United Financials Multi-Strategy Funds- United Asia Financials Fund. Semi Annual Report
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1 United Financials Multi-Strategy Funds- United Asia Financials Fund Semi Annual Report for the half year ended 30 June 2017
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3 United Financials Multi-Strategy Funds MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore Company Registration No. : Z OPERATIONS ADDRESS 80 Raffles Place #06-00, UOB Plaza 2 Singapore Tel: DIRECTORS OF UOB ASSET MANAGEMENT Lee Wai Fai Cheo Chai Hong Goh Yu Min 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 AUDITORS PricewaterhouseCoopers LLP 8 Cross Street #17-00, PWC Building Singapore SOLICITORS TO THE MANAGER Tan Peng Chin LLC 30 Raffles Place #11-00, Chevron House Singapore SOLICITORS TO THE TRUSTEE Shook Lin & Bok LLP 1 Robinson Road #18-00, AIA Tower Singapore
4 United Asia Financials Fund A) Fund Performance Fund Performance/ Benchmark Returns 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 7 June 2010 Ann Comp Ret United Asia Financials Fund N/A 2.76 Benchmark N/A 6.74 Source: Note: Lipper, a Thomson Reuters Company. 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: MSCI Asia ex Japan Financials ex Real Estate. For the 6 months ended 30 June 2017, the net asset value of the Fund rose 10.24% compared with a gain of 13.88% in the benchmark MSCI AC Asia ex-japan Financials ex Real Estate in Singapore dollar terms. The Fund s was adversely impacted by negative stock selection in Korea, Indonesia, Taiwan, Thailand and Singapore. Stock selection in Malaysia, China, and Hong Kong contributed positively to performance. The underperformance of the Fund was largely due to expense ratios. Positive contributors to performance were Ping An Insurance, CIMB Bank, BOC Hong Kong. Key detractors included shinhan Financial, Samsung Fire and Marine, Bank of China Bank, Bank Negara, Bank Rakyat, Fubon Financial and Thai Military Bank. During the period under review, the Fund reduced exposure to China, Singapore and Taiwan while increasing exposure to Korea, Malaysia and Indonesia. As at end June 2017, The Fund had the following country exposures: China (30.34%), Hong Kong (14.33%), India (12.44%), South Korea (11.09%), Taiwan (8.02%), Singapore (7.45%), others (16.03%) and the remainder (0.30%) in cash. Economic and Market Review Equity markets in Asia outperformed global markets for the first half of Emerging Markets (EM) as a whole outperformed Developed Markets (DM), as appetite for higher yielding assets increased with improved global economic momentum and a weaker US dollar. Asia markets rallied in the first half of the year, driven by strong earnings particularly in Technology. The softening of President Trump s trade protectionism rhetoric calmed market fears on Asian exporters. Concerns of Sino-US tensions faded after a successful outcome between President Trump and President Xi. The US Federal Reserve (Fed) hiked rates by quarter of a percentage point (25 basis points) in March and June, as it took a gradual and predictable path to normalising interest rates. The US dollar weakened against other major currencies including the Euro, Japanese yen and most Asian currencies. On the geopolitical front, markets brushed off concerns on North Korea s defiant missile launches, US President Trump s legal woes and welcomed the election of Pro-EU French President Macron. Asian economic indicators were generally strong over the period. In India, manufacturing activity strengthened as growth concerns from demonetisation policy receded. North Asian exports picked up strongly. Korea and Taiwan kick-started a new production cycle of mobile handsets launches. China s exports also accelerated more than expected on strong demand globally. China s PMI accelerated in the first quarter to reach a multi-year of 51.8 in March and then moderated in April and May as the authorities tightened monetary conditions before picking up again in June. -2-
5 United Asia Financials Fund A) Fund Performance (continued) North Asia drove the bulk of performance in the Asian markets. The China market outperformed amid better than expected economic growth activity, PPI reflation, strong earnings and renminbi stability. Information Technology, Consumer Discretionary and Real Estate sectors drove the bulk of the gains. MSCI announcement that the country s A-shares would be added to its emerging market index fuelled more positive global sentiment on the Chinese market. The Hong Kong market was also amongst the best performers driven by financial and real estate stocks and recovery in Macau gaming and retail. The property sector remained resilient despite additional government curbs due to tight demand and supply. The abrupt plummet of small-cap shares in June failed to dent the index rally. Taiwan s gains were driven by optimism on the Apple supply chain ahead of Apple s centennial iphone8 launch. Korea was the strongest performer in the region despite concerns of geo-political tensions surrounding Pyongyang. The market was largely driven by strong earnings in the technology sector. The election of President Moon pledging a tougher stance on family own conglomerates, raised expectations of corporate restructuring and improved governance. South East Asia chalked up decent returns too though the region underperformed North Asian markets. Within ASEAN, Singapore was the top performer in South East Asia, lifted by better-than-expected economic growth over the period. Indonesia was next as stronger resource prices boosted economic growth and improved the trade balance and foreign reserves. Standard and Poor s upgrade of their credit rating to investment grade status also led to more fund inflows. Malaysia did fairly well after posting strong first quarter GDP growth and foreign direct investments poured in especially from China as the country expands its One Belt One Road reach. Thailand lagged the most, reversing its position as the region s star performer for 2016 after posting disappointing first quarter 2017 corporate earnings. The Philippines market also lagged after posting mixed first quarter GDP growth numbers and weaker corporate earnings. The current account slipped to a deficit and overseas remittances contracted, putting pressure on the peso. Outlook and Fund Strategy Asia is seeing improving returns on equity (ROEs) and upward revisions in corporate earnings after many years, led by cyclicals as global growth recovers. China s economic recovery looks to have stabilised with the Purchasing Managers Index (PMI) above 50 and the rebound in the PPI after many years in negative territory. Despite the Federal Reserve raising rates, the US dollar has weakened slightly as questions arise over the execution of Trump s fiscal stimulus policies and economic indicators point to a mild recovery. This has helped Asian currencies and markets. Despite the strong run this year, Asian market valuations are still reasonable, trading at the mean level on a price-to-book basis, though slightly above mean on price to earnings. The strong performance in the first half of the year has largely been driven by earnings revisions rather than valuation expansion. The US market has remained resilient in spite of relatively soft US economic data, elevated valuations and President Trump s legal troubles. China economic growth activity moderated after accelerating late last year till the first quarter 2017 as the authorities tightened monetary conditions to control financial leverage. However, recent data points to continued economic stabilisation rather than growth. We are still in the first year of earnings recovery after many years of suppressed profit growth. Hence, we remain constructive on Asian markets. We like Korea. The market is seeing strong positive earnings revisions led by technology and cyclicals. A new change in political leadership that seeks to restructure the Korean chaebols and more shareholder friendly policies by corporates also bodes well for a market rerating. We are also constructive on China, as the economy stabilises and Producer Price Index (PPI) reflation has kick-started a virtuous cycle of private sector investments and profit growth. The market is seeing positive earnings revisions and improving return on equity after many years of downward adjustment. China s rate of non-performing loan (NPL) formation should moderate as the economy stabilises. Our investments focus on the large banks and insurance companies which enjoy better margins on higher interbank rates. The insurance companies continue to enjoy strong premium growth with pension reforms, while continuing to benefit from higher bond yields. We remain neutral on Hong Kong. Property prices look to be peaking as affordability becomes stretched. Nonetheless, primary property sales continue to remain robust despite government policy measures to cool demand due to tight supply. Retail sales are also recovering. We are less positive on Taiwan. Soft 10 year bond yields and competitive pressures weigh on the insurance companies and banks. Nonetheless, corporates in Taiwan s have strong free cash flow, balance sheets and their high dividend yields should support the market. We are neutral in India. While valuations remain expensive, the economy has strong positive structural factors such as improving deficits, more benign inflation outlook favourable demographics. Demonetisation has moved more money into the formal banking system. The private sector banks should continue to gain market share and enjoy huge long term growth opportunities in retail banking. -3-
6 United Asia Financials Fund A) Fund Performance (continued) Within ASEAN, we are overweight on Indonesia. Indonesia s growth, trade and foreign reserve balances have improved with strong resource prices. Standard and Poor s latest credit rating upgrade of Indonesia will draw funds into the market and strengthen the rupiah. We are underweight on Singapore. Valuations are relatively expensive and we believe the Singapore banks re-rating from reflation optimism has already played out. Singapore s economic growth could also likely moderate in the later part of the year after a strong first half. We are underweight on Malaysia, taking profits after the initial boost from positive first quarter GDP number. We are also underweight on Thailand due to valuation concerns and neutral on Philippines. -4-
7 United Asia Financials Fund B) Investments at fair value and as a percentage of net asset value ( NAV ) as at 30 June 2017 under review classified by i) Country Fair Value (S$) % of NAV China 768, Hong Kong 363, India 315, Indonesia 175, Korea 281, Malaysia 130, Philippines 59, Singapore 188, Taiwan 203, Thailand 40, Portfolio of investments 2,526, Other net assets/(liabilities) 7, Total 2,534, ii) Industry Fair Value (S$) % of NAV Financials 2,526, Portfolio of investments 2,526, Other net assets/(liabilities) 7, Total 2,534, iii) Asset Class Fair Value (S$) % of NAV Quoted equities 2,526, Other net assets/(liabilities) 7, Total 2,534, iv) Credit rating of quoted bonds N/A -5-
8 United Asia Financials Fund C) Top Ten Holdings 10 largest holdings as at 30 June 2017 Fair Value (S$) Percentage of total net assets attributable to unitholders % AIA GROUP LTD 251, HOUSING DEVELOPMENT FINANCE CORP 200, PING AN INSURANCE GROUP CO OF CHINA 195, CHINA CONSTRUCTION BANK CORP 186, BANK OF CHINA LTD 145, UNITED OVERSEAS BANK LTD 136, HANA FINANCIAL GROUP INC 119, PT BANK NEGARA INDONESIA (PERSERO) TBK. 99, SHINHAN FINANCIAL GROUP CO LTD 97, CHINA LIFE INSURANCE CO LTD 84, largest holdings as at 30 June 2016 Percentage of total net assets attributable to Fair Value unitholders (S$) % CHINA CONSTRUCTION BANK - H 279, AIA GROUP LTD 263, UNITED OVERSEAS BANK LTD 184, CHINA MERCHANT BANK CO LTD - H 175, HONG KONG EXCHANGES & CLEARING 162, PT BANK MANDIRI 150, INDUSTRIAL & COMMERCIAL BK OF CHINA - H 148, BOC HONG KONG LTD 116, METROPOLITAN BANK & TRUST COMPANY 116, HOUSING DEVELOPMENT FINANCE CORP 115,
9 United Asia Financials Fund D) Exposure to derivatives i) fair value of derivative contracts and as a percentage of NAV as at 30 June 2017 Contract or underlying principal amount Positive fair value % of NAV Negative fair value $ $ $ % of NAV Foreign currency contracts 47, * * denotes amount less than 0.01% ii) There was a net realised gain of SGD 52 on derivative contracts during the financial period from 01 January 2017 to 30 June iii) There was a net unrealised loss of SGD 27 on outstanding derivative contracts marked to market as at 30 June E) Amount and percentage of NAV invested in other schemes as at 30 June 2017 N/A F) Amount and percentage of borrowings to NAV as at 30 June 2017 N/A G) Amount of redemptions and subscriptions for the financial period from 01 January 2017 to 30 June 2017 Total amount of redemptions SGD 775,173 Total amount of subscriptions SGD 18,278 H) The amount and terms of related-party transactions for the financial period from 01 January 2017 to 30 June 2017 i) As at 30 June 2017, the Sub-Fund maintained current accounts with State Street Bank and Trust Company as follows: Bank balances SGD 3,239 ii) Purchase/holdings of UOBAM unit trusts by UOB or its affiliated companies as at 30 June 2017 N/A iii) Investment in Initial Public Offerings managed by UOB Group N/A iv) As at 30 June 2017, the brokerage income earned by UOB Kay Hian Pte Ltd was SGD
10 United Asia Financials Fund I) Expense ratios $ $ Total operating expenses 144, ,900 Average daily net asset value 3,048,157 4,029,108 Expense ratio 4.74% 3.52% 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 Sub-Fund s expense ratio at 30 June 2017 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 Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances. J) Turnover ratios $ $ Lower of total value of purchases or sales 573, ,114 Average daily net assets value 2,772,931 3,354,379 Turnover ratio 20.69% 29.76% 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 30 June 2017 and 30 June 2016 N/A ii) expense ratios for the financial period ended 30 June 2017 and 30 June 2016 N/A -8-
11 United Asia Financials Fund 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) iii) turnover ratios for the financial period ended 30 June 2017 and 30 June 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. 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 United Financials Multi-Strategy Funds STATEMENT OF TOTAL RETURN For the half year ended 30 June 2017 (Un-audited) United Asia Financials Fund 30 June 30 June $ $ Income Dividends 37,200 77,097 Total 37,200 77,097 Less: Expenses Management fee 20,616 25,089 Trustee fee 2,479 2,492 Audit fee 7,368 7,409 Registrar fee 7,490 7,490 Valuation fee 1,718 2,091 Administration fee 3,436 4,182 Custody fee 2,937 1,526 Transaction costs 8,778 11,803 Interest expenses 5 - Other expenses 33,229 24,022 Total 88,056 86,104 Net income/(losses) (50,856) (9,007) Net gains/(losses) on value of investments Net gains/(losses) on investments 342,285 (358,299) Net gains/(losses) on financial derivatives 25 - Net foreign exchange gains/(losses) (3,169) (2,976) 339,141 (361,275) Total return/(deficit) for the period before income tax 288,285 (370,282) Less: Income tax (3,840) (7,914) Total return/(deficit) for the period 284,445 (378,196) -10-
13 United Financials Multi-Strategy Funds STATEMENT OF FINANCIAL POSITION As at 30 June 2017 (Un-audited) United Asia Financials Fund 30 June 31 December $ $ Assets Portfolio of investments 2,526,494 2,907,287 Sales awaiting settlement 29,271 - Receivables 15,804 9,166 Cash and bank balances 3, ,707 Total assets 2,574,808 3,042,160 Liabilities Purchases awaiting settlement 18,604 - Payables 22,040 35,573 Financial derivatives at fair value 27 - Total liabilities 40,671 35,573 Equity Net assets attributable to unitholders 2,534,137 3,006,
14 United Financials Multi-Strategy Funds STATEMENT OF MOVEMENTS OF UNITHOLDERS FUNDS For the half year ended 30 June 2017 (Un-audited) United Asia Financials Fund 30 June 31 December $ $ Net assets attributable to unitholders at the beginning of the financial period/year 3,006,587 4,000,756 Operations Change in net assets attributable to unitholders resulting from operations 284,445 (10,788) Unitholders contribution/(withdrawal) Creation of units 18, ,480 Cancellation of units (775,173) (1,110,861) Change in net assets attributable to unitholders resulting from net creation and cancellation of units (756,895) (983,381) Total increase/(decrease) in net assets attributable to unitholders (472,450) (994,169) Net assets attributable to unitholders at the end of the financial period/year 2,534,137 3,006,
15 United Financials Multi-Strategy Funds STATEMENT OF PORTFOLIO As at 30 June 2017 (Un-audited) By Geography - Primary Quoted Equities United Asia Financials Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June June 2017 $ 30 June 2017 % CHINA BANK OF CHINA LTD 215, , CHINA CONSTRUCTION BANK CORP 175, , CHINA LIFE INSURANCE CO LTD 20,000 84, CHINA MERCHANTS BANK CO LTD 11,000 45, CHINA PACIFIC INSURANCE GROUP 10,000 56, INDUSTRIAL & COMMERCIAL BANK OF CHINA 60,000 55, PING AN INSURANCE GROUP CO OF CHINA 21, , TOTAL CHINA 768, HONG KONG AIA GROUP LTD 25, , BOC HONG KONG HOLDINGS LTD 11,000 72, HONG KONG EXCHANGES & CLEARING LTD 1,100 39, TOTAL HONG KONG 363, INDIA AXIS BANK LTD 3,000 33, HOUSING DEVELOPMENT FINANCE CORP 5, , INDUSIND BANK LTD 2,600 81, TOTAL INDIA 315, INDONESIA BANK MANDIRI PERSERO TBK PT 58,000 76, PT BANK NEGARA INDONESIA (PERSERO) TBK. 146,000 99, TOTAL INDONESIA 175, KOREA HANA FINANCIAL GROUP INC 2, , SAMSUNG LIFE INSURANCE CO LTD ,
16 United Financials Multi-Strategy Funds STATEMENT OF PORTFOLIO As at 30 June 2017 (Un-audited) By Geography - Primary (continued) Quoted Equities United Asia Financials Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June June 2017 $ 30 June 2017 % KOREA (continued) SHINHAN FINANCIAL GROUP CO LTD 1,650 97, TOTAL KOREA 281, MALAYSIA CIMB GROUP HOLDINGS BHD 31,000 65, MALAYAN BANKING BHD 21,000 64, TOTAL MALAYSIA 130, PHILIPPINES METROPOLITAN BANK & TRUST CO 25,000 59, SINGAPORE DBS GROUP HOLDINGS LTD 2,500 51, UNITED OVERSEAS BANK LTD 5, , TOTAL SINGAPORE 188, TAIWAN CATHAY FINANCIAL HOLDING CO LTD 15,000 34, CTBC FINANCIAL HOLDING CO LTD 88,894 80, E.SUN FINANCIAL HOLDING CO LTD 68,887 58, FUBON FINANCIAL HOLDING CO LTD 14,000 30, TOTAL TAIWAN 203, THAILAND KASIKORNBANK PCL - NVDR 5,000 40, Total Equities 2,526, Portfolio of investments 2,526, Other net assets/(liabilities) 7, Net assets attributable to unitholders 2,534,
17 United Financials Multi-Strategy Funds STATEMENT OF PORTFOLIO As at 30 June 2017 (Un-audited) By Geography - Primary (Summary) Quoted Equities United Asia Financials Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 June 31 December % % China Hong Kong India Indonesia Korea Malaysia Philippines Singapore Taiwan Thailand Portfolio of investments Other net assets/(liabilities) Net assets attributable to unitholders
18 United Financials Multi-Strategy Funds STATEMENT OF PORTFOLIO As at 30 June 2017 (Un-audited) By Industry - Secondary Quoted Equities Fair value at 30 June 2017 $ United Asia Financials Fund Percentage of total net assets attributable to unitholders at 30 June 2017 % Percentage of total net assets attributable to unitholders at 31 December 2016 % Bank Financials 2,526, Insurance Portfolio of investments 2,526, Other net assets/(liabilities) 7, Net assets attributable to unitholders 2,534,
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