1.75 TRILLION 60% WHY ASIAN FIXED INCOME? Asia s economic growth outpaces the rest of the world featuring a growing bond market

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2 WHY ASIAN FIXED INCOME? Asia s economic growth outpaces the rest of the world featuring a growing bond market 1.75 TRILLION MARKET CAPITALISATION IN US$ Asian fixed income is a dynamic market opening up to a growing number of new investors including both US dollar and local currency issuers. 322BILLION ASIAN FIXED INCOME BOND ISSUANCE IN US$ 2017 was a record year for Asian fixed income with $322 billion of dollar bond issuance. 60% DEVELOPING ASIA'S CONTRIBUTION TO GLOBAL GDP GROWTH IN 2017 Source: Bloomberg

3 10 YEAR GOVERNMENT BOND YIELDS (%) Source: Bloomberg, as of 31 December UK FRANCE 0.4 GERMANY JAPAN US INDIA CHINA PHILIPPINES Asian bonds offer attractive yields Asian bonds continue to shine with higher yields compared to their developed counterparts on both government and corporate fronts. Superior risk/ reward profile MALAYSIA Asian bonds have delivered a superior risk/reward profile compared to US and European bonds. 2.0 SINGAPORE 6.3 INDONESIA 3

4 CORPORATE BOND YIELDS (%) US IG BofA Merrill Lynch US Corporate Index EURO IG BofA Merrill Lynch Euro Corporate Index ASIAN USD IG JP Morgan Asia Credit Index 3.26% 0.77% 4.1% SPREAD PER UNIT LEVERAGE (IG) i WHAT IS SPREAD PER UNIT OF LEVERAGE (SPL) US 42 EURO 53 ASIA 148 Spread refers to the yield differential of a bond over treasuries. It measures the compensation to an investor for additional credit risk he assumes in holding a corporate bond over a risk free treasury. Leverage is the ratio of debt to company s equity. Spread per unit of leverage is the ratio of potential return (spread) that an investor may receive per unit of risk (leverage). Higher spread per unit of leverage is favorable as it suggests that investors are better compensated for the same unit of risk. Source: JP Morgan, Bloomberg, HSBC, data as of 31 December

5 Rapidly growing asset class with increasing investor demand Global fixed income investors have been paying more attention to the Asian bond market in recent years. AS MANY AS 81.4% OF 177 GLOBAL FIXED INCOME MANAGERS INTEND TO ADD ASIAN BONDS TO THEIR HOLDINGS OVER THE NEXT 12 MONTHS. Source: FinanceAsia Survey, as of June

6 Offers a broad spectrum of opportunities The Asian bond market consists of a broad range of bond types which have varying returns in different economic cycles. Corporates Corporates Local Currency Local Currency Sukuk Sukuk Cash 6

7 WHY THE NEED FOR A FLEXIBLE BOND STRATEGY? A versatile strategy for different stages of a market cycle Flexibility is the key to accessing the most attractive opportunities that each segment of the Asian fixed income market has to offer as the economy progresses through different investment cycles. Booming Market CONSTRUCTIVE PHASE PRE-GFC: 2005 TO 2008 FLEXIBLE ASIAN BOND POSITIONING Global Financial Crisis Road to Recovery 29% 25% 12% Asian Local Currency Asian Hard Currency Credit Asian FX Market Each segment of Asian fixed income, in a constructive environment, offers attractive opportunities for alpha generation. This is categorised by stable and high interest rates with positive economic growth. This market environment favours risk taking. Source: Columbia Threadneedle Investments. 7

8 WHY THE NEED FOR A FLEXIBLE BOND STRATEGY? A versatile strategy for different stages of a market cycle Flexibility is the key to accessing the most attractive opportunities that each segment of the Asian fixed income market has to offer as the economy progresses through different investment cycles. Booming Market Global Financial Crisis Road to Recovery RISK-OFF PHASE GFC: % -17% -8% Asian Local Currency Asian Hard Currency Credit Asian FX Market FLEXIBLE ASIAN BOND POSITIONING "Defensive" approach for capital preservation. During this stage, each segment of Asian fixed income sells down, but at different rates with Asian Local Currency being more defensive. This period is categorised by decelerating economic activity and the market favouring "safe haven" assets. Source: Columbia Threadneedle Investments. 8

9 WHY THE NEED FOR A FLEXIBLE BOND STRATEGY? A versatile strategy for different stages of a market cycle Flexibility is the key to accessing the most attractive opportunities that each segment of the Asian fixed income market has to offer as the economy progresses through different investment cycles. Booming Market RECOVERY PHASE POST-GFC: 2008 TO % FLEXIBLE ASIAN BOND POSITIONING Global Financial Crisis Road to Recovery 42% Asian Local Currency Asian Hard Currency Credit 8% Asian FX Market During an economic recovery, corporates will see earnings growth strengthen credit fundamentals. At the same time, improving market sentiment lead to more risk taking which will result in positive returns for Asian USD corporate credit. Source: Columbia Threadneedle Investments. 9

10 Using multiple fixed income strategies to extract positive alpha Many factors affect fixed income returns. Movements in interest rates, credit fundamentals and currency movements are just some of the factors that can move bond prices. 10

11 WHY THREADNEEDLE (LUX) FLEXIBLE ASIAN BOND? 1 Flexible allocation approach The returns of different types of bonds can vary in different phases of the economic cycle. The fund's flexible and dynamic approach to asset allocation makes it well suited to adapt to the fast changing market environment Corporates Corporates Local Currency Investment Grade Local Currency Investment Grade Sukuk Sukuk Cash ACTIVE ALLOCATION BETWEEN DIFFERENT FIXED INCOME SEGMENTS Source: Columbia Threadneedle Investments, as of 31 December

12 WHY THREADNEEDLE (LUX) FLEXIBLE ASIAN BOND? 1 Flexible allocation approach The returns of different types of bonds can vary in different phases of the economic cycle. The fund's flexible and dynamic approach to asset allocation makes it well suited to adapt to the fast changing market environment Corporates Corporates Local Currency Investment Grade Local Currency Investment Grade Sukuk Sukuk Cash ACTIVE ALLOCATION BETWEEN DIFFERENT FIXED INCOME SEGMENTS Source: Columbia Threadneedle Investments, as of 31 December

13 WHY THREADNEEDLE (LUX) FLEXIBLE ASIAN BOND? 1 Flexible allocation approach The returns of different types of bonds can vary in different phases of the economic cycle. The fund's flexible and dynamic approach to asset allocation makes it well suited to adapt to the fast changing market environment Corporates Corporates Local Currency Investment Grade Local Currency Investment Grade Sukuk Sukuk Cash ACTIVE ALLOCATION BETWEEN DIFFERENT FIXED INCOME SEGMENTS Source: Columbia Threadneedle Investments, as of 31 December

14 2 Access to all segments of Asian Fixed Income The fund s unconstrained mandate allows it to tap into the entire spectrum of opportunities to capture the full potential of this diverse and exciting asset class. 14

15 3 Minimise risks through a high quality portfolio Investing a relatively high allocation in investment grade bonds, reduces credit risk in the portfolio. 24.6% 67.8% Cash 7.6% Source:Columbia Threadneedle Investments, as of 31 December

16 4 Global Perspective Advantage Portfolio Manager, Clifford Lau, brings 20 years of market experience and employs a bottom-up, global research driven approach to managing the fund. The Asian fixed income team is part of a wider global fixed income team, with more than 180 investment professionals. The team has the ability to leverage the multiple specialist teams to exchange and debate investment ideas in a collaborative environment. CLIFFORD LAU Head of Fixed Income, Asia 16

17 Awards MORNINGSTAR ASIANINVESTOR MAGAZINE THE ASSET MAGAZINE 4-Star rating As at 31 December 2017 Best 3-Year Risk-Adjusted Performance 2007 Best 5-Year Risk-Adjusted Performance 2008 Most Astute Asian Bond Investors Since

18 Fund Details BASE CURRENCY BENCHMARK SHARE CLASS AVAILABLE USD LAUNCH DATE 29 APRIL 2014 DEALING FREQUENCY 50% Citi Asian Government bond Index Investible (Local CCY) 50% JP Morgan Asian Credit Index Sovereign-only sub index (Hard CCY) ANNUAL MANAGEMENT FEE USD Accumulation USD Distribution SGD Hedged Accumulation DAILY 1.25% SGD Hedged Distribution 18

19 CONTACTS For more information, please contact DENNIS QUAH Head of Wholesale Distribution Southeast Asia & Hong Kong Tel: MARILYN WANG Sales Director, Wholesale Distribution Southeast Asia Tel: ALEX CHONG Sales Director, Wholesale Distribution Southeast Asia Tel: JOANNE LOH Sales Associate, Wholesale Distribution Southeast Asia Tel: JESSICA TEO Associate Sales Manager, Wholesale Distribution Southeast Asia Tel:

20 DISCLAIMERS KEY RISKS General Market Risk: Investments of a portfolio may go up and down due to changing economic, political, market conditions that impact the share price of companies or prices of securities that the Portfolio invests in. Exchange Rate Risks: Shareclasses are available in different currencies. All other risks can be found in the prospectus. Each distributor herein and its related companies or afliates do not act as advisers, and do not make any representation or warranty as to the adequacy, completeness, accuracy or timeliness, and do not assume any duciary responsibility or liability for any direct, indirect or consequential losses or damages, arising from or in connection with the use of or reliance on this publication or its contents. Important Information: This material in this publication is for information only and does not constitute an offer or solicitation of an order to buy or sell any securities or other nancial instruments to anyone in any jurisdiction in which such offer is not authorised, or to provide investment advice or services. Investors are advised to read and understand the contents of the Prospectus before investing. This publication has been prepared without taking into account the objectives, nancial situation or needs of any particular person. Before making an investment decision to hold or continue to hold units in the fund you should consider, with the assistance of a nancial or other professional adviser, whether the investment is appropriate in light of those circumstances. In the event an investor chooses not to seek advice from a nancial adviser, the investor should consider whether the fund is suitable for him. Past performance of the fund and its manager and any forecasts or information on the economic trends are not necessarily indicative of the future or likely performance of the fund or its manager or a guarantee of future trends. The value of investments and any income is not guaranteed and can go down as well as up and may be affected by exchange rate uctuations. This means that an investor may not get back the amount invested. The fund may invest in nancial derivative instruments to the extent permitted under relevant laws. As such, it may experience greater volatility in its net asset value. Further details are available in the Prospectus. The research and analysis included in this document has been produced by Columbia Threadneedle Investments for its own investment management activities, may have been acted upon prior to publication and is made available here incidentally. Any opinions expressed are made as at the date of publication but are subject to change without notice and should not be seen as investment advice. Information obtained from external sources is believed to be reliable but its accuracy or completeness cannot be guaranteed. This document includes forward looking statements, including projections of future economic and nancial conditions. None of Columbia Threadneedle Investments, its directors, ofcers or employees make any representation, warranty, guaranty, or other assurance that any of these forward looking statements will prove to be accurate. The mention of any specic shares or bonds should not be taken as a recommendation to deal. This document and its contents are proprietary. It may not be reproduced in any form or passed on to any third party without the express written permission of Columbia Threadneedle Investments. Threadneedle (Lux) is an investment company with variable capital (Société d investissement à capital variable, or SICAV ) formed under the laws of the Grand Duchy of Luxembourg. The SICAV issues, redeems and exchanges shares of different classes, which are listed on the Luxembourg Stock Exchange. The management company of the SICAV is Threadneedle Management Luxembourg S.A, who is advised by Threadneedle Asset Management Ltd. and/or selected subadvisors. The SICAV has appointed State Street Bank and Trust Company, Singapore Branch as its Singapore representative and agent for service of process in Singapore. Subscriptions to a fund may only be made on the basis of the Offering Documents as well as the latest annual or interim reports and the applicable terms & conditions. Please refer to the Risk Factors section of the Prospectus for all risks applicable to investing in any fund and specically this fund. The above documents can be obtained free of charge on request from any appointed distributors or our website at Issued by Threadneedle Investments Singapore (Pte.) Limited, 3 Killiney Road, #07-07, Winsland House 1, Singapore Regulated in Singapore by the Monetary Authority of Singapore ( MAS ) under the Securities and Futures Act (Chapter 289) ( SFA ). Registration number: W. This document is not a prospectus 20

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