United Global Technology Fund
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1 United Global Technology Fund Semi Annual Report for the half year ended 30 th June 2018
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3 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore Company Registration No. : Z Tel: DIRECTORS OF UOB ASSET MANAGEMENT Lee Wai Fai Eric Tham Kah Jin Peh Kian Heng Thio Boon Kiat TRUSTEE State Street Trust (SG) Limited 168 Robinson Road #33-01, Capital Tower Singapore CUSTODIAN / ADMINISTRATOR / REGISTRAR State Street Bank and Trust Company, acting through its Singapore Branch 168 Robinson Road #33-01, Capital Tower Singapore AUDITOR PricewaterhouseCoopers LLP 7 Straits View, Marina One East Tower, Level 12 Singapore
4 A) Fund Performance 3 mth % Growth 6 mth % Growth 1 yr % Growth 3 yr Ann Comp Ret 5 yr Ann Comp Ret Since Inception 31 October 10 yr 1997 Ann Ann Comp Comp Ret Ret Fund Performance/ Benchmark Returns Benchmark Source: Morningstar. Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis, with dividends and distributions reinvested, if any. The benchmark of the Fund: Since Inception Oct 98: 20% Dow Jones ex Japan, 80% NASDAQ Index; Nov 98 Dec 03: 100% Dow Jones Technology Index; Jan 04 Feb 17: MSCI World Information Technology Index; 27 Feb 17 - present : MSCI All Country World Information Technology Index. The Fund trailed the MSCI All Country World Information Technology Index benchmark for the six-month period ended 30 June From a sector perspective, the Fund s underperformance for the year-to-date period was mainly due to sector allocation. Semiconductors detracted due to an overweight position and stock selection. Shares of Lam Research, a high-quality semiconductor capital equipment company, pulled back despite solid quarterly results on concerns regarding lower-than-expected shipment guidance and declining memory pricing. We anticipate that the company s growth may be supported by increasing manufacturing complexities and broadening leading-edge demand outside of mobile devices and personal computers. The potential for increased wafer fabrication equipment spending in China may serve as another growth catalyst. Stock selection in Hardware also weighed on returns. FANUC specializes in factory automation systems and equipment. We believe it can create shareholder value should robot demand remain solid. The company reported strong earnings in January; however, shares steadily declined for much of the first quarter. Still, we were encouraged to see FANUC report a rebound in its order book and increase guidance. Shares also fell in April, partly due to FANUC reporting in-line quarterly results along with conservative guidance. Not holding Apple weighed on returns as strong service results and better-than-anticipated fiscal third-quarter guidance boosted the stock during the period. Conversely, stock selection in Software led relative results. Workday shares appreciated on strong quarterly results as solid execution, along with a healthy demand backdrop, strengthened and expanded its new business pipeline. We believe that Workday is building momentum across customers and products, with its financial business taking a notable step forward thanks to recent customer wins. We consider Workday a durable software company with a versatile and differentiated platform. Our position in Electronic Arts added relative value, helped by quarterly results that exceeded lower expectations following gamer backlash over Star Wars Battlefront II s in-game transactions. Shares were boosted in the second quarter by solid quarterly results driven by live services growth. We believe the combination of Electronic Art s solid portfolio of existing franchises and the secular move to digital distribution may sustain earnings growth. There is also potential value from a new hit title and penetration into Asia. Shares of salesforce.com rose on strong quarterly results, with underlying growth exceeding -2-
5 A) Fund Performance (continued) expectations for the third consecutive quarter. We maintain a favourable view of the company s long-term potential given its robust front-office product portfolio and highly recurring subscription business model. We believe that salesforce.com will be a leading beneficiary of cloud computing adoption. Stock selection in Media also boosted returns, although this was partially offset by the negative effect of our overweight position. Netflix delivered strong results to cap off 2017, with fourth-quarter domestic net additions coming in well ahead of guidance. Additionally, its international streaming segment showed an encouraging rate of subscriber growth. As at end June 2018, the Fund was positioned as follows: By Sub-sector Semiconductors (44.94%), Internet (26.53%), Hardware (11.65%), Software (10.89%), Telecommunication Equipment (2.45%), IT Services (1.41%), Telecommunication Services (0.58%) and Cash (1.55%). By Country United States (64.82%), China (14.80%), Japan (5.55%), Taiwan (4.64%), South Korea (4.58%), Others (4.06%) and Cash (1.55%). Economic and Market Review Major US stock indexes posted mixed results during the first half of Strong corporate earnings reports, supported by recently passed federal tax cuts and generally solid global economic growth, boosted markets. The US Federal Reserve (Fed) continued to raise short-term interest rates, as expected. Trade tensions periodically weighed on the market, as the US imposed tariffs on various imports from China and other major trading partners, including Canada, Mexico, and the European Union. Many of these parties retaliated or threatened to do so, sparking fears that continued tit-for-tat trade actions could hurt global commerce and, thus, the worldwide economic expansion. Non-US developed markets also posted mixed results, while emerging markets tumbled as broad currency weakness reduced returns to US investors, and as trade tensions between the US and various trading partners threatened to hurt global growth. Asian markets fell broadly amid concerns that reduced US-China commerce would have a negative impact on the region s economies. Oil-importing nations were also squeezed by rising oil prices. Emerging European stocks also lost ground. Several Latin American markets fell sharply in dollar terms, with the most significant losses coming from Argentina. Sector performance in the MSCI All Country World Index was mixed. Information Technology was the strongest performer, followed by Energy and Consumer Discretionary. Telecommunication Services, Financials and Consumer Staples performed worst. -3-
6 A) Fund Performance (continued) Outlook and Fund Strategy Global technology stocks continued to power ahead in the quarter as investors kept their focus on secular growers, or those few companies seemingly able to expand earnings and revenues despite a potential downturn in the economy. These firms, clustered mainly in the Internet and software segments, remain an important focus of the portfolio, but we have pulled back our exposure to the group as valuations have become stretched. Instead, we increased our position in more cyclically sensitive technology firms. In particular, we significantly increased our weighting in the Semiconductor industry in recent months. Semiconductor stocks, and especially shares in memory firms and capital equipment makers, have performed poorly in recent months, making their valuations more attractive. We believe this segment provides an attractive buffer if a trade war or some other factor derails the global expansion. -4-
7 B) Investments at fair value and as a percentage of net asset value ( NAV ) as at 30 June 2018 under review classified by i) Country Fair Value (S$) % of NAV Luxembourg 12,672, Portfolio of investments 12,672, Other net assets/(liabilities) 449, Total 13,121, ii) Industry N/A iii) Asset Class Fair Value (S$) % of NAV Quoted Unit Trusts 12,672, Other net assets/(liabilities) 449, Total 13,121, iv) Credit rating of quoted bonds N/A C) Top Ten Holdings 10 largest holdings as at 30 June 2018 Fair Value (S$) Percentage of total net assets attributable to unitholders % T. ROWE PRICE FUNDS SICAV - GLOBAL TECHNOLOGY EQUITY FUND 12,672, There was only 1 holding as at 30 June
8 C) Top Ten Holdings (continued) 10 largest holdings as at 30 June 2017 Percentage of total net assets attributable to Fair Value unitholders (S$) % T.ROWE PRICE FUNDS SICAV - GLOBAL TECHNOLOGY EQUITY FUND 6,887, There was only 1 holding as at 30 June D) Exposure to derivatives i) Fair value of derivative contracts and as a percentage of NAV as at 30 June 2018 N/A ii) There was a net realised gain of SGD 12,135 on derivative contracts during the financial period from 1 January 2018 to 30 June iii) Net gains/(losses) on outstanding derivative contracts marked to market as at 30 June 2018 N/A E) Amount and percentage of NAV invested in other schemes as at 30 June 2018 Please refer to the Statement of Portfolio. F) Amount and percentage of borrowings to NAV as at 30 June 2018 N/A G) Amount of redemptions and subscriptions for the financial period from 1 January 2018 to 30 June 2018 Total amount of redemptions SGD 4,547,926 Total amount of subscriptions SGD 5,819,023-6-
9 H) The amount and terms of related-party transactions for the financial period from 1 January 2018 to 30 June 2018 i) As at 30 June 2018, the Fund maintained current accounts with its related party as follows: State Street Bank and Trust Company, Singapore Branch Cash and bank balances SGD 530,889 ii) Investment in Initial Public Offerings managed by UOB Group N/A iii) As at 30 June 2018, there was no brokerage income earned by UOB Kay Hian Pte Ltd. I) Expense ratios $ $ Total operating expenses 383, ,678 Average daily net asset value 10,444,775 5,432,008 Investee Fund s expense ratio 0.08% 0.10% Expense ratio 3.75% 3.74% Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ). This is the sum of the Fund s expense ratio and the Investee Fund s unaudited expense ratio. The unaudited expense ratio of the Investee Fund is obtained from Investee Fund s Manager. The calculation of the Fund s expense ratio at 30 June 2018 was based on total operating expenses divided by the average net asset value respectively for the financial period. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances. Certain comparative figures have been revised to conform to the current year s presentation. These revisions have no impact on the Fund s net asset attributable to unitholders as at both 30 June 2018 and 30 June J) Turnover ratios $ $ Lower of total value of purchases or sales 2,337,069 8,484,754 Average daily net assets value 11,883,440 5,667,317 Turnover ratio 19.67% % Note: The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments divided by the average daily net asset value. -7-
10 K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts N/A L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well i) Top 10 holdings at fair value and as percentage of NAV as at 30 June 2018 and 30 June largest holdings as at 30 June 2018 T. Rowe Price Funds SICAV - Global Technology Equity Fund Percentage of total net assets attributable to Fair Value unitholders (US$) % TENCENT HOLDINGS LTD 168,004, BROADCOM INC 127,350, MICROCHIP TECHNOLOGY INC 95,283, LAM RESEARCH CORP 82,882, ALIBABA GROUP HOLDING LTD ADR 81,189, APPLIED MATERIALS INC 80,753, ALTABA INC 79,690, SAMSUNG ELECTRONICS CO LTD 77,184, KLA-TENCOR CORP 75,895, TAIWAN SEMICONDUCTOR MANUFACTURING 70,310,
11 L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme ( the underlying scheme ) 1 should be disclosed as well (continued) i) Top 10 holdings at fair value and as percentage of NAV as at 30 June 2018 and 30 June 2017 (continued) 10 largest holdings as at 30 June 2017 T. Rowe Price Funds SICAV - Global Technology Equity Fund Percentage of total net assets attributable to Fair Value unitholders (US$) % SALESFORCE.COM INC 48,576, ALPHABET INC CLC 44,987, INTUIT INC 25,555, TAIWAN SEMICONDUCTOR MANUFACTURING 24,709, ALIBABA GROUP HOLDING LTD ADR 24,293, LIBERTY GLOBAL PLC 24,149, ELECTRONIC ARTS INC 24,052, WORKDAY INC 22,987, ULTIMATE SOFTWARE GROUP INC 19,847, MICROSOFT CORP 18,127, ii) Expense ratios for the financial period ended 30 June 2018 and 30 June 2017 T. Rowe Price Funds SICAV - Global Technology Equity Fund 30 June % 30 June % iii) Turnover ratios for the financial period ended 30 June 2018 and 30 June 2017 T. Rowe Price Funds SICAV - Global Technology Equity Fund 30 June % 30 June % 1 Where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager. -9-
12 M) Soft dollar commissions/arrangements UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management s duties to clients. As such services generally benefit all of UOB Asset Management s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades. N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts N/A -10-
13 STATEMENT OF TOTAL RETURN For the half year ended 30 June 2018 (Un-audited) 30 June 30 June $ $ Income Dividends - 12,353 Interest Total ,362 Less: Expenses Management fee 102,853 49,237 Trustee fee 2,486 2,480 Audit fee 7,884 7,172 Registrar fee 7,459 7,490 Valuation fee 7,347 3,517 Custody fee 5,724 2,037 Transaction costs - 34,761 Other expenses 18,012 38,945 Total 151, ,639 Net income/(losses) (151,530) (133,277) Net gains/(losses) on value of investments and financial derivatives Net gains/(losses) on investments 1,041, ,316 Net gains/(losses) on financial derivatives 12,135 (4,700) Net foreign exchange gains/(losses) (1,255) (20,833) 1,052, ,783 Total return/(deficit) for the period before income tax 900, ,506 Less: Income tax - (2,903) Total return/(deficit) for the period 900, ,
14 STATEMENT OF FINANCIAL POSITION As at 30 June 2018 (Un-audited) 30 June 31 December $ $ Assets Portfolio of investments 12,672,277 10,889,342 Receivables 418,306 77,134 Cash and bank balances 530, ,740 Total assets 13,621,472 11,070,216 Liabilities Purchases awaiting settlement 272,700 - Payables 227, ,449 Total liabilities 499, ,449 Equity Net assets attributable to unitholders 13,121,623 10,949,
15 STATEMENT OF MOVEMENTS OF UNITHOLDERS FUNDS For the half year ended 30 June 2018 (Un-audited) 30 June 31 December $ $ Net assets attributable to unitholders at the beginning of the financial period/year 10,949,767 5,176,310 Operations Change in net assets attributable to unitholders resulting from operations 900,759 1,396,744 Unitholders contributions/(withdrawals) Creation of units 5,819,023 9,866,979 Cancellation of units (4,547,926) (5,490,266) Change in net assets attributable to unitholders resulting from net creation and cancellation of units 1,271,097 4,376,713 Total increase/(decrease) in net assets attributable to unitholders 2,171,856 5,773,457 Net assets attributable to unitholders at the end of the financial period/year 13,121,623 10,949,
16 STATEMENT OF PORTFOLIO As at 30 June 2018 (Un-audited) Holdings at 30 June 2018 Fair value at 30 June 2018 $ Percentage of total net assets attributable to unitholders at 30 June 2018 % By Geography - Primary Quoted Unit Trusts LUXEMBOURG T. ROWE PRICE FUNDS SICAV - GLOBAL TECHNOLOGY EQUITY FUND 673,962 12,672, Portfolio of investments 12,672, Other net assets/(liabilities) 449, Net assets attributable to unitholders 13,121,
17 STATEMENT OF PORTFOLIO As at 30 June 2018 (Un-audited) Percentage of total net assets attributable to unitholders at 30 June 2018 % Percentage of total net assets attributable to unitholders at 31 December 2017 % By Geography - Primary (Summary) Quoted Unit Trusts Luxembourg Portfolio of investments Other net assets/(liabilities) Net assets attributable to unitholders As the Fund is invested wholly into Quoted Unit Trusts, it is not meaningful to classify the investments into industry segment. -15-
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