United Gold & General Fund
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1 United Gold & General Fund Semi Annual Report for the half year ended 31 st December
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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 10 yr Ann Comp Ret Since Inception 28 July 1995 Ann Comp Ret Fund Performance/ Benchmark Returns United Gold & General Fund Benchmark Source: Note: Lipper, a Thomson Reuters Company, Bloomberg. The performance returns of the Fund are in Singapore dollars based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: Since inception Jan 97: 100% FT Gold Mines; Feb 97 June 01: 75% MSCI Gold Mines, 25% MSCI Metals Non-Ferrors; July 01 Dec 13: 70% FT Gold, 30%HSBC GM; Jan 14 Present: 70% FT Gold, 30% Euromoney Global Mining (formerly known as HSBC GM). For the six months ended 31 December, the Fund s net asset value (NAV) increased 10.47%, compared to a 8.81% gain in the composite benchmark, in Singapore dollar terms. The benchmark comprises 70% FT Gold Mines Index and 30% Euromoney Global Mining Index. During the period under review, the FT Gold Mines Index increased by 3.2% compared with a 21.4% gain in the EMIX Global Mining Index. Physical gold prices rose by 1.9% in Singapore dollar terms over the same period. The Fund maintained a small overweight position in gold equities for most of the reporting period. The dominant factor influencing the gold price continued to be US monetary policy and the direction of US real interest rates. US economic data now suggests an upward movement in real interest rates, which are negative for physical gold, which does not pay interest. The US Federal Reserve (Fed) increased the fed funds rate in December, and attention is now focused on US inflation expectations and the possible timing of further US interest rates increases in Geopolitical factors were also important, such as continuing tensions over North Korea and Middle East including leadership changes in Saudi Arabia. Gold and commodities generally benefited from US dollar weakness in the reporting period, given the strong negative correlation between the greenback and commodities in recent years. Commodities also benefited from coordinated strength in the global economy. China remains the most important single market for the majority of base metals and bulk commodities, with the domestic housing and infrastructure investment supporting healthy demand. China was also supportive from a supply perspective, with environmental factors driving the ongoing curtailment of domestic production for multiple commodities. The overall share price performance of listed gold companies posted a small gain during the reporting period, in-line with the net upward movement in the gold price. However, the lack of a clear upward trend in the gold price meant there was no re-rating of the valuation multiples investors placed on operating cash flow and reserves & resources. Compared to the past two decades, gold equities continue to trade at low multiples across a range of valuation metrics, despite a healthy level of profitability. The aggregate industry all-in sustaining costs metric adopted by the World Gold Council remains at or below the US$1,000/oz level. The Fund benefited from companies that delivered on production growth targets. These included B2Gold, Evolution Mining, Newmont Gold, St. Barbara and Saracen Minerals. The Fund also saw good performances from gold companies that also held exposure to production of base metals, such as Independence Group and Yamana Gold. Australian and Canadian listed-producers such as Endeavour Mining, Perseus Mining and Regis Resources continued to benefit from low cash production costs with little signs of increased cost-pressure. Investors were unforgiving towards companies facing heightened political risk, such as Acacia Mining in Tanzania, Tahoe Resources in Guatamala and Eldorado Gold in Greece. There were also problems for Torex Gold in Mexico, although the temporary closure of that company s mining operations was the result of competition between different mining unions rather than issues with the Mexican government. -2-
5 A) Fund Performance (continued) The EMIX Global Mining Index strengthened during the reporting period, buoyed by environmentally-driven closures in China, ongoing strength in Industrial Production and manufacturing data in multiple geographic regions, and limited new mine capacity due to capital expenditure remaining at depressed levels. This last factor meant that many commodity producers are now generating strong free cash flows, which they are using to pay down debt and increase dividend payments. In general, management teams have yet to show any appetite to make sizeable investments with new capacity. The Fund benefited from positive contributions from companies such as BHP Billiton, Glencore, Rio Tinto and Teck Resources (diversified mining), Lundin Mining (copper), Trevali Mining (zinc) and Western Areas (nickel). As at 31 December, the Fund held 76.7% in Precious Metal Equities, 19.0% in Basic Material Equities, 2.9% in Energy Equities and held 1.4% cash. In terms of country allocation, the Fund was invested 44.63% in Canada, 29.63% in Australia, 10.64% in the United States, 5.28% in the United Kingdom, 3.97% in Switzerland, 2.94% in Monaco and 1.57% in South Africa. Economic and Market Review Physical gold started the reporting period with a subdued mood, reaching a low of US$1,213/oz in early July as Fed Chair Janet Yellen presented an upbeat assessment of the US economy. At her semi-annual testimony to the House Finance Services Committee on 17 July, Yellen hinted at further interest rate increases and a possible reduction in the Fed balance sheet. However, such economic considerations were soon overtaken by geopolitical events, as North Korea launched two Intercontinental Ballistic Missiles (ICBMs) in July, followed by a number of shorter-range rockets in mid-august and then another ballistic missile on 29 August which flew over Japan before crashing into the Pacific Ocean. Escalating rhetoric between the United States and North Korea helped push the gold price upwards throughout July and August, with the gold price eventually reaching a high for the reporting period of US$1,349/oz, on 7 September. Subsequent diplomatic efforts from China, Russia and South Korea slowly reduced geopolitical tensions, with the gold price drifting back to the US$1,270/oz level by October. Attention then turned to the direction of US monetary policy, and to the likely policy stance of Jerome (Jay) Powell, who was chosen as the new Fed Chair in early-november. Chair Powell was perceived as being relatively dovish on US monetary policy. This was viewed as being positive for the gold price, since other rival candidates had advocated a rapid normalisation of US interest rates based on theoretical considerations rather than current economic data. Generally positive US economic data and the likelihood of a possible US tax bill saw the Federal Market Open Committee (FOMC) raising the US Fed Funds rate to 1.50% on in December, the third 25 basis point increase announced for the year. Similar to the previous December rate hike, the gold price weakened into the announcement, then rallied strongly into year-end, to finish the reporting period at US$1,303/oz. Gold exchange traded fund (ETF) holdings increased slightly over the reporting period, mainly due to buying in August and September as North Korean tensions escalated. Aggregate holdings rose from 2,181 tonnes to 2,227 tonnes in the second half of. There was aggregate central bank buying, particularly from the Russian Central Bank. However, the People s Bank of China did not add to its official gold holdings during the reporting period. Outlook and Fund Strategy The factors influencing the direction of gold prices includes the timing of further rate increases and the outlook for inflation, most importantly from the US but also in other leading regional economies. The market are discounting that US economic growth will continue and for three likely interest rate increases in Further US rate hikes should be positive for the US dollar, particularly given the contrast between US monetary tightening and more accommodative monetary policies in Europe and Japan. Yet this strong US dollar view also depends on rising real US interest rates, with US rates increasing at a faster rate than any upward move in US inflation. Current expectations for the US economy are relatively bullish, given the December cuts in corporate and personal taxation. Any disappointment in actual US economic growth, especially if related to lacklustre wage growth, would result in slower rate increases and headwinds for US real interest rates. This would cause US dollar weakness and provide the conditions for positive gold price movements over the next twelve months. Gold related assets are likely to appear as a relative safe haven to investors given the potential for continued unrest involving North Korea, Russia and events in the Middle East. Global currency markets may also be volatile given existing interest rate differentials and unexpected political developments related to the America First stance of the Trump administration. Potential -3-
6 A) Fund Performance (continued) volatility in the global cryptocurrency market may also have unexpected consequences for financial stability. The past three years of net buying of physical gold ETFs shows gold s continued status as a safe haven asset and as a store of value that exists independently of any individual monetary system. Current valuation levels for gold companies remain at attractive levels, with good levels of profitability and improving balance sheets. The Fund expects to maintain a slightly overweight position relative to the benchmark given these undemanding valuations and potential for financial market volatility. We expect to maintain a high weighting in listed Australian and Canadian producers that have attractive production growth profiles. The Fund has a preference for low-cost gold producers that are better able to weather potential gold price volatility, and for companies with strong balance sheets that do not require financial market help to fund capital expenditure. The Fund may position itself into special situations in order to benefit from merger & acquisition activity. The outlook for commodities looks positive. The strong economic growth in US, Europe, Japan and China, as shown by manufacturing activity and industrial production data, has tightened the demand-supply balance for commodities, particularly base metals. China remains the key market given its role as the marginal price-setter for many commodities, and the ability to contain non-performing financial loans is a vital factor for ongoing demand strength. The Fund expects China to make further cuts to domestic steel, coal, iron ore, aluminium and other resource-related production, helping to limit overall new supply. Leading commodity companies have yet to announce major increases in their capital expenditure budgets, and this should allow for continued positive free cash flow generation and increasing dividends. US President Donald Trump has indicated that he will boost infrastructure spending, with details expected to be released in the first half of The Fund expects to have a slightly underweight positioning for general commodities relative to benchmark. The recent performance of gold-backed assets and of commodities generally has been volatile, with sharp rallies and corrections linked to US monetary policy announcements, currency volatility, inflation prospects and the relative strength of the US dollar. Investors should expect such volatility to continue, but such corrections can be viewed as good buying opportunities given our expectation of a strengthening in the gold price. We believe that gold and commodities in general should feature in an investors asset allocation strategy as a hedge against deflation and inflation, as well as against financial market volatility. -4-
7 B) Investments at fair value and as a percentage of net asset value ( NAV ) as at 31 December under review classified by i) Country Fair Value (S$) % of NAV Australia 55,158, Canada 83,091, Monaco 5,467, South Africa 2,920, Switzerland 7,403, United Kingdom 9,829, United States 19,803, Portfolio of investments 183,674, Other net assets/(liabilities) 2,499, Total 186,174, ii) Industry Fair Value (S$) % of NAV Energy 5,424, Materials 178,250, Portfolio of investments 183,674, Other net assets/(liabilities) 2,499, Total 186,174, iii) Asset Class Fair Value (S$) % of NAV Quoted equities 183,674, Other net assets/(liabilities) 2,499, Total 186,174, iv) Credit rating of quoted bonds N/A -5-
8 C) Top Ten Holdings 10 largest holdings as at 31 December Fair Value (S$) Percentage of total net assets attributable to unitholders % NEWMONT MINING CORP 16,632, PRETIUM RESOURCES INC 9,177, BARRICK GOLD CORP 8,701, EVOLUTION MINING LTD 8,309, GLENCORE PLC 7,403, NORTHERN STAR RESOURCES LTD 6,376, B2GOLD CORP 6,207, SARACEN MINERAL HOLDINGS LTD 6,182, OCEANAGOLD CORP 6,028, RIO TINTO PLC 5,701, largest holdings as at 31 December 2016 Percentage of total net assets attributable to Fair Value unitholders (S$) % NEWMONT MINING CORP 16,326, BARRICK GOLD CORP 15,006, GOLDCORP INC 11,815, EVOLUTION MINING LTD 7,762, NEWCREST MINING LTD 7,414, AGNICO EAGLE MINES LTD 6,689, ENDEAVOUR MINING CORP 5,402, REGIS RESOURCES LTD 5,281, SEMAFO INC 5,237, SARACEN MINERAL HOLDINGS LTD 5,178,
9 D) Exposure to derivatives i) Fair value of derivative contracts and as a percentage of NAV as at 31 December Contract or underlying principal amount Positive fair value % of NAV Negative fair value $ $ $ % of NAV Foreign currency contracts 97, * 161 -* * denotes amount less than 0.01% ii) iii) There was a net realised loss of SGD 38,825 on derivative contracts during the financial period from 01 July to 31 December. There was a net unrealised loss of SGD 112 on outstanding derivative contracts marked to market as at 31 December. E) Amount and percentage of NAV invested in other schemes as at 31 December N/A F) Amount and percentage of borrowings to NAV as at 31 December N/A G) Amount of redemptions and subscriptions for the financial period from 01 July to 31 December Total amount of redemptions SGD 35,708,770 Total amount of subscriptions SGD 32,249,826 H) The amount and terms of related-party transactions for the financial period from 01 July to 31 December i) As at 31 December, the Fund maintained current accounts with State Street Bank and Trust Company as follows: Bank balances SGD 4,144,857 ii) Investment in Initial Public Offerings managed by UOB Group N/A iii) As at 31 December, there was no brokerage income earned by UOB Kay Hian Pte Ltd. -7-
10 I) Expense ratios 2016 $ $ Total operating expenses 3,289,653 2,693,194 Average daily net asset value 176,900, ,202,957 Expense ratio 1.86% 1.76% Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ).The calculation of the Fund s expense ratio at 31 December 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. J) Turnover ratios 2016 $ $ Lower of total value of purchases or sales 43,812,504 53,261,064 Average daily net assets value 177,383, ,949,887 Turnover ratio 24.70% 31.16% 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. 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 31 December and 31 December 2016 N/A ii) Expense ratios for the financial period ended 31 December and 31 December 2016 N/A iii) Turnover ratios for the financial period ended 31 December and 31 December 2016 N/A 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. -8-
11 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 -9-
12 STATEMENT OF TOTAL RETURN For the half year ended 31 December (Un-audited) 31 December 31 December 2016 $ $ Income Dividends 970, ,499 Interest 1, Total 971, ,628 Less: Expenses Management fee 1,341,154 1,292,527 Trustee fee 31,275 34,467 Audit fee 8,612 7,185 Registrar fee 111, ,491 Custody fee 35,443 14,443 Transaction costs 168, ,513 Interest expenses Other expenses 199,778 10,485 Total 1,897,765 1,781,136 Net income/(losses) (926,325) (1,138,508) Net gains/(losses) on value of investments Net gains/(losses) on investments 19,552,324 (18,310,240) Net gains/(losses) on financial derivatives (38,937) - Net foreign exchange gains/(losses) (166,660) (276,885) 19,346,727 (18,587,125) Total return/(deficit) for the period before income tax 18,420,402 (19,725,633) Less: Income tax (87,720) (84,656) Total return/(deficit) for the period 18,332,682 (19,810,289) -10-
13 STATEMENT OF FINANCIAL POSITION As at 31 December (Un-audited) 31 December 30 June $ $ Assets Portfolio of investments 183,674, ,349,293 Receivables 1,268, ,668 Cash and bank balances 4,144,857 3,839,462 Financial derivatives at fair value 49 - Total assets 189,088, ,877,423 Liabilities Payables 2,913,967 1,577,085 Financial derivatives at fair value Total liabilities 2,914,128 1,577,092 Equity Net assets attributable to unitholders 186,174, ,300,
14 STATEMENT OF MOVEMENTS OF UNITHOLDERS FUNDS For the half year ended 31 December (Un-audited) 31 December 30 June $ $ Net assets attributable to unitholders at the beginning of the financial period/year 171,300, ,916,524 Operations Change in net assets attributable to unitholders resulting from operations 18,332,682 (20,454,631) Unitholders contributions/(withdrawals) Creation of units 32,249, ,026,300 Cancellation of units (35,708,770) (70,187,862) Change in net assets attributable to unitholders resulting from net creation and cancellation of units (3,458,944) 29,838,438 Total increase/(decrease) in net assets attributable to unitholders 14,873,738 9,383,807 Net assets attributable to unitholders at the end of the financial period/year 186,174, ,300,
15 STATEMENT OF PORTFOLIO As at 31 December (Un-audited) Holdings at 31 December Fair value at 31 December $ Percentage of total net assets attributable to unitholders at 31 December % By Geography - Primary Quoted Equities AUSTRALIA BEADELL RESOURCES LTD 9,600,000 1,806, EVOLUTION MINING LTD 3,000,000 8,309, GASCOYNE RESOURCES LTD 2,468,228 1,096, INDEPENDENCE GROUP NL 550,000 2,736, MINERAL RESOURCES LTD 75,000 1,657, NEWCREST MINING LTD 75,000 1,788, NORTHERN STAR RESOURCES LTD 1,000,000 6,376, OCEANAGOLD CORP 1,750,000 6,028, PERSEUS MINING LTD 12,500,000 4,899, REGIS RESOURCES LTD 1,000,000 4,494, RESOLUTE MINING LTD 1,850,000 2,204, SARACEN MINERAL HOLDINGS LTD 3,500,000 6,182, ST BARBARA LTD 1,250,000 4,991, WEST AFRICAN RESOURCES LTD 2,550,000 1,092, WESTGOLD RESOURCES LTD 807,021 1,493, TOTAL AUSTRALIA 55,158, CANADA AFRICA OIL CORP 1,500,000 2,252, AGNICO EAGLE MINES LTD 90,000 5,571, B2GOLD CORP 1,500,000 6,207, BARRICK GOLD CORP 450,000 8,701, CENTERRA GOLD INC 575,000 3,949, DETOUR GOLD CORP 175,000 2,758, FIRST MAJESTIC SILVER CORP 250,000 2,251, FRANCO-NEVADA CORP 20,000 2,143, GOLDCORP INC 300,000 5,129, IAMGOLD CORP 450,000 3,518, KINROSS GOLD CORP 650,000 3,757, NEW GOLD INC 500,000 2,202, PREMIER GOLD MINES LTD 1,000,000 3,839, PRETIUM RESOURCES INC 600,000 9,177, SEMAFO INC 800,000 3,046,
16 STATEMENT OF PORTFOLIO As at 31 December (Un-audited) Holdings at 31 December Fair value at 31 December $ Percentage of total net assets attributable to unitholders at 31 December % By Geography - Primary (continued) Quoted Equities CANADA (continued) TAHOE RESOURCES INC 150, , TECK RESOURCES LTD 150,000 5,258, TOREX GOLD RESOURCES INC 271,000 3,448, TREVALI MINING CORP 1,550,000 2,512, WHEATON PRECIOUS METALS CORP 75,000 2,218, YAMANA GOLD INC 1,000,000 4,181, TOTAL CANADA 83,091, MONACO ENDEAVOUR MINING CORP 200,000 5,467, SOUTH AFRICA GOLD FIELDS LTD 500,000 2,920, SWITZERLAND GLENCORE PLC 1,050,000 7,403, UNITED KINGDOM BHP BILLITON PLC 150,000 4,128, RIO TINTO PLC 80,000 5,701, TOTAL UNITED KINGDOM 9,829, UNITED STATES HESS CORP 50,000 3,171, NEWMONT MINING CORP 331,700 16,632, TOTAL UNITED STATES 19,803, Total Equities 183,674, Portfolio of investments 183,674, Other net assets/(liabilities) 2,499, Net assets attributable to unitholders 186,174,
17 STATEMENT OF PORTFOLIO As at 31 December (Un-audited) Percentage of total net assets attributable to unitholders at 31 December % Percentage of total net assets attributable to unitholders at 30 June % By Geography - Primary (Summary) Quoted Equities Australia Canada Monaco Peru South Africa Switzerland United Kingdom United States Portfolio of investments Other net assets/(liabilities) Net assets attributable to unitholders
18 STATEMENT OF PORTFOLIO As at 31 December (Un-audited) Fair value at 31 December $ Percentage of total net assets attributable to unitholders at 31 December % Percentage of total net assets attributable to unitholders at 30 June % By Industry - Secondary Quoted Equities Energy 5,424, Materials 178,250, Portfolio of investments 183,674, Other net assets/(liabilities) 2,499, Net assets attributable to unitholders 186,174,
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