BOCOM INTERNATIONAL DRAGON CORE GROWTH FUND (A Sub-Fund of BOCOM International Fund)

Transcription

1 BOCOM INTERNATIONAL DRAGON CORE GROWTH FUND (A Sub-Fund of BOCOM International Fund) Semi-Annual Report (Unaudited)

2 SEMI-ANNUAL REPORT (UNAUDITED) FOR THE SIX MONTH ENDED 30 JUNE 2014 CONTENTS PAGE(S) MANAGEMENT AND ADMINISTRATION 1 MANAGER'S REPORT 2 STATEMENT OF FINANCIAL POSITION (UNAUDITED) 3 INVESTMENT PORTFOLIO (UNAUDITED) 4 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) 5

3 MANAGEMENT AND ADMINISTRATION Manager BOCOM International Asset Management Limited 9/F, Man Yee Building 68 Des Voeux Road Central Trustee and Registrar Bank of Communications Trustee Limited 1st Floor Far East Consortium Building 121 Des Voeux Road Central Central Directors of the Manager TAN Yueheng CHENG Chuange KO Yu Kit Auditor Deloitte Touche Tohmatsu 35/F One Pacific Place 88 Queensway Solicitors to the Manager Deacons 5th Floor Alexandra House 18 Chater Road Central - 1 -

4 MANAGER'S REPORT Semi-Annual Report (Unaudited) Market Review The most of the major global equity markets continued to stay buoyant in the first half of Year The American Dow Jones Index, S&P 500 Index saw an increase of 2.1% and 6.4% respectively over the same period while in Asia the Indian proxy National Stock Exchange CNX Nifty Index rose 20.7% in local terms. The CSI 300 Index, Nikkei 225 Index, H-share Index, and Hang Seng Index were those lagging their global peers, suffering from plunges in varying degrees. For the bourse, the best performing sectors were the information technology and utility sectors, while the services, transportation and industrial sectors were the worst performing ones in the first six months of the year. Outlook We remain positive towards the Chinese equity markets over the next 12 to 24 months. The Mutual Market Access (MMA) will prove to be an innovative mechanism that will further attract global capitals through the bourse into the mainland Chinese capital makets. Secondly, the valuations and growths potential of Chinese equities are still at attractive levels relative to other asset classes and global major equity markets. Selective sectors such as the insurance, non-bank financial, consumer, health care and information technology are more preferred due to their fundamentals and cycles

5 STATEMENT OF FINANCIAL POSITION (UNAUDITED) AS AT 30 JUNE Jun Dec 2013 HK$ HK$ ASSETS Financial assets at fair value through profit or loss 62,241,660 68,476,780 Amounts due from broker 4,762,736 1,333,450 Dividends receivable 318,183 - Interest receivable 1,975 3,828 Cash and cash equivalents 3,427,384 3,836,629 Total assets 70,751,938 73,650,687 LIABILITIES Amount due to brokers 3,736, ,548 Trustee fee payable 29,726 30,685 Management fee payable 85,605 94,048 Preliminary expenses payable - 771,465 Accruals 97, ,929 Total liabilities 3,949,026 1,617,675 NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 66,802,912 72,033,012 Represented by: Net assets attributable to unitholders (calculated in accordance with the Sub-Fund s explanatory memorandum) 67,034,987 72,341,597 Adjustment for preliminary expenses recognised (232,075) (308,585) Net assets attributable to unitholders (calculated in accordance with HKFRSs) 66,802,912 72,033,012 Number of units in issue 7,868, ,384, Net asset value per unit (calculated in accordance with the Sub-Fund s explanatory memorandum)

6 INVESTMENT PORTFOLIO (UNAUDITED) AS AT 30 JUNE 2014 Securities name Holdings Fair value HK$ Debt security % of net asset value ibond Series HKD Retail Bonds due ,500,000 2,617, Listed equities Bloomage Biotechnology Corp Ltd 115,000 2,300, BYD Electronic International Co Ltd 480,000 3,177, China Animal Healthcare Ltd 130, , China Cinda Asset Management Co Ltd 560,000 2,144, China Communications Construction Co Ltd 450,000 2,335, China Everbright International Ltd 83, , China Galaxy Securities Co Ltd 300,000 1,500, China Huiyuan Juice Group Ltd 500,000 1,875, China Overseas Grand Oceans Group Ltd 800,000 3,800, China Pacific Insurance Group Co Ltd 160,000 4,360, China Resources Gas Group Ltd 200,000 4,850, China Telecom Corp Ltd 560,000 2,122, China Unicom Ltd 200,000 2,392, CITIC Securities Co Ltd 170,000 2,896, GCL-Poly Energy Holdings Ltd 520,000 1,341, Great Wall Motor Co Ltd 98,000 2,822, Henderson Land Development Co Ltd 68,200 3,096, Kingsoft Corp Ltd 79,000 1,840, Sands China Ltd 76,000 4,453, Sino Biopharmaceutical Ltd 240,000 1,504, SPT Energy Group Inc 750,000 3,037, Truly International Holdings Ltd 550,000 2,590, Wheelock & Co Ltd 110,000 3,564, Total investment portfolio 62,241, Other net assets 4,793, Net assets value as at 30 June 2014 (calculated in accordance with the Sub-Fund s explanatory memorandum) 67,034, Total investments, at cost 62,939,

7 STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) FOR THE SIX MONTHS ENDED 30 JUNE 2014 Holdings Holdings as at as at 30 Jun Dec 2013 Debt security 3.90% 5.06% Listed equities 88.95% 89.61% Total investment portfolio 92.85% 94.67% Other net assets 7.15% 5.33% Net assets 100% 100% - 5 -