GF CHINA RMB FIXED INCOME FUND (A sub-fund of GF Investment Funds)

Transcription

1 GF CHINA FIXED INCOME FUND Interim Report (Unaudited)

2 GF CHINA FIXED INCOME FUND Interim Report (Unaudited) CONTENTS Page MANAGEMENT AND ADMINISTRATION 3 STATEMENT OF COMPREHENSIVE INCOME 4 STATEMENT OF FINANCIAL POSITION 5 STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 6 INVESTMENT PORTFOLIO 7 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS 8 PERFORMANCE TABLE 8 2

3 GF CHINA FIXED INCOME FUND MANAGEMENT AND ADMINISTRATION MANAGER GF Asset Management () Limited 29-30/F, Li Po Chun Chambers 189 Des Voeux Road Central RQFII Holder GF Holdings () Corporation Limited 29-30/F, Li Po Chun Chambers 189 Des Voeux Road Central Trustee and Registrar BOCI-Prudential Trustee Limited 12/F & 25/F, Citicorp Centre 18 Whitfield Road Causeway Bay Directors of the Manager Lin Xianghong Ye Peng Lau Chung Hing Sammy Custodian Bank of China () Limited 14/F., Bank of China Tower 1 Garden Road Solicitors to the Manager Deacons 5/F, Alexandra House 18 Chater Road Central RQFII Custodian Bank of China Limited No. 1, Fuxingmen Nei Dajie Beijing China Auditors Deloitte Touche Tohmatsu 35/F One Pacific Place 88 Queensway 3

4 GF CHINA FIXED INCOME FUND STATEMENT OF COMPREHENSIVE INCOME (Unaudited) For the period from 1 January 2013 to 30 June 2013 For the period from 2 March 2012 (Date of Inception) to 31 December 2012 INCOME Dividend income 2,569,225 1,764,981 Interest income 16,170,345 25,477,446 18,739,570 27,242,427 EXPENSES Management fee (3,727,502) (6,265,399) Trustee fee (632,074) (1,090,005) Custodian fee (293,522) (429,871) Audit fee (85,975) (146,433) Fund setup fee (108,321) (180,738) Transaction costs on investments (489,337) (254,185) Other expenses (12,454) (23,641) (5,349,185) (8,390,272) NET INCOME BEFORE GAINS ON INVESTMENTS 13,390,385 18,852,155 NET REALISED GAINS / (LOSS) ON SALES OF INVESTMENTS (4,794,107) 1,650,997 NET CHANGES IN UNREALISED GAINS / (LOSS) OF INVESTEMENTS (3,797,185) 4,707,472 NET REALISED AND UNREALISED GAINS ON FOREIGN EXCHANGE 3,015 2,011 PROFIT BEFORE TAX AND DIVIDEND DISTRIBUTION 4,802,108 25,212,635 Dividend distribution (13,203,884) (13,815,119) Taxation (1,741,967) (4,074,222) PROFIT/ (LOSS) AND TOTAL COMPREHENSIVE INCOME FOR THE PERIOD (10,143,743) 7,323,294 4

5 GF CHINA FIXED INCOME FUND STATEMENT OF FINANCIAL POSITION (Unaudited) As at 30 June June December 2012 NON-CURRENT ASSETS Deposit reserve 252, ,000 CURRENT ASSETS Financial assets at fair value through profit or loss 580,347, ,559,453 Interest receivable from investments 7,039,600 23,954,101 Receivables on subscription 98,000 2,255,167 Prepayments 815, ,766 Amount due from broker 21,030,091 Bank balances 120,417,679 66,336,201 TOTAL ASSETS 730,000, ,264,688 LIABILITIES Management fee payable 1,797,451 18,346,468 Trustee fee payable 210, ,661 Accrued audit fee 227, ,630 Payables on redemption 1,800,647 Amount due to broker 9,857,142 Other payables 412,453 2,238,533 Tax payable 5,237,321 3,254,736 TOTAL LIABILITIES (excluding net assets attributable to unitholders) 19,542,963 24,650,028 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 710,457, ,614,660 NET ASSET VALUE PER UNIT Class A Class I NUMBER OF UNITS IN ISSUE Class A 3,442, ,390, Class I 3,712, ,068,

6 GF CHINA FIXED INCOME FUND STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNITHOLDERS (Unaudited) 30 June December 2012 Balance at beginning of the period 853,614,660 Subscription of units 107,918, ,068,463 Redemption of units (240,932,408) (101,777,097) 720,600, ,291,366 Profit/ (Loss) and total comprehensive income for the period (10,143,743) 7,323,294 Balance at end of the period 710,457, ,614,660 6

7 GF CHINA FIXED INCOME FUND INVESTMENT PORTFOLIO (Unaudited) As at 30 June 2013 Securities Name CHINA No. of shares held Fair Value % of net assets Quoted Equities ANHUI JIANGHUAI AUTOMOBILE CO LTD-A 2,807,000 19,733, % CHINA CNR CORP LTD-A 5,500,000 20,680, % EMEI SHAN TOURISM CO LTD-A 75,000 1,167, % FUJIAN RONGJI SOFTWARE CO LTD-A 850,000 7,055, % HAITONG SECURITIES CO LTD-A 1,500,000 14,070, % JIANGSU HUIFENG AGROCHEMICAL CO LTD-A 984,929 12,410, % PING AN BANK CO LTD-A 1,000,000 9,970, % WISESOFT CO LTD-A 800,000 11,528, % 96,614, % Quoted Debt Securities BANK OF CHINA LTD CB 1.4% A 02JUN ,000 11,009, % CHINA PETROLEUM & CHEMICAL CORP 0.8% A 20FEB % CHINA SHIPBUILDING INDUSTRY CORP CB 0.5% A 04JUN ,000 1,097, % CITIC GUOAN INFORMATION INDUSTRY CO LTD 1.2% A 14SEP , % GUANGAN INVESTMENT HLDG GROUP CO LTD 8.18% A 25APR ,000 31,647, % GUANGZHOU ZHIGUANG ELECTRIC CO LTD 7.98% A 23MAR ,000 20,476, % INDUSTRIAL & COMMERCIAL BANK OF CHINA CB 0.9% A 31AUG ,000 10,924, % SHENZHEN CHIWAN WHARF HLDGS LTD 5.28% A 26APR ,000 20,420, % SICHUAN CHUANTOU ENERGY CO LTD CB 0.9% A 21MAR ,000 3,622, % SINOCHEM INTL CORP 4.99% A 05MAR ,000 50,035, % 149,242, % Unquoted Debt securities ANHUI HUAIHAI INDUSTRIAL DEVELOPMENT GROUP CO LTD 1Y CNDR+1.7% A 8JUN ,000 39,610, % CHANGSHA CITY CONSTRUCTION INVESTMENT & DEVELOPMENT CO LTD 6.95% A 24APR ,000 31,038, % CHANGSHA TONGCHENG ENTERPRISE GROUP CO LTD 5.3% A 14MAY ,000 30,083, % CHONGQING LAND PROPERTIES CO GROUP 7.35% A 25APR ,000 52,601, % EXPORT-IMPORT BANK OF CHINA 3.49% A 30MAY ,000 29,376, % GUANGZHOU TEXTILES INDUSTRY & TRADE HLDG LTD 5.42% A 26SEP ,000 19,967, % GUIZHOU CHITIANHUA GROUP CO LTD 5.94% A 04MAY ,000 30,521, % JIANGSU HUAIAN SMALL&MEDIUM ENTERPRISE REGIONAL QUALITY NOTES 5.8% A 18JAN ,000 9,973, % MAANSHAN CITY DEVELOPMENT INVESTMENT GROUP CO LTD 6.9% A 27MAR ,000 20,984, % URUMQI STATE-OWNED ASSET MANAGEMENT CO LTD 6.48% A 28APR ,000 20,495, % WUHAN ECONOMIC DEVELOPMENT & INVESTMENTS GROUP CO LTD 5.25% A 18JUN ,000 9,903, % WUHAN NEW HARBOR CONSTRUCTION & INVESTMENT DEVELOPMENT GROUP CO LTD 5.1% A 20SEP ,000 39,935, % 334,490, % 483,733, % Total quoted / unquoted investments 580,347, % Other net assets 130,109, % Total net assets as at 30 June ,457, % Total investments, at cost 579,436,853 7

8 GF CHINA FIXED INCOME FUND STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (Unaudited) 30 June 2013 % of net asset value 31 December 2012 % of net asset value Equities China 13.59% 0.00% Fixed Income Securities China 68.05% 82.47% Collective Investment Schemes China 0.00% 9.44% Total investment portfolio 81.64% 91.91% Other net assets 18.36% 8.09% Total net assets % % PERFORMANCE TABLE (Unaudited) 1. NET ASSET VALUE At the financial reporting period end date Net asset value of the Fund Net asset value per unit 30 June 2013 GF Investment Funds-GF China Fixed Income Fund Class A 340,743, Class I 369,713, HIGHEST ISSUE/LOWEST REDEMPTION PRICE PER UNIT For the financial period ended Highest issue price per unit Lowest redemption price per unit 30 June 2013 GF Investment Funds-GF China Fixed Income Fund Class A Class I