Asian Growth Leaders Fund
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- Sherman Wilson
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1 FOR PROFESSIONAL AND INSTITUTIONAL INVESTORS USE ONLY PLEASE READ IMPORTANT DISCLOSURES INVESTMENT COMMENTARY Q Asian Growth Leaders Fund A s u b - f u n d o f B l a c k R o c k G l o b a l F u n d s Fund Manager(s): Andrew Swan Emily Dong Capital at risk. The value of investments and the income from them can fall as well as rise and is not guaranteed. You may not get back the amount originally invested. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation may be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantially. Levels and basis of taxation may change from time to time. Past Performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Performance The Fund fell by 1.4% over the quarter, underperforming its benchmark, which was up by 0.7%. The first quarter of 2018 saw volatility return to equity markets. While January was very strong, with indices and flows hitting recent highs, February was marked by a sharp correction and a rise in volatility, triggered by a systematic correction in the US, the surge in US 10-year bond yields and rising expectations of Federal Reserve (Fed) tightening. March saw the sell-off sustained and general risk-off sentiment gather momentum, fuelled by trade war concerns and the first Fed rate hike. Asian markets returned +0.7% over the quarter, led by Taiwan (+8.8%), as hardware technology particularly semiconductors continued to surprise from the demand side and drove market performance. Chinese markets ended the quarter with a small positive but were volatile throughout, and finished under pressure on the back of the trade tensions with the US. Southeast Asian markets were mixed, with Thailand (+8.3%) performing strongly, helped by a normalising domestic and export environment pushing current account and currency improvements. On the other hand, Indonesian equities were down 7.1%, as domestic activity remains stubbornly weak. The Philippines (-12%) was the weakest market in Asia, as the central bank is keeping rates unchanged despite inflation continuing to expand, hitting 4.5% well above the target and putting pressure on the currency and the balance of payment. South Korea was flat over the quarter but outperformed in March on the improving geopolitical climate with North Korea. India (-7.1%) was weak over the quarter, impacted by the Capital Gains Tax introduced in the FY2019 budget, concerns over rising inflation, non-performing-loan issues in the banking sector and a disappointing earnings season. Over the quarter, stock selection in China detracted from performance, while stock selection in Korea helped to offset some of the losses. At the stock level, the main detractor this quarter was Chinese gaming company NetEase. It retreated on concerns around potential competition from Tencent s survival game launch, and as monetisation of NetEase s survival games were slower than expected. We think this is temporary and have instead used this recent share-price pullback as an opportunity to add to our position. NetEase continues to trade at a discount to global peers, and we think the market still underappreciates NetEase s research and development (R&D) capabilities. As it s one of the gaming companies with the best R&D capabilities, we are optimistic that this will translate into a higher probability of launching hit games. Our overweight to New China Life Insurance also detracted from performance, as the stock sold off on failure to meet the street s expectations of sales and profit. On the other hand, stock selection in Korea helped to offset some of the losses. In particular, Samsung Engineering in Korea saw strong performance on the back of president Moon s visit to the United Arab Emirates (UAE) in March. His visit lifted market expectations on potential
2 new orders to come from the UAE in refining/chemical plants. Mediatek in Taiwan also helped to offset some of the losses, as it continues to see margin recovery from gaining market share in China s mid-to-low-end smartphone market. Portfolio Activity After not owning anything in Malaysia for the past year, we initiated a position in Malaysia Airports, as we see long-term growth in Malaysia tourism, upside from the monetisation of its stake in Turkish airports, and as valuations remain attractive relative to regional airports. We also purchased Cognizant Technology Solutions, a professional services company in India, as the company continues to gain market share. The company is also likely to benefit from US tax cuts and deregulation, given that the majority of its client base is in the US. Lastly, post involvement by activist fund Elliott Management, the company has strengthened its capital management. On the other hand, we locked in profits and significantly reduced our Chinese financials exposure post recent strength by trimming China Construction Bank. We also reduced our position to the Chinese insurance sector, as it has quickly become a consensus long (trimming China Pacific Insurance and exiting New China Life Insurance). We locked in gains and exited Aluminum Corporation of China (Chalco), as well, given recent aluminium price strength. Moreover, we think supply-side reform will be weaker in aluminium versus other overcapacity industries. Outlook & Positioning We continue to be positive on Asian fundamentals. Company revenues are expanding, fuelled by improving global activity. Key reforms are starting to bear fruit in multiple countries. Costs are increasing at the margin but remain under control, and pricing power has come back to Asian corporates, meaning margins are also expanding, helping to improve profitability. Valuations have now passed mid-cycle but remain supportive. The stabilisation of China growth and the supply-side reforms implemented there should not be underestimated for their impact on lifting the whole region. We are, however, also cognisant that risks from outside Asia are on the rise and will further increase market volatility. In particular, the increasing trade tensions between the US and China have the potential of disrupting the trend of expanding global growth. While there has been no economic impact to date, the situation is inflecting market confidence, and tensions could accelerate from here. The direction of the US dollar, which we still expect to remain weak, and how the US Fed reacts to improving fundamentals are other trends to watch for. We still believe that global reflation shall emerge as the core theme for 2018, particularly as we see a continued synchronised global recovery emerging markets and Asia remain the best proxy to global growth. Asian markets do not yet reflect the improving fundamentals. We expect value and cyclical factors to outperform in this environment and are positioned accordingly. We see the valuation excesses that have built up in some sectors technology, in particular starting to normalise from here. Flows should also be playing a key role for the asset class over the next few months, given that investor positioning in Asian equities remains light. While the recent uptick in volatility is a warning of a growing complacency from global markets, so long as growth remains robust, we see plenty of opportunities in the asset class, especially as volatility will accelerate sector rotation. In terms of Fund positioning, we are overweight in China on the continued strong macro recovery coupled with better supply-side discipline, and in India, as we see a shift in government focus from reform to growth. We are most underweight Taiwan and have no exposure to Singapore, as we see limited stock opportunities there.
3 Key Risks Exchange Rate Risk Overseas investment will be affected by movements in currency exchange rates. Specific Sector The fund invests in a limited number of market sectors. Compared to investments which spread investment risk through investing in a variety of sectors, share price movements may have a greater effect on the overall value of this fund. Emerging market risk Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore the value of these investments may be unpredictable and subject to greater variation. Smaller company investments Smaller company investments are often associated with greater investment risk than those of larger company shares.
4 Important information Unless indicated the fund information displayed only provides summary information. Investment should be made on the basis of the relevant booklet together with the Prospectus and Key Investor Information Document, which are available from the Manager. Reference to individual investments mentioned in this communication is for illustrative purposes only and should not be construed as investment advice or investment recommendation. The number of shares quoted for each Fund are indicative and actual numbers may fall outside of the ranges shown. This material is for distribution to Professional Clients (as defined by the FCA or MiFID Rules) and Qualified Investors only and should not be relied upon by any other persons. Issued by BlackRock Investment Management (UK) Limited (authorised and regulated by the Financial Conduct Authority). Registered office: 12 Throgmorton Avenue, London, EC2N 2DL. Registered in England No Tel: For your protection, telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Limited. Austria: For further information, the prospectus, Key Investor Information Document, annual report and semiannual report can be obtained free of charge in hardcopy form from the Austrian paying agent: Raiffeisen Zentralbank Österreich AG, A-1030 Vienna, Am Stadtpark 9. Germany: This is a financial promotion. For further information, the prospectus, Key Investor Information Document, annual report and semi-annual report can be obtained free of charge in hardcopy form from the German information centre: BlackRock Investment Management (UK) Limited, German Branch, Frankfurt am Main, Bockenheimer Landstraße 2 4, Frankfurt am Main. The paying agent in Germany is J.P. Morgan AG, CIB / Investor Services Trustee & Fiduciary, Taunustor 1 (Taunus Turm), D Frankfurt am Main. Hong Kong: In Hong Kong, this information is issued by BlackRock Asset Management North Asia Limited and has not been reviewed by the Securities and Futures Commission of Hong Kong. This material is for distribution to "Professional Investors" (as defined in the Securities and Futures Ordinance (Cap.571 of the laws of Hong Kong) and any rules made under that ordinance.) and should not be relied upon by any other persons or redistributed to retail clients in Hong Kong. For Hong Kong investors, please refer to the BlackRock Global Funds Offering Documents for details, including risk factors. Netherlands: The risk indicator shown on this document refers to the A2 share class of the Fund. Higher or lower risk may apply to the other share classes of the Fund. Issued in the Netherlands by the Amsterdam branch office of BlackRock Investment Management (UK) Limited: Amstelplein 1, 1096 HA Amsterdam, Tel: BlackRock Global Funds ("BGF") is a UCITS (icbe) as defined in section 1:1 Financial Markets Supervision Act (Wet op het financieel toezicht; "FMSA"). BGF and its sub funds are listed in the register as defined in section 1:107 FMSA. Please refer to the Key Investor Information Document (essentiële beleggersinformatie; "EBI") for further information about BGF and its sub funds. The prospectus and EBI of BGF and its sub funds are available on BlackRock's website All financial investments contain a certain risk. The value of the assets managed by BGF and its sub funds may greatly fluctuate as a result of the investment policy and your initial investment is not guaranteed. Singapore: In Singapore, this information is issued by BlackRock (Singapore) Limited (company registration number: N) for use only by institutional investors as defined in Section 4A of the Securities and Futures Act, Chapter 289 of Singapore and should not be relied upon by or redistributed to any other persons in Singapore. The above warnings and fund specific risks are explained in greater detail in in the current Prospectus and you should read them before investing.
5 Spain / Portugal: Certain share classes of certain Fund(s) mentioned in this document are registered for public distribution in Spain and Portugal alongside each Prospectus for the Fund. In Spain, BlackRock Global Funds (BGF) is registered with the number 626 in the Comisión Nacional del Mercado de Valores de España (CNMV) and the Prospectus for each registered fund has been registered with the CNMV. In Portugal, certain share classes of certain BGF funds are registered with the Comissão do Mercado de Valores Mobiliários (CMVM) and the Prospectus for each registered fund has been registered with the CMVM. This document contains BLACKROCK INC. products or services that might be offered directly or indirectly within the Andorran jurisdiction, and it should not be regarded as solicitation of business in any jurisdiction including the Principality of Andorra. Switzerland: For professional clients and qualified investors only. The BlackRock Global Funds (BGF) Asian Growth Leaders Fund is domiciled in Luxembourg. BlackRock Asset Management Schweiz AG, Bahnhofstrasse 39, CH-8001 Zurich, is the Swiss representative and State Street Bank International GmbH, Munich, Zurich Branch, Beethovenstrasse 19, CH-8002 Zurich, the Swiss Paying Agent. The Prospectus, Key Investor Information Document, the Articles of Incorporation, the latest and any previous annual and semiannual reports are available free of charge from the Swiss Representative. Investors should read the fund specific risks in the Key Investor Information Document and the Prospectus. BlackRock Global Funds (BGF) is an open-ended investment company established and domiciled in Luxembourg which is available for sale in certain jurisdictions only. BGF is not available for sale in the U.S. or to U.S. persons. Product information concerning BGF should not be published in the U.S. It is recognised under Section 264 of the Financial Services and Markets Act BlackRock Investment Management (UK) Limited is the UK distributor of BGF. Most of the protections provided by the UK regulatory system, and the compensation under the Financial Services Compensation Scheme, will not be available. A limited range of BGF sub-funds have a reporting fund status A sterling share class that seeks to comply with UK Reporting Fund Status requirements. Subscriptions in BGF are valid only if made on the basis of the current Prospectus, the most recent financial reports and the Key Investor Information Document, which are available on our website. Prospectuses, Key Investor Information Documents and application forms may not be available to investors in certain jurisdictions where the Fund in question has not been authorised. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of such research are being made available only incidentally. The views expressed do not constitute investment or any other advice and are subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any BlackRock funds and has not been prepared in connection with any such offer BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, ishares, BUILD ON BLACKROCK, SO WHAT DO I DO WITH MY MONEY and the stylised i logo are registered and unregistered trademarks of BlackRock, Inc. or its subsidiaries in the United States and elsewhere. All other trademarks are those of their respective owners.
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