GUOSEN RMB INVESTMENT SERIES GUOSEN RMB RENAISSANCE FUND

Transcription

1 GUOSEN RMB INVESTMENT SERIES GUOSEN RMB RENAISSANCE FUND INTERIM REPORT (UNAUDITED) For the period from 23 March 2012 (date of commencement of operations) to 30 June 2012

2 CONTENTS Page(s) Management and administration 2 Report of the Manager 3 Statement of Net Assets (unaudited) 4 Investment portfolio (unaudited) 5-6 Statement of Movement in Investment Portfolio (unaudited) 7 1

3 Management and administration Manager Guosen Securities (HK) Asset Management Company Limited 8/F, Li Po Chun Chambers, 189 Des Voeux Road Central Directors of the Manager Lu Xiaoning Li Pak Wang, Daniel Yang Jianxin Xiang Xinrong Xiong Li Ting Trustee and Registrar BOCI-Prudential Trustee Limited 12/F & 25/F, Citicorp Centre 18 Whitfield Road Causeway Bay Custodian Bank of China () Limited 14/F, Bank of China Tower 1 Garden Road Solicitors Deacons 5/F, Alexandra House 18 Chater Road Central Auditors PricewaterhouseCoopers 21/F Edinburgh Tower 15 Queen s Road Central Holder of RQFII quota Guosen Securities (HK) Financial Holdings Company, Limited 8/F, Li Po Chun Chambers, 189 Des Voeux Road Central RQFII Custodian Bank of China Limited No. 1, Fuxingmen Nei Dajie, Beijing , China 2

4 Report of the Manager Performance Review Guosen RMB Renaissance Fund (the Fund ) begins to operate on March The Fund invested in Mainland China under the RQFII regime with RMB 900 million quota owned by Guosen Securities (HK) Financial Holdings Company, Limited. As of June 30, the NAV of the Fund stood at RMB 902,888,744, equivalent to in unit basis. The unit NAV increased by 0.32% since inception. We have allocated mainly on convertible bonds for the fund asset from the beginning, which made up of 53.36% in the total NAV. Other allocation included A-shares 17.87% and money market funds 9.82%. Review and outlook of the China Market In China, the economy growth continued to ease in 1H2012, with the GDP growth rate slowed down to 7.6% yoy in 2Q. Meanwhile, the inflation declined in a steady pace, with the reading of 2.2% for June. The main driving forces included decreasing food and oil prices. The eased growth with fading inflation, gave more room for the authorities to loosen the policies. After more RRR cuts, the PBoC cut down the policy interest rates two times in June and July, with an asymmetric tone. We expect there should be more cuts in both RRR and policy rates to releasing the liquidity and stimulating the bank loans. This will help equity assets rebound from the bottom. In foreign economies, US labor market slipped down since 2Q. In May the unemployment rate increased to 8.2%, and kept on that level in June. The US economy has seen some weak pace since 2Q, but it is expect to keep a moderate growth. We expect the GDP growth be tracking on the 2% level. The Fed extended OT to end of this year, but the possibility for QE3 should be still low. In Euro zone, the sovereign debt crisis continued its unscheduled fluctuation performing as the biggest uncertain factor to global capital market. Fortunately till now, the tense situation is still under control, while the euro leaders had taken more focus on economy growth. In summary, combined the environment in domestic and abroad we expect the improvement in market would be positive for the Fund. 3

5 Statement of Net Assets as at 30 June 2012 (unaudited) (Expressed in Renminbi) 30 June 2012 Assets Investments at fair value through profit or loss $ 731,771,563 Prepaid Expenses 2,627 Dividends and other receivables 3,065,068 Cash and cash equivalents 171,057,246 Total assets $ 905,896,504 Liabilities Accrued expenses and other payables $ 3,007,760 Total liabilities $ 3,007,760 Representing: Net assets attributable to unitholders $ 902,888,744 Total number of units in issue 9,000,000 Net asset value per unit $

6 Investment Portfolio as at 30 June 2012 (unaudited) (Expressed in Renminbi) Financial Assets at fair value through profit and loss Listed debt securities Renminbi Holdings Market Value % of Total Net Assets BCHINA /02/16 72,748,000 70,645, BOHUIP /23/14 30,495,000 30,748, CGB /07/18 16,087,000 15,689, GUOPOW 0 1/2 08/19/17 29,984,000 33,699, ICBCAS /31/16 75,526,000 82,225, MEIFEN /02/15 52,326,000 60,255, NBMARI /07/16 10,978,000 10,848, SDICHU /25/17 40,203,000 43,178, SINOPE /23/17 83,023,000 82,906, SZAIRP /15/17 22,276,000 21,675, XYIRON /21/13 29,323,000 30,003, ,875, Listed equities securities China AGRICULTURAL BANK OF CHINA-A 1,409,200 3,649, AIR CHINA LTD-A 121, , ALUMINUM CORP OF CHINA LTD-A 277,054 1,709, ANHUI CONCH CEMENT CO LTD-A 110,344 1,635, BANK OF CHINA LTD-A 539,400 1,521, BANK OF COMMUNICATIONS CO-A 1,698,171 7,709, BAOSHAN IRON & STEEL CO-A 363,982 1,572, CHINA CITIC BANK CORP LTD-A 335,520 1,342, CHINA COAL ENERGY CO-A 127, , CHINA CONSTRUCTION BANK-A 661,288 2,777, CHINA EVERBRIGHT BANK CO-A 562,400 1,597, CHINA LIFE INSURANCE CO-A 100,930 1,847, CHINA MERCHANTS BANK-A 916,258 10,005, CHINA MINSHENG BANKING-A 1,178,800 7,061, CHINA OILFIELD SERVICES-A 41, , CHINA PACIFIC INSURANCE GR-A 174,457 3,869, CHINA PETROLEUM & CHEMICAL-A 293,160 1,846, CHINA RAILWAY GROUP LTD-A 360, , CHINA SHENHUA ENERGY CO-A 125,268 2,816, CHINA SHIPBUILDING INDUSTR-A 313,900 1,629, CHINA STATE CONSTRUCTION -A 831,100 2,775, CHINA UNITED NETWORK-A 598,600 2,226,

7 Investment Portfolio as at 30 June 2012 (unaudited) continued (Expressed in Renminbi) Listed equities securities China Holdings Market Value % of Total Net Assets CHINA VANKE CO LTD -A 661,152 5,890, CHINA YANGTZE POWER CO LTD-A 343,058 2,332, CITIC SECURITIES CO-A 513,035 6,479, DAQIN RAILWAY CO LTD -A 408,600 2,872, GF SECURITIES CO LTD-A 62,800 1,873, HAITONG SECURITIES CO LTD-A 429,619 4,137, HUANENG POWER INTL INC-A 101, , HUAXIA BANK CO LTD-A 188,832 1,788, IND & COMM BK OF CHINA-A 1,081,800 4,273, INDUSTRIAL BANK CO LTD -A 563,471 7,313, JIANGSU YANGHE BREWERY -A 11,280 1,517, JIANGXI COPPER CO LTD-A 58,725 1,404, KWEICHOW MOUTAI CO LTD-A 29,056 6,948, PETROCHINA CO LTD-A 281,200 2,544, PING AN INSURANCE GROUP CO-A 335,519 15,346, QINGHAI SALT LAKE INDUSTRY-A 33,990 1,147, SAIC MOTOR CORPORATION LTD-A 226,339 3,234, SANY HEAVY INDUSTRY CO LTD-A 268,822 3,742, SHANGHAI ELECTRIC GRP CO L-A 62, , SHANGHAI INTERNATIONAL POR-A 158, , SHANGHAI PUDONG DEVEL BANK-A 965,822 7,852, SHENZHEN DEVELOPMENT BANK-A 177,507 2,691, SUNING APPLIANCE CO LTD-A 368,991 3,095, WULIANGYE YIBIN CO LTD-A 133,959 4,388, YANZHOU COAL MINING CO-A 27, , ZIJIN MINING GROUP CO LTD-A 555,700 2,156, ZOOMLION HEAVY INDUSTRY S-A 331,458 3,324, ZTE CORP-A 146,954 2,051, ,234, Funds CHINA SOUTHERN CASH INCOME-B 30,116,411 30,116, E FUND MONEY MARKET FUND-B 28,434,725 28,434, HFT MONEY MKT-B 30,110,906 30,110, ,662, Total financial assets at fair value through profit and loss 731,771, Total financial assets at cost 727,986,886 6

8 Statement of Movement in Investment Portfolio for the period ended 30 June 2012 (unaudited) Balance as at 23 March 2012 (date of commencement of operations) % of net asset value Balance as at 30June 2012 % of net asset value Debt Securities Listed Denominated in RMB 0% 53.36% Equities Securities Listed China 0% 17.87% Funds 0% 9.82% Total Investments 0% 81.05% Other Net Assets 0% 18.95% Total Net Assets 0% % ======= ======= 7