Schroder Emerging Markets Fund. Semi-Annual Report & Financial Statements
|
|
- Percival Thornton
- 6 years ago
- Views:
Transcription
1 Schroder Emerging Markets Fund Semi-Annual Report & Financial Statements June 2017
2 (a sub-fund of Schroder International Choice Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 25 May 1998 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore Company Registration No H Trustee HSBC Institutional Trust Services (Singapore) Limited 21 Collyer Quay #13-02 HSBC Building Singapore Company Registration No R Auditors PricewaterhouseCoopers LLP 8 Cross Street #17-00 PWC Building Singapore Solicitors to the Manager Clifford Chance Pte Ltd Marina Bay Financial Centre 25th Floor, Tower 3 12 Marina Boulevard Singapore Solicitors to the Trustee Shook Lin & Bok LLP 1 Robinson Road #18-00 AIA Tower Singapore Further Information Schroders is a Foreign Account Tax Compliance Act ( FATCA ) compliant organisation. Please find the FATCA classification of this Fund and its Global Intermediary Identification Number ( GIIN ) below. FATCA entity classification: Nonreporting IGA FFI / Sponsored Investment Entity GIIN: WM9S4Z SF.702 1
3 (a sub-fund of Schroder International Choice Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 25 May 1998 Commentary Global equities generated a robust return over the six-month period, supported by a synchronised pickup in growth. In the US, economic data was mixed but the US Federal Reserve (Fed) continued to normalise monetary policy by raising interest rates. However, uncertainty over the ability of the Trump administration to deliver its pro-growth agenda led the timing and magnitude of expected US fiscal stimulus to be negatively adjusted. In Europe, macroeconomic data strengthened and there were signs that stimulus support could be removed. Emerging Market equities benefitted from the positive global backdrop and the MSCI Emerging Markets index rallied sharply and outperformed MSCI World. The Fund outperformed the index on an underlying basis over the six-month period. Stock selection underpinned excess returns while country allocation was negative. At a stock level, selection in Russia and China added the most to relative performance. In Russia, the off-index positions in Mail.Ru and X5 Retail Group underpinned excess returns. X5 gained as the company continued to grow earnings at a fast pace and increased market share. Mail.Ru also posted strong earnings results and increased its guidance for 2017, sending the stock higher. In China, the key contributor was the overweight to private education provider New Oriental Education & Technology, which continued to benefit from strong momentum in enrolments. The overweights to Alibaba and Tencent also added significant contribution as internet stocks posted strong earnings results. In Taiwan, the overweight to Hon Hai Precision Industry added significant value. The stock rallied sharply on improving margins and expectations for a positive Apple iphone cycle. In India, the off-index holding in HDFC Bank and an overweight to Maruti Suzuki supported gains. HDFC Bank s first quarter earnings exceeded expectations and the bank increased its market share as public sector banks struggled. Meanwhile, Maruti benefited from a rebound in consumption following demonetisation. Stock selection in Korea was also supportive, in particular the overweights to video game developer NCSoft and Hana Financial Group. NCSoft rose amid increasing recognition of the company s mobile strategy while Hana Financial also rallied as earnings surprised to the upside. 2
4 (a sub-fund of Schroder International Choice Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 25 May 1998 From a country perspective, the overweight to Russia was the key headwind. The market underperformed given oil price weakness as the prospect for sanctions removal dimmed. The overweight to Brazil had a smaller negative effect. The market underperformed following corruption allegations against President Temer. By contrast, the overweight to Korea and an underweight to South Africa were positive. Outlook EM has generated a strong return year-to-date, supported by accelerating global trade, attractive valuations and a 5% decline in the US Dollar. EM earnings have been revised upwards and aggregate return-on-equity has risen materially. While fundamentals remain firm, there is potential for a period of market consolidation: the tailwind of US Dollar depreciation could ease given ongoing Fed policy normalisation; the inability of the Trump administration to implement its progrowth agenda risks protectionist trade policy with potential negative ramifications for EM. While the move to address regulatory arbitrage and risks in the financial system is a long term positive, it risks weighing on the outlook for domestic and global growth in the short term. We expect growth to slow through H2, albeit from a high level of economic momentum and China has the fiscal and monetary policy levers to support growth if needed. Over the longer term, we believe the outlook for EM remains positive as we expect a further increase in global growth in Inflation globally is expected to remain relatively subdued, limiting the pace and extent of monetary policy normalisation. We expect EM market returns to continue to improve, supporting earnings, while valuations remain attractive. June
5 Statement of Total Return For the financial period ended 30 June 2017 (Unaudited) Expenses 30 Jun Jun 2016 $ $ Trustee fees 20,919 17,099 Valuation fees 9,220 7,304 Audit fees 8,624 7,833 Transaction costs Others 27,320 20,819 66,260 53,072 Net expense (66,260) (53,072) Net gains or losses on value of investments and financial derivatives Net gains/(losses) on investments 11,685,496 (1,419,321) Net losses on spot foreign exchange contracts (9,226) (3,545) Net foreign exchange gains 15,365 5,589 11,691,635 (1,417,277) Total return/(deficit) for the period 11,625,375 (1,470,349) 4
6 Statement of Financial Position As at 30 June 2017 (Unaudited) 30 Jun Dec 2016 $ $ ASSETS Portfolio of investments 97,656,484 82,968,163 Bank balances 823,371 1,010,699 Receivables 551, ,176 Total assets 99,031,649 84,259,038 LIABILITIES Payables 236, ,349 Total liabilities 236, ,349 EQUITY Net assets attributable to unitholders 98,795,062 84,015,689 5
7 Statement of Movements of Unitholders Funds For the financial period ended 30 June 2017 (Unaudited) 30 Jun Dec 2016 $ $ Net assets attributable to unitholders at the beginning of the financial period/year 84,015,689 77,551,264 Operations Change in net assets attributable to unitholders resulting from operations 11,625,375 8,482,872 Unitholders contributions/ (withdrawals) Creation of units 11,595,862 9,967,831 Cancellation of units (8,441,864) (11,986,278) Change in net assets attributable to unitholders resulting from net creation and cancellation of units 3,153,998 (2,018,447) Total increase in net assets attributable to unitholders 14,779,373 6,464,425 Net assets attributable to unitholders at the end of the financial period/year 98,795,062 84,015,689 6
8 Statement of Portfolio As at 30 June 2017 (Unaudited) Primary Percentage of total net assets attributable to Holdings Fair value unitholders at at at 30 Jun Jun Jun 2017 By geography $ % Quoted Collective investment scheme LUXEMBOURG (country of domicile) Schroder International Selection Fund Emerging Markets A Accumulation Share Class 4,982,436 97,656, Portfolio of investments 97,656, Other net assets 1,138, Net assets attributable to unitholders 98,795,
9 Statement of Portfolio As at 30 June 2017 (Unaudited) Primary (continued) Percentage Percentage of total net of total net assets assets attributable attributable to to unitholders unitholders at at 30 Jun Dec 2016 By geography (summary) % % Quoted Luxembourg Portfolio of investments Other net assets Net assets attributable to unitholders As the Fund invests wholly into an underlying collective investment scheme, it is not meaningful to show any secondary segmentation analysis. 8
10 Units in Issue For the financial period ended 30 June 2017 (Unaudited) 30 Jun Dec 2016 Units Units At the beginning of the financial period/year 57,047,749 58,464,043 Created 7,231,765 7,433,716 Cancelled (5,265,549) (8,850,010) At the end of the financial period/year 59,013,965 57,047,749 $ $ Net assets attributable to unitholders 98,795,062 84,015,689 Net assets attributable to unitholders per unit
11 Financial Ratios For the financial period ended 30 June 2017 (Unaudited) 30 Jun Jun 2016 Expense ratio 1 (excluding underlying fund s unaudited expense ratio) 0.13% 0.14% Expense ratio 2 (including underlying fund s unaudited expense ratio) 1.98% 2.05% Turnover ratio % - 1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore ( IMAS ). The calculation of the expense ratio was based on total operating expenses divided by the average net asset value for the year. The total operating expenses do not include 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 respective values used in the calculation of the expense ratio are disclosed below. The average net asset value is based on the daily balances. Expense ratio calculations 30 Jun Jun 2016 $ $ Total operating expenses 112, ,883 Average net asset value 87,438,443 78,173,311 2 The expense ratio is the sum of the Fund s expense ratio and the underlying fund s unaudited expense ratio. The unaudited expense ratio of the underlying fund, a Luxembourg domiciled fund, is obtained from Schroder Investment Management (Luxembourg) SA. There is no requirement for the expense ratio of this Luxembourg domiciled fund to be published or audited. 10
12 Financial Ratios For the financial period ended 30 June 2017 (Unaudited) 3 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 value of purchases or sales of the underlying investments divided by the average daily net asset value. Turnover ratio calculations 30 Jun Jun 2016 $ $ Lower of purchases or sales 685,751 (sales) - (sales) Average net asset value 92,947,431 73,458,006 11
13 Report to Unitholders 30 June 2017 The following is a report on the Schroder Emerging Markets Fund (the Fund ): 1. The only security holding of the Fund as at 30 June 2017: Percentage of total net assets attributable to Fair value unitholders $ % Schroder International Selection Fund - Emerging Markets A Accumulation Share Class 97,656, The only security holding of the Fund as at 30 June 2016: Percentage of total net assets attributable to Fair value unitholders $ % Schroder International Selection Fund - Emerging Markets A Accumulation Share Class 75,456, The Fund was not invested in other unit trusts, mutual funds or collective investment schemes as at 30 June 2017 other than as stated in the Statement of Portfolio. 2. The Fund did not have any exposure to financial derivatives as at 30 June The Fund did not have any borrowings as at 30 June
14 Report to Unitholders 30 June The amount of subscriptions and redemptions during the period 1 January 2017 to 30 June 2017 were as follows: Subscriptions 11,595,862 Redemptions 8,441, Expense Ratio (including underlying fund) 1 July 2016 to 30 June % 1 July 2015 to 30 June % 6. Turnover of Portfolio 1 January 2017 to 30 June % 1 January 2016 to 30 June Soft dollar commissions/arrangements: The Fund invests substantially into the underlying fund. In the management of the underlying fund, the manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the underlying fund and the soft dollars received are restricted to the following kinds of services: (i) research, analysis or price information; (ii) performance measurement; (iii) portfolio valuations; and (iv) administration services. In the management of the Fund, the Manager currently does not receive or enter into any soft dollar commissions or arrangements. $ 13
15 Report to Unitholders 30 June Related Party Transactions The Manager of the Fund is Schroder Investment Management (Singapore) Ltd. The Registrar for the Fund is Schroder Investment Management (Luxembourg) SA, a related party of the Manager. The Trustee is HSBC Institutional Trust Services (Singapore) Limited, a subsidiary of the HSBC Group. The management fees payable by the Fund to the Manager is currently waived by the Manager. The registration fees payable by the Fund to the Registrar has been waived by the Registrar. The trustee fees and valuation fees charged by the HSBC Group are shown in the Statement of Total Return. As at reporting date, the Fund maintained with the HSBC Group, the following bank balances: 30 Jun Dec 2016 $ $ Current accounts 823,371 1,010,699 In addition to the above, the respective management fees are chargeable by: i) Schroder Investment Management (Luxembourg) SA as Management Company of the following underlying fund: Per annum Underlying fund of NAV Schroder International Selection Fund - Emerging Markets A Acc 1.500% 9. Performance of Fund for periods ended 30 June mths 6 mths 1 yr 3 yrs* 5 yrs* 10 yrs* Since Launch* # Fund 5.2% 13.6% 28.7% 4.8% 5.5% 0.3% 3.3% Benchmark** 4.7% 12.9% 26.6% 4.5% 5.7% 0.8% 5.4% * Returns of more than 1 year are annualised # Since launch figures from 6 April 2000 ** Benchmark: MSCI Emerging Markets Net TR Source: Schroders, S$, bid to bid, net income reinvested. 14
16 Report to Unitholders 30 June The Fund invests more than 30% of its assets in Schroder International Selection Fund - Emerging Markets A Accumulation Share Class. The following are the key information on the underlying fund: i. Top 10 holdings as at 30 June 2017: Percentage Market of total net value assets US$ % Samsung Electronics Co Ltd 251,998, Tencent Hldg Ltd 222,745, Taiwan Semiconductor Manufacturing Co Ltd 194,902, Ailbaba Group Hldg Ltd 168,468, Hon Hai Precision Ind Co Ltd 124,765, China Construction Bank Corp 112,430, Sberbank of Russia PJSC 93,045, China Mobile Ltd 83,529, China Petroleum & Chemical Corp 72,251, Lukoil PJSC 62,735,
17 Report to Unitholders 30 June 2017 Top 10 holdings as at 30 June 2016: Percentage Market of total net value assets US$ % Samsung Electronics Co Ltd 149,082, Taiwan Semiconductor Manufacturing Co Ltd 141,810, Tencent Hldg Ltd 141,031, China Construction Bank Corp 102,332, China Mobile Ltd 94,020, Ailbaba Group Hldg Ltd 71,164, China Petroleum & Chemical Corp 67,788, Sberbank of Russia PJSC 66,749, AIA Group Ltd 57,139, Hon Hai Precision Ind Co Ltd 54,542, ii. Expense Ratio 1 July 2016 to 30 June % 1 July 2015 to 30 June % Brokerage and other transaction costs, performance fees, interest expense, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds, tax deducted at source or arising out of income received and dividends paid to unitholders are not included in the expense ratio. iii. Turnover of Portfolio 1 July 2016 to 30 June % 1 July 2015 to 30 June % 16
18
Schroder BRIC Fund. Semi-Annual Report & Financial Statements. June 2017
Schroder BRIC Fund Semi-Annual Report & Financial Statements June 2017 (a sub-fund of Schroder International Opportunities Portfolio) Constituted under a Trust Deed in the Republic of Singapore on 3 January
More informationSCHRODER BRIC FUND Semi-Annual Report & Financial Statements June 2018
Semi-Annual Report & Financial Statements June 2018 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee
More informationSCHRODER EMERGING MARKETS FUND Semi-Annual Report & Financial Statements June 2018
Semi-Annual Report & Financial Statements June 2018 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee
More informationSchroder Emerging Markets Fund. Annual Report & Financial Statements
Schroder Emerging Markets Fund Annual Report & Financial Statements December 2016 SCHRODER EMERGING MARKETS FUND (a sub-fund of Schroder International Choice Portfolio) Constituted under a Trust Deed in
More informationSCHRODER EMERGING MARKETS FUND Annual Report & Financial Statements December 2017
Annual Report & Financial Statements December 2017 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee
More informationSchroder European Large Cap Equity Fund. Semi-Annual Report & Financial Statements
Schroder European Large Cap Equity Fund Semi-Annual Report & Financial Statements June 2011 SCHRODER EUROPEAN LARGE CAP EQUITY FUND (a sub-fund of Schroder International Choice Portfolio) Constituted under
More informationSCHRODER MULTI-ASSET REVOLUTION 70 Semi-Annual Report & Financial Statements June 2018
Semi-Annual Report & Financial Stements June 2018 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registrion No. 199201080H Trustee
More informationSCHRODER CHINA OPPORTUNITIES FUND Annual Report & Financial Statements December 2017
Annual Report & Financial Statements December 2017 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee
More informationSchroder Emerging Markets Fund. Annual Report & Financial Statements
Schroder Emerging Markets Fund Annual Report & Financial Statements December 2009 SCHRODER EMERGING MARKETS FUND (a sub-fund of Schroder International Choice Portfolio) Constituted under a Trust Deed in
More informationSchroder Emerging Europe Fund. Annual Report & Financial Statements
Schroder Emerging Europe Fund Annual Report & Financial Statements December 2011 SCHRODER EMERGING EUROPE FUND (a sub-fund of Schroder International Choice Portfolio) Constituted under a Trust Deed in
More informationSchroder Global Emerging Market Opportunities Fund. Annual Report & Financial Statements
Schroder Global Emerging Market Opportunities Fund Annual Report & Financial Statements December 2011 SCHRODER GLOBAL EMERGING MARKET OPPORTUNITIES FUND (a sub-fund of Schroder International Opportunities
More informationSchroder Asian Growth Fund
Schroder Asian Growth Fund Semi-Annual Report & Financial Statements June 2017 Constituted under a Trust Deed in the Republic of Singapore on 4 April 1991 Manager Schroder Investment Management (Singapore)
More informationSchroder Dynamic Allocation Fund. Semi-Annual Report & Financial Statements
Schroder Dynamic Allocation Fund Semi-Annual Report & Financial Statements December 2011 SCHRODER DYNAMIC ALLOCATION FUND (a sub-fund of Schroder Advantage Series) Constituted under a Trust Deed in the
More informationSCHRODER ASIAN TOTAL RETURN FUND Annual Report & Financial Statements December 2017
Annual Report & Financial Statements December 2017 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee
More informationSchroder Asian Equity Yield Fund. Annual Report & Financial Statements
Schroder Asian Equity Yield Fund Annual Report & Financial Statements December 2011 SCHRODER ASIAN EQUITY YIELD FUND (a sub-fund of Schroder International Choice Portfolio) Constituted under a Trust Deed
More informationSchroder European Equity Yield Fund. Annual Report & Financial Statements
Schroder European Equity Yield Fund Annual Report & Financial Statements December 2009 SCHRODER EUROPEAN EQUITY YIELD FUND (a sub-fund of Schroder International Opportunities Portfolio) Constituted under
More informationSCHRODER GLOBAL EMERGING MARKET OPPORTUNITIES FUND Annual Report & Financial Statements December 2017
SCHRODER GLOBAL EMERGING MARKET OPPORTUNITIES FUND Annual Report & Financial Statements December 2017 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore
More informationSchroder Asian Bond Fund. Annual Report & Financial Statements
Schroder Asian Bond Fund Annual Report & Financial Statements December 2011 SCHRODER ASIAN BOND FUND (a sub-fund of Schroder International Choice Portfolio) Constituted under a Trust Deed in the Republic
More informationUnited Enhanced Income Fund
United Enhanced Income Fund Semi Annual Report for the financial period 1 st July to 31 st December 2014 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624
More informationGrowthPath Portfolios
GrowthPath Portfolios GrowthPath Today GrowthPath 2020 GrowthPath 2030 GrowthPath 2040 Semi Annual Report for the financial period 1 st July to 31 st December 2014 MANAGER UOB Asset Management Ltd Registered
More informationUnited Global Technology Fund
United Global Technology Fund Semi Annual Report for the half year ended 30 th June 2018 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationUnited Global Internet Fund
United Global Internet Fund Semi Annual Report for the period 1 st January to 30 th June 2013 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationUnited G Strategic Fund
United G Strategic Fund Semi Annual Report for the financial period 1 st July to 31 st December 2016 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company
More informationSCHRODER SINGAPORE TRUST Annual Report & Financial Statements December 2017
Annual Report & Financial Statements December 2017 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee
More informationUnited Global Telecoms Fund
United Global Telecoms Fund Semi Annual Report for the period 1 st January to 30 th June 2014 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationSEMI-ANNUAL REPORT & ACCOUNTS. Janus Henderson Global Technology Fund. For the half year ended 31 December 2017 (Unaudited)
SEMI-ANNUAL REPORT & ACCOUNTS For the half year ended 2017 (Unaudited) Janus Henderson Global Technology Fund General Managers Company Registration Number Henderson Global Investors (Singapore) Limited
More informationSCHRODER ASIAN EQUITY YIELD FUND Annual Report & Financial Statements December 2017
Annual Report & Financial Statements December 2017 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee
More informationSCHRODER SINGAPORE FIXED INCOME FUND Semi-Annual Report & Financial Statements December 2018
Semi-Annual Report & Financial Stements December 2018 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registrion No. 199201080H Trustee
More informationUnited Enhanced Income Fund
United Enhanced Income Fund Semi Annual Report for the period 1 st July to 31 st December 2013 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company
More informationSCHRODER ASIAN EQUITY YIELD FUND Annual Report & Financial Statements December 2018
Annual Report & Financial Statements December 2018 Manager Schroder Investment Management (Singapore) Ltd 138 Market Street #23-01 CapitaGreen Singapore 048946 Company Registration No. 199201080H Trustee
More informationUnited Financials Multi-Strategy Funds- United Asia Financials Fund. Semi Annual Report
United Financials Multi-Strategy Funds- United Asia Financials Fund Semi Annual Report for the half year ended 30 June 2017 United Financials Multi-Strategy Funds MANAGER UOB Asset Management Ltd Registered
More informationPHILLIP TREASURY FUND. SEMI-ANNUAL REPORT Period ended 30 September 2015 (unaudited)
SEMI-ANNUAL REPORT Period ended (unaudited) Contents Page Directory 1 Manager's Investment Report 2 Report to Unitholders 3 Financial Statements Statement of Total Return 8 Statement of Financial Position
More informationUnited Global Telecoms Fund
United Global Telecoms Fund Semi Annual Report for the half year ended 30 June 2017 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationUnited Greater China Fund
United Greater China Fund Semi Annual Report for the period 1 st January to 30 th June 2013 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationRisk Profile. Currency Risk
Legal & General Global Emerging Markets Index Fund Interim Manager s Short Report for the period ended 31 January 2018 Investment Objective and Policy The objective of the Fund is to track the capital
More informationUnited Global Financials Fund
United Global Financials Fund Semi Annual Report for the half year ended 31 st December MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationUnited European Small and Mid Cap Fund
United European Small and Mid Cap Fund Semi Annual Report for the half year ended 31 st December 2017 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company
More informationUnited Asia Fund. Semi Annual Report. for the period 1 st January to 30 th June 2014
United Asia Fund Semi Annual Report for the period 1 st January to 30 th June 2014 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationUnited Asia Top 50 Fund
United Asia Top 50 Fund Semi Annual Report for the financial period 1 st July to 31 st December 2014 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company
More informationTempleton BRIC Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $618949749.64 Fund Inception Date 25/10/2005 Number of Issuers 52 Bloomberg ISIN Base Currency Investment
More informationUnited Singapore Growth Fund
United Singapore Growth Fund Annual Report for the financial year ended 31 st December 2012 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationUnited Global Technology Fund
United Global Technology Fund Annual Report for the financial year ended 31 st December 2014 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationEastspring Investments Asian Low Volatility Equity Fund
Factsheet Singapore August 2018 All data as at 31 July 2018 unless otherwise stated Eastspring Investments Asian Low Volatility Equity Fund FUND DETAILS Fund size (mil) 305.7 Fund base currency Fund dealing
More informationEastspring Investments Global Emerging Markets Dynamic Fund
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
More informationUnited Asia Active Allocation Fund
United Asia Active Allocation Fund Semi Annual Report for the period 1 st January to 30 th June 2013 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company
More informationSchroder Asian Income Maximiser. Final Short Report 1 January 2016 to 31 December 2016
Schroder Asian Income Maximiser Final Short Report 1 January 2016 to 31 December 2016 Schroder Asian Income Maximiser Review of Investment Activities From 31 December 2015 to 30 December 2016, the price
More informationLIONGLOBAL INVESTMENT FUNDS III - LionGlobal Vietnam Fund
For the half year ended 30 June (Unaudited) SEMI-ANNUAL REPORT LIONGLOBAL INVESTMENT FUNDS III - LionGlobal Vietnam Fund A member of the OCBC Group Lion Global Investors Ltd 65 Chulia Street #18-01 OCBC
More informationInterim Management Report of Fund Performance. AGFiQ Enhanced Core Emerging Markets Equity ETF
Interim Management Report of Fund Performance AGFiQ Enhanced Core Emerging Markets Equity ETF March 31, 2018 Management Discussion of Fund Performance This management discussion of fund performance represents
More informationBMO MSCI Emerging Markets Index ETF (ZEM) (the ETF )
SEMI-ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE BMO MSCI Emerging Markets Index ETF (ZEM) (the ETF ) For the six-month period ended June 30, 2017 (the Period ) Manager: BMO Asset Management Inc. (the
More informationUnited Asia Pacific Infrastructure Fund
United Asia Pacific Infrastructure Fund Semi Annual Report for the period 1 st January to 30 th June 2014 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624
More informationUnited Greater China Fund
United Greater China Fund Annual Report for the financial year ended 31 st December 2014 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationGrowthPath Portfolios
GrowthPath Portfolios GrowthPath Today GrowthPath 2020 GrowthPath 2030 GrowthPath 2040 Semi Annual Report for the half year ended 31 st December 2017 GrowthPath Portfolios MANAGER UOB Asset Management
More informationEastspring Investments Asian Equity Fund
Factsheet Singapore October 2017 All data as at 30 September 2017 unless otherwise stated Eastspring Investments Asian Equity Fund FUND DETAILS Fund size (mil) 409.7 Fund base currency Fund dealing frequency
More informationEastspring Investments Asian Low Volatility Equity Fund
Factsheet Singapore December 2018 All data as at 30 November 2018 unless otherwise stated Eastspring Investments Asian Low Volatility Equity Fund FUND DETAILS Fund size (mil) 293.4 Fund base currency Fund
More informationSOCIAL HOUSING CANADIAN SHORT-TERM BOND FUND
FIXED-INCOME FUND SOCIAL HOUSING CANADIAN SHORT-TERM BOND FUND June 30, 2017 The Board of Directors of Encasa Financial Inc. approved this interim management report of fund performance on August 15, 2017.
More informationTempleton BRIC Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $832,597,433.81 Fund Inception Date 25/10/2005 Number of Issuers 50 Bloomberg ISIN Base Currency Investment
More informationHSBC Global Investment Funds - Global Emerging Markets Equity
HSBC Global Investment Funds - Global Emerging Markets Equity S Share Class 31 Oct 2018 31/10/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total return (meaning
More informationSEMI-ANNUAL REPORT. For the financial period ending 31 December ABF Singapore Bond Index Fund
SEMI-ANNUAL REPORT For the financial period ending 31 December 2017 ABF Singapore Bond Index Fund MANAGERS Nikko Asset Management Asia Limited 12 Marina View, #18-02, Asia Square Tower 2, Singapore 018961
More informationPhillip Global Opportunities Funds - Global Opportunities Fund. Semi Annual Report For the period ending 30 September 2015
Phillip Global Opportunities Funds - Global Opportunities Fund Semi Annual Report For the period ending 30 September 2015 CONTENTS Page Directory 2 Manager s Investment Report 3 Report to Unitholders 4
More informationHSBC Global Investment Funds - Chinese Equity
HSBC Global Investment Funds - Chinese Equity S Share Class 31 Jan 2019 31/01/2019 Fund Objective and Strategy Investment Objective The Fund seeks long-term capital growth by investing in a portfolio of
More informationUnited Asia Pacific Infrastructure Fund
United Asia Pacific Infrastructure Fund Semi Annual Report for the half year ended 30 June 2017 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company
More informationANNUAL REPORT. For the financial year ended 30 June ABF Singapore Bond Index Fund
ANNUAL REPORT ABF Singapore Bond Index Fund 1 MANAGERS Nikko Asset Management Asia Limited 12 Marina View, #18-02, Asia Square Tower 2, Singapore 018961 Company Registration No. 198202562H DIRECTORS Frederick
More informationEastspring Investments China Equity Fund
Factsheet Singapore October 2018 All data as at 30 September 2018 unless otherwise stated Eastspring Investments China Equity Fund RATINGS Class A Morningstar Overall Rating QQQQ FUND DETAILS Fund size
More informationUnited Asia Active Allocation Fund
United Asia Active Allocation Fund Annual Report for the financial year ended 31 st December 2017 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company
More informationHSBC Global Investment Funds - BRIC Equity
HSBC Global Investment Funds - BRIC Equity S Share Class (Active - Closed to New Investors) 31 Jan 2019 31/01/2019 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total
More informationHSBC Global Investment Funds - BRIC Equity
HSBC Global Investment Funds - BRIC Equity SG Share Class (Active - Closed to New Investors) 31 Mar 2018 31/03/2018 Fund Objective and Strategy The Fund aims to provide long-term total return (meaning
More informationTIF Emerging Markets Series
Equity Product Profile Product Details Fund Assets $57,261,320.21 Fund Inception Date 05/03/1993 Number of Issuers 94 Total Annual Operating 1.31% Expenses With Waiver Total Annual Operating 1.44% Expenses
More informationUnited Asia Pacific Growth Fund
United Asia Pacific Growth Fund Semi Annual Report for the half year ended 30 June 2017 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationFirst Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Interim Management Report of Fund Performance June 30, 2014
First Trust AlphaDEX TM Emerging Market Dividend ETF (CAD-Hedged) Interim June 30, 2014 INTERIM MANAGEMENT REPORT OF FUND PERFORMANCE June 30, 2014 First Trust AlphaDEX TM Emerging Market Dividend ETF
More informationHSBC Global Investment Funds - Chinese Equity
HSBC Global Investment Funds - Chinese Equity S Share Class 31 Aug 2018 31/08/2018 Fund Objective and Strategy Investment Objective The Fund seeks long-term capital growth by investing in a portfolio of
More informationLegal & General Asian Income Trust Annual Manager s Short Report for the year ended 10 September Distribution Number 34
Legal & General Asian Income Trust Annual Manager s Short Report for the year ended 10 September 2017 Distribution Number 34 Investment Objective and Policy The investment objective is to generate income
More informationTempleton BRIC Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $677,114,757.61 Fund Inception Date 25.10.2005 Number of Issuers 51 Bloomberg ISIN Base Currency Investment
More informationRenaissance Emerging Markets Fund. Annual Management Report of Fund Performance
Renaissance Emerging Markets Fund Annual Management Report of Fund Performance for the financial year ended August 31, 2017 All figures are reported in Canadian dollars unless otherwise noted This annual
More informationActive M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund)
NORTHERN FUNDS Active M Emerging Markets Equity Fund (NMMEX) (Formerly known as Multi-Manager Emerging Markets Equity Fund) 2Q 2018 Performance Review June 30, 2018 Please carefully read the prospectus
More informationHSBC Global Investment Funds - BRIC Equity
HSBC Global Investment Funds - BRIC Equity S Share Class (Active - Closed to New Investors) 31 Oct 2018 31/10/2018 Fund Objective and Strategy Investment Objective The Fund aims to provide long-term total
More informationSignature Emerging Markets Fund
This semi-annual management report of fund performance contains financial highlights but does not contain the complete semi-annual or annual financial statements of the investment fund. You can get a copy
More informationTempleton China Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $581,186,801.52 Fund Inception Date 01/09/1994 Number of Issuers 52 Bloomberg ISIN Base Currency Investment
More informationUnited Global Telecoms Fund
United Global Telecoms Fund Annual Report for the financial year ended 31 st December 2013 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationCASH FUND ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2017
ANNUAL REPORT FOR THE YEAR ENDED 31 DECEMBER 2017 AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 Manager Auditors Eastspring Investments KPMG LLP (Singapore) Limited 16 Raffles Quay
More informationEastspring Investments Unit Trusts Dragon Peacock Fund
Factsheet Singapore August 2018 All data as at 31 July 2018 unless otherwise stated Eastspring Investments Unit Trusts Dragon Peacock Fund FUND DETAILS Fund size (mil) 1,108.3 Fund base currency Fund dealing
More informationEastspring Investments Asian Low Volatility Equity Fund
Factsheet Singapore October 2018 All data as at 30 September 2018 unless otherwise stated Eastspring Investments Asian Low Volatility Equity Fund FUND DETAILS Fund size (mil) 307.3 Fund base currency Fund
More informationUnited Global Resources Fund
United Global Resources Fund Semi Annual Report for the half year ended 30 June 2017 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationRevisiting Core Principles
FTSE RAFI Emerging Markets Index (USD) As of 12/31/2017 Revisiting Core Principles The FTSE RAFI Index series utilizes fundamental measures of company size (sales, cash flow, dividends, and book value)
More informationHSBC Global Investment Funds - Asia Pacific ex Japan Equity High Dividend Share Class AS
HSBC Global Investment Funds - Asia Pacific ex Japan Equity High Dividend Share Class 28 Feb 2018 28/02/2018 Fund Objective and Strategy The Fund aims to provide both dividend yield and total return (meaning
More informationUnited Asia Fund. Annual Report. for the financial year ended 31 st December 2014
United Asia Fund Annual Report for the financial year ended 31 st December 2014 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration No.
More informationRevisiting Core Principles
FTSE RAFI Emerging Markets Index (GBP) As of 09/30/2017 Revisiting Core Principles The FTSE RAFI Index series utilizes fundamental measures of company size (sales, cash flow, dividends, and book value)
More informationPRODUCT HIGHLIGHTS SHEET
PRODUCT HIGHLIGHTS SHEET Investment Risk Rating: 4 Prepared on: 26 September 2017 Important Notes: Information mentioned in this document is intended to provide you with a general summary of the ILP Sub-Fund
More informationORSO 職業退休計劃. Fidelity Advantage Portfolio Fund
ORSO 職業退休計劃 Fidelity Advantage Portfolio Fund Semi-Annual Report and Accounts For the period ended 30 June 2018 SEMI-ANNUAL REPORT AND ACCOUNTS - FOR THE PERIOD ENDED 30TH JUNE 2018 Contents Pages Management
More informationUnited Greater China Fund
United Greater China Fund Semi Annual Report for the half year ended 30 th June 2018 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationUnited Gold & General Fund
United Gold & General Fund Semi Annual Report for the period 1 st July to 31 st December 2010 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationTempleton BRIC Fund A (acc) USD
Franklin Templeton Investment Funds Value Equity Fund Manager Report Product Details 1 Fund Assets $906480749.69 Fund Inception Date 25/10/2005 Number of Issuers 49 Bloomberg ISIN Base Currency Investment
More information2018 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE
DECEMBER 31, 2018 2018 ANNUAL MANAGEMENT REPORT OF FUND PERFORMANCE This annual management report of fund performance contains financial highlights but does not contain either semi-annual or annual financial
More informationSPDR STRAITS TIMES INDEX ETF. Stock Code: ES3 Website: Semi-Annual Report st July 2017 to 31st December 2017
SPDR STRAITS TIMES INDEX ETF Stock Code: ES3 Website: www.spdrs.com.sg 1st July to Contents Page MANAGER S INVESTMENT REPORT 2 FINANCIAL STATEMENTS Statement of Total Return (UNAUDITED) 9 Statement of
More informationHSBC Fund Update. HSBC GIF Global Emerging Markets Bond. April Market overview. Portfolio strategy
HSBC Fund Update April 2016 HSBC GIF Global Emerging Markets Bond Market overview The rally in Emerging Market (EM) assets continued in March given the improvement in global risk sentiment on the back
More informationSPDR STRAITS TIMES INDEX ETF. Stock Code: ES3 Website: Semi-Annual Report st July 2015 to 31st December 2015
SPDR STRAITS TIMES INDEX ETF Stock Code: ES3 Website: www.spdrs.com.sg 1st July to 31st December Contents Page MANAGER S INVESTMENT REPORT 2 FINANCIAL STATEMENTS Statement of Total Return (UNAUDITED) 9
More informationUnited Enhanced Income Fund
United Enhanced Income Fund Annual Report for the financial year ended 30 th June 2017 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration
More informationSchroder ISF* QEP Global Quality Q Investment Report
For professional investors only Schroder ISF* QEP Global Quality Q2 2018 Investment Report * Schroder International Selection Fund is referred to as Schroder ISF throughout this document. Q2/2018 Schroders
More informationPi Global Portfolios. Semi Annual Report Period ended 30 September 2017 (Unaudited)
Semi Annual Report Period ended (Unaudited) Contents Page Directory 1 Manager's Investment Reports 2 Reports to Unitholders 4 Statements of Total Return 12 Statements of Financial Position 13 Statements
More informationUBS Emerging Markets Equity Fund (AUD) Monthly investment report to 31-March-2014
UBS Emerging Markets Equity Fund (AUD) Monthly investment report to 31-March-2014 Performance comments Before fees and expenses, the portfolio decreased by 4.59% over the month, underperforming its benchmark.
More informationUnited Financials Multi-Strategy Funds- United Asia Financials Fund. Annual Report
United Financials Multi-Strategy Funds- United Asia Financials Fund Annual Report for the financial year ended 31 st December 2016 MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place
More information