可能
對投資者於本基金人民幣類別的投資價值產生不利影響。計算人民幣類別的價值時，將使用香港的離岸人民幣
（「CNH」）。CNH匯率可能較中國在岸人民幣（「CNY」）的匯率存在溢價或折讓，亦可能有顯著的買賣差價。
雖然CNH及CNY是相同的貨幣，但兩者在不同及分開的市場進行買賣，且兩個市場獨立運作。
因此，CNH與CNY的匯率未必相同，且變動方向可能並不相同。
非以人民幣為基礎（如香港）的投資者於投資人民幣類別時可能須將港元或其他貨幣兌換成人民幣。其後，投資者
可能亦須將人民幣贖回所得款項（在出售股份時收到）及所收到的人民幣分派（如有）兌換回港元或其他貨幣。於
此等過程中，倘若於收取人民幣贖回所得款項及／或人民幣分派（如有）後，人民幣兌港元或其他貨幣出現貶值，
則投資者將招致貨幣兌換成本，並可能蒙受損失。於特殊情況下，由於適用於人民幣的外匯管制及限制，以人民幣
支付的贖回付款及／或股息支付可能會被延遲。
7. 流動性風險
本基金可將其最多10%的淨資產投資於並無現成市場的證券。因此，本基金可能無法隨時出售該等證券或難以於有利時機或按有利價格買賣該等證券，這可能會對本基金的表現造成負面影響。
8. 以資本撥付股息的相關風險
在獲證監會事先批准並至少提前一個月向投資者發出通知的前提下，董事會可全權酌情決定修訂股息政策。股息率
並非本基金回報的指示。股息可從本基金的資本中或實際上以資本撥付（由董事會酌情決定，此舉可構成部分退回
或撤回投資者原本的投資）或來自原本投資應佔的任何資本收益，由此即時減低每股資產淨值。
本基金表現如何？
以下柱狀圖列示A類股份的過往表現，由於該類股份為專供香港投資者認購的股份類別，故獲管理公司指定為代表股份類別。
• 過往表現資料並非未來表現的指示。投資者未必能悉數取回其投資金額。 •
表現是於曆年末以資產淨值作為比較基準，且股息再投資而計算得出。 • 該等數據顯示 A 類股份的價值於所示曆年增加或減少的幅度。
本基金成立年份： 2012年 A類股份成立年份： 2012年
24.6%
9.5%5.1% 3.3%
18.8%
‐4.6%
24.7%
‐30%
‐20%
‐10%
0%
10%
20%
30%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019百分
比
-
聯博 低波幅策略股票基金
- 4 -
• 表現數據以美元計價，當中已包括累計費用，惟不包括
閣下可能須支付的任何認購費及贖回費。倘沒有列示過往表現，即表示該年度並沒有可以提供表現的充足數據。
• 自 2020 年 5 月 4 日起，本基金的基準為摩根士丹利世界指數。
本基金有否提供保證？ 本基金並無提供任何保證。 閣下未必能取回投資本金。
投資本基金涉及哪些費用及收費？ （不同費用結構適用於不同股份類別。投資者應參閱本傘子基金的發售文件了解詳情。）
閣下或須繳付的費用 在買賣本基金的股份時， 閣下可能須繳付下列費用：
費用 繳付金額 認購費（首次銷售費）
A類及AD類股份（及相應H類股份）：最高為購買價的5% I類股份（及相應H類股份）：最高為購買價的1.50%
不適用於其他股份類別
轉換費+ 不適用 贖回費 不適用 或有遞延銷售費 C類股份：如適用為目前資產淨值或所贖回股份原有成本（以較低者為
準）最高1%（視乎持有年數） 不適用於其他股份類別
+任何由分銷商收取的額外費用或會仍然適用。
基金持續繳付的費用 以下費用將從本基金撥付。由於該等費用會減少 閣下的投資回報，故對 閣下構成影響。
費用 繳付金額 管理費* A類及AD類股份（及相應H類股份）：1.50%
C類股份：1.95% I類股份（及相應H類股份）：0.70%
S1#類股份（及相應H類股份）：0.50% 不適用於其他股份類別
存管人費* 不多於1.00% 應付行政管理人的行政費*
過戶代理費* 業績表現費 不適用 分銷費 不適用 應付管理公司的行政費*
S#類及S1#類股份（及相應H類股份）：50,000美元或0.01%（以較低者為準）
所有其他股份類別（及相應H類股份）：0.05% *每年佔資產淨值的百分比 # S類及S1類股份保留予機構投資者。
-
聯博 低波幅策略股票基金
- 5 -
其他費用 在買賣本基金的股份時， 閣下可能須繳付其他費用。
其他資料 • 在每一營業日（紐約證券交易所及盧森堡銀行的營業日）於美國東部時間下午四時正（為就美元計價股份類別的
指令截止時間）或之前，或在每一營業日於歐洲中部時間下午一時正（為就人民幣對沖股份類別的指令截止時間）
或之前，或在每一營業日歐洲中部時間下午六時正（為就其他貨幣對沖股份類別的指令截止時間）或之前，經管
理公司收妥認購及贖回股份要求後， 閣下一般可按隨後釐定的本基金資產淨值（另加任何適用的費用及收費）
認購及贖回股份。投資者請注意，香港分銷商可能對透過其發出的申請設定較早的截止時間。 •
本基金的資產淨值於每個營業日計算，並將於此網站www.alliancebernstein.com.hk供查閱，
閣下亦可致電+852
2918 7888與聯博香港有限公司（作為本傘子基金的香港代表）聯絡。 •
投資者可於www.alliancebernstein.com.hk取得提供予香港投資者的其他股份類別的過往表現資料。 •
最近期12個月的股息組成情況（即從(i)可分派淨收益及(ii)資本中支付的相對金額），可向投資管理人及香港代表
要求索取。股息組成情況亦可在網站www.alliancebernstein.com.hk查閱。
重要提示 閣下如有疑問，應諮詢專業意見。證監會對本概要的內容並不承擔任何責任，對其準確性或完整性亦不作出任何陳述。
網站www.alliancebernstein.com.hk並未獲證監會審閱，而且可能包含未獲證監會認可的基金資料。
-
PRODUCT KEY FACTS AB SICAV I
AllianceBernstein (Luxembourg) S.à r.l. Low Volatility Equity
Portfolio August 2020
This statement provides you with key information about this
product. This statement is a part of the offering document.
You should not invest in this product based on this statement
alone.
Quick facts Management Company: AllianceBernstein (Luxembourg)
S.à r.l. Investment Manager: AllianceBernstein L.P. (internal
delegation, U.S. Delaware) Depositary: Brown Brothers Harriman
(Luxembourg) S.C.A. Dealing frequency: Daily Base currency: U.S.
Dollar Dividend policy: (i) For Classes A, C, I, S# and S1# Shares
(and corresponding H Shares):
None (ii) For Class AD Shares (and corresponding H Shares):
Aims to declare and pay monthly or be reinvested as elected by
investor*
*Dividends may be paid out of capital or effectively out of
capital and reduce the Portfolio’s Net Asset Value
Financial year end of this Portfolio: 31 May Ongoing charges
over a fiscal year:
Classes A and AD Shares (and corresponding H Shares )
Class AD RMB H Shares
Class C Shares
1.69%† 1.72% † 2.14%† Class S# Shares Class S EUR H#
Shares Class S1# Shares (and corresponding H Shares)
Class I Shares (and corresponding H Shares)
0.06%† 0.05%† 0.55%† 0.89%† Min. investment*: Initial Additional
Classes A, AD and C Shares (and corresponding H Shares)
USD2,000 | HKD15,000 | EUR2,000 AUD2,000 | SGD3,000 | NZD3,000
CAD2,000 | GBP2,000 | RMB10,000
USD750 | HKD5,000 | EUR750 AUD750 | SGD1,000 | NZD1,000 CAD750 |
GBP750 | RMB3,750
Class I Shares (and corresponding H Shares)
USD1 million | EUR1 million None
Classes S# and S1# Shares (and corresponding H Shares) USD25
million | EUR25 million None
#Classes S and S1 Shares are reserved for institutional
investors.
Unless otherwise specified.
† The ongoing charges figure is based on expenses for the half
year ended 30 November 2019. This figure may vary from year to
year. The ongoing charges figure is an annualized figure based on
information from the semi-annual report calculated by adding the
applicable charges and payments deducted from the assets of the
Portfolio and then dividing by the Portfolio's average Net Asset
Value for the fiscal year attributable to the relevant share
class.
*Different minimum, additional and maximum investment limits may
apply to different classes of shares denominated in different
currencies. Investors should refer to the offering document of the
Fund for details.
-
- 2 -
AB SICAV I Low Volatility Equity Portfolio
What is this product?
The Low Volatility Equity Portfolio (the "Portfolio") is a
portfolio of AB SICAV I (the "Fund"), an open-ended investment
company with variable capital domiciled in Luxembourg, and its home
regulator is the Commission de Surveillance du Secteur
Financier.
Objectives and Investment Strategy Objectives The investment
objective of the Portfolio is long term capital growth.
Strategy The Investment Manager seeks to identify equity
securities (generally listed equity securities, however the
Portfolio may occasionally invest in emerging market securities
that are not yet listed) that it believes have fundamentally lower
volatility and less downside risks in the future. Lower volatility
equity securities are equity securities which characteristically
exhibit lower volatility in terms of, among other things, standard
deviation of returns, relative to the market or a benchmark. The
Investment Manager measures the volatility of a given equity
security and of the Portfolio as a whole using proprietary risk
models, quantitative analysis and market research. The Investment
Manager uses its proprietary risk and return models as well as its
judgment and experience in managing investment portfolios to
construct a portfolio that seeks to minimize volatility while
maximizing quality exposure. The Portfolio will predominantly
invest in equity securities of companies in developed markets,
however the Portfolio is not restricted from purchasing equity
securities in any country, including emerging markets and may
invest in securities including, but not limited to, common and
preferred stocks, currency spot and forward contracts, stock index
futures, stock options and exchange-traded funds. The Investment
Manager may utilize a variety of financial derivative instruments
(including, but not limited to, stock index futures, currency
forwards, equity index and single issuer options) for hedging
purposes, efficient portfolio management or for investment purposes
as an alternative to investing directly in the underlying
securities or instruments. The Portfolio may invest up to 10% of
its net assets in securities for which there is no ready market.
The Portfolio will not invest in more than 10% of its net asset
value in securities issued by or guaranteed by any single country
(including its government, a public or local authority of that
country) with a credit rating below Investment Grade (as defined in
the Prospectus of the Fund). The Portfolio is subject to market,
interest rate and currency fluctuations and to other risks inherent
in investing in securities. Therefore, no assurance can be given
that the investment objective of long term capital growth by
seeking to identify equity securities that the Investment Manager
believes have fundamentally lower volatility and less downside
risks in the future will be achieved, that invested capital with be
preserved, or that capital appreciation will occur.
Use of derivatives / Investment in derivatives The Portfolio’s
net derivative exposure may be up to 50% of the Portfolio’s net
asset value.
What are the key risks? Investment involves risks. Please refer
to the offering document for details including the risk
factors.
1. Country Risk - General The Portfolio may invest in securities
of issuers located in various countries and geographic regions. The
economies of individual countries may differ favorably or
unfavorably from each other in such respects as growth of gross
domestic product or gross national product, rate of inflation,
capital reinvestment, resource self-sufficiency and balance of
payments position. Nationalization, expropriation or confiscatory
taxation, currency blockage, political changes, government
regulation, political or social instability or diplomatic
developments could affect adversely the economy of a country or a
portfolio's investments in such country.
2. Country Risk - Emerging Markets The Portfolio will invest in
emerging markets, which are subject to higher risks (for example,
liquidity risk, currency risk, political risk, regulatory risk and
economic risk) and higher volatility than developed markets.
Fluctuations in currency exchange rates may negatively affect the
value of an investment or reduce returns - these risks are
magnified in emerging markets.
-
- 3 -
AB SICAV I Low Volatility Equity Portfolio
3. Equities Securities Risk The Portfolio will invest in equity
securities and will be subject to market risk, the value of which
may be volatile and fluctuate, sometimes dramatically, in response
to the activities and performance of individual companies or
because of investment sentiment, political environment, general
market and economic conditions, regional and global instability and
changes in currency exchange rates and interest rates. If the
market value of equity securities in which the Portfolio invests in
decreases, its Net Asset Value may be adversely affected and
investors may suffer substantial losses.
4. Risk in Investing in Financial Derivative Instruments The
Portfolio is entitled to use financial derivative instruments for
hedging and efficient portfolio management purposes, which may
involve additional risks. In adverse situations, the Portfolio’s
use of derivative instruments may become ineffective in hedging or
efficient portfolio management and the Portfolio may suffer
significant losses.
5. Currency Risk Underlying investments may be denominated in
one or more currencies different from the Portfolio’s base
currency. This means currency movements in such underlying
investments may significantly affect the Net Asset Value of the
Portfolio’s shares.
6. Risks relating to Renminbi (“RMB”) class(es) RMB is currently
not freely convertible and is subject to exchange controls and
restrictions. There can be no assurance that RMB will not be
subject to devaluation. Any devaluation of RMB could adversely
affect the value of investors’ investments in the RMB class(es) of
the Portfolio. When calculating the value of the RMB class(es),
offshore RMB in Hong Kong (“CNH”) will be used. The CNH rate may be
at a premium or discount to the exchange rate for onshore RMB in
China (“CNY”) and there may be significant bid and offer spreads.
While CNH and CNY represent the same currency, they are traded in
different and separate markets which operate independently. As
such, CNH does not necessarily have the same exchange rate and may
not move in the same direction as CNY. Non-RMB based (e.g. Hong
Kong) investors may have to convert HKD or other currencies into
RMB when investing in the RMB class(es). Subsequently, investors
may also have to convert the RMB redemption proceeds (received when
selling the shares) and RMB distributions received (if any) back to
HKD or other currencies. During these processes, investors will
incur currency conversion costs and may suffer losses in the event
that RMB depreciates against HKD or such other currencies upon
receipt of the RMB redemption proceeds and/or RMB distributions (if
any). Under exceptional circumstances, payment of redemptions
and/or dividend payment in RMB may be delayed due to the exchange
controls and restrictions applicable to RMB.
7. Liquidity Risk The Portfolio may invest up to 10% of its net
assets in securities for which there is no ready market. The
Portfolio may therefore not be readily able to sell such securities
or experience difficulty purchasing or selling such securities at
an advantageous time or price, which may have a negative impact on
the Portfolio's performance.
8. Risks Associated with Payment of Dividends Out of Capital The
Board has the sole and absolute discretion to amend the dividend
policy, subject to the SFC’s prior approval and by giving no less
than one month’s prior notice to investors. Dividend yield is not
indicative of return of the Portfolio. Dividends may be paid from
capital or effectively out of the capital of the Portfolio at the
discretion of the Board, which may amount to a partial return or
withdrawal of an investor’s original investment or from any capital
gains attributable to that original investment, and result in an
immediate decrease of the Net Asset Value per Share.
-
- 4 -
AB SICAV I Low Volatility Equity Portfolio
How has the Portfolio performed? The bar chart below shows the
past performance of Class A Shares, which has been designated as
the representative share class by the Management Company as it is a
focus share class made available to Hong Kong investors.
Portfolio launch year: 2012 Class A Shares launch year: 2012
• Past performance information is not indicative of future
performance. Investors may not get back the full amount
invested.
• The computation basis of the performance is based on the
calendar year end, NAV-to-NAV, with dividend reinvested.
• These figures show by how much Class A Shares have increased
or decreased in value during the calendar year being shown.
• Performance data has been calculated in USD including ongoing
charges and excluding any subscription fee and redemption fee you
might have to pay. Where no past performance is shown there was
insufficient data available in that year to provide
performance.
• With effect from 4 May 2020, the benchmark of the Portfolio is
MSCI World Index.
Is there any guarantee? This Portfolio does not have any
guarantees. You may not get back the amount of money you
invest.
What are the fees and charges? (Different fee structure apply to
different classes of shares. Investors should refer to the offering
document of the Fund for details.)
Charges which may be payable by you You may have to pay the
following fees when dealing in the shares of the Portfolio: Fee
What you pay Subscription fee (Initial Sales Charge)
Classes A and AD Shares (and corresponding H Shares): up to 5%
of the purchase price Class I Shares (and corresponding H Shares):
up to 1.50% of the purchase price Not applicable to other Share
Classes
Switching fee+ Not Applicable Redemption fee Not Applicable
24.6%
9.5%5.1% 3.3%
18.8%
‐4.6%
24.7%
‐30%
‐20%
‐10%
0%
10%
20%
30%
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Perc
enta
ge
-
- 5 -
AB SICAV I Low Volatility Equity Portfolio
Contingent Deferred Sales Charge Class C Shares: Where
applicable up to 1% (depending on years held) of the lesser of the
current Net Asset Value or original cost of the Shares being
redeemed Not applicable to other Share Classes
+Any additional fees charged by distributors may still
apply.
Ongoing fees payable by the fund The following expenses will be
paid out of the Portfolio. They affect you because they reduce the
return you get on your investments. Fee What you pay Management
fee* Classes A and AD Shares (and corresponding H Shares):
1.50%
Class C Shares: 1.95% Class I Shares (and corresponding H
Shares): 0.70% Class S1# Shares (and corresponding H Shares): 0.50%
Not applicable to other Share Classes
Depositary fee*
Up to 1.00% Administration fee payable to the Administrator*
Transfer Agent fee* Performance fee Not Applicable Distribution fee
Not Applicable Administration fee payable to the Management
Company*
Classes S# and S1# Shares (and corresponding H Shares): the
lesser of USD50,000 or 0.01% All other Share Classes (and
corresponding H Shares): 0.05%
*Percentage per annum of Net Asset Value
#Classes S and S1 Shares are reserved for institutional
investors.
Other fees You may have to pay other fees when dealing in the
shares of the Portfolio.
Additional Information • You may generally buy and redeem shares
at the Portfolio's next-available Net Asset Value plus any
applicable fees
and charges after the Management Company receives your request
in good order on or before 4:00 P.M. U.S. Eastern Time on each
Business Day (business day of both New York Stock Exchange and
Luxembourg banks) for USD-denominated share classes, or on or
before 1:00 P.M. Central European Time on each Business Day for RMB
hedged share classes or on or before 6:00 P.M. Central European
Time on each Business Day for other currency hedged share classes,
each time being the order cut-off time. Investors should note that,
for applications sent through a Hong Kong distributor, such
distributor may have an earlier cut-off time.
• The Net Asset Value of the Portfolio is calculated on each
Business Day and will be available at: www.alliancebernstein.com.hk
or alternatively, you may contact AllianceBernstein Hong Kong
Limited (as the Hong Kong Representative of the Fund) at +852 2918
7888.
• Investors may obtain the past performance information of other
share classes offered to Hong Kong investors from
www.alliancebernstein.com.hk.
• The compositions of the dividends (i.e., the relative amounts
paid out of (i) net distributable income and (ii) capital) for the
most recent 12 months can be obtained from the Investment Manager
and the Hong Kong Representative on request. The compositions of
the dividends will also be available at:
www.alliancebernstein.com.hk.
-
- 6 -
AB SICAV I Low Volatility Equity Portfolio
Important If you are in doubt, you should seek professional
advice. The SFC takes no responsibility for the contents of this
statement and makes no representation as to its accuracy or
completeness. The website www.alliancebernstein.com.hk has not been
reviewed by the SFC and may contain information on funds not
authorised by the SFC.
