Eastspring Investments Global Emerging Markets Dynamic Fund
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1 Factsheet Singapore March 2019 All data as at 28 February 2019 unless otherwise stated Eastspring Investments Global Emerging Markets Dynamic Fund RATINGS Class A Morningstar Overall Rating QQQQ FUND DETAILS Fund size (mil) Fund base currency Fund dealing frequency USD Daily Net asset value (Class A) USD ISIN (Class A) Inception date (Class A) Benchmark (BM) MSCI Emerging Markets Index^ LU May-14 ^The MSCI Index is calculated with dividends reinvested. FUND MEASURES Number of Securities 51 3 year tracking error(%) (Class A) year sharpe ratio (Class A) year volatility(%) (Class A) 15.4 Source: Morningstar SECTOR WEIGHTS (%) Financials 27.0 Information technology 20.4 Consumer discretionary 12.6 Energy 10.0 Industrials 8.8 Consumer staples 7.3 Communication Services 4.2 Materials 3.0 Other sectors 4.1 Cash and cash equivalents 2.6 Due to rounding, the allocation table may not add up to 100% or may be negative. COUNTRY WEIGHTS (%) China 29.0 Korea 17.9 Taiwan (Republic of China) 10.8 Brazil 6.7 Russian Federation 6.1 India 5.9 Mexico 5.5 South Africa 3.5 Other countries 12.0 Cash and cash equivalents 2.6 INVESTMENT OBJECTIVE This Sub-Fund aims to generate long-term capital growth through a concentrated portfolio of equities, equity-related securities and bonds. The Sub-Fund will invest primarily in securities of companies which are incorporated, or listed in, or operating principally from, or carrying on significant business in, or derive substantial revenue from, or whose subsidiaries, related or associated corporations derive substantial revenue from the emerging markets worldwide. The Sub-Fund may also invest in depository receipts including ADRs and GDRs, preference shares and warrants. PERFORMANCE Calendar year returns (%) (Class A) Offer-bid Bid-bid Benchmark Returns (%) Class A 1 m 3 m YTD 1 y 3 y 5 y 10 y Since inception Offer-bid Bid-bid Benchmark : per annum. Source: Eastspring Investments (Singapore) Limited. Calendar year returns are based on the share class performance for the year, and if the share class was incepted during a particular year, the returns shown relate to the performance of the share class since its inception to the end of that calendar year. For full details, please refer to the performance disclosure. TOP 10 HOLDINGS (%) 1. TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD SAMSUNG ELECTRONICS LTD CHINA CONSTRUCTION BANK CORP H NASPERS LTD INFOSYS ADR SBERBANK ROSSII ICICI BANK LTD PETROLEO BRASILEIRO PREF SA BANK OF CHINA LTD H BAIDU ADR INC CLASS A 2.5 Due to rounding, the allocation table may not add up to 100% or may be negative. Page 1 / 5
2 SHARE CLASS DETAILS Share class Currency Net asset value Bloomberg ticker ISIN Inception date Subscription method Initial sales charges% (max) Annual management fee % (Current) A USD IOEMDAU LX LU May-14 Cash A S SGD ESGEMAS LX LU Sep-14 Cash, SRS Share class Currency Annual admin fee% (max) Minimum initial investment Minimum subsequent investment Distribution frequency Ex-date Dividend per share Annual dividend yield % A USD USD1,000 USD100 N.A. N.A. N.A. N.A. A S SGD SGD1,000 SGD100 N.A. N.A. N.A. N.A. Distributions are not guaranteed. Distributions may be paid out of distributable income, capital or both. Important Notes: (i) Payment of distributions out of capital amounts to a return or withdrawal of part of an investor s original investment or from any capital gains attributable to that original investment; and (ii) Any distributions involving payment out of the Fund s capital may result in an immediate reduction of the net asset value per share. Funds with Monthly and Quarterly Distribution Frequency: Annualised Dividend yield = (Dividend per share / Reference NAV at start of distribution period) x (No. of calendar days in a year / No. of calendar days in distribution period) x 100%. Funds with Yearly Distribution Frequency: Annualised Dividend Yield = (Dividend amount / Total Net Assets) x (No. of calendar days in a year / No. of calendar days in distribution period) x 100%. "N.A." means that this share class does not distribute dividends. Returns (%) Calendar year returns (%) Since 3 y 5 y 10 y Share class Currency 1 m 3 m YTD 1 y inception A Offer-bid USD Bid-bid USD Benchmark USD A S Offer-bid SGD Bid-bid SGD Benchmark SGD Performance Disclosure: : per annum. Source: Eastspring Investments (Singapore) Limited. Returns are based in share class currency and computed on bid-bid basis with net income reinvested, if any. Offer-bid is inclusive of sales charge which is subject to changes. Since inception returns for periods less than a year are not annualised. The benchmark for the hedged share classes, if any, is also calculated on a hedged basis. Calendar year returns are based on the share class performance for the year, and if the share class was incepted during a particular year, the returns shown relate to the performance of the share class since its inception to the end of that calendar year. Wef July 2018, the monthly fund and benchmark returns calculated are aligned to the last NAV date of the fund for the month. Past performance information presented is not indicative of future performance. Factsheet Singapore March 2019 All data as at 28 February 2019 unless otherwise stated Page 2 / 5
3 COMMENTARY Commentary sources 1.Eastspring Investments (Singapore) Limited Performance Review Global equity markets were again firmer in February to follow on from January s stellar performance but gains were more muted and a dip in the final week took the shine off an otherwise solid month. The MSCI All Country World Index rose 3.1% with Developed Markets outperforming Emerging ones, the latter dragged back by falls in EMEA and Latin America, which offset gains in Asia. Emerging Markets returned just 1.2% but within the bloc, Asia was a notable outperformer with China +4.2%) leading the gainers on hopes the trade dispute with the US would end in agreement sooner rather than later. Comments from the White House added support to China when it said it would let a deadline of 1 March slip before a new set of tariffs was introduced. This also propelled MSCI Hong Kong up 6.1% and China s domestic A Share market up 14%, while Taiwan also posted a strong 4.8% return as its heavyweight chip makers recovered. Korea initially followed suit and made gains before ending the month almost flat as stocks dipped on the final day of trading after the disappointing end to the US-North Korea denuclearization talks. South-east Asia markets were mixed with the currencysensitive Philippines and Indonesia markets falling modestly. Malaysia was the only SEA market showing above region-average gains with a 2.5% return as economic figures surprised on the upside. India flatlined ahead of elections in March and as geopolitical tensions in Kashmir escalated. Latin America took a breather from recent gains with Brazil (-2.4%) ending lower on profit taking and as investors awaited details of the new government s pension reform plans. Mexico also dragged on performance as a credit rating agency downgrade of state-owned oil giant Pemex weighed on sentiment. EMEA was also weak losing 2.8% as Turkey (-3.3%) came under pressure after downgrades in corporate earnings estimates, and Russia (-1.7%) fell on talk of fresh sanctions. South Africa (-4.4%) was another laggard with much of that reflected in rand depreciation after a potential bailout of utility Eskom threatened the country s credit rating. Returns are MSCI index total returns, in US dollar terms, unless otherwise stated. Key Contributors Being overweight Lenovo benefitted the Fund in February after a 24% rise in the stock post the company s Q3 results. These showed better-than-expected improvement in the company s mobile business, a jump in overall group profits and a stable market share in its PC segment. Despite the recent run, we see operational and financial leverage as a tailwind at present and we see fundamental sustainable growth for the stock with a high dividend yield of 5%. The Fund is also overweight LG Display which added value as better sentiment returned to Asia tech in general on optimism on trade, and OLED equipment stocks in particular gained on evidence the cycle is beginning to turn in its favour. The stock rose 12% over the month while the Fund retains its overweight position as we see more upside to the OLED cycle from here. The Fund does not own Tencent and as the stock corrected from its rise in January, it led to a relative contribution. Investors took some profit in the name that had risen strongly in the preceding three months after China s gaming regulator began approving games after a nine-month pause. The Fund regards the stock as very expensive at these levels. Key Detractors The Fund does not own internet giant Alibaba which led to a relative drag on performance as the stock gained 9% in February. China s stocks continued to rally as fiscal stimulus by China pointed to tax relief for consumers and corporates, which would likely benefit the company. However, because the stock trades at very expensive valuations, the Fund does not own it. MRV Engenharia weighed on performance after the stock fell almost 10% in the month, albeit after a 25% gain in December and January combined. Although there was no material newsflow in the name until the final day of trading when it reported in-line Q4 results, the stock fell along with the rest of the Brazilian market as profit taking set in. The Fund is overweight Mexican food processor Gruma but post its 10% fall in February, it weighed on the Fund s performance. Q4 results were slightly below consensus as the company took a one-off charge on IT-related costs while the Mexican market also underperformed, dragging the more liquid stocks lower. We continue to like the company s dominant market position, strong balance sheet and attractive cash flow yield and see upside potential from here. Fund Activity In February, the Fund opened a position in Petrobras, and closed out a holding in CCR while trimming Cosan. Outlook Factsheet Singapore March 2019 All data as at 28 February 2019 unless otherwise stated Page 3 / 5
4 COMMENTARY Emerging Market equity valuations are trading well below their historical averages. Behind these headline valuations we see many stock specific opportunities available to a disciplined value investor. Relative to developed markets, emerging markets remain very cheap and within emerging markets there is extreme dispersion between cheap and expensive stocks as well as between value relative to growth / quality stocks. Despite recent market volatility and geopolitical concerns, we see structural economic growth and a robust corporate backdrop across Global Emerging Markets, which can continue to support many stock specific value opportunities over time. Factsheet Singapore March 2019 All data as at 28 February 2019 unless otherwise stated Page 4 / 5
5 IMPORTANT INFORMATION Investment manager - Eastspring Investments (Singapore) Limited Rating should not be taken as a recommendation Morningstar. 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 Category: Global Emerging Markets Equity Disclaimer This document is issued by Eastspring Investments (Singapore) Limited (UEN: H). Eastspring Investments (Singapore) Limited is the appointed Singapore Representative and agent for service of process in Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore. The Fund is a sub-fund of Eastspring Investments, an open-ended investment company with variable capital (Société d Investissement à Capital Variable or SICAV) registered in the Grand Duchy of Luxembourg, which qualifies as an Undertaking for Collective in Transferable Securities ( UCITS ) under relevant EU legislation. The Management Company of the SICAV is Eastspring Investments (Luxembourg) S.A., Grand-Duchy of Luxembourg. All transactions into the Fund should be based on the Singapore Prospectus and Product Highlights Sheet ( PHS ). Such documents, together with the articles of incorporation of the SICAV and the most recent financial reports, may be obtained free of charge from Eastspring Investments (Luxembourg) S.A., or at relevant Eastspring Investments business units/website and their distribution partners. This document is solely for information and does not have any regard to the specific investment objectives, financial or tax situation and the particular needs of any specific person who may receive this document. This document is not intended as an offer, a solicitation of offer or a recommendation, to deal in shares of securities or any financial instruments. Please refer to the offering documents for details on fees and charges, dealing and redemption, product features, risk factors and seek professional advice before making any investment decision. An investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested. The value of shares in the Fund and the income accruing to the shares, if any, may fall or rise. Where an investment is denominated in a currency other than the base currency of the Fund, exchange rates may have an adverse effect on the value price or income of that investment. Investors should not make any investment decision solely based on this document. Investors may wish to seek advice from a financial adviser before purchasing shares of the Fund. In the event that an investor may choose not to seek advice from a financial adviser, the latter should consider carefully whether the Fund in question is suitable for him. Past performance and the predictions, projections, or forecasts on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of Eastspring Investments or any of the funds managed by Eastspring Investments. There are limitations to the use of indices as proxies for the past performance in the respective asset classes/sector. The Fund may use derivative instruments for efficient portfolio management and hedging purposes. Distributions are not guaranteed and may fluctuate. Past distributions are not necessarily indicative of future trends, which may be lower. Distribution payouts and its frequency are determined by the Board of Directors, and can be made out of (a) income; or (b) net capital gains; or (c) capital of the Fund or a combination of any of (a) and/or (b) and/or (c). The payment of distributions should not be confused with the Fund s performance, rate of return or yield. Any payment of distributions by the Fund may result in an immediate decrease in the net asset value per share. The preceding paragraph is only applicable if the Fund intends to pay dividends / distributions. Eastspring Investments companies (excluding JV companies) are ultimately whollyowned / indirect subsidiaries / associate of Prudential plc of the United Kingdom. Eastspring Investments companies (including JV's) and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. In case of discrepancy between the English and Chinese versions, the English version shall prevail. For more information, please contact: Eastspring Investments (Singapore) Limited UEN: H 10 Marina Boulevard #32-01 Marina Bay Financial Centre Tower 2 Singapore T: (65) F: (65) eastspring.com.sg Factsheet Singapore March 2019 All data as at 28 February 2019 unless otherwise stated Page 5 / 5
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