Idea Transcript
Investments
08/2017
Semi-annual funds report AXA Insurance Pte Ltd Company Reg No. 199903512M 8 Shenton Way, #24-01, AXA Tower Singapore 068811
PULSAR/POLARIS/ OPTIMUS Range of sub - funds
Thank you for investing with AXA We are pleased to present to you the Semi-Annual Report of AXA Pulsar, AXA Polaris and AXA Optimus range of sub-funds for the 6 months ending 30 June 2017. Strong positive performance amidst encouraging economic indicators and political news Global stocks delivered relatively good returns for the first half of 2017. This is because of the expectations of more business-friendly policies in the US and the improving political conditions in Europe. While US stock markets continue to hit new heights, European stock markets have also been performing decently. Driven by a continuation of strong earnings, the technology sector was a clear winner. Healthcare stocks’ performance also improved as concerns over the drug price regulation eased. On the other hand, energy stocks declined significantly due to concerns of the oil oversupply conditions, causing oil prices to head south. For the emerging markets, it was time for Asia to shine. Asia’s economic growth remain generally positive in spite of some geopolitical concerns with North Korea and the South China Sea. Most Asian markets delivered strong returns. In recognition of China’s place in the global economic order, the index provider MSCI has decided to include Chinese A-shares in its benchmark indices this year. For the six months ending 30 June 2017, the funds generating significant returns are mostly Asian focused equity funds and emerging markets equity funds, with most of these funds delivering double digit returns with the highest at 23.7% (Singapore dollar terms). Technology and healthcare funds also delivered relatively strong numbers, with returns ranging from 10% to 16% (Singapore dollar terms), while the energy fund delivered negative returns of about -15%. Fixed income funds delivered mixed results, with returns ranging from -2.5% to 6.9%. Commitment to your evolving needs As part of our on-going review and due diligence, we are pleased to inform you that we have added two new funds from two new fund managers in the first half of 2017: Matthews Asia – Asia Dividend Fund (USD) from Matthews International Capital Management, and Mirae Asset Asia Great Consumer Equity Fund (USD) from Mirae Asset Global Investments. With the addition of these two new funds, we now have 90 funds for you to select from in order to construct a diversified investment portfolio. We will continue to seek more value added funds to on-board our platform in the future. We hope you find this report beneficial and informative. Do continue to regularly engage your personal financial consultant with regards to your wealth management needs. Thank you.
Yours sincerely,
Jean Drouffe Chief Executive Officer AXA Insurance Singapore
1
contents
contents section
page
section
this section explains: • fund performance • at a glance • schedule of investments
18
page
this section explains:
Franklin European Growth Fund
99 99 100
• fund performance • at a glance • schedule of investments
1
Aberdeen Pacific Equity Fund
13 13 14
2
AllianceBernstein Emerging Markets Debt Portfolio Fund
18 18 19
• fund performance • at a glance • schedule of investments
19
Franklin Global Small-Mid Cap Growth Fund
104 104 105
• fund performance • at a glance • schedule of investments
3
AllianceBernstein Global High Yield Portfolio Fund
23 24 25
• fund performance • at a glance • schedule of investments
20
Franklin India Fund
109 109 110
• fund performance • at a glance • schedule of investments
4
AllianceBernstein Thematic Research Portfolio Fund
29 29 30
• fund performance • at a glance • schedule of investments
21
Franklin Mutual Global Discovery Fund
114 114 115
• fund performance • at a glance • schedule of investments
5
AllianceBernstein US Thematic Research Portfolio Fund
34 34 35
• fund performance • at a glance • schedule of investments
22
Franklin Technology Fund
119 119 120
• fund performance • at a glance • schedule of investments
6
AXA World Funds - Framlington Emerging Markets Fund
39 39 40
• fund performance • at a glance • schedule of investments
23
Franklin U.S. Equity Fund
124 124 125
• fund performance • at a glance • schedule of investments
7
AXA World Funds - Framlington Europe Real Estate Securities Fund
44 44 45
• fund performance • at a glance • schedule of investments
24
Franklin U.S. Small-Mid Cap Growth Fund
129 129 130
• fund performance • at a glance • schedule of investments
8
AXA World Funds - Global High Yield Bonds (SGD Hedged)
49 49 50
• fund performance • at a glance • schedule of investments
25
Fullerton Dynamic Strategies Fund Aggressive
134 134 135
• fund performance • at a glance • schedule of investments
9
BlackRock China Fund
54 54 55
• fund performance • at a glance • schedule of investments
26
Fullerton Dynamic Strategies Fund Balanced
139 139 140
• fund performance • at a glance • schedule of investments
10
BlackRock Global Allocation Fund
59 59 60
• fund performance • at a glance • schedule of investments
27
Goldman Sachs Emerging Markets CORE Equity Portfolio
144 144 145
• fund performance • at a glance • schedule of investments
11
BlackRock Global Equity Income Fund
64 64 65
• fund performance • at a glance • schedule of investments
28
Goldman Sachs Global Strategic Income Bond Portfolio
149 150 151
• fund performance • at a glance • schedule of investments
12
BlackRock Latin American Fund
69 69 70
• fund performance • at a glance • schedule of investments
29
H2O Allegro Fund
155 156 157
• fund performance • at a glance • schedule of investments
13
BlackRock World Energy Fund
74 74 75
• fund performance • at a glance • schedule of investments
30
Henderson Asia-Pacific Property Equities Fund
161 161 162
• fund performance • at a glance • schedule of investments
14
BlackRock World Gold Fund
79 79 80
• fund performance • at a glance • schedule of investments
31
Henderson Gartmore Continental European Fund
166 166 167
• fund performance • at a glance • schedule of investments
15
BlackRock World HealthScience Fund
84 84 85
• fund performance • at a glance • schedule of investments
32
Henderson Gartmore Latin American Fund
171 171 172
• fund performance • at a glance • schedule of investments
16
BlackRock World Mining Fund
89 89 90
• fund performance • at a glance • schedule of investments
33
Henderson Global Property Equities Fund
176 176 177
• fund performance • at a glance • schedule of investments
17
First Eagle Amundi International Fund
94 94 95
• fund performance • at a glance • schedule of investments
34
Henderson Global Technology Fund
181 181 182
• fund performance • at a glance • schedule of investments
2
3
contents
contents section
page
this section explains:
35
Henderson Horizon Fund - Japan Opportunities Fund
186 186 187
• fund performance • at a glance • schedule of investments
36
Henderson Horizon Fund - Pan European Alpha Fund
191 191 192
37
Invesco Asia Consumer Demand Fund
38
section
page
this section explains:
52
Neuberger Berman US Strategic Income Fund (SGD Hedged)
276 276 277
• fund performance • at a glance • schedule of investments
• fund performance • at a glance • schedule of investments
53
Pictet Asian Local Currency Debt Fund
281 282 283
• fund performance • at a glance • schedule of investments
196 196 197
• fund performance • at a glance • schedule of investments
54
Pictet Emerging Europe Fund (previously known as Pictet Eastern Europe Fund)
287 287 288
• fund performance • at a glance • schedule of investments
Invesco Japanese Equity Core Fund
201 201 202
• fund performance • at a glance • schedule of investments
55
Pictet Global Emerging Debt Fund
292 293 294
• fund performance • at a glance • schedule of investments
39
Invesco Korean Equity Fund
206 206 207
• fund performance • at a glance • schedule of investments
56
Pictet Health Fund
298 299 300
• fund performance • at a glance • schedule of investments
40
Invesco Pacific Equity Fund
211 212 213
• fund performance • at a glance • schedule of investments
57
Pictet Premium Brands Fund
304 305 306
• fund performance • at a glance • schedule of investments
41
JPMorgan Funds - Brazil Equity Fund
217 217 218
• fund performance • at a glance • schedule of investments
58
Pictet Security Fund
310 311 312
• fund performance • at a glance • schedule of investments
42
JPMorgan Funds - Greater China Fund
222 222 223
• fund performance • at a glance • schedule of investments
59
PineBridge Asia ex Japan Small Cap Equity Fund (SGD)
316 316 317
• fund performance • at a glance • schedule of investments
43
JPMorgan Funds - India Fund
227 227 228
• fund performance • at a glance • schedule of investments
60
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged)
321 321 322
• fund performance • at a glance • schedule of investments
44
JPMorgan Funds - Indonesia Equity Fund
232 232 233
• fund performance • at a glance • schedule of investments
61
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD)
326 326 327
• fund performance • at a glance • schedule of investments
45
JPMorgan Funds - US Equity Fund
237 237 238
• fund performance • at a glance • schedule of investments
62
Pioneer Funds - U.S. Fundamental Growth Fund
331 331 332
• fund performance • at a glance • schedule of investments
46
Jupiter Merlin Real Return Portfolio (SGD)
242 242 243
• fund performance • at a glance • schedule of investments
63
Schroder Asian Growth Fund
336 336 337
• fund performance • at a glance • schedule of investments
47
Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund
247 248 249
• fund performance • at a glance • schedule of investments
64
Schroder Asian Income Fund
341 341 342
• fund performance • at a glance • schedule of investments
48
Legg Mason Southeast Asia Special Situations Fund
253 254 255
• fund performance • at a glance • schedule of investments
65
Schroder Global Emerging Market Opportunities Fund
346 346 347
• fund performance • at a glance • schedule of investments
49
Legg Mason Western Asset Asian Opportunities Fund
260 260 261
• fund performance • at a glance • schedule of investments
66
Schroder ISF Asia Pacific Cities Real Estate Fund
352 352 353
• fund performance • at a glance • schedule of investments
50
Legg Mason Western Asset Global Bond Trust
265 265 266
• fund performance • at a glance • schedule of investments
67
Schroder ISF Global Equity Alpha Fund
357 358 359
• fund performance • at a glance • schedule of investments
51
Natixis Loomis Sayles Multisector Income Fund (SGD Hedged)
270 271 272
• fund performance • at a glance • schedule of investments
68
Schroder ISF QEP Global Quality Fund
363 363 364
• fund performance • at a glance • schedule of investments
4
5
contents
contents section
page
this section explains:
section
• fund performance • at a glance • schedule of investments
86
page
this section explains:
United SGD Fund
456 456 457
• fund performance • at a glance • schedule of investments
69
Schroder ISF Taiwanese Equity Fund
368 368 367
70
Schroder Multi-Asset Revolution 30 Fund
373 373 374
• fund performance • at a glance • schedule of investments
87
Wells Fargo Emerging Markets Equity Income Fund (USD)
461 461 462
• fund performance • at a glance • schedule of investments
71
Schroder Multi-Asset Revolution 50 Fund
378 378 379
• fund performance • at a glance • schedule of investments
88
Financial Statements
465 510
• capital account • statement of asset and liabilities
72
Schroder Multi-Asset Revolution 70 Fund
383 383 384
• fund performance • at a glance • schedule of investments
73
Schroder Singapore Fixed Income Fund
388 389 390
• fund performance • at a glance • schedule of investments
74
Schroder Singapore Trust
394 394 395
• fund performance • at a glance • schedule of investments
75
Templeton China Fund
399 399 400
• fund performance • at a glance • schedule of investments
76
Templeton Global Bond Fund
404 405 406
• fund performance • at a glance • schedule of investments
77
Templeton Global Total Return Fund
410 411 412
• fund performance • at a glance • schedule of investments
78
Templeton Latin America Fund
416 416 417
• fund performance • at a glance • schedule of investments
79
Templeton Shariah Global Equity Fund
421 421 422
• fund performance • at a glance • schedule of investments
80
Threadneedle Investment Funds ICVC American Fund
426 426 427
• fund performance • at a glance • schedule of investments
81
Threadneedle Investment Funds ICVC American Smaller Companies Fund
431 431 432
• fund performance • at a glance • schedule of investments
82
Threadneedle Investment Funds ICVC European Select Fund
436 436 437
• fund performance • at a glance • schedule of investments
83
United Asian Bond Fund
441 441 442
• fund performance • at a glance • schedule of investments
84
United Emerging Markets Bond Fund
446 446 447
• fund performance • at a glance • schedule of investments
85
United Singapore Bond Fund
451 451 452
• fund performance • at a glance • schedule of investments
6
7
performance of sub-funds
performance of sub-funds
fund performance summary as at 30 June 2017 3 mths 6 mths (%) (%)
Since 10 yrs^ Commencement^* (%) (%)
1 yr (%)
3 yrs^ (%)
5yrs^ (%)
24.46
N/A
N/A
N/A
22.18
3 mths 6 mths (%) (%)
Since 10 yrs^ Commencement^* (%) (%)
1 yr (%)
3 yrs^ (%)
5yrs^ (%)
N/A
N/A
N/A
3.58 0.60
Jupiter Merlin Real Return Portfolio (SGD)
2.53
5.74
N/A
Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund
0.13
0.30
0.54
0.52
0.60
N/A
Legg Mason Southeast Asia Special Situations Fund
2.52
4.31
7.38
-8.40
0.32
N/A
0.91
Legg Mason Western Asset Asian Opportunities Fund
2.07
6.90
0.66
0.76
1.44
N/A
1.64
Legg Mason Western Asset Global Bond Trust
1.87
2.08
-2.74
2.72
2.80
N/A
3.07
Natixis Loomis Sayles Multisector Income Fund
2.29
5.41
7.10
N/A
N/A
N/A
7.10
Aberdeen Pacific Equity Fund
4.57
15.40
AllianceBernstein Emerging Markets Debt Portfolio Fund
2.17
6.65
6.99
3.46
4.14
N/A
5.18
AllianceBernstein Global High Yield Portfolio Fund
1.50
4.86
10.88
3.18
N/A
N/A
4.90
AllianceBernstein Thematic Research Portfolio Fund
7.32
20.05
22.13
5.01
10.30
N/A
8.94
AllianceBernstein US Thematic Research Portfolio Fund
8.28
18.92
25.68
9.68
15.84
N/A
14.97
AXA World Funds - Framlington Emerging Markets Fund
0.07
10.77
13.08
7.87
N/A
N/A
2.16
Neuberger Berman US Strategic Income Fund
2.88
0.89
4.87
N/A
N/A
N/A
1.53
AXA World Funds - Framlington Europe Real Estate Securities Fund
3.61
5.55
3.49
8.12
13.38
N/A
13.15
Pictet Asian Local Currency Debt Fund
1.78
6.38
0.23
0.79
0.77
N/A
0.94
Pictet Emerging Europe Fund
-0.18
3.75
25.25
-0.67
0.97
N/A
0.19
AXA World Funds - Global High Yield Bonds
1.76
4.28
N/A
N/A
N/A
N/A
10.59
Pictet Global Emerging Debt Fund
1.31
4.02
2.73
3.74
4.19
N/A
5.15
BlackRock China Fund
6.46
18.32
28.07
11.82
11.03
N/A
9.82
Pictet Health Fund
5.70
15.16
5.87
3.60
12.79
N/A
13.05
BlackRock Global Allocation Fund
2.92
6.96
11.24
2.27
5.68
N/A
5.25
Pictet Premium Brands Fund
1.46
11.20
16.65
4.46
8.19
N/A
8.55
BlackRock Global Equity Income Fund
5.83
12.38
13.87
N/A
N/A
N/A
4.23
Pictet Security Fund
5.54
14.10
11.70
7.48
11.70
N/A
11.53
BlackRock Latin American Fund
-2.61
9.76
13.52
-7.94
-4.47
N/A
-5.81
PineBridge Asia ex-Japan Small Cap Equity Fund
1.66
10.68
N/A
N/A
N/A
N/A
10.23
BlackRock World Energy Fund
-8.98
-15.12
-5.28
-17.37
-5.67
N/A
-7.09
BlackRock World Gold Fund
-4.18
0.38
-19.54
-3.31
-9.95
N/A
-12.33
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged)
1.18
1.78
1.73
2.35
N/A
N/A
3.13
BlackRock World HealthScience Fund
7.63
17.84
13.10
8.30
16.58
N/A
16.55
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD)
1.29
N/A
N/A
N/A
N/A
N/A
1.69
BlackRock World Mining Fund
-4.10
2.01
10.14
-12.58
-10.99
N/A
-13.30
Pioneer Funds - U.S. Fundamental Growth Fund
4.53
12.80
16.92
9.21
N/A
N/A
11.14
Schroder Asian Growth Fund
10.40
23.73
37.19
11.98
12.86
N/A
9.16
Schroder Asian Income Fund
1.79
5.55
7.62
5.68
N/A
N/A
8.22
Schroder Global Emerging Market Opportunities Fund
3.13
15.36
10.74
1.90
3.87
N/A
3.53
Schroder ISF Asia Pacific Cities Real Estate Fund
1.82
7.15
2.98
-1.26
3.84
N/A
3.86
Schroder ISF Global Equity Alpha Fund
5.08
12.09
18.43
3.07
8.95
N/A
5.04
Schroder ISF QEP Global Quality Fund
2.94
8.87
14.79
4.23
9.85
N/A
4.24
Schroder ISF Taiwanese Equity Fund
4.31
15.91
23.73
6.85
10.31
N/A
5.66
Schroder Multi-Asset Revolution 30 Fund
1.16
2.70
5.19
3.33
3.72
N/A
3.29
Schroder Multi-Asset Revolution 50 Fund
1.47
3.22
9.32
4.63
5.48
N/A
4.62
Schroder Multi-Asset Revolution 70 Fund
1.89
3.77
13.59
5.78
7.29
N/A
5.77
Schroder Singapore Fixed Income Fund
1.01
3.23
0.86
2.81
1.97
N/A
2.72
Schroder Singapore Trust
3.34
13.63
16.02
3.40
5.95
N/A
8.29
Templeton China Fund
2.20
8.68
22.42
5.88
4.73
N/A
3.40
Templeton Global Bond Fund
-6.31
-2.51
4.47
-1.44
1.69
N/A
2.87
Templeton Global Total Return Fund
-5.79
-1.50
6.69
-1.12
2.73
N/A
3.82
Templeton Latin America Fund
-7.72
1.62
8.84
-8.93
-6.31
N/A
-5.20
First Eagle Amundi International Fund
1.19
5.52
8.69
N/A
N/A
N/A
4.30
Franklin European Growth Fund
-5.17
-0.63
9.58
0.46
8.92
N/A
10.76
Franklin Global Small-Mid Cap Growth Fund
1.20
7.24
11.69
-1.28
9.64
N/A
11.01
Franklin India Fund
-3.56
10.99
16.40
11.56
13.33
N/A
13.54
Franklin Mutual Global Discovery Fund
-1.40
3.16
14.46
-0.40
7.49
N/A
7.24
Franklin Technology Fund
2.31
16.17
26.39
12.29
14.89
N/A
16.07
Franklin U.S. Equity Fund
-4.21
-0.06
11.55
1.76
8.46
N/A
8.09
Franklin U.S. Small-Mid Cap Growth Fund
1.98
5.06
9.84
1.75
9.34
N/A
8.39
Fullerton Dynamic Strategies Fund - Aggressive
1.88
4.41
13.92
N/A
N/A
N/A
4.32
Fullerton Dynamic Strategies Fund - Balanced
1.21
1.86
6.75
N/A
N/A
N/A
2.15
Goldman Sachs Emerging Markets CORE Equity Portfolio
5.07
17.44
23.29
N/A
N/A
N/A
5.58
Goldman Sachs Global Strategic Income Bond Portfolio
0.34
1.22
5.63
N/A
N/A
N/A
2.26
H2O Allegro Fund
9.09
9.90
31.44
N/A
N/A
N/A
16.20
Henderson Asia-Pacific Property Equities Fund
0.56
1.74
3.73
2.52
6.83
N/A
7.79
Henderson Gartmore Continental European Fund
2.18
7.63
16.35
7.36
14.04
N/A
13.21
Henderson Gartmore Latin American Fund
-1.71
12.54
14.03
-5.52
-3.20
N/A
-4.99
Henderson Global Property Equities Fund
2.94
1.06
4.15
7.12
8.29
N/A
9.42
Henderson Global Technology Fund
5.72
16.25
38.78
16.16
16.31
N/A
15.73
Henderson Horizon Fund - Japan Opportunities Fund
4.69
9.76
31.03
8.96
10.40
N/A
10.49
Henderson Horizon Fund - Pan European Alpha Fund
1.82
4.54
6.02
1.85
6.49
N/A
6.40
Invesco Asia Consumer Demand Fund
8.19
23.98
21.25
2.35
7.08
N/A
4.98
Invesco Japanese Equity Core Fund
4.42
9.34
16.24
4.98
10.40
N/A
9.07
Invesco Korean Equity Fund
2.09
15.22
-11.89
-0.77
5.10
N/A
Invesco Pacific Equity Fund
7.44
19.53
27.99
5.48
10.85
JPMorgan Funds - Brazil Equity Fund
-6.18
2.57
13.62
-8.45
JPMorgan Funds - Greater China Fund
-9.73
3.54
-1.37
-0.26
JPMorgan Funds - India Fund
-13.26
-9.41
-7.00
JPMorgan Funds - Indonesia Equity Fund
-7.31
-0.33
13.40
JPMorgan Funds - US Equity Fund
5.73
9.19
6.12
8
Templeton Shariah Global Equity Fund
-4.93
-2.79
12.38
N/A
N/A
N/A
2.05
Threadneedle Investment Funds ICVC American Fund
3.84
10.52
20.92
7.62
N/A
N/A
10.56
Threadneedle Investment Funds ICVC American Smaller Companies Fund
2.16
7.91
20.98
6.77
N/A
N/A
10.38
Threadneedle Investment Funds ICVC European Select Fund
4.54
11.40
15.15
9.19
N/A
N/A
10.14
2.74
United Asian Bond Fund
-0.23
-1.12
3.53
6.12
N/A
N/A
6.73
N/A
8.94
United Emerging Markets Bond Fund
0.33
1.00
4.85
5.11
N/A
N/A
6.22
-6.53
N/A
-8.78
United Singapore Bond Fund
1.18
3.56
1.96
4.09
N/A
N/A
4.11
7.07
N/A
7.57
United SGD Fund
0.93
1.82
2.50
N/A
N/A
N/A
2.84
5.83
6.21
N/A
6.13
3.11
N/A
N/A
-1.24
Wells Fargo Emerging Markets Equity Income Fund (USD)
2.58
13.73
15.38
N/A
N/A
N/A
29.55
5.57
N/A
N/A
7.65
9
performance of PULSAR/POLARIS and OPTIMUS sub-funds 16 January 2012 AllianceBernstein Emerging Markets Debt Portfolio Fund AllianceBernstein Thematic Research Portfolio Fund AllianceBernstein US Thematic Research Portfolio Fund BlackRock China Fund BlackRock Global Allocation Fund BlackRock Latin American Fund BlackRock World Energy Fund BlackRock World Gold Fund BlackRock World HealthScience Fund BlackRock World Mining Fund Henderson Asia-Pacific Property Equities Fund Henderson Global Property Equities Fund Henderson Global Technology Fund Henderson Horizon Fund - Japan Opportunities Fund Henderson Horizon Fund - Pan European Alpha Fund JPMorgan Funds - Greater China Fund JPMorgan Funds - India Fund JPMorgan Funds - Brazil Equity Fund Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Legg Mason Southeast Asia Special Situations Fund Legg Mason Western Asset Asian Opportunities Fund Legg Mason Western Asset Global Bond Trust Pictet Asian Local Currency Debt Fund Pictet Health Fund Pictet Global Emerging Debt Fund Pictet Premium Brands Fund Pictet Security Fund Schroder Asian Growth Fund Schroder Global Emerging Market Opportunities Fund Schroder ISF Asia Pacific Cities Real Estate Fund Schroder ISF Global Equity Alpha Fund Schroder QEP Global Quality Fund Schroder Multi-Asset Revolution 30 Fund Schroder Multi-Asset Revolution 50 Fund Schroder Multi-Asset Revolution 70 Fund Schroder Singapore Fixed Income Fund Schroder Singapore Trust
2 May 2012 AXA World Funds - Framlington Europe Real Estate Securities Fund Franklin India Fund Franklin Mutual Global Discovery Fund Franklin U.S. Equity Fund Franklin U.S. Small-Mid Cap Growth Fund Henderson Gartmore Continental European Fund Henderson Gartmore Latin American Fund Invesco Asia Consumer Demand Fund Invesco Japanese Equity Core Fund Invesco Korean Equity Fund Invesco Pacific Equity Fund Pictet Emerging Europe Fund Schroder ISF Taiwanese Equity Fund Templeton China Fund Templeton Latin America Fund 28 May 2012 Franklin European Growth Fund Franklin Global Small-Mid Cap Growth Fund Franklin Technology Fund Templeton Global Bond Fund Templeton Global Total Return Fund 18 September 2013 AllianceBernstein Global High Yield Portfolio Fund First Eagle Amundi International Fund JPMorgan Funds - Indonesia Equity Fund Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) Pioneer Funds - U.S. Fundamental Growth Fund Schroder Asian Income Fund Threadneedle Investment Funds ICVC - American Fund Threadneedle Investment Funds ICVC - American Smaller Companies Fund Threadneedle Investment Funds ICVC - European Select Fund United Asian Bond Fund United Emerging Markets Bond Fund United Singapore Bond Fund
25 October 2013 JPMorgan Funds - US Equity Fund 29 October 2013 AXA World Funds - Framlington Emerging Markets Fund 22 July 2014 BlackRock Global Equity Income Fund Templeton Shariah Global Equity Fund United SGD Fund 25 May 2015 H2O Allegro Fund 1 August 2015 Goldman Sachs Emerging Markets CORE Equity Portfolio 1 January 2016 Fullerton Dynamic Strategies Fund - Aggressive Fullerton Dynamic Strategies Fund - Balanced 15 January 2016 Aberdeen Pacific Equity Fund Goldman Sachs Global Strategic Income Bond Portfolio 20 June 2016 Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) Neuberger Berman US Strategic Income Fund (SGD Hedged) Wells Fargo Emerging Markets Equity Income Fund (USD) 29 July 2016 AXA World Funds - Global High Yield Bonds (SGD Hedged) 26 September 2016 Jupiter Merlin Real Return Portfolio (SGD) 12 October 2016 PineBridge Asia ex-Japan Small Cap Equity Fund (SGD) 15 March 2017 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) Performance is calculated in accordance to the share class of the fund and is net of fees.
10
11
fund performance
Aberdeen Pacific Equity Fund
Aberdeen Pacific Equity Fund 15.40% for the 6 months period ended 30 June 2017
table of performance as at 30 June 2017
Aberdeen Pacific Equity Fund
3 mths 6 mths (%) (%) 4.57
15.40
1 yr (%)
3 yrs^ (%)
24.46
N/A
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) N/A
N/A
22.18
MSCI AC Asia Pacific ex 4.73 14.30 28.15 N/A N/A N/A 24.23 Japan Source: Aberdeen Asset Management (Singapore) Limited ^ Annual compounded return * Launch Date: 15 January 2016 Commencement Date: 15 January 2016 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
15 January 2016 15 January 2016 Aberdeen Asset Management (Singapore) Limited SGD Daily 1.50%
investment objectives The fund seeks to provide investors with medium to long-term capital growth from a diversified portfolio of Asia-Pacific (excluding Japanese) equities. The Pacific Equity Fund currently seeks to achieve its investment objective by investing all or substantially all of its assets in the Aberdeen Pacific Equity Fund.
13
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
745,241
98.97
7,740
1.03
129,227 units in Aberdeen Pacific Equity Fund Other assets Net assets attributable to unitholders
752,981
100.00
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No. Description
Market Value (S$)
% of NAV
as at 31 March 2017 1 Aberdeen China Opportunities Fund 151,136,390 10.20 2 Aberdeen Global ‑ Indian Equity Fund* 141,700,552 9.60 3 Aberdeen Singapore Equity Fund 125,978,654 8.50 4 Samsung Electronics (Preference Shares) 72,972,888 4.90 5 Jardine Strategic Holdings 68,957,615 4.70 6 Aberdeen Indonesia Equity Fund 58,067,827 3.90 7 Taiwan Semiconductor Manufacturing Company 54,150,866 3.70 8 Aberdeen Thailand Equity Fund 51,841,584 3.50 9 AIA Group 47,376,048 3.20 10 Rio Tinto 39,557,072 2.70 as at 31 March 2016 1 Aberdeen Singapore Equity Fund 129,307,338 9.70 2 Aberdeen Global ‑ Indian Equity Fund* 128,119,423 9.60 3 Aberdeen China Opportunities Fund 115,864,886 8.70 4 Samsung Electronics (Preference Shares) 76,187,633 5.70 5 Aberdeen Thailand Equity Fund 57,273,440 4.30 6 Taiwan Semiconductor Manufacturing Company 55,303,695 4.20 7 Aberdeen Indonesia Equity Fund 54,803,435 4.10 8 Aberdeen Malaysian Equity Fund 52,478,934 4.00 9 Jardine Strategic Holdings 47,183,798 3.60 10 AIA Group 40,937,595 3.10 *Fund is registered under the restricted foreign scheme and not authorised for public sale in Singapore. Source: Aberdeen Asset Management (Singapore) Limited. Information extracted from the underlying fund - Aberdeen Pacific Equity Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Aberdeen Pacific Equity Fund for the financial year ended 30 June 2017 is not available.
14
as at as at 31 March 2017 31 March 2016 (%) (%)
Aberdeen Pacific Equity Fund
1.75
1.78
The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (‘IMAS’). The calculation of SGD Class expense ratio at 31 March 2017 was based on total operating expenses of $16,772,748 divided by the average net asset value of $1,389,245,844 for the year. The calculation of the SGD expense ratio at 31 March 2016 was based on total operating expenses of $16,730,783 divided by the average net asset value of $1,416,870,449. 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. Expenses are reimbursed by the Manager if expense ratios exceed 1.75%. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances. The expense ratio of Aberdeen Pacific Equity Fund for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 31 March 2017 31 March 2016 (%) (%)
Aberdeen Pacific Equity Fund
3.04
1.66
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code of 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, being purchases of $44,366,484 (2016: purchases of $22,327,103) divided by the average daily net asset value of $1,457,685,514 (2016: $1,346,414,328). The turnover ratio of Aberdeen Pacific Equity Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Aberdeen Pacific Equity Fund (S$)
Subscriptions 263,209 Redemptions (35,748)
15
schedule of investments soft dollar commission The Manager does not receive soft commissions or cash rebates from dealing on the Aberdeen Pacific Equity Fund.
exposure to derivatives Nil
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Aberdeen Pacific Equity Fund, an ILP sub-fund, feeds 100% into the underlying Aberdeen Pacific Equity Fund. Market Value (S$) 745,241
% of NAV 98.97
any other material information that will adversely affect the valuation of the ILP sub-fund N/A Source of the expense ratio, turnover ratio and soft dollar commission: Aberdeen Asset Management
16
AllianceBernstein Emerging Markets Debt Portfolio Fund
fund performance
schedule of investments
AllianceBernstein Emerging Markets Debt Portfolio Fund
6.65%
as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
AllianceBernstein Emerging 2.17 6.65 6.99 3.46 4.14 N/A 5.18 Markets Debt Portfolio Fund JPMorgan Emerging Markets 0.72 1.21 7.95 8.17 6.96 N/A 7.66** Bond Index Global
Source: AllianceBernstein (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 ** Since commencement performance of the benchmark is measured from closest month-end after inception through 30 June 2017 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
portfolio statement
16 January 2012 16 January 2012 AllianceBernstein (Singapore) Limited Singapore Dollars Daily 1.10%
investment objectives The Portfolio seeks to maximize total returns from price appreciation and income by investing in sovereign debt obligations and non-U.S. corporate fixed-income securities from issuers in emerging and developing countries. The Portfolio invests in both U.S. dollar and non-U.S. dollar denominated securities. A significant portion of the portfolios assets may be held in below investment grade securities at any time. The Investment Manager utilizes the research of its global fixed income, global economic, and global credit teams in managing the Portfolio.
18
Market Value (S$)
% of NAV
16,776 units in AllianceBernstein Emerging Markets Debt Portfolio Fund Other Assets
339,052 17,909
94.98 5.02
Net assets attributable to unitholders
356,961
100.00
All figures have been rounded to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Turkey Government International Bond 4.88%, (10/26 - 04/43) 38,216,191 3.24 2 Ukraine Government International Bond 7.75%, (09/20 - 09/26) 36,414,618 3.08 3 Argentine Republic Government International Bond 6.88%, (04/21 - 01/27) 32,899,622 2.79 4 U.S. Treasury Notes 2.38%, 05/15/27 23,187,599 1.96 5 U.S. Treasury Inflation Index 0.38%, 01/15/27 18,620,993 1.58 6 Russian Foreign Bond - Eurobond 4.50%, 04/04/22 18,357,000 1.55 7 Brazil Notas do Tesouro Nacional 10.00%, 01/01/21 Series F 15,591,256 1.32 8 Argentine Republic Government International Bond 7.50%, 04/22/26 15,583,883 1.32 9 Mexico Government International Bond 4.13%, 01/21/26 15,469,839 1.31 10 Brazilian Government International Bond 2.63%, 01/05/23 14,472,324 1.23 as at 30 June 2016 1 Mexico Government International Bond 4.13%, 01/21/26 15,827,484 2.21 2 Brazilian Government International Bond 5.00%, 01/27/45 13,855,605 1.93 3 Brazil Letras do Tesouro Nacional (01/19 - 01/20) Series LTN 13,426,716 1.87 4 Petroleos Mexicanos 5.50%, 06/27/44 12,385,863 1.73 5 Argentine Republic Government International Bond 8.28%, 12/31/33 Series NY 11,386,876 1.59 6 Ukraine Government International Bond 7.75%, (09/19 - 09/27) 10,932,353 1.53 7 Russian Foreign Bond - Eurobond 4.88%, 09/16/23 10,471,104 1.46 8 Philippine Government International Bond 4.20%, 01/21/24 9,987,574 1.39 9 Petroleos de Venezuela SA 6.00%, (05/24 - 11/26) 9,422,258 1.32 10 Ivory Coast Government International Bond 5.75%, (12/32 - 12/32) 8,812,871 1.23 Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein Emerging Markets Debt Portfolio Fund. All figures have been rounded to the nearest dollar.
19
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at as at 28 February 2017 28 February 2016 (%) (%)
AllianceBernstein Emerging Markets Debts Portfolio Fund Class A2 SGD H
1.39*
1.41**
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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 expense ratio of AllianceBernstein Emerging Markets Debts Portfolio Fund Class A2 SGD H for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2016.
turnover ratio (underlying fund)
as at as at 28 February 2016 28 February 2015 (%) (%)
AllianceBernstein Emerging Markets Debt Portfolio Fund
93.72*
85.10**
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio of AllianceBernstein Emerging Markets Debt Portfolio Fund for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2016.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
For the period ended 30 June 2017, the Investment Manager received and entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Underlying Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received include specialist industry, company and consumer research, portfolio and market analysis and computer software used for the delivery of such services. The nature of the goods and services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Underlying Fund and may contribute to an improvement in the Underlying Fund’s performance. For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes AllianceBernstein Emerging Markets Debt Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein Emerging Markets Debt Portfolio Fund (Class A2 SGD H). Market Value (S$) % of NAV 339,052 94.98
AllianceBernstein Emerging Markets Debt Portfolio Fund any other material information that will adversely affect the valuation of the (S$)
N/A
Subscriptions 161,294 Redemptions (15,692)
Source of all the above information: AllianceBernstein (Singapore) Limited.
20
21
ILP sub-fund
fund performance
AllianceBernstein Global High Yield Portfolio Fund
AllianceBernstein Global High Yield Portfolio Fund
4.86%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
AllianceBernstein Global High Yield Portfolio Fund
3 mths 6 mths (%) (%) 1.50
4.86
1 yr (%)
3 yrs^ (%)
10.88
3.18
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) N/A
N/A
4.90
Barclays Global High Yield Index (USD 2.10 5.10 11.67 5.63 N/A N/A 8.14** Hedged)#
Source: AllianceBernstein (Singapore) Limited ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 ** Since commencement performance of the benchmark is measured from closest month-end after inception through 30 June 2017 # The fund previously has two benchmarks; the primary blended benchmark consisting of 33% Barclays High Yield 2% Constrained Index / 33% JP Morgan GBI-EM and / 33% JP Morgan EMBI Global and the secondary benchmark, the Barclays Global High Yield Index (USD Hedged). The Barclays Global High Yield Index (USD Hedged) will become the only benchmark for the fund with effect from 31 August 2016. Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
23
at a glance
schedule of investments
fund facts
portfolio statement
Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
as at 30 June 2017 (unaudited)
18 September 2013 18 September 2013 AllianceBernstein (Luxembourg) S.à r.l Singapore Dollars Daily 1.70%
investment objectives The Portfolio seeks to maximize total returns from price appreciation and income by investing in sovereign debt obligations and non-U.S. corporate fixed-income securities from issuers in emerging and developing countries. The Portfolio invests in both U.S. dollar and non-U.S. dollar denominated securities. A significant portion of the portfolios assets may be held in below investment grade securities at any time. The Investment Manager utilizes the research of its global fixed income, global economic, and global credit teams in managing the Portfolio.
Description
Market Value (S$)
25,894 units in AllianceBernstein Global High Yield Portfolio Fund Other Assets
525,135 52,494
90.91 9.09
Net assets attributable to unitholders
577,629
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No. Description
fund updates The fund previously has two benchmarks; the primary blended benchmark consisting of 33% Barclays High Yield 2% Constrained Index / 33% JP Morgan GBI-EM and / 33% JP Morgan EMBI Global and the secondary benchmark, the Barclays Global High Yield Index (USD Hedged). The Barclays Global High Yield Index (USD Hedged) will become the only benchmark for the fund with effect from 31 August 2016. When the fund was incepted, the high income universe looked different, with emerging markets representing a significant portion of the high yielding universe. Over time, this opportunity set has changed. Today the high yield corporate market has expanded while the Emerging Market hard currency and local currency indices have become primarily investment grade. For these reasons, the blended benchmark no longer reflects the opportunity set for the fund. The fund’s investment strategy will not change and the fund’s investment universe will not become constrained by the benchmark.
as at 30 June 2017 1 Brazil Notas do Tesouro Nacional 10.00%, (01/21 - 01/27) Series F 1,135,845,737 2 U.S. Treasury Bonds 8.00%, 11/15/21 962,401,250 3 U.S. Treasury Bonds 8.13%, (08/19 - 08/21) 960,340,797 4 Mexican Bonos 8.00%, 06/11/20 Series M 544,491,788 5 U.S. Treasury Bonds 6.13%, (11/27 - 08/29) 395,129,234 6 Mexican Bonos 6.50%, 06/10/21 Series M 368,119,870 7 Republic of South Africa Government Bond 10.50%, 12/21/26 Series R186 328,817,872 8 Turkey Government Bond 10.70%, 02/17/21 246,251,875 9 U.S. Treasury Bonds 6.25%, 05/15/30 228,075,008 10 Argentine Republic Government International Bond 6.88%, (04/21 - 01/27) 194,904,720 as at 30 June 2016 1 U.S. Treasury Bonds 8.00%, 11/15/21 603,120,135 2 U.S. Treasury Bonds 8.13%, (08/19 - 08/21) 548,122,661 3 Brazil Notas do Tesouro Nacional 10.00%, (01/17 - 01/27) Series F 467,867,451 4 U.S. Treasury Bonds 8.88%, 08/15/17 218,609,400 5 U.S. Treasury Bonds 6.88%, 08/15/25 202,613,139 6 Turkey Government Bond 8.20%, (07/16 - 11/16) 196,769,567 7 Turkey Government Bond 9.00%, 03/08/17 Series 5YR 176,196,682 8 Ivory Coast Government International Bond 5.75%, 12/31/32 151,532,518 9 AB FCP I - Mortgage Income Portfolio - Class SA 102,839,359 10 AB SICAV I - Euro High Yield Portfolio - Class S 100,166,949 Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein Global High Yield Portfolio Fund. All figures have been rounded to the nearest dollar.
24
% of NAV
25
4.68 3.97 3.96 2.25 1.63 1.52 1.36 1.02 0.94 0.80 3.53 3.21 2.74 1.28 1.19 1.15 1.03 0.89 0.60 0.59
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at as at 28 February 2017 28 February 2016 (%) (%)
AllianceBernstein Global High Yield Portfolio Fund Class A2 SGD H
1.80*
1.82**
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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 expense ratio of AllianceBernstein Global High Yield Portfolio Fund Class A2 SGD H for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2016.
turnover ratio (underlying fund)
as at as at 28 February 2017 28 February 2016 (%) (%)
AllianceBernstein Global High Yield Portfolio Fund
35.44*
34.38**
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio of AllianceBernstein Global High Yield Portfolio Fund for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2016.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
For the period ended 30 June 2017, the Investment Manager received and entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Underlying Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received include specialist industry, company and consumer research, portfolio and market analysis and computer software used for the delivery of such services. The nature of the goods and services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Underlying Fund and may contribute to an improvement in the Underlying Fund’s performance. For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes AllianceBernstein Global High Yield Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein Global High Yield Portfolio Fund (Class A2 SGD H). Market Value (S$) 525,135
% of NAV 90.91
any other material information that will adversely affect the valuation of the ILP sub-fund
AllianceBernstein Global High Yield Portfolio Fund N/A (S$)
Subscriptions 220,577 Redemptions (25,797)
Source of the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited.
26
27
fund performance
AllianceBernstein Thematic Research Portfolio Fund
AllianceBernstein Thematic Research Portfolio Fund
20.05% .68%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
AllianceBernstein Thematic Research Portfolio Fund
3 mths 6 mths (%) (%) 7.32
20.05
1 yr (%)
3 yrs^ (%)
22.13
5.01
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 10.30
N/A
8.94
MSCI All Country World Index 2.75 6.24 21.51 8.35 12.40 N/A 11.54**
Source: AllianceBernstein (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 ** Since commencement performance of the benchmark is measured from closest month-end after inception through 30 June 2017 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 AllianceBernstein (Singapore) Limited Singapore Dollars Daily 1.70%
investment objectives The investment objective of the Portfolio is to achieve long-term capital appreciation. The Portfolio pursues opportunistic growth by investing in a global universe of companies in multiple industries that may benefit from innovation. The Investment Manager utilizes top-down research to find those secular themes that are the long-term drivers of the market outlook across industries. The Manager also uses bottom-up research to identify the most attractive candidates—those with compelling earnings growth prospects and valuations that are aligned with the themes identified in top-down research. The result of this philosophy is a reiterative investment process where the top-down thematic outlook is validated by our bottom up research. It is the combination of the two research views that allow for the conviction to capitalize on compelling investment opportunities that have the potential to add substantial return value.
29
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
4,184 units in AllianceBernstein Thematic Research Portfolio Fund Other Assets
76,655 1,015
98.69 1.31
Net assets attributable to unitholders
77,670
100.00
All figures have been rounded to the nearest dollar.
portfolio statement - by top 10 holdings No. Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Vestas Wind Systems A/S 20,617,484 2.56 2 Housing Development Finance Corp., Ltd. 19,992,230 2.49 3 AIA Group Ltd. 19,948,494 2.48 4 Kingspan Group PLC (London) 19,524,106 2.43 5 MSCI, Inc. - Class A 18,109,150 2.25 6 Ecolab, Inc. 17,701,975 2.20 7 Xylem, Inc./NY 17,626,615 2.19 8 Abbott Laboratories 17,560,057 2.18 9 American Water Works Co., Inc. 17,028,519 2.12 10 Bio-Rad Laboratories, Inc. - Class A 16,777,120 2.09 as at 30 June 2016 1 Essilor International SA 1,205,073 2.14 2 UnitedHealth Group, Inc. 1,193,140 2.12 3 Tencent Holdings Ltd. 1,187,328 2.11 4 Broadcom Ltd. 1,174,669 2.09 5 AIA Group Ltd. 1,170,146 2.08 6 Anheuser-Busch InBev SA/NV 1,169,102 2.08 7 Facebook, Inc. - Class A 1,136,857 2.02 8 Alphabet, Inc. - Class C 1,117,742 1.99 9 Roche Holding AG 1,116,476 1.98 10 Reckitt Benckiser Group PLC 1,086,343 1.93
as at 30 November 2016 (%)
AllianceBernstein Thematic Research Portfolio Fund Class A SGD H
2.25**
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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 expense ratio of AllianceBernstein Thematic Research Portfolio Fund Class A SGD H for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov 2016. **Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov 2015.
turnover ratio (underlying fund)
as at 30 November 2016 (%)
AllianceBernstein Thematic Research Portfolio Fund
17.93*
as at 30 November 2015 (%)
54.25**
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio of AllianceBernstein Thematic Research Portfolio Fund for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov 2016. **Based on unaudited figures from published Luxembourg semi annual report ending 30 Nov 2015.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
AllianceBernstein Thematic Research Portfolio Fund (S$)
Subscriptions 24,408 Redemptions (10,369)
Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein Thematic Research Portfolio Fund. All figures have been rounded to the nearest dollar.
30
2.25*
as at 30 November 2015 (%)
31
schedule of investments soft dollar commission For the period ended 30 June 2017, the Investment Manager received and entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Underlying Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received include specialist industry, company and consumer research, portfolio and market analysis and computer software used for the delivery of such services. The nature of the goods and services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Underlying Fund and may contribute to an improvement in the Underlying Fund’s performance. For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes AllianceBernstein Thematic Research Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein Thematic Research Portfolio Fund (Class A SGD H). Market Value (S$) % of NAV 76,655 98.69
any other material information that will adversely affect the valuation of the ILP sub-fund N/A
Source of the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited.
32
AllianceBernstein US Thematic Research Portfolio Fund
fund performance
schedule of investments
AllianceBernstein US Thematic Research Portfolio Fund
18.92%73%
as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
AllianceBernstein US Thematic Research Portfolio Fund
3 mths 6 mths (%) (%) 8.28
portfolio statement
18.92
1 yr (%)
3 yrs^ (%)
25.68
9.68
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 15.84
N/A
Market Value (S$)
% of NAV
1,367 units in AllianceBernstein US Thematic Research Portfolio Fund Other Liabilities
76,389 (139)
100.18 -0.18
Net assets attributable to unitholders
76,250
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
14.97
S&P 500 Index 1.43 3.89 19.86 12.59 15.81 N/A 15.63**
portfolio statement - by top 10 holdings
Source: AllianceBernstein (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 ** Since commencement performance of the benchmark is measured from closest month-end after inception through 30 June 2017 Performance is calculated in accordance to the share class of the fund, in SGD terms.
No. Description
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 AllianceBernstein (Singapore) Limited Singapore Dollars Daily 1.50%
investment objectives
as at 30 June 2017 1 UnitedHealth Group, Inc. 1,575,885 2.79 2 Xylem, Inc./NY 1,560,355 2.77 3 Visa, Inc. - Class A 1,522,987 2.70 4 Walt Disney Co. (The) 1,437,031 2.55 5 Home Depot, Inc. (The) 1,405,144 2.49 6 Ecolab, Inc. 1,399,185 2.48 7 American Water Works Co., Inc. 1,342,299 2.38 8 Abbott Laboratories 1,310,526 2.32 9 Intercontinental Exchange, Inc. 1,297,306 2.30 10 Vestas Wind Systems A/S (ADR) 1,289,263 2.29 as at 30 June 2016 1 American Water Works Co., Inc. 1,395,260 3.04 2 UnitedHealth Group, Inc. 1,286,332 2.80 3 Monster Beverage Corp. 1,149,077 2.50 4 Xylem, Inc./NY 1,134,110 2.47 5 Comcast Corp. - Class A 1,131,047 2.46 6 Intercontinental Exchange, Inc. 1,112,914 2.42 7 Facebook, Inc. - Class A 1,102,802 2.40 8 Broadcom Ltd. 1,087,800 2.37 9 Starbucks Corp. 1,081,853 2.35 10 Mobileye NV 1,080,968 2.35 Source: AllianceBernstein (Singapore) Limited. Information extracted from the underlying fund - AllianceBernstein US Thematic Research Portfolio Fund. All figures have been rounded to the nearest dollar.
The investment objective of the Portfolio is to achieve long-term capital appreciation. The Portfolio pursues opportunistic growth by investing in a universe of US companies in multiple industries that may benefit from economic, demographic, or technological innovation. The Investment Manager employs a combination of top-down and bottom-up investment processes with the goal of identifying the most attractive securities, fitting into our broader themes. Drawing on the global fundamental and quantitative research capabilities of the Investment Manager, and its economists’ macro-economic insights, the Portfolio’s investment strategy seeks to identify long-term trends that will affect multiple industries.
34
35
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at as at 28 February 2017 28 February 2016 (%) (%)
AllianceBernstein US Thematic Research Portfolio Fund Class A SGD H
1.99*
1.97**
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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 expense ratio of AllianceBernstein US Thematic Research Portfolio Fund Class A SGD H for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2016.
turnover ratio (underlying fund)
as at as at 28 February 2017 28 February 2016 (%) (%)
AllianceBernstein US Thematic Research Portfolio Fund
39.06*
50.91**
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio of AllianceBernstein US Thematic Research Portfolio Fund for the financial period ended 30 June 2017 is not available. * Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2017. **Based on unaudited figures from published Luxembourg semi annual report ending 28 Feb 2016.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
For the period ended 30 June 2017, the Investment Manager received and entered into soft-dollar commissions/arrangements with brokers relating to portfolios of the Underlying Fund that invest in equity securities, in respect of which certain goods and services used to support the investment decision making process were received. The soft commission arrangements were entered into on the basis that the execution of transactions on behalf of the Underlying Fund will be consistent with best execution standards and brokerage rates will not be in excess of customary institutional full-service brokerage rates. The goods and services received include specialist industry, company and consumer research, portfolio and market analysis and computer software used for the delivery of such services. The nature of the goods and services received is such that the benefits provided under the arrangement must be those which assist in the provision of investment services to the Underlying Fund and may contribute to an improvement in the Underlying Fund’s performance. For the avoidance of doubt, such goods and services do not include travel, accommodations, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employees’ salaries or direct money payments.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes AllianceBernstein US Thematic Research Portfolio Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AllianceBernstein US Thematic Research Portfolio Fund (Class A SGD H). Market Value (S$) 76,389
% of NAV 100.18
any other material information that will adversely affect the valuation of the ILP sub-fund
AllianceBernstein US Thematic Research Portfolio Fund N/A (S$)
Subscriptions 44,565 Redemptions (4,014)
36
Source of the expense ratio, turnover ratio and soft dollar commission: AllianceBernstein (Singapore) Limited.
37
fund performance
AXA World Funds - Framlington Emerging Markets Fund
AXA World Funds - Framlington Emerging Markets Fund
10.77%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
AXA World Funds 0.07 10.77 13.08 7.87 N/A N/A 2.16 Framlington Emerging Markets Fund# MSCI Emerging Markets TR -0.35 9.52 20.53 7.42 N/A N/A 3.62 Net Source: AXA Investment Manager ^ Annual compounded return * Launch Date: 29 October 2013 Commencement Date: 29 October 2013 Performance is calculated in accordance to the share class of the fund, in Euro terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Sub-Manager Currency of Fund Valuation Frequency Annual Management Fee
29 October 2013 29 October 2013 AXA Funds Management S.A. (Luxembourg) AXA Investment Managers UK Limited (London) Euro Dollars Daily 1.75%
investment objectives To achieve long-term capital growth by investing mainly in equities issued companies domiciled or operating predominantly in emerging markets.
39
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
434 units in AXA World Funds - Framlington Emerging Markets Fund Other Liabilities
83,645 (89)
100.11 -0.11
Net assets attributable to unitholders
83,556
100.00
as at as at 31 December 2016 31 December 2015 (%) (%)
AXA World Funds - Framlington Emerging Markets Fund Class A Capitalisation EUR
1.79
1.72
The expense ratio represents a weighted average of administrative expenses which shareholders could normally have expected to pay when being invested in the chosen share class. The expense ratio of AXA World Funds - Framlington Emerging Markets Fund Class A Capitalisation EUR for the financial period ended 30 June 2017 is not available.
All figures have been rounded up to the nearest dollar.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (USD)
as at 30 June 2017 1 Tencent Holdings Ltd 1,639,291 2 Samsung Electronics Co Ltd 1,474,929 3 Alibaba Group Holding Ltd 1,325,947 4 Taiwan Semiconductor Manufacturing Co Ltd 928,138 5 Baidu Inc 914,157 6 CNOOC Ltd 817,141 7 Zee Entertainment Enterprises Ltd 752,054 8 Alsea SAB de CV 740,557 9 Largan Precision Co Ltd 732,037 10 Arca Continental SAB de CV 632,602 as at 30 June 2016 1 Tencent Holdings Ltd 1,311,945 2 Taiwan Semiconductor Manufacturing Co Ltd 1,185,933 3 Hikma Pharmaceuticals PLC 818,093 4 Baidu Inc 708,455 5 Samsung Electronics Co Ltd 653,977 6 Zee Entertainment Enterprises Ltd 587,300 7 CP ALL PCL 583,277 8 CNOOC Ltd 560,285 9 AIA Group Ltd 511,301 10 China Construction Bank Corp 502,423
% of NAV
5.36 4.82 4.33 3.03 2.99 2.67 2.46 2.42 2.39 2.07 5.97 5.40 3.73 3.23 2.98 2.67 2.66 2.55 2.33 2.29
as at as at 31 December 2016 31 December 2015 (%) (%)
AXA World Funds - Framlington Emerging Markets Fund
120.12
((abs(buys)+abs(sells)) - abs(Subscriptions-Redemptions) average( AUM) *2 Data are captured on a daily basis from which a monthly turnover figure is calculated. Annual turnover is the sum of the last 12 months. Buys and sells are Equity only (except for Convertibles & Balanced funds, where equity & debt instruments are integrated in the calculation). The turnover ratio of AXA World Funds - Framlington Emerging Markets Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
AXA World Funds - Framlington Emerging Markets Fund (S$)
Subscriptions 9,617 Redemptions (585)
Source: AXA Investment Manager Information extracted from the underlying fund - AXA World Funds - Framlington Emerging Markets Fund. All figures have been rounded to the nearest dollar.
40
141.74
41
schedule of investments soft dollar commission The entities with the AXA Investment Managers (“AXA IM”) group have not entered into soft dollar or soft commission agreements. Instead, AXA IM has signed Commission Sharing Agreements (“CSAs”) with selected brokers, which allow surplus commissions to generate a balance of cash with these brokers who will fund, at AXA IM’s request, third-party research and permitted market data services. In no circumstances, will such CSAs allow the Company to deviate from its obligation of best execution.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes AXA World Funds - Framlington Emerging Markets Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AXA World Funds - Framlington Emerging Markets Fund (Class A Capitalisation EUR). Market Value (S$) % of NAV 83,645 100.11
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: AXA Investment Manager.
42
AXA World Funds - Framlington Europe Real Estate Securities Fund
fund performance
schedule of investments
AXA World Funds - Framlington Europe Real Estate Securities Fund
5.55%
as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017 Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
3 mths 6 mths 1 yr 3 yrs^ (%) (%) (%) (%) AXA World Funds Framlington Europe Real 3.61 5.55 3.49 8.12 13.38 N/A 13.15 Estate Securities Fund FTSE EPRA/NAREIT Developed Europe Capped 3.73 5.03 5.85 8.76 13.02 N/A 12.80 10% TR Net Source: AXA Investment Manager ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in Euro terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Sub-Manager Currency of Fund Valuation Frequency Annual Management Fee
portfolio statement
2 May 2012 2 May 2012 AXA Funds Management S.A. (Luxembourg) AXA Investment Managers Paris Euro Dollars Daily 1.50%
investment objectives
% of NAV
289,911 (166)
100.06 -0.06
289,745
100.00
Market Value (EUR)
% of NAV
Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Land Securities Group PLC 43,853,280 2 Unibail-Rodamco SE 41,337,000 3 Klepierre 39,410,800 4 Leg Immobilien AG 34,826,800 5 Deutsche Wohnen AG 32,542,037 6 Vonovia SE 30,778,000 7 Segro PLC 26,328,202 8 Wihlborgs Fastigheter Ab 21,434,338 9 Warehouses De Pauw CVA 18,160,000 10 Terreis 17,379,000 as at 30 June 2016 1 Land Securities Group PLC 24,184,871 2 Vonovia SE 22,943,090 3 Klepierre 20,694,199 4 Deutsche Wohnen AG 18,697,806 5 Leg Immobilien AG 17,220,618 6 Unibail-Rodamco SE 12,198,205 7 Hammerson PLC 11,983,860 8 Psp Swiss Property AG 11,615,448 9 Unibail-Rodamco SE 10,374,831 10 British Land Co PLC 9,851,910
6.90 6.50 6.20 5.48 5.12 4.84 4.14 3.37 2.86 2.73 7.59 7.20 6.50 5.87 5.41 3.83 3.76 3.65 3.26 3.09
Source: AXA Investment Manager Information extracted from the underlying fund - AXA World Funds - Framlington Europe Real Estate Securities Fund. All figures have been rounded to the nearest dollar.
AXA World Funds - Framlington Europe Real Estate Securities Fund seeks to achieve long term capital growth measured in Euros by investing mainly in listed equity issued by companies engaged in the real estate sector, domiciled or exercising the main part of their activities in Europe.
44
Market Value (S$)
898 units in AXA World Funds - Framlington Europe Real Estate Securities Fund Other Liabilities
45
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at as at 31 December 2016 30 December 2015 (%) (%)
AXA World Funds - Framlington Europe Real Estate Securities Fund Class A Capitalisation EUR
1.69
1.64
The expense ratio represents a weighted average of administrative expenses which shareholders could normally have expected to pay when being invested in the chosen share class. The expense ratio of AXA World Funds - Framlington Europe Real Estate Securities Fund Class A Capitalisation EUR for the financial period ended 30 June 2017 is not available.
The entities with the AXA Investment Managers (“AXA IM”) group have not entered into soft dollar or soft commission agreements. Instead, AXA IM has signed Commission Sharing Agreements (“CSAs”) with selected brokers, which allow surplus commissions to generate a balance of cash with these brokers who will fund, at AXA IM’s request, third-party research and permitted market data services. In no circumstances, will such CSAs allow the Company to deviate from its obligation of best execution.
exposure to derivatives N/A
borrowings N/A
related-party transactions
turnover ratio (underlying fund)
as at as at 31 December 2016 30 December 2015 (%) (%)
AXA World Funds - Framlington Europe Real Estate Securities Fund
-22.85
-98.74
((abs(buys)+abs(sells)) - abs(Subscriptions-Redemptions) average( AUM) *2 Data are captured on a daily basis from which a monthly turnover figure is calculated. Annual turnover is the sum of the last 12 months. Buys and sells are Equity only (except for Convertibles & Balanced funds, where equity & debt instruments are integrated in the calculation). The turnover ratio of AXA World Funds - Framlington Europe Real Estate Securities Fund for the financial period ended 30 June 2017 is not available.
Nil
investments in collective investment schemes AXA World Funds - Framlington Europe Real Estate Securities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AXA World Funds - Framlington Europe Real Estate Securities Fund (Class A Capitalisation EUR). Market Value (S$) % of NAV 289,911 100.06
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: AXA Investment Manager.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
AXA World Funds - Framlington Europe Real Estate Securities Fund (S$)
Subscriptions 74,090 Redemptions (13,004)
46
47
fund performance
AXA World Funds - Global High Yield (SGD Hedged)
AXA World Funds - Global High Yield (SGD Hedged)
4.28%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
AXA World Funds - Global 1.76 4.28 N/A N/A N/A N/A 10.59 High Yield (SGD Hedged) 100% BofA Merrill Lynch Global High Yield Hedged 1.77 4.47 N/A N/A N/A N/A 8.74 (USD) Source: AXA Investment Manager ^ Annual compounded return * Launch Date: 22 June 2016 Commencement Date: 29 July 2016 Performance is calculated in accordance to the currency of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
22 June 2016 29 July 2016 AXA Funds Management S.A. (Luxembourg) SGD Hedged Daily 1.25%
investment objectives To seek high income and secondary capital growth by investing in a broadly international high yield corporate debt securities over a long term period. The share class aims at hedging the foreign exchange risk resulting from the divergence between the reference currency of the sub-fund and the currency of this share class by using derivatives instruments whilst retaining the exposure to investment policy described above. 49
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
2,694 units in AXA World Funds - Global High Yield Bonds (SGD Hedged)
% of NAV
295,400
99.73
789
0.27
296,189
100.00
Market Value (US$)
% of NAV
Other Assets Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No. Description
as at 30 June 2017 1 Capsugel SA 7% 05/15/2019 9,379,402 2 JLL/Delta Dutch Newco BV 7.5% 02/01/2022 9,255,129 3 Columbus International Inc 7.375% 03/30/2021 8,764,988 4 Stearns Holdings Inc 9.375% 08/15/2020 8,741,878 5 Dell International EMC Corp 5.875% 06/15/2021 8,475,516 6 Jaguar Hldg II /Pharma Pdt Dvlpt 6.375% 08/01/2023 8,428,344 7 Sirius XM Radio Inc 5.75% 08/01/2021 8,342,383 8 Ziggo Secured Finance BV 5.5% 01/15/2027 8,294,243 9 Digicel Ltd 6.75% 03/01/2023 8,292,063 10 Kenan Advantage Group Inc/The 7.875% 07/31/2023 8,114,329 as at 30 June 2016 1 Columbus International Inc 7.375% 03/30/2021 9,792,916 2 DynCorp International Inc 11.875% 11/30/2020 9,738,942 3 Capsugel SA 7% 05/15/2019 9,154,584 4 Beverage Pack Hld Lux II SA/II 5.625% 12/15/2016 8,700,285 5 Stearns Holdings Inc 9.375% 08/15/2020 8,632,569 6 Digicel Group Ltd 8.25% 09/30/2020 8,209,888 7 Sprint Corp 7.875% 09/15/2023 8,194,712 8 JLL/Delta Dutch Pledgeco BV 8.75% 05/01/2020 8,085,813 9 JBS Investments GmbH 7.75% 10/28/2020 7,676,694 10 Rayonier AM Products Inc 5.5% 06/01/2024 7,668,854 Source: AXA Investment Manager Information extracted from the underlying fund - AXA World Funds - Global High Yield Bonds (SGD Hedged). All figures have been rounded to the nearest dollar.
50
as at as at 31 December 2016 31 December 2015 (%) (%)
AXA World Funds - Global High Yield Bonds (SGD Hedged)
1.02 1.02 0.96 0.91 0.90 0.86 0.86 0.84 0.80 0.80
N/A*
The expense ratio represents a weighted average of administrative expenses which shareholders could normally have expected to pay when being invested in the chosen share class. *The expense ratio of AXA World Funds - Global High Yield Bonds (SGD Hedged) as at 31December 2015 is not available as the fund was launched on 22 June 2016. The expense ratio of AXA World Funds - Global High Yield Bonds (SGD Hedged) for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
0.85 0.83 0.79 0.79 0.76 0.76 0.75 0.75 0.75 0.73
1.50
as at as at 31 December 2016 31 December 2015 (%) (%)
AXA World Funds - Global High Yield
-26.60
N/A*
((abs(buys)+abs(sells)) - abs(Subscriptions-Redemptions) average( AUM) *2 Data are captured on a daily basis from which a monthly turnover figure is calculated. Annual turnover is the sum of the last 12 months. Buys and sells are Equity only (except for Convertibles & Balanced funds, where equity & debt instruments are integrated in the calculation). *The turnover ratio of AXA World Funds - Global High Yield Bonds as at 31December 2015 is not available as the fund was launched on 22 June 2016. The turnover ratio of AXA World Funds - Global High Yield for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the financial year 1 January 2017 to 30 June 2017
AXA World Funds - Global High Yield (SGD Hedged) (S$)
Subscriptions 165,907 Redemptions (28,493)
51
schedule of investments soft dollar commission The entities with the AXA Investment Managers (“AXA IM”) group have not entered into soft dollar or soft commission agreements. Instead, AXA IM has signed Commission Sharing Agreements (“CSAs”) with selected brokers, which allow surplus commissions to generate a balance of cash with these brokers who will fund, at AXA IM’s request, third-party research and permitted market data services. In no circumstances, will such CSAs allow the Company to deviate from its obligation of best execution.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes AXA World Funds - Global High Yield (SGD Hedged), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered AXA World Funds - Global High Yield Funds. Market Value (S$) % of NAV 295,400 99.73
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: AXA Investment Manager.
52
BlackRock China Fund
fund performance
schedule of investments
BlackRock China Fund 18.32%
portfolio statement
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
BlackRock China Fund
3 mths (%)
6 mths (%)
1 yr (%)
3 yrs^ (%)
5 yrs^ (%)
6.46
18.32
28.07
11.82
11.03
Since 10 yrs^ Commencement^* (%) (%) N/A
9.82
MSCI China 10/40 (Net) 7.51 17.02 33.09 10.89 10.42 N/A 9.16 USD Source: BlackRock ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
as at 30 June 2017 (unaudited)
16 January 2012 16 January 2012 BlackRock (Luxembourg) S.A. Singapore Dollars Daily 1.50%
investment objectives The China Fund seeks to maximise total return. The fund invests at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in, the People’s Republic of China. The base currency of the fund is the USD. The fund is an equity fund.
54
Market Value (S$)
% of NAV
87,327 units in BlackRock China Fund Other Assets
1,215,588 301,841
80.11 19.89
Net assets attributable to unitholders
1,517,429
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No. Description
as at 30 June 2017 1 Tencent Holdings Ltd 173,368,699 2 Alibaba Group Holding Ltd 155,617,569 3 Bank Of China Ltd 108,878,818 4 China Construction Bank Corp 99,526,931 5 China Mobile Ltd 79,461,964 6 China Petroleum & Chemical Corp 56,916,764 7 China Citic Bank Corp Ltd 49,843,599 8 Industrial and Commercial Bank of China Limited 46,823,843 9 China Pacific Insurance Group Co Limited 41,821,489 10 Agricultural Bank of China Ltd 40,775,789 as at 30 June 2016 1 Tencent Holdings Ltd 154,945,392 2 Alibaba Group Holding Ltd 147,540,239 3 CHINA CONSTRUCTION BANK CORP H 126,716,408 4 China Mobile Ltd 98,028,883 5 China Petroleum & Chemical Corp 74,703,673 6 Bank Of China Ltd 50,359,558 7 Ms Hang Seng Small Cap Index Pn 44,224,021 8 China Life Ins-H 43,114,160 9 China Citic Bank Corp Ltd 41,903,971 10 China Longyuan Power Group Corp 40,440,964 Source: BlackRock Information extracted from the underlying fund - BlackRock China Fund. All figures have been rounded to the nearest dollar.
55
9.86 8.85 6.19 5.66 4.52 3.24 2.84 2.66 2.38 2.32 9.86 9.38 8.06 6.24 4.75 3.20 2.81 2.74 2.67 2.57
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company.
BlackRock China Fund Class A2 SGD Hedged
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.83
1.84
Expense ratio shown are rolling 12 months expense figures to end June of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.
turnover ratio (underlying fund)
BlackRock China Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
88.49
124.32
Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the 12 months period ending June of the year indicated.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns. BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law.
exposure to derivatives
BlackRock China Fund N/A (S$)
Subscriptions 801,737 Redemptions (158,374)
borrowings
soft dollar commission
Nil
With respect to the Funds (or portion of a Fund) for which companies within the BlackRock Group provide investment management and advice, they may select brokers (including, without limitation, brokers who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through thirdparty or correspondent relationships, with research or execution services which provide, in BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the Funds’ performance. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments. To the extent that BlackRock uses its clients’ commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves.
56
N/A
related-party transactions investments in collective investment schemes BlackRock China Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - China Fund (Class A2 SGD Hedged). Market Value (S$) 1,215,588
% of NAV 80.11
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source for expense ratio, turnover ratio and soft dollar commission: BlackRock.
57
fund performance
BlackRock Global Allocation Fund
BlackRock Global Allocation Fund
6.96%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
BlackRock Global Allocation Fund
3 mths 6 mths (%) (%) 2.92
6.96
1 yr (%)
3 yrs^ (%)
11.24
2.27
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 5.68
N/A
5.25
Composite Benchmark# 1.81 2.84 12.13 7.40 9.13 N/A 8.61
Source: BlackRock ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # 36% S&P 500 Composite; 24% FTSE World (ex-US); 24% ML US Treasury Current 5 Year; 16% Citigroup Non-USD World Government Bond Index Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 BlackRock (Luxembourg) S.A. Singapore Dollars Daily 1.50%
investment objectives The Global Allocation Fund seeks to maximise total return. The fund invests globally in equity, debt and short term securities, of both corporate and governmental issuers, with no prescribed limits. In normal market conditions the fund will invest at least 70% of its total assets in the securities of corporate and governmental issuers. The fund generally will seek to invest in securities that are, in the opinion of the Investment Adviser, undervalued. The fund may also invest in the equity securities of small and emerging growth companies. The fund may also invest a portion of its debt portfolio in high yield fixed income transferable securities. Currency exposure is flexibly managed. The base currency of the fund is the USD. The fund is a mixed fund.
59
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
171,671 units in BlackRock Global Allocation Fund Other Assets
2,096,102 2,106
99.90 0.10
Net assets attributable to unitholders
2,098,208
100.00
All figures have been rounded up to the nearest dollar.
BlackRock Global Allocation Fund Class A2 SGD Hedged
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.77
1.77
Expense ratio shown are rolling 12 months expense figures to end June of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.
turnover ratio (underlying fund) portfolio statement - by top 10 holdings No. Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Treasury Note (OTR) 1.75 05/31/2022 633,239,290 3.45 2 Treasury Note (2Old) 1.875 04/30/2022 623,648,607 3.40 3 Treasury Note (OTR) 1.75 06/30/2022 570,112,682 3.11 4 Spdr Gold Shares ETF Trust 553,842,604 3.02 5 Treasury Note (Old) 2.25 02/15/2027 362,794,318 1.98 6 Apple Inc 178,378,563 0.97 7 Treasure (CPI) Note 0.3.75 01/15/2027 167,765,504 0.91 8 Amazon.com Inc 160,592,168 0.87 9 Bank of America Corp 149,346,185 0.81 10 Poland (Republic of) 2.5 07/25/2027 145,862,227 0.79 as at 30 June 2016 1 Treasury Note (2Old) 1.375 04/30/2021 1,043,210,432 5.20 2 Treasure (CPI) Note 0.625 01/15/2026 639,413,036 3.19 3 Spdr Gold Shares ETF Trust 533,413,128 2.66 4 Apple Inc 284,500,438 1.42 5 Treasury Note 1.25 03/31/2021 219,941,214 1.10 6 Alphabet Inc 211,315,432 1.05 7 Mexico (United Mexican States) Go 6.5 06/10/2021 185,808,648 0.93 8 Australia (Commonwealth of) 5.75 07/15/2022 180,227,430 0.90 9 Treasure (CPI) Note 0.125 04/15/2021 145,748,389 0.73 10 Germany (Federal Republic of) 04/09/2021 140,960,477 0.70 Source: BlackRock. Information extracted from the underlying fund - BlackRock Global Allocation Fund. All figures have been rounded to the nearest dollar.
60
BlackRock Global Allocation Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
196.50
178.15
Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the 12 months period ending June of the year indicated.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
BlackRock Global Allocation Fund (S$)
Subscriptions 946,256 Redemptions (466,375)
soft dollar commission With respect to the Funds (or portion of a Fund) for which companies within the BlackRock Group provide investment management and advice, they may select brokers (including, without limitation, brokers who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through thirdparty or correspondent relationships, with research or execution services which provide, in BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the Funds’ performance. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments. To the extent that BlackRock uses its clients’ commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves.
61
schedule of investments BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company. Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns. BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes BlackRock Global Allocation Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - Global Allocation Fund (Class A2 SGD Hedged). Market Value (S$) 2,096,102
% of NAV 99.90
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source for expense ratio, turnover ratio and soft dollar commission: BlackRock.
62
Blackrock Global Equity Income Fund
fund performance
schedule of investments
BlackRock Global Equity Income Fund
12.38%
portfolio statement as at 30 June 2017
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
Market Value (S$)
62,290 units in BlackRock Global Equity Income Fund
Source : BlackRock ^ Annual compounded return * Launch Date: 22 July 2014 Commencement Date: 22 July 2014
No.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
22 July 2014 22 July 2014 BlackRock (Luxembourg) S.A. Singapore Dollars Daily 1.50%
investment objectives To seek an above average income from its equity investments without sacrificing long term capital growth. The fund invests globally at least 70% of its total assets in the equity securities of companies domiciled in, or exercising the predominant part of their economic activity in developed markets. Currency exposure is flexibly managed.
64
98.33
14,524
1.67
869,760
100.00
Market Value (US$)
% of NAV
Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
Performance is calculated in accordance to the share class of the fund, in SGD terms.
855,236
Other Assets
BlackRock Global Equity 5.83 12.38 13.87 N/A N/A N/A 4.23 Income Fund MSCI All Country World Index 2.75 6.24 21.51 N/A N/A N/A 8.46 (Net Total Return) USD
% of NAV
portfolio statement - by top 10 holdings Description
as at 30 June 2017 1 Altria Group Inc 89,604,315 2 British American Tobacco Plc 87,700,906 3 Astrazeneca Plc 83,684,646 4 Novartis Ag 75,171,825 5 Imperial Brands Plc 73,174,789 6 Johnson & Johnson 72,983,864 7 Telus Corp. 63,855,458 8 Rogers Communications Non-Voting I 63,444,049 9 Philip Morris International Inc 62,184,607 10 Nestle SA 61,563,208 as at 30 June 2016 1 Astrazeneca Plc 99,763,699 2 British American Tobacco Plc 89,276,400 3 Johnson & Johnson 76,075,478 4 Imperial Brands Plc 72,844,975 5 Altria Group Inc 70,272,516 6 Novartis Ag 70,238,780 7 Telus Corp. 67,221,173 8 Pfizer Inc 62,370,395 9 Nestle SA 62,228,859 10 Philip Morris International Inc 60,203,999 Source: BlackRock Information extracted from the underlying fund - BlackRock Global Equity Income Fund. All figures have been rounded to the nearest dollar.
65
3.95 3.86 3.69 3.31 3.22 3.21 2.81 2.79 2.74 2.71 4.15 3.72 3.17 3.03 2.93 2.92 2.80 2.60 2.59 2.51
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company.
BlackRock Global Equity Income Fund Class A2 SGD Hedged
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.81
1.81
Expense ratio shown are rolling 12 months expense figures to end June of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.
turnover ratio (underlying fund)
BlackRock Global Equity Income Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
20.78
37.12
Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the 12 months period ending June of the year indicated.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns. BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law.
exposure to derivatives
BlackRock Global Equity Income Fund N/A (S$)
Subscriptions 699,744 Redemptions (77,185)
borrowings
soft dollar commission
Nil
With respect to the Funds (or portion of a Fund) for which companies within the BlackRock Group provide investment management and advice, they may select brokers (including, without limitation, brokers who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through thirdparty or correspondent relationships, with research or execution services which provide, in BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the Funds’ performance. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments. To the extent that BlackRock uses its clients’ commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves.
66
N/A
related-party transactions investments in collective investment schemes BlackRock Global Equity Income Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - Global Equity Income Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 855,236 98.33
any other material information that will adversely affect the valuation of the ILP sub-fund N/A Source for expense ratio, turnover ratio and soft dollar commission: BlackRock.
67
fund performance
BlackRock Latin American Fund
BlackRock Latin American Fund
9.76%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
BlackRock Latin American -2.61 9.76 13.52 -7.94 -4.47 N/A -5.81 Fund MSCI EM Latin America net -3.17 4.95 17.65 -3.48 -2.14 N/A -3.59 (USD) Source: BlackRock ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 BlackRock (Luxembourg) S.A. Singapore Dollars Daily 1.75%
investment objectives The BlackRock Latin American Fund seeks to maximise total return. The Fund invests at least 70% of its total assets in the equity securities of companies domiciled in, or xercising the predominant part of their economic activity in, Latin America (i.e. Mexico, Central America, South America and the islands of the Caribbean, including Puerto Rico). The base currency of the Fund is the USD. The Fund is an Equity Fund.
69
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
29,680 units in BlackRock Latin American Fund Other Liabilities
161,164 (189)
100.12 -0.12
Net assets attributable to unitholders
160,975
100.00
All figures have been rounded up to the nearest dollar.
BlackRock Latin American Fund Class A2 SGD Hedged
as at 30 June 2017 (%)
as at 30 June 2016 (%)
2.09
2.09
Expense ratio shown are rolling 12 months expense figures to end June of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 (%)
as at 30 June 2016 (%)
BlackRock Latin American Fund 49.77 38.40 as at 30 June 2017 1 Itau Unibanco Holding S/A Ads 111,936,500 7.99 Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average 2 Petroleo Brasileiro Sa 100,785,960 7.19 net asset value, over the 12 months period ending June of the year indicated. 3 Vale Sa 85,750,000 6.12 4 Banco Bradesco S/A 82,688,000 5.90 amount of redemptions and subscriptions for the period 5 Fomento Economico Mexicano Sab De Cv 60,970,800 4.35 1 January 2017 to 30 June 2017 6 BM&F Bovespa Sa Bolsa De Valores Mercadorias E Futuros 59,609,145 4.25 7 Ambev Sa 58,468,500 4.17 BlackRock Latin American Fund 8 Grupo Financiero Banorte Sab De Cv 55,343,064 3.95 (S$) 9 Cemex Sab De Cv 44,980,500 3.21 10 America Movil Sab De Cv 42,586,000 3.04 Subscriptions 48,863 Redemptions (35,287) as at 30 June 2016 1 Itau Unibanco Holding S/A Ads 110,920,000 8.60 soft dollar commission 2 Ambev Adr Representing One Sa 95,151,000 7.38 With respect to the Funds (or portion of a Fund) for which companies within the BlackRock Group provide 3 Banco Bradesco Adr Reptg Pref 87,799,646 6.81 investment management and advice, they may select brokers (including, without limitation, brokers who 4 Fomento Economico Mexicano S.A.B. 69,367,500 5.38 are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through 5 Gpo Finance Banorte 54,457,281 4.22 thirdparty or correspondent relationships, with research or execution services which provide, in BlackRock 6 Cielo S/A 54,218,275 4.20 Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in the 7 Petrobas Petroleo Brasileiro Pref 47,061,000 3.65 investment decision-making or trade execution processes and the nature of which is that their provision 8 Credicorp Ltd 40,897,450 3.17 can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in 9 Grupo Mexico B 38,887,678 3.02 the Funds’ performance. Such research or execution services may include, without limitation and to the 10 Walmart De Mexico V 37,790,316 2.93 extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Source: BlackRock. Information extracted from the underlying fund - BlackRock Global Funds - BlackRock Latin American Fund. All figures have been rounded to the nearest dollar.
70
Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments. To the extent that BlackRock uses its clients’ commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves.
71
schedule of investments BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company. Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns. BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law.
exposure to derivatives N/A borrowings N/A
related-party transactions Nil
investments in collective investment schemes BlackRock Latin American Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - Latin American Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 161,164 100.12
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source for expense ratio, turnover ratio and soft dollar commission: BlackRock.
72
BlackRock World Energy Fund
fund performance
schedule of investments
BlackRock World Energy Fund
-15.12%4%
as at 30 June 2017
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
3 mths (%)
6 mths (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
BlackRock World Energy -8.98 -15.12 -5.28 -17.37 -5.67 N/A -7.09 Fund MSCI World Energy 10/40 -6.68 -13.87 1.89 -9.14 1.35 N/A 0.01 Net Total Return Index # Source: BlackRock ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Effective 30 September 2015, the performance benchmark of the World Energy Fund changed from MSCI World Energy Index to MSCI World Energy 10/40 Net Total Return Index. The rationale for the change is that the new benchmark reflects the UCITS concentration limits to which the Fund’s portfolio is managed and is therefore a more accurate, appropriate and fair comparison for the Fund. The new benchmark has been applied to the performance history of the Fund back to inception. The change does not affect how the Fund is currently managed. Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
portfolio statement
16 January 2012 16 January 2012 BlackRock (Luxembourg) S.A. Singapore Dollars Daily 1.75%
investment objectives
Market Value (S$)
336,405 units in BlackRock World Energy Fund Other Assets
1,567,645 16,190
98.98 1.02
Net assets attributable to unitholders
1,583,835
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Royal Dutch Shell Plc 210,605,764 2 BP Plc 132,647,229 3 Exxon Mobil Corp 128,773,069 4 Chevron Corp 125,508,468 5 Eog Resources Inc 113,544,396 6 Conocophillips 112,746,894 7 Pioneer Natural Resources Company 86,360,866 8 Transcanada Corporation 83,349,278 9 Halliburton Company 77,586,687 10 Anadarko Petroleum Corporation 75,509,961 as at 30 June 2016 1 Royal Dutch Shell Plc 196,677,516 2 Exxon Mobil Corp 184,646,990 3 Chevron Corp 120,313,391 4 Schlumberger Nv 113,087,721 5 Conocophillips 95,100,407 6 Occidental Petroleum Corporation 89,089,018 7 Eog Resources Inc 87,719,050 8 BP PLC 70,854,418 9 Anadarko Petroleum Corporation 68,945,704 10 Pioneer Natural Resources Company 62,200,082 Source: BlackRock. Information extracted from the underlying fund - BlackRock Global Funds - World Energy Fund. All figures have been rounded to the nearest dollar.
The BlackRock World Energy Fund seeks to maximise total return. The Fund invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is in the exploration, development, production and distribution of energy. The base currency of the Fund is the USD. The Fund is an Equity Fund.
74
% of NAV
75
9.80 6.17 5.99 5.84 5.28 5.24 4.02 3.88 3.61 3.51 10.32 9.69 6.31 5.93 4.99 4.67 4.60 3.72 3.62 3.26
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company.
BlackRock World Energy Fund Class A2 SGD Hedged
as at 30 June 2017 (%)
as at 30 June 2016 (%)
2.06
2.07
Expense ratio shown are rolling 12 months expense figures to end June of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.
turnover ratio (underlying fund)
BlackRock World Energy Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
48.26
99.19
Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the 12 months period ending June of the year indicated.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
BlackRock World Energy Fund (S$)
Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns. BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law.
exposure to derivatives N/A
Subscriptions 640,726 Redemptions (184,963)
borrowings
soft dollar commission
Nil
With respect to the Funds (or portion of a Fund) for which companies within the BlackRock Group provide investment management and advice, they may select brokers (including, without limitation, brokers who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through thirdparty or correspondent relationships, with research or execution services which provide, in BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the Funds’ performance. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments. To the extent that BlackRock uses its clients’ commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves.
76
N/A
related-party transactions investments in collective investment schemes BlackRock World Energy Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World Energy Fund (Class A2 SGD Hedged). Market Value (S$) 1,567,645
% of NAV 98.98
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source for expense ratio, turnover ratio and soft dollar commission: BlackRock.
77
fund performance
BlackRock World Gold Fund
BlackRock World Gold Fund
0.38%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
5 yrs^ (%)
Since 10 yrs^ Commencement^* (%) (%)
BlackRock World Gold -4.18 0.38 -19.54 -3.31 -9.95 N/A -12.33 Fund FTSE Gold Mines Index (cap -6.22 -1.68 -19.96 0.15 -10.76 N/A -14.05 only) (USD) Source: BlackRock ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 BlackRock (Luxembourg) S.A. Singapore Dollars Daily 1.75%
investment objectives The BlackRock World Gold Fund seeks to maximise total return. The Fund invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is gold-mining. It may also invest in the equity securities of companies whose predominant economic activity is other precious metal or mineral and base metal or mineral mining. The Fund does not hold physical gold or metal. The base currency of the Fund is the USD. The Fund is an Equity Fund.
79
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 Description
Market Value (S$)
% of NAV
648,091 units in BlackRock World Gold Fund Other Assets
3,415,437 1,206,173
73.90 26.10
Net assets attributable to unitholders
4,621,610
100.00
All figures have been rounded up to the nearest dollar.
BlackRock World Gold Fund Class A2 SGD Hedged
as at 30 June 2017 (%)
as at 30 June 2016 (%)
2.06
2.06
Expense ratio shown are rolling 12 months expense figures to end June of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
as at 30 June 2017 1 Newcrest Mining Ltd 532,266,538 2 Randgold Resources Limited 400,281,500 3 Agnico-Eagle Mines Limited 382,906,750 4 Newmont Mining Corp 260,675,206 5 Franco Nevada Corp 230,556,711 6 Fresnillo Plc 217,964,057 7 Wheaton Precious Metals Corp 189,649,158 8 Barrick Gold Corporation 170,559,703 9 B2gold Corp 168,881,534 10 Northern Star Resources Ltd 164,188,849 as at 30 June 2016 1 Newcrest Mining Ltd 391,189,407 2 Randgold Resources Ltd. Ads 382,056,400 3 Newmont Mining Corp 310,926,347 4 Agnico-Eagle Mines Limited 297,067,221 5 Barrick Gold Corporation 265,153,357 6 Franco Nevada Corp 261,060,678 7 Detour Gold Corp 248,847,003 8 Silver Wheaton Corp 244,261,002 9 Anglogold Ashanti Ltd. Ads 238,990,563 10 Fresnillo Plc 234,934,044 Source: BlackRock Information extracted from the underlying fund - BlackRock Global Funds - World Gold Fund. All figures have been rounded to the nearest dollar.
80
% of NAV
8.70 8.53 8.16 5.55 4.91 4.64 4.04 3.63 3.60 3.50 7.43 7.25 5.90 5.64 5.03 4.96 4.72 4.64 4.54 4.46
BlackRock World Gold Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
45.24
52.39
Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the 12 months period ending June of the year indicated.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
BlackRock World Gold Fund (S$)
Subscriptions 3,038,317 Redemptions (844,740)
soft dollar commission With respect to the Funds (or portion of a Fund) for which companies within the BlackRock Group provide investment management and advice, they may select brokers (including, without limitation, brokers who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through thirdparty or correspondent relationships, with research or execution services which provide, in BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the Funds’ performance. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments. To the extent that BlackRock uses its clients’ commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves.
81
schedule of investments BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company. Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns. BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes BlackRock World Gold Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World Gold Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 3,415,437 73.90
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source for expense ratio, turnover ratio and soft dollar commission: BlackRock.
82
BlackRock World HealthScience Fund
fund performance
schedule of investments
BlackRock World HealthScience Fund
17.84%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
BlackRock World HealthScience Fund
3 mths 6 mths (%) (%) 7.63
17.84
1 yr (%)
3 yrs^ (%)
13.10
8.30
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 16.58
N/A
Market Value (S$)
% of NAV
8,361,242
98.66
158,540 units in BlackRock World Healthscience Fund Other Assets
113,728
1.34
8,474,970
100.00
Market Value (US$)
% of NAV
Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
16.55
MSCI World Healthcare Net 6.94 15.96 9.83 7.08 14.90 N/A 15.10 Source: BlackRock ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in USD terms.
portfolio statement - by top 10 holdings
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 BlackRock (Luxembourg) S.A. US Dollars Daily 1.50%
investment objectives The BlackRock World Healthscience Fund seeks to maximise total return. The Fund invests globally at least 70% of its total assets in the equity securities of companies whose predominant economic activity is in healthcare, pharmaceuticals, medical technology and supplies and the development of biotechnology. Currency exposure is flexibly managed. The base currency of the Fund is the USD. The Fund is an Equity Fund.
84
No.
Description
as at 30 June 2017 1 Unitedhealth Group Inc 171,018,985 2 Medtronic Plc 150,420,511 3 Johnson & Johnson 123,373,654 4 Celgene Corp 121,611,307 5 Roche Holding Ag 103,606,182 6 Sanofi Sa 97,739,268 7 Amgen Inc 90,282,277 8 Stryker Corp 85,668,894 9 Novartis Ag 79,712,505 10 Baxter International Inc 79,210,536 as at 30 June 2016 1 Medtronic Plc 160,505,324 2 Roche Holding Ag 159,937,631 3 Unitedhealth Group Inc 159,574,780 4 Pfizer Inc 158,517,145 5 Johnson & Johnson 120,948,230 6 Amgen Inc 108,923,576 7 Boston Scientific Corp 99,796,911 8 Eli Lilly 91,649,250 9 Allergan 87,092,506 10 GlaxoSmithKline Plc 85,991,009 Source: BlackRock Information extracted from the underlying fund - BlackRock World Healthscience Fund. All figures have been rounded to the nearest dollar.
85
5.41 4.76 3.90 3.85 3.28 3.09 2.86 2.71 2.52 2.51 4.90 4.88 4.87 4.83 3.69 3.32 3.04 2.80 2.66 2.62
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company.
BlackRock World HealthScience Fund Class A2 USD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.81
1.83
Expense ratio shown are rolling 12 months expense figures to end June of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.
turnover ratio (underlying fund)
BlackRock World Healthscience Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
39.19
49.27
Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the 12 months period ending June of the year indicated.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns. BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law.
exposure to derivatives
BlackRock World HealthScience Fund N/A (S$)
Subscriptions 1,747,925 Redemptions (275,169)
borrowings
soft dollar commission
Nil
With respect to the Funds (or portion of a Fund) for which companies within the BlackRock Group provide investment management and advice, they may select brokers (including, without limitation, brokers who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through thirdparty or correspondent relationships, with research or execution services which provide, in BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the Funds’ performance. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments. To the extent that BlackRock uses its clients’ commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves.
86
N/A
related-party transactions investments in collective investment schemes BlackRock World HealthScience Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World HealthScience Fund (Class A2 USD). Market Value (S$) % of NAV 8,361,242 98.66
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source for expense ratio, turnover ratio and soft dollar commission: BlackRock.
87
fund performance
BlackRock World Mining Fund
BlackRock World Mining Fund
2.01%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
5 yrs^ (%)
Since 10 yrs^ Commencement^* (%) (%)
BlackRock World Mining -4.10 2.01 10.14 -12.58 -10.99 N/A -13.30 Fund Euromoney Global Mining -5.36 -0.65 17.33 -4.27 -5.03 N/A -7.92 Constrained Weights Net Total Return Index #
Source: BlackRock ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Effective 30 September 2015, the performance benchmark of the World Mining Fund changed from Euromoney Global Mining Index to Euromoney Global Mining Constrained Weights Net Total Return Index. The rationale for the change is that the new benchmark reflects the UCITS concentration limits to which the Fund’s portfolio is managed and is therefore a more accurate, appropriate and fair comparison for the Fund. The new benchmark has been applied to the performance history of the Fund back to inception. The change does not affect how the Fund is currently managed. Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 BlackRock (Luxembourg) S.A. Singapore Dollars Daily 1.75%
investment objectives The BlackRock World Mining Fund seeks to maximise total return. The Fund invests globally at least 70% of its total assets in the equity securities of mining and metals companies whose predominant economic activity is the production of base metals and industrial minerals such as iron ore and coal. The Fund may also hold the equity securities of companies whose predominant economic activity is in gold or other precious metal or mineral mining. The Fund does not hold physical gold or metal. The base currency of the Fund is the USD. The Fund is an Equity Fund.
89
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
2,272,439
86.51
354,239
13.49
2,626,678
100.00
747,513 units in BlackRock World Mining Fund Other Assets Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
BlackRock World Mining Fund Class A2 SGD Hedged
as at 30 June 2017 (%)
as at 30 June 2016 (%)
2.06
2.07
Expense ratio shown are rolling 12 months expense figures to end June of the year indicated. They are based on the shares class costs and average last 12 months net assets to the date indicated. Calculation is based on the total of expenses per share class (excluding bank interest and custody transaction fees, and including administration fee subsidies) divided by the average net assets of the share class.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
as at 30 June 2017 1 Rio Tinto Plc 564,300,251 2 Glencore Plc 511,205,293 3 Bhp Billiton Plc 451,902,363 4 Vale Sa 440,100,000 5 First Quantum Minerals Ltd 231,667,918 6 Newmont Mining Corp 226,730,000 7 Teck Resources Ltd 222,805,932 8 Randgold Resources Limited 199,035,000 9 Lundin Mining Corporation 187,271,887 10 South32 Ltd 181,455,053 as at 30 June 2016 1 Bhp Billiton Plc 342,811,131 2 Randgold Resources Limited 336,120,000 3 Rio Tinto Plc 303,595,301 4 Glencore Plc 265,628,844 5 Barrick Gold Corporation 256,200,000 6 Newmont Mining Corp 254,280,000 7 Newcrest Mining Ltd 208,934,760 8 First Quantum Minerals Ltd 158,369,561 9 Franco Nevada Corp 152,825,872 10 Fresnillo Plc 153,191,282 Source: BlackRock Information extracted from the underlying fund - BlackRock Global Funds - World Mining Fund. All figures have been rounded to the nearest dollar.
90
% of NAV
10.33 9.36 8.27 8.05 4.24 4.15 4.08 3.64 3.43 3.32 7.42 7.27 6.57 5.75 5.54 5.50 4.52 3.43 3.31 3.31
BlackRock World Mining Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
41.86
47.72
Turnover ratio is calculated based on the lesser of purchases or sales expressed as a percentage over daily average net asset value, over the 12 months period ending June of the year indicated.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
BlackRock World Mining Fund (S$)
Subscriptions 807,924 Redemptions (163,005)
soft dollar commission With respect to the Funds (or portion of a Fund) for which companies within the BlackRock Group provide investment management and advice, they may select brokers (including, without limitation, brokers who are affiliated with the BlackRock Group or PNC Group) that furnish the BlackRock Group, directly or through thirdparty or correspondent relationships, with research or execution services which provide, in BlackRock Group’s view, lawful and appropriate assistance to each applicable BlackRock Group company in the investment decision-making or trade execution processes and the nature of which is that their provision can reasonably be expected to benefit the Fund as a whole and may contribute to an improvement in the Funds’ performance. Such research or execution services may include, without limitation and to the extent permitted by applicable law: research reports on companies, industries and securities; economic and financial information and analysis; and quantitative analytical software. Research or execution services obtained in this manner may be used in servicing not only the account from which commissions were used to pay for the services, but also other BlackRock Group client accounts. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods and services, general office equipment, computer hardware or premises, membership fees, employee salaries or direct money payments. To the extent that BlackRock uses its clients’ commission dollars to obtain research or execution services, BlackRock Group companies will not have to pay for those products and services themselves.
91
schedule of investments BlackRock Group companies may receive research or execution services that are bundled with the trade execution, clearing and/or settlement services provided by a particular broker-dealer. To the extent that each BlackRock Group company receives research or execution services on this basis, many of the same potential conflicts related to receipt of these services through third party arrangements exist. For example, the research effectively will be paid by client commissions that also will be used to pay for the execution, clearing and settlement services provided by the broker-dealer and will not be paid by that BlackRock Group company. Each BlackRock Group company may endeavour, subject to best execution, to execute trades through brokers who, pursuant to such arrangements, provide research or execution services in order to ensure the continued receipt of research or execution services that BlackRock Group company believes are useful in their investment decision-making or trade execution process. Each BlackRock Group company may pay, or be deemed to have paid, commission rates higher than it could have otherwise paid in order to obtain research or execution services if that BlackRock Group company determines in good faith that the commission paid is reasonable in relation to the value of the research or execution services provided. BlackRock Group believes that using commission dollars to obtain the research or execution services enhances its investment research and trading processes, thereby increasing the prospect for higher investment returns. BlackRock Group may from time to time choose to alter or choose not to engage in the above described arrangements to varying degrees, without notice to BlackRock Group clients, to the extent permitted by applicable law.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes BlackRock World Mining Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered BlackRock Global Funds - World Mining Fund (Class A2 SGD Hedged). Market Value (S$) % of NAV 2,272,439 86.51
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source for expense ratio, turnover ratio and soft dollar commission: BlackRock.
92
First Eagle Amundi International Fund
fund performance
schedule of investments
First Eagle Amundi International Fund
5.52%
portfolio statement as at 30 June 2017
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
First Eagle Amundi 1.19 5.52 8.69 N/A N/A N/A 4.30 International Fund Source: Amundi ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 Benchmark: Not applicable as there is currently no benchmark that can accurately reflect the investment objectives, focus and approach of the fund. Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Sub-manager Currency of Fund Valuation Frequency Annual Management Fee
18 September 2013 18 September 2013 Amundi Luxembourg S.A. First Eagle Investment Management LLC Singapore Dollars Daily 2.00%
investment objectives To offer investors capital growth through a dynamic diversification of its investments over all categories of assets. To pursue its goal, it invests primarily in equities and bonds without any restriction in terms of market capitalisation, geographical diversification or even in terms of part of assets of the sub-fund invested in a particular class of assets or a particular market.
94
Market Value (S$)
% of NAV
24,585,979
100.26
237,706 units in First Eagle Amundi International Fund Other Liabilities
(64,691)
Net assets attributable to unitholders
-0.26
24,521,288
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 ETFS Physical Gold 420,036,923 2 Oracle Corporation 251,145,313 3 db-X ETC - db Physical Gold 205,876,770 4 Microsoft Corporation 201,891,997 5 American Express Company 173,542,096 6 KDDI Corporation 164,326,714 7 Fanuc Corporation 160,741,370 8 Comcast Corporation Class A 147,455,623 9 Weyerhaeuser Company 144,555,012 10 Omnicom Group Inc 135,035,304 as at 30 June 2016 1 ETFS Physical Gold 228,447,062 2 db-X ETC – db Physical Gold 196,825,858 3 Oracle Corporation 149,716,719 4 Comcast Corporation Class A 136,164,774 5 KDDI Corporation 129,066,137 6 Microsoft Corporation 112,932,870 7 Omnicom Group Inc 98,735,595 8 Fanuc Corporation 97,444,933 9 Weyerhaeuser Company 96,154,272 10 American Express Company 90,991,626 Source: Amundi Asset Management Information extracted from the underlying fund - First Eagle Amundi International Fund. All figures have been rounded to the nearest dollar.
95
4.42 2.64 2.16 2.12 1.82 1.73 1.69 1.55 1.52 1.42 3.54 3.05 2.32 2.11 2.00 1.75 1.53 1.51 1.49 1.41
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
exposure to derivatives
as at as at 28 February 2017 28 February 2016 (%) (%)
First Eagle Amundi International Fund Class AHS (QD)
2.20
2.20
The expense ratio consists primarily of management fees, administration fees (of which namely legal fees, auditor fees and other operational expenses), Luxembourg “Taxe d’Abonnement” and Custodian handling fees on transactions. The expense ratio of First Eagle Amundi International Fund Class AHS (QD) for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 31 August 2016 31 August 2015 (%) (%)
First Eagle Amundi International Fund
-30.22
6.71
Turnover ratio = (Total 1 - Total 2) / M * 100 With: Total 1 = Total of securities transactions during the relevant financial year = X + Y X = Total of purchases (acquisition costs) and Y = Total of sales (sales price) Total 2 = Total of capital transactions during the relevant financial year = S + R S = Total of subscriptions and R = Total of redemptions M = Average net assets during the financial year The turnover ratio of First Eagle Amundi International Fund for the financial period ended 30 June 2017 is not available.
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes First Eagle Amundi International Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered First Eagle Amundi International Fund (Class AHS (D)). Market Value (S$) % of NAV 24,585,979 100.26
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Amundi Asset Management.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
First Eagle Amundi International Fund (S$)
Subscriptions 6,996,068 Redemptions (1,253,216)
soft dollar commission The Management Company does not receive or intend to receive soft dollars in relation to the Sub-Funds. The Investment Manager may select broker-dealers that furnish directly or indirectly through correspondent relationships, third party research or other services which provide in its view appropriate assistance in the investment decision-making process, in a manner that is permitted in accordance with section 28(e) of the U.S. Securities and Exchange Act of 1934, as amended.
96
97
fund performance
Franklin European Growth Fund
Franklin European Growth Fund
-0.63%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Franklin European Growth Fund
3 mths 6 mths (%) (%) -5.17
-0.63
1 yr (%)
3 yrs^ (%)
9.58
0.46
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 8.92
N/A
10.76
MSCI Europe Index 1.03 7.21 18.65 6.63 11.80 N/A 12.45 Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 28 May 2012 Commencement Date: 28 May 2012 Performance is calculated in accordance to the currency of the fund, in Euro terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
28 May 2012 28 May 2012 Franklin Templeton Investments Management Limited Euro Dollars Daily 1.00%
investment objectives The fund aims to achieve long-term capital appreciation by investing principally in equity and/ or equityrelated securities of companies of any market capitalization in European countries.
99
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
2,248,901
100.00
86,978 units in Franklin European Growth Fund Other Liabilities
(71)
Net assets attributable to unitholders
0.00
2,248,830
100.00
Market Value (EUR)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Novartis Ag 40,095,535 2 Roche Holding Ag 37,561,006 3 Asr Neverland Nv 30,694,413 4 Spie Sa 27,998,481 5 Shire Plc 26,756,643 6 Schneider Electric Se 26,118,404 7 Banca Generali Spa 25,826,554 8 John Wood Group Plc 25,371,090 9 Maisons Du Monde Sa 25,026,176 10 Paysafe Group Plc 24,499,224 as at 30 June 2016 1 Novartis Ag 35,085,772 2 Roche Holding Ag 34,049,599 3 Sanofi 29,712,083 4 Applus Services Sa 29,196,056 5 Anheuser-Busch Inbev Sa/Nv 26,642,679 6 Imperial Brands Plc 26,175,372 7 Schneider Electric Se 26,121,161 8 Relx Nv 26,008,623 9 Tecnicas Reunidas Sa 24,843,444 10 John Wood Group Plc 24,369,274
Franklin European Growth Fund A (acc) EUR
as at 30 June 2016 (%)
1.83
1.82
The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. The following expenses are excluded from the calculation of the expense ratios:(a) brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); (b) foreign exchange gains/losses of the Fund, whether realised or unrealised; (c) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; (d) tax deducted at source or arising out of income received including withholding tax; (e) interest expense; and (f) dividends and other distributions paid to Investors
5.44 5.10 4.16 3.80 3.63 3.54 3.50 3.44 3.40 3.32
turnover ratio (underlying fund)
5.11 4.96 4.33 4.25 3.88 3.81 3.81 3.79 3.62 3.55
as at as at 31 December 2016 31 December 2015 (%) (%)
Franklin European Growth Fund
50.38
84.49
The turnover ratios are calculated in accordance with the Singapore Code on Collective Investment Schemes, which defines turnover ratio to mean a ratio of the number of times per year that a dollar of assets is reinvested. It is calculated based on the lesser of purchases or sales of underlying investments of a scheme expressed as a percentage of daily average NAV. The turnover ratio of Franklin European Growth Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Franklin European Growth Fund (S$)
Subscriptions 354,333 Redemptions (156,946)
Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin European Growth Fund. All figures have been rounded to the nearest dollar.
100
as at 30 June 2017 (%)
101
schedule of investments soft dollar commission For the period 1 January 2017 to 30 June 2017, the Franklin Templeton Investment Funds - Franklin European Growth Fund paid US$271,780 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Franklin European Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin European Growth Fund (Class A (acc) EUR). Market Value (S$) 2,248,901
% of NAV 100.00
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
102
Franklin Global Small-Mid Cap Growth Fund
fund performance
schedule of investments
Franklin Global Small-Mid Cap Growth Fund
7.24%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
Franklin Global Small-Mid Cap Growth Fund
3 mths 6 mths (%) (%) 1.20
7.24
1 yr (%)
3 yrs^ (%)
11.69
-1.28
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 9.64
N/A
11.01
MSCI World Small Cap Index 4.25 9.72 20.90 5.74 12.95 N/A 13.83 Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 28 May 2012 Commencement Date: 28 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
28 May 2012 28 May 2012 Franklin Templeton Institutional, LLC US Dollars Daily 1.00%
investment objectives The fund aims to achieve long-term capital appreciation by investing principally in the equity and/or equityrelated securities of small and mid-cap companies (those with market capitalisation above USD 100 million and below USD 8 billion) in any developed country in the world.
104
Market Value (S$)
% of NAV
2,605,184
99.91
57,049 units in Franklin Global Small-Mid Cap Growth Fund Other Assets
2,391
0.09
2,607,575
100.00
Market Value (US$)
% of NAV
Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Fairfax India Holdings Corp 9,040,719 2 Markel Corp 8,294,733 3 Major Drilling Group International Inc 7,146,861 4 Irish Residential Properties REIT Plc 7,024,740 5 AMEC Foster Wheeler Plc 6,891,815 6 Pagegroup Plc 6,632,512 7 58.com Inc 6,603,210 8 Kennedy-Wilson Holdings Inc 6,402,676 9 Oaktree Capital Group Llc 6,374,847 10 Grafton Group Plc 6,212,292 as at 30 June 2016 1 Markel Corp 9,051,318 2 Oaktree Capital Group Llc 8,544,686 3 New Oriental Education & Tech Group Inc 8,438,796 4 Renaissancere Holdings Ltd 8,138,540 5 Proassurance Corp 8,021,840 6 Nexeo Solutions Inc 7,809,860 7 Kennedy-Wilson Holdings Inc 7,673,143 8 Fairfax Financial Holdings Ltd 7,647,121 9 ARA Asset Management Ltd 7,331,652 10 Irish Residential Properties REIT Plc 6,999,569 Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin Global Small-Mid Cap Growth Fund. All figures have been rounded to the nearest dollar.
105
5.52 5.07 4.37 4.29 4.21 4.05 4.03 3.91 3.89 3.79 4.52 4.27 4.22 4.07 4.01 3.90 3.83 3.82 3.66 3.50
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
Franklin Global Small-Mid Cap Growth Fund Class A (acc) USD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.84
1.84
The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. The following expenses are excluded from the calculation of the expense ratios:(a) brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); (b) foreign exchange gains/losses of the Fund, whether realised or unrealised; (c) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; (d) tax deducted at source or arising out of income received including withholding tax; (e) interest expense; and (f) dividends and other distributions paid to Investors.
turnover ratio (underlying fund)
For the period 1 January 2017 to 30 June 2017, the Franklin Templeton Investment Funds - Franklin Global Small-Mid Cap Growth Fund paid US$45,899 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes
as at as at 31 December 2016 31 December 2015 (%) (%)
Franklin Global Small-Mid Cap Growth Fund
3.99
30.39
The turnover ratios are calculated in accordance with the Singapore Code on Collective Investment Schemes, which defines turnover ratio to mean a ratio of the number of times per year that a dollar of assets is reinvested. It is calculated based on the lesser of purchases or sales of underlying investments of a scheme expressed as a percentage of daily average NAV. The turnover ratio of Franklin Global Small-Mid Cap Growth Fund for the financial period ended 30 June 2017 is not available.
Franklin Global Small-Mid Cap Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin Global Small-Mid Cap Growth Fund (Class A (acc) USD). Market Value (S$) % of NAV 2,605,184 99.91
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Franklin Global Small-Mid Cap Growth Fund (S$)
Subscriptions 402,694 Redemptions (152,977)
106
107
fund performance
Franklin India Fund
Franklin India Fund
10.99%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Franklin India Fund
3 mths 6 mths (%) (%) -3.56
10.99
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
16.40
11.56
13.33
N/A
13.54
MSCI India Index 1.40 14.87 20.17 7.78 10.87 N/A 9.99 Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
2 May 2012 2 May 2012 Franklin Advisors, Inc. Singapore Dollars Daily 1.00%
investment objectives The fund aims to achieve long-term capital appreciation by principally investing in equity securities of companies of any size located or performing business predominately in India.
109
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
1,389,763
95.96
58,534
4.04
1,448,297
100.00
Market Value (US$)
% of NAV
98,635 units in Franklin India Fund Other Assets Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 HDFC Bank Ltd 390,725,480 2 Kotak Mahindra Bank Limited 228,101,512 3 Tata Motors Ltd 221,682,145 4 Yes Bank Ltd 206,275,664 5 Ultratech Cement Ltd 164,335,799 6 Hindustan Unilever Ltd 158,772,347 7 State Bank of India 155,776,643 8 Larsen & Toubro Ltd 150,213,191 9 Axis Bank Ltd 130,955,090 10 Cummins India Ltd 126,247,554 as at 30 June 2016 1 HDFC Bank Ltd 267,898,595 2 Kotak Mahindra Bank Limited 169,918,274 3 Indusind Bank Limited 157,251,727 4 Sun Pharmaceutical Industries Ltd 151,078,769 5 Tata Motors Ltd 145,744,634 6 Yes Bank Ltd 137,417,943 7 HCL Technologies Ltd 122,613,856 8 State Bank of India 119,514,422 9 Hindustan Unilever Ltd 116,113,789 10 Infosys Limited 108,234,038
Franklin India Fund Class A (acc) SGD
as at 30 June 2016 (%)
1.87
1.88
The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. The following expenses are excluded from the calculation of the expense ratios:(a) brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); (b) foreign exchange gains/losses of the Fund, whether realised or unrealised; (c) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; (d) tax deducted at source or arising out of income received including withholding tax; (e) interest expense; and (f) dividends and other distributions paid to Investors.
9.13 5.33 5.18 4.82 3.84 3.71 3.64 3.51 3.06 2.95 8.27 5.25 4.86 4.66 4.50 4.24 3.79 3.69 3.59 3.34
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Franklin India Fund
28.78
29.99
The turnover ratios are calculated in accordance with the Singapore Code on Collective Investment Schemes, which defines turnover ratio to mean a ratio of the number of times per year that a dollar of assets is reinvested. It is calculated based on the lesser of purchases or sales of underlying investments of a scheme expressed as a percentage of daily average NAV. The turnover ratio of Franklin India Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Franklin India Fund (S$)
Subscriptions 625,751 Redemptions (79,940)
Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin India Fund. All figures have been rounded to the nearest dollar.
110
as at 30 June 2017 (%)
111
schedule of investments soft dollar commission For the period 1 January 2017 to 30 June 2017, the Franklin Templeton Investment Funds - Franklin India Fund paid US$709,813 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Franklin India Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin India Fund (Class A (acc) SGD. Market Value (S$) 1,389,763
% of NAV 95.96
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
112
Franklin Mutual Global Discovery Fund
fund performance
schedule of investments
Franklin Mutual Global Discovery Fund
3.16%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
3,197 units in Franklin Mutual Global Discovery Fund
as at 30 June 2017
Franklin Mutual Global Discovery Fund
3 mths 6 mths (%) (%) -1.40
3.16
1 yr (%)
3 yrs^ (%)
14.46
-0.40
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 7.49
N/A
7.24
MSCI World Index 4.22 11.02 18.86 5.83 12.01 N/A 10.81 Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
2 May 2012 2 May 2012 Franklin Advisors, Inc. US Dollars Daily 1.00%
investment objectives The fund aims to achieve capital appreciation by investing primarily in equity securities of companies of any nation that the investment manager believes are available at market prices less than their intrinsic value. The fund primarily invests in mid- and large-cap companies with a market capitalisation around or greater than US$1.5 billion. To a lesser extent, the fund may also invest in distressed securities and merger arbitrage situations.
114
Other Liabilities
Market Value (S$)
% of NAV
85,822
100.12
(104)
Net assets attributable to unitholders
-0.12
85,718
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Novartis Ag 24,619,337 2 Medtronic Plc 22,853,807 3 Time Warner Inc 21,284,447 4 Merck & Co Inc 20,990,192 5 XL Group Ltd 19,617,002 6 Koninklijke Philips Nv 18,832,322 7 Eli Lilly & Co 18,636,152 8 NN Group Nv 18,341,897 9 Royal Dutch Shell Plc 17,655,301 10 British American Tobacco Plc 16,674,451 as at 30 June 2016 1 Royal Dutch Shell Plc 25,380,940 2 Merck & Co Inc 24,405,620 3 Microsoft Corp 24,168,151 4 Eli Lilly & Co 21,194,131 5 Medtronic Plc 18,721,436 6 RSA Insurance Group Plc 18,295,499 7 British American Tobacco Plc 17,930,814 8 Symantec Corp 16,503,171 9 Stryker Corp 16,373,128 10 Novartis Ag 16,328,839 Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin Mutual Global Discovery Fund. All figures have been rounded to the nearest dollar.
115
2.51 2.33 2.17 2.14 2.00 1.92 1.90 1.87 1.80 1.70 2.69 2.59 2.56 2.25 1.99 1.94 1.90 1.75 1.74 1.73
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
Franklin Mutual Global Discovery Fund Class A (acc) USD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.83
1.83
The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to investors.
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Franklin Mutual Global Discovery Fund
24.82
29.13
The turnover ratios are calculated based on the following formula: Turnover = [(Total 1 - Total 2)/M]*100 with: Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period (Daily = S – T); M = average monthly assets of the relevant fund. The turnover ratio of Franklin Mutual Global Discovery Fund for the financial period ended 30 June 2017 is not available.
The Management Company and/or the Investment Managers may enter, with brokers/dealers that are entities and not individuals, into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Management Company and/or the Investment Managers, including the Company, and where the Management Company and/or the Investment Managers are satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interest of the Company. Any such arrangement must be made by the Management Company and/or the Investment Managers on terms commensurate with best market practice. The Franklin Templeton Investment Fund - Franklin Mutual Global Discovery Fund paid US$69,192 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes
amount of redemptions and subscriptions for the period
Franklin Mutual Global Discovery Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin Mutual Global Discovery Fund (Class A (acc) USD).
1 January 2017 to 30 June 2017
Market Value (S$)
% of NAV
85,822 100.12 Franklin Mutual Global Discovery Fund (S$) Subscriptions 19,925 Redemptions
soft dollar commission
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company may be directed by the Management Company and/or the Investment Managers to brokers/dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such brokers/dealers. The receipt of investment research and information and related services permits the Management Company and/or the Investment Managers to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Management Company and/or the Investment Managers.
116
117
fund performance
Franklin Technology Fund
Franklin Technology Fund
16.17%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%) 2.31 16.17
1 yr (%) 26.39
3 yrs^ (%) 12.29
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 14.89 N/A 16.07
Franklin Technology Fund BofA Merrill Lynch 100 4.43 17.87 31.35 12.96 17.73 N/A 17.72 Technology Index Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 28 May 2012 Commencement Date: 28 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
28 May 2012 28 May 2012 Franklin Templeton Investments US Dollars Daily 1.00%
investment objectives The fund aims to achieve capital appreciation by investing at least two-thirds of its assets in equity securities of companies expected to benefit from the development, advancement and use of technology.
119
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
55,507 units in Franklin Technology Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
1,146,468
99.07
10,744
0.93
1,157,212
100.00
Franklin Technology Fund Class A (acc) USD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.81
1.82
All figures have been rounded up to the nearest dollar.
The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to Investors.
portfolio statement - by top 10 holdings
turnover ratio (underlying fund)
No.
Description
Market Value (US$)
as at 30 June 2017 1 Facebook Inc 48,932,375 2 Microsoft Corp 45,489,896 3 Alibaba Group Holding Ltd 41,801,526 4 Servicenow Inc 41,432,689 5 Salesforce.com Inc 40,203,232 6 Microsoft Corp 37,375,482 7 Alphabet Inc 34,670,678 8 Mastercard Inc 30,367,579 9 Visa Inc 30,367,579 10 Adobe Systems Inc 29,998,742 as at 30 June 2016 1 Facebook Inc 33,484,045 2 Amazon.com Inc 27,551,214 3 Texas Instruments Inc 27,409,804 4 Salesforce.com Inc 25,609,793 5 Microsoft Corp 24,306,085 6 Fidelity National Information Services Inc 24,019,616 7 Electronic Arts Inc 23,485,907 8 Alphabet Inc 23,185,753 9 NXP Semiconductors Nv 22,343,680 10 Broadcom Ltd 20,978,846 Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin Technology Fund. All figures have been rounded to the nearest dollar.
120
% of NAV
3.98 3.70 3.40 3.37 3.27 3.04 2.82 2.47 2.47 2.44
as at as at 31 December 2016 31 December 2015 (%) (%)
Franklin Technology Fund
40.22
11.09
The turnover ratios are calculated based on the following formula: Turnover = [(Total 1 - Total 2)/M]*100 with: Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period (Daily = S – T); M = average monthly assets of the relevant fund. The turnover ratio of Franklin Technology Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 3.67 3.02 3.00 2.81 2.66 2.63 2.57 2.54 2.45 2.30
1 January 2017 to 30 June 2017
Franklin Technology Fund (S$)
Subscriptions 360,311 Redemptions (44,147)
soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company may be directed by the Management Company and/or the Investment Managers to brokers/dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such brokers/dealers. The receipt of investment research and information and related services permits the Management Company and/or the Investment Managers to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Management Company and/or the Investment Managers.
121
schedule of investments The Management Company and/or the Investment Managers may enter, with brokers/dealers that are entities and not individuals, into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Management Company and/or the Investment Managers, including the Company, and where the Management Company and/or the Investment Managers are satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interest of the Company. Any such arrangement must be made by the Management Company and/or the Investment Managers on terms commensurate with best market practice. The Franklin Templeton Investment Funds - Franklin Technology Fund paid US$118,576 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker (S), who has executed trades for other Funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Franklin Technology Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin Technology Fund (Class A (acc) USD). Market Value (S$) 1,146,468
% of NAV 99.07
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
122
Franklin U.S. Equity Fund
fund performance Franklin U.S. Equity Fund
schedule of investments -0.06%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
12,638 units in Franklin U.S. Equity Fund
as at 30 June 2017
Franklin U.S. Equity Fund
3 mths 6 mths (%) (%) -4.21
-0.06
1 yr (%)
3 yrs^ (%)
11.55
1.76
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 8.46
N/A
8.09
Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
444,006
99.20
3,577
0.80
447,583
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
S&P 500 Index 3.09 9.34 17.90 9.61 14.63 N/A 13.59 Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
2 May 2012 2 May 2012 Franklin Templeton Investments US Dollars Daily 1.00%
investment objectives The fund aims to achieve long-term capital appreciation by investing principally in US equity securities or convertibles as well as American Depository Receipts and American Depository Shares listed on the major US stock exchanges.
124
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Alphabet Inc 29,497,890 2 Microsoft Corp 26,081,859 3 Allergan Plc 24,558,494 4 Charles Schwab Corp 23,681,405 5 Genesee & Wyoming Inc 21,511,764 6 Mastercard Inc 20,126,886 7 Altice Nv 19,665,260 8 Cbre Group Inc 18,141,895 9 Equinix Inc 17,726,432 10 JPMorgan Chase & Co 17,541,781 as at 30 June 2016 1 Allergan Plc 31,049,855 2 Microsoft Corp 30,284,529 3 Equinix Inc 25,009,248 4 Hartford Financial Services Group Inc 23,906,814 5 Alphabet Inc 22,794,763 6 Willis Towers Watson & Co 22,586,728 7 Charles Schwab Corp 18,514,102 8 Aetna Inc 17,585,284 9 Qualcomm Inc 17,389,903 10 Twenty-First Century Fox Inc 17,228,941 Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin U.S. Equity Fund. All figures have been rounded to the nearest dollar.
125
6.39 5.65 5.32 5.13 4.66 4.36 4.26 3.93 3.84 3.80 6.13 5.98 4.94 4.72 4.50 4.46 3.66 3.47 3.44 3.40
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
Franklin U.S. Equity Fund Class A (acc) USD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.83
1.83
The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. The following expenses are excluded from the calculation of the expense ratios:(a) brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); (b) foreign exchange gains/losses of the Fund, whether realised or unrealised; (c) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; (d) tax deducted at source or arising out of income received including withholding tax; (e) interest expense; and (f) dividends and other distributions paid to Investors.
turnover ratio (underlying fund)
For the period 1 January 2017 to 30 June 2017, the Franklin Templeton Investment Funds - Franklin U.S. Equity Fund paid US$23,962 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes
as at as at 31 December 2016 31 December 2015 (%) (%)
Franklin U.S. Equity Fund
26.71
41.67
The method used to calculate the PTR is the method recommended by the Luxembourg Regulator (CSSF). This method is different from the SEC one. CSSF method is as follow: Turnover = [(Total 1 - Total 2)/ M] * 100 With: Total 1: Total of securities transactions during the relevant period = X + Y X = Purchases of securities and Y = sales of securities Total 2= Total of transactions in shares (absolute value of net subscriptions/redemptions on a daily basis) of the Fund during the year = daily absolute value of S + T S = Subscriptions of shares of the Fund and T = redemptions of shares of the Fund M = Average net assets of the Fund The turnover ratio of Franklin U.S. Equity Fund for the financial period ended 30 June 2017 is not available.
Franklin U.S. Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin U.S. Equity Fund (Class A (acc) SGD). Market Value (S$) % of NAV 444,006 99.20
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Franklin U.S. Equity Fund (S$)
Subscriptions 137,506 Redemptions (15,956)
126
127
fund performance
Franklin U.S. Small-Mid Cap Growth Fund
Franklin U.S. Small-Mid Cap Growth Fund
5.06%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Franklin U.S. Small-Mid Cap Growth Fund
3 mths 6 mths (%) (%) 1.98
5.06
1 yr (%)
3 yrs^ (%)
9.84
1.75
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 9.34
N/A
8.39
Russell Midcap Growth Index 4.21 11.40 17.05 7.83 14.19 N/A 12.33 Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
2 May 2012 2 May 2012 Franklin Advisors, Inc. US Dollars Daily 1.00%
investment objectives The fund aims to achieve long term capital appreciation by investing principally in equity securities of US small and medium capitalization companies believed to possess sustainable growth characteristics and which meet growth, quality and valuation criteria.
129
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
8,869 units in Franklin U.S. Small-Mid Cap Growth Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
258,011
98.01
5,226
1.99
263,237
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Roper Technologies Inc 3,913,369 2 Equinix Inc 3,599,639 3 Edwards Lifesciences Corp 2,840,082 4 Axalta Coating Systems Ltd 2,625,425 5 Vantiv Inc 2,526,352 6 Newell Brands Inc 2,476,816 7 Martin Marietta Materials Inc 2,476,816 8 Servicenow Inc 2,476,816 9 2U Inc 2,377,743 10 Pinnacle Foods Inc 2,344,719 as at 30 June 2016 1 Constellation Brands Inc 4,168,003 2 Electronic Arts Inc 3,909,278 3 Equinix Inc 3,441,792 4 Monster Beverage Corp 3,439,192 5 Roper Technologies Inc 3,291,721 6 Willis Towers Watson Plc 3,256,989 7 Intercontinental Exchange Inc 3,173,967 8 Edwards Lifesciences Corp 3,171,367 9 Costar Group Inc 2,973,748 10 Nxp Semiconductors Nv 2,913,386 Source: Franklin Templeton Investments Information extracted from the underlying fund - Franklin U.S. Small-Mid Cap Growth Fund. All figures have been rounded to the nearest dollar.
Franklin U.S. Small-Mid Cap Growth Fund Class A (acc) USD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.84
1.84
The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. The following expenses are excluded from the calculation of the expense ratios:(a) brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); (b) foreign exchange gains/losses of the Fund, whether realised or unrealised; (c) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; (d) tax deducted at source or arising out of income received including withholding tax; (e) interest expense; and (f) dividends and other distributions paid to Investors.
2.37 2.18 1.72 1.59 1.53 1.50 1.50 1.50 1.44 1.42 2.24 2.10 1.85 1.85 1.77 1.75 1.71 1.71 1.60 1.57
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Franklin U.S. Small-Mid Cap Growth Fund
39.78
34.99
The method used to calculate the PTR is the method recommended by the Luxembourg Regulator (CSSF). This method is different from the SEC one. CSSF method is as follow: Turnover = [(Total 1 - Total 2)/ M] * 100 With: Total 1: Total of securities transactions during the relevant period = X + Y X = Purchases of securities and Y = sales of securities Total 2= Total of transactions in shares (absolute value of net subscriptions/redemptions on a daily basis) of the Fund during the year = daily absolute value of S + T S = Subscriptions of shares of the Fund and T = redemptions of shares of the Fund M = Average net assets of the Fund The turnover ratio of Franklin U.S. Small-Mid Cap Growth Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Franklin U.S. Small-Mid Cap Growth Fund (S$)
Subscriptions 51,874 Redemptions (51,031)
130
131
schedule of investments soft dollar commission For the period 1 January 2017 to 30 June 2017, the Franklin Templeton Investment Funds - Franklin U.S. Small-Mid Cap Growth Fund paid US$17,566 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Franklin U.S. Small-Mid Cap Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Franklin U.S. Small-Mid Cap Growth Fund (Class A (acc) USD). Market Value (S$) % of NAV 258,011 98.01
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
132
Fullerton Dynamic Strategies Fund Aggressive
fund performance
schedule of investments
Fullerton Dynamic Strategies Fund - Aggressive
4.41%
as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
543,059 units in Fullerton Dynamic Strategies Fund - Aggressive
as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Fullerton Dynamic Strategies 1.88 4.41 13.92 N/A N/A N/A 4.32 Fund - Aggressive 20% Citigroup World Government Bond Index and 2.48 4.91 16.41 N/A N/A N/A 10.32 80% MSCI AC World Net Index Source: Fullerton Fund Management ^ Annual compounded return * Launch Date: 15 December 2015 Commencement Date: 1 January 2016 Performance is calculated in accordance to the currency of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. Benchmark: 20% Citigroup World Government Bond Index and 80% MSCI AC World Net Index
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
portfolio statement
15 December 2015 1 January 2016 Fullerton Fund Management Company Singapore Dollars Daily 1.20%
investment objectives
Other Assets Net assets attributable to unitholders
% of NAV
695,388
100.00
18
0.00
695,406
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 LYX ETF MSCI World 4,460,180 2 SPDR MSCI ACWI 4,315,737 3 iShares MSCI W UCITS 4,246,029 4 SSGA Global Treasury Bond 4,212,595 5 Egerton Capital Equity 3,609,426 6 Dimension Global Core Equity 3,308,928 7 Winton Global Equity Fund 3,284,191 8 Vanguard Global Equity 3,194,079 9 iShares Global Government Bond 2,307,806 10 Vanguard UCIT 2,085,433 as at 30 June 2016 1 SPDR MSCI ACWI 7,417,857 2 SSGA Global Treasury Bond 4,333,968 3 Winton Global Equity Fund 3,892,556 4 Dimension Emerging Market 3,494,272 5 DB X-Trackers EM - ETF 2,540,765 6 Vanguard Global Equity 2,531,431 7 iShares Global Government Bond 2,400,843 8 Dimension Global Core Equity 2,321,109 9 J O Hambro Capital Management Global Select Fund 1,795,890 10 Egerton Capital Equity 1,496,984
11.33 10.96 10.78 10.70 9.17 8.40 8.34 8.11 5.86 5.30 17.87 10.44 9.38 8.42 6.12 6.10 5.78 5.59 4.33 3.61
Source: Fullerton Fund Management. Information extracted from the underlying fund - Fullerton Dynamic Strategies Fund - Aggressive. All figures have been rounded to the nearest dollar.
The Fund aims to generate medium to long term capital appreciation for investors by investing into various asset classes.
134
Market Value (S$)
135
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
Fullerton Dynamics Strategies Fund - Aggressive
as at 31 Mar 2017 (%)
as at 31 Mar 2016 (%)
1.83
1.72
The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to investors. The expense ratio of Fullerton Dynamics Strategies Fund - Aggressive for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
The Manager is entitled to and may currently receive soft-dollar commissions from, or enter into soft dollar arrangements with, selected brokers who execute trades undertaken for funds it manages. The soft dollars received are restricted to the following kinds of services: research and advisory services, economic and political analysis, portfolio analysis including valuation and portfolio measurement, market analysis, data and quotation services, and computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process. The Manager will not accept or enter into soft-dollar commissions/arrangements unless such softdollar commissions/arrangements will in the opinion of the Managers generally assist the Managers in their provision of investment services. Transactions executed for the Fund were on the best available terms taking into account the relevant market at the time for transactions of the kind and size concerned; and there was no churning of trades to qualify for such soft-dollar commissions/arrangements. The Manager will comply with applicable regulatory and industry standards on soft dollars.
exposure to derivatives
Fullerton Dynamics Strategies Fund - Aggressive
as at 31 Mar 2017 (%)
as at 31 Mar 2016 (%)
97.03
167.39
The turnover ratios are calculated based on the following formula: Turnover = [(Total 1 – Total 2)/M]*100 with: Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period (Daily = S – T); M = average monthly assets of the relevant fund. The expense ratio of Fullerton Dynamics Strategies Fund - Aggressive for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Fullerton Dynamic Strategies Fund - Aggressive an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fullerton Dynamic Strategies Fund - Aggressive Market Value (S$) 695,388
% of NAV 100.00
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Fullerton Dynamic Strategies Fund - Aggressive (S$) Source of the expense ratio, turnover ratio and soft dollar commission: Fullerton Fund Management. Subscriptions 114,257 Redemptions (22,743)
136
137
fund performance
Fullerton Dynamic Strategies Fund Balanced
Fullerton Dynamic Strategies Fund - Balanced
1.86%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Fullerton Dynamic 1.21 1.86 6.75 N/A N/A N/A 2.15 Strategies Fund - Balanced 50% Citigroup World Government Index and 50% 2.08 2.91 9.16 N/A N/A N/A 7.14 MSCI AC World Net Index Source: Fullerton Fund Management ^ Annual compounded return * Launch Date: 15 December 2015 Commencement Date: 1 January 2016 Performance is calculated in accordance to the currency of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. Benchmark: 50% Citigroup World Government Index and 50% MSCI AC World Net Index
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
15 December 2015 1 January 2016 Fullerton Fund Management Company Singapore Dollars Daily 1.20%
investment objectives The Fund aims to generate medium to long term capital appreciation for investors by investing into various asset classes.
139
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
503,199 units in Fullerton Dynamic Strategies Fund - Balanced Other Assets Net assets attributable to unitholders
% of NAV
579,635
100.00
1
0.00
579,636
100.00
Market Value (S$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 SSGA Global Treasury Bond 2,602,916 2 iShares Global Government Bond 2,567,515 3 LYX ETF MSCI World SPDR 1,514,330 4 Vanguard UCIT 1,225,348 5 Egerton Capital Equity 827,481 6 Dimension Global Core Equity 750,012 7 Winton Global Equity Fund 744,580 8 iShares MSCI W UCITS 682,202 9 Vaneck Vectors 664,184 10 Fullerton Short Term Interest Rate Fund 348,923 as at 30 June 2016 1 iShares Global Government Bond 3,088,613 2 SSGA Global Treasury Bond 2,861,215 3 SPDR MSCI ACWI 1,531,009 4 DB X-Trackers EM - ETF 1,013,356 5 Winton Global Equity Fund 994,961 6 Fullerton Short Term Interest Rate Fund 681,600 7 Dimension Emerging Market 658,103 8 Egerton Capital Equity 618,811 9 J O Hambro Capital Management Global Select Fund 542,199 10 Dimension Global Core Equity 374,453
19.80 19.50 11.50 9.30 6.30 5.70 5.70 5.20 5.10 2.70 19.68 18.23 9.75 6.46 6.34 4.34 4.19 3.94 3.45 2.39
Fullerton Dynamic Strategies Fund - Balanced
as at 31 March 2016 (%)
1.93
1.88
The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to investors. The expense ratio of Fullerton Dynamic Strategies Fund - Balanced for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
Fullerton Dynamic Strategies Fund - Balanced
as at 31 March 2017 (%)
as at 31 March 2016 (%)
80.36
167.24
The turnover ratios are calculated based on the following formula: Turnover = [(Total 1 – Total 2)/M]*100 with: Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period (Daily = S – T); M = average monthly assets of the relevant fund. The turnover ratio of Fullerton Dynamic Strategies Fund - Balanced for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Fullerton Dynamic Strategies Fund - Balanced (S$)
Subscriptions 1,543,174 Redemptions (2,046)
Source: Fullerton Fund Management. Information extracted from the underlying fund - Fullerton Dynamic Strategies Fund - Balanced. All figures have been rounded to the nearest dollar.
140
as at 31 March 2017 (%)
141
schedule of investments soft dollar commission The Manager is entitled to and may currently receive soft-dollar commissions from, or enter into soft dollar arrangements with, selected brokers who execute trades undertaken for funds it manages. The soft dollars received are restricted to the following kinds of services: research and advisory services, economic and political analysis, portfolio analysis including valuation and portfolio measurement, market analysis, data and quotation services, and computer hardware and software or any other information facilities to the extent that they are used to support the investment decision making process. The Manager will not accept or enter into soft-dollar commissions/arrangements unless such softdollar commissions/arrangements will in the opinion of the Managers generally assist the Managers in their provision of investment services. Transactions executed for the Fund were on the best available terms taking into account the relevant market at the time for transactions of the kind and size concerned; and there was no churning of trades to qualify for such soft-dollar commissions/arrangements. The Manager will comply with applicable regulatory and industry standards on soft dollars.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Fullerton Dynamic Strategies Fund - Balanced, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Fullerton Dynamic Strategies Fund - Balanced Market Value (S$) % of NAV 579,635 100.00
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Fullerton Fund Management.
142
Goldman Sachs Emerging Markets CORE Equity Portfolio
fund performance
at a glance
Goldman Sachs Emerging Markets CORE Equity Portfolio
17.44%
fund facts
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
Goldman Sachs Emerging 5.07 17.44 23.29 N/A N/A N/A 5.58 Markets CORE Equity Portfolio MSCI Emerging Markets (EM) 6.27 18.43 23.75 N/A N/A N/A 4.58 - Net Source: Goldman Sachs Asset Management ^ Annual compounded return * Launch Date: 1 August 2015 Commencement Date: 1 August 2015 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
144
Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
1 August 2015 1 August 2015 Goldman Sachs Asset Management International, Quantitative Equity Team US Dollars Daily 1.75%
investment objectives To provide capital growth over the longer term. The Portfolio will mostly hold shares or similar instruments relating to emerging market companies. Such companies are either based in or earn most of their profits or revenues from emerging markets. The Portfolio may also invest in companies which are based anywhere in the world.
fund updates With effect from 31 May 2016, the Goldman Sachs Growth and Emerging Markets CORE Equity Portfolio has been renamed Goldman Sachs Emerging Markets CORE Equity Portfolio. With effect from 7 August 2017, the annual management fee of the portfolio will be lowered from 1.75% to 1.35%. With effect from 7 August 2017, the investment policy will be amended to allow for potentially more allocation to China A shares. The investment policy of the portfolio will be updated in order to allow it to invest up to 30% of its net assets (or any other threshold as imposed from time to time by the regulator of the country where the portfolio is registered for distribution (the “Applicable Regulator”) in People’s Republic of China Equity Securities either directly (e.g., through the Stock Connect scheme or the Renminbi Qualified Foreign Institutional Investor Program) or indirectly (e.g., through Access Products or Permitted Funds investing in China A-Shares).
145
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 Description
Market Value (S$)
236,451 units in Goldman Sachs Emerging Markets CORE Equity Portfolio Other Assets Net assets attributable to unitholders
% of NAV
5,004,396 13,448
99.73 0.27
5,017,844
100.00
Goldman Sachs Emerging Markets CORE Equity Portfolio Base Acc
1.96
2.15
Expense ratio is calculated as Total Expenses/Average AUM, at the share class level.
portfolio statement - by top 10 holdings
as at as at 30 November 2016 30 November 2015 (%) (%)
Goldman Sachs Emerging Markets CORE Equity Portfolio Market Value (US$)
% of NAV
as at 30 June 2017 1 Samsung Electronics Co Ltd 52,984,380 5.73 2 Tencent Holdings Ltd 41,086,069 4.45 3 Taiwan Semiconductor Manufacturing Co Ltd 40,385,792 4.43 4 Sberbank of Russia PJSC 21,151,030 2.29 5 Alibaba Group Holding Ltd 20,312,482 2.20 6 Hon Hai Precision Industry Co Ltd 19,570,396 2.12 7 America Movil SAB de CV 18,889,398 2.05 8 JD.com Inc 18,353,281 1.99 9 China Construction Bank Corp 18,189,272 1.97 10 NetEase Inc 18,059,807 1.95 as at 30 June 2016 1 Tencent Holdings Ltd 12,274,142 3.79 2 Samsung Electronics Co Ltd 9,507,423 2.93 3 Taiwan Semiconductor Manufacturing Co Ltd 7,779,406 2.40 4 China Mobile Ltd 7,507,934 2.32 5 China Construction Bank Corp 7,502,984 2.31 6 Infosys Ltd 7,436,756 2.31 7 China Petroleum & Chemical Corp 6,651,175 2.05 8 Alibaba Group Holding Ltd 6,020,421 1.86 9 POSCO 5,950,447 1.83 10 NetEase Inc 5,854,566 1.81 Source: Goldman Sachs Asset Management. Information extracted from the underlying fund - Goldman Sachs Emerging Markets CORE Equity Portfolio. All figures have been rounded to the nearest dollar.
146
as at 30 June 2016 (%)
turnover ratio (underlying fund)
All figures have been rounded up to the nearest dollar.
No. Description
as at 30 June 2017 (%)
258.99
315.67
Turnover ratio is calculated as lower of purchases and sales / yearly average total net assets. The turnover ratio of Goldman Sachs Emerging Markets CORE Equity Portfolio for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the financial year 1 January 2017 to 30 June 2017
Goldman Sachs Emerging Markets CORE Equity Portfolio (S$)
Subscriptions 1,900,948 Redemptions (203,718)
soft dollar commission The Investment Adviser may select broker-dealers (including affiliates of the Management Company) that furnish the Investment Adviser, the fund, their affiliates and other Goldman Sachs personnel with proprietary or third-party brokerage and research services (collectively, “brokerage and research services”) that provide, in the Investment Adviser’s view, appropriate assistance to the Investment Adviser in the investment decision-making process. As a result, the Investment Adviser may pay for such brokerage and research services with “soft” or commission dollars, provided that the services received assist in the provision of investment services to the fund generally and the receipt of the services, and payment for such, are in compliance with applicable law and regulation. When the Investment Adviser uses client commissions to obtain brokerage and research services, the Investment Adviser receives a benefit because the Investment Adviser does not have to produce or pay for the brokerage and research services itself. Subject to the Investment Adviser’s obligation to determine in good faith that the “commissions” (as broadly defined by the applicable regulations to include a markup, mark-down, commission equivalent or other fee in certain circumstances) to be paid to broker-dealers, including their affiliates, are reasonable in relation to the value of the brokerage and research services they provide to the Investment Adviser, the Investment Adviser may cause the fund to pay commissions higher than those charged by other broker-dealers in return for soft dollar benefits.
147
schedule of investments The Investment Adviser’s evaluation of the brokerage and research services provided by a broker-dealer may be a significant factor in selecting a broker-dealer to execute transactions. For this purpose, the Investment Adviser has established a voting process in which certain portfolio management teams participate under which the Investment Adviser’s personnel rate broker-dealers that supply them with brokerage and research services. Subject to the Investment Adviser’s duty to seek best execution and applicable law and without prejudice to applicable inducement rules, the Investment Adviser allocates trading among broker-dealers in accordance with the outcome of the voting process. Brokerage and research services may be used to service other Accounts as well as the fund, In cases where it may not be practicable for the Investment Adviser does not attempt to allocate soft dollar benefits proportionately among clients or to track the benefits of brokerage and research services to the commissions associated with a particular Account or group of Accounts brokerage and research services (including soft dollar benefits) may disproportionately benefit other Accounts relative to the fund.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Goldman Sachs Growth and Emerging Markets CORE Equity Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Goldman Sachs Growth and Emerging Markets CORE Equity Portfolio (Base Acc). Market Value (S$) % of NAV 5,004,396 99.73
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Goldman Sachs Asset Management.
148
Goldman Sachs Global Strategic Income Bond Portfolio
schedule of investments
fund performance Goldman Sachs Global Strategic Income Bond Portfolio
1.22%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
2,071 units in Goldman Sachs Global Strategic Income Bond Portfolio
as at 30 June 2017
Goldman Sachs Global Strategic Income Bond Portfolio
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
5.63
N/A
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
Other Assets Net assets attributable to unitholders
199,880
% of NAV
98.37
3,314
1.63
203,194
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
0.34
1.22
N/A
N/A
2.26
USD 3 Month LIBOR 0.30 0.57 1.01 N/A N/A N/A 0.46 Source: Goldman Sachs Asset Management ^ Annual compounded return * Launch Date: 15 January 2016 Commencement Date: 30 March 2016 Performance figures are calculated in accordance to the currency of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation. Past performance is not necessarily a guide to future performance.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
Market Value (S$)
15 January 2016 30 March 2016 Goldman Sachs Asset Management International, Fixed Income Team Singapore Dollars Daily 1.20%
investment objectives The Portfolio seeks to provide income and capital growth over the longer term. The Portfolio will mostly invest in publicly traded securities, currencies and financial derivative instruments, mostly in the global fixed income and currency markets.
150
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Japanese Govt T-Bill #678 24 Jul 2017 144A 493,688,400 2 Japanese Govt T-Bill #680 07 Aug 2017 144A 493,688,400 3 Japanese Govt IL CPI10Y #21 0.1% 10 Mar 2026 144A 120,669,600 4 US Govt 2.25% 15 Nov 2025 78,391,200 5 US Govt Tips 0.125% 15 Apr 2018 76,189,200 6 Petroleos De Venezuela, S.A. 6% 28 Oct 2022 Regs 56,371,200 7 Midocean Credit Clo A 2014-3A FRN 21 Jul 2026 144A 51,967,200 8 US Govt 2.875% 15 Nov 2046 49,324,800 9 Mortage Repurchase A 2016-2 FRN 10 Mar 2019 144A 46,682,400 10 Sound Point Cloo VII A 2015-1A FRN 15 Apr 2027 144A 45,801,600 as at 30 June 2016 1 Japanese Govt T-Bill #605 08 Aug 2016 471,068,400 2 Federal Home Loan Bank System FRN 27 Oct2017 406,247,600 3 US Govt Tips 2.5% 15 Jul 2016 231,343,200 4 US Govt 0.75% 31 Oct 2017 116,230,400 5 Italian Govt IL BTPEI 2.35% 15 Sep 2019 98,348,800 6 US Govt 3.625% 15 Feb 2044 97,790,000 7 Spanish Govt IL 0.55% 30 Nov 2019 144A Regs 91,643,200 8 Japanese Govt 2Y #365 0.1% 15 Jun 2018 74,879,200 9 US Govt 0.875% 30 Nov 2017 71,526,400 10 Japanese Govt IL CPI10Y #21 0.1% 10 Mar 2026 69,291,200
11.21 11.21 2.74 1.78 1.73 1.28 1.18 1.12 1.06 1.04 8.43 7.27 4.14 2.08 1.76 1.75 1.64 1.34 1.28 1.24
Source: Goldman Sachs Asset Management. Information extracted from the underlying fund - Goldman Sachs Global Strategic Income Bond Portfolio. All figures have been rounded to the nearest dollar.
151
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
related-party transactions
as at as at 30 November 2016 30 November 2015 (%) (%)
Goldman Sachs Global Strategic Income Bond Portfolio
1.45
1.45
Expense ratio is calculated as Total Expenses/Average AUM, at the share class level. The expense ratio of Goldman Sachs Global Strategic Income Bond Portfolio for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 30 November 2016 30 November 2015 (%) (%)
Goldman Sachs Global Strategic Income Bond Portfolio
245.24
Nil
investments in collective investment schemes Goldman Sachs Global Strategic Income Bond Portfolio, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Goldman Sachs Global Strategic Income Bond Portfolio. Market Value (S$) % of NAV 199,880 98.37
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Goldman Sachs Asset Management.
257.58
(Gross amount of purchases and sales for the year minus Gross amount of subscriptions and redemptions for the year)/ average net asset value. The turnover ratio of Goldman Sachs Global Strategic Income Bond Portfolio for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Goldman Sachs Global Strategic Income Bond Portfolio (S$)
Subscriptions 138,199 Redemptions (19,112)
soft dollar commission Because Fixed Income accounts typically trade on a principal basis, they do not utilise soft dollars.
exposure to derivatives N/A
borrowings N/A
152
153
fund performance
H2O Allegro Fund
H2O Allegro Fund 9.90% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
H2O Allegro Fund
3 mths 6 mths (%) (%) 9.09
9.90
1 yr (%)
3 yrs^ (%)
31.44
N/A
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) N/A
N/A
16.20
SGD 1 Month SIBOR 0.20 0.38 0.71 N/A N/A N/A 0.81 Source: Natixis Global Asset Management; H2O Asset Management ^ Annual compounded return * Launch Date: 25 May 2015 Commencement Date: 25 May 2015 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
155
at a glance
schedule of investments
fund facts
portfolio statement
Launch Date 25 May 2015 Commencement Date 25 May 2015 Manager H2O Asset Management LLP Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.20%
as at 30 June 2017 (unaudited)
investment objectives The fund’s investment objective is to outperform, over its recommended minimum investment term of 3 to 4 years, the SGD 1-month (Singapore dollars) SIBOR rate (Singapore Interbank Offered Rate), after deduction of management fees. This objective is to be achieved by by implementing a management process based upon strategic and tactical positions, as well as arbitrages on all global fixed income and international currency markets, over the minimum recommended term of investment after the deduction of operating and management fees. The SGD 1-month SIBOR is the average interbank loan rate in Singapore dollars over a 1-month period.
Description
With effect from 20 June 2017, the fund manager has decided to implement a net asset value adjustment mechanism – known as “swing pricing” – for all units of the fund. This mechanism consists of making investors subscribing for or redeeming their units of the fund bear the costs associated with transactions carried out on the assets of fund as a result of the movements (subscriptions or redemptions). Its purpose is to protect the non-trading investors who remain in the fund from the dilution effect of these costs, which impact the fund’s performance by making them bear the lowest possible costs. The result is an adjusted “swing” net asset value.
% of NAV
3,711,952
99.49
24,391 units in H2O Allegro Fund Other Assets
19,005
0.51
3,730,957
100.00
Market Value (EUR)
% of NAV
Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
fund updates
Market Value (S$)
Description
as at 30 June 2017 1 Portugal PGB 5.65 02/15/24 63,635,806 21.78 2 Italy BTPS 4 1/2 03/01/26 61,908,640 21.19 3 Mexico MBONO 10 12/05/24 47,867,585 16.38 4 Greece GGB 4 3/4 04/17/19 45,315,848 15.51 5 Portugal PGB 2 7/8 10/15/25 34,181,599 11.70 6 Portugal PGB 4.1 02/15/45 20,919,445 7.16 7 Italy BTPS 4 3/4 09/01/44 19,206,729 6.57 8 Portugal PGB 4 1/8 04/14/27 17,557,117 6.01 9 Greece GGB 3 02/24/27 14,277,700 4.89 10 Greece GGB 3 02/24/26 10,989,533 3.76 as at 30 June 2016 1 Portugal PGB 5.65 02/15/24 37,968,365 15.90 2 Greece GGB 4 3/4 04/17/19 34,138,187 14.30 3 Portugal PGB 2 7/8 10/15/25 32,547,290 13.60 4 Portugal PGB 4.1 02/15/45 28,194,488 11.80 5 Spain 3.8 04/30/24 24,296,576 10.20 6 Italy BTPS 4 3/4 09/01/44 19,137,881 8.00 7 Portugal PGB 4.1 04/15/37 12,625,891 5.30 8 Greece GGB 3 02/24/27 11,297,186 4.70 9 Greece GGB 3 02/24/26 8,826,885 3.70 10 Greece GGB 3 02/24/25 8,666,227 3.60 Source: Natixis Global Asset Management & H2O Asset Management. Information extracted from the underlying fund - H2O Allegro Fund. All figures have been rounded to the nearest dollar.
156
157
schedule of investments
schedule of investments investments in collective investment schemes
annualised expense ratio (underlying fund)
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.20
1.20
H2O Allegro Fund Class HSGD-R(C)
Total expense ratio excludes transactions-related fees (brokerage fees, settlement fees payable to the Custodian, and transaction fees payable to the Manager) and performance fees.
turnover ratio (underlying fund)
as at 30 June 2017 (%)
as at 30 June 2016 (%)
170.00
170.00
H2O Allegro Fund
H20 Allegro Fund, an ILP sub-fund, feeds 100% into the underlying France registered H2O Allegro Fund (Class HSGD-R(C)). Market Value (S$) % of NAV 3,711,952 99.49
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Natixis Global Asset Management & H2O Asset Management.
The turnover ratio is estimated based upon the guidelines presented in the fund’s prospectus. The turnover is the sum of the purchases and sales of cash bonds, futures contracts and currencies, expressed as a percentage of the average net asset value times 2, over a 12-month period. It excludes all cash management-related transactions.
amount of redemptions and subscriptions for the financial period 1 January 2017 to 30 June 2017
H2O Allegro Fund (S$)
Subscriptions 955,818 Redemptions (214,755)
soft dollar commission H2O AM LLP does not receive or enter into soft dollar commission or arrangements in the management of the ILP Sub-Fund.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
158
159
fund performance
Henderson Asia-Pacific Property Equities Fund
Henderson Asia-Pacific Property Equities Fund
1.74%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Henderson Asia-Pacific 0.56 1.74 3.73 2.52 6.83 N/A 7.79 Property Equities Fund FTSE EPRA/NAREIT Pure Asia Total Return Net Dividend 0.54 3.06 7.81 4.17 8.80 N/A 10.34 Index (Capital Constrained)
Source: Henderson Global Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Henderson Global Investors (Singapore) Limited Singapore Dollars Daily 1.33%
investment objectives To seek to provide investors through investment as a feeder fund in the Luxembourg- based Henderson Horizon Fund – Asia-Pacific Property Equities Fund with long-term capital appreciation by investing at least 75% of its total assets in the quoted equity securities of companies or real estate investment trusts (or their equivalents) having their registered offices in the Asia-Pacific Region and listed or traded on a regulated market, which derive the predominant part of their revenue from the ownership, management and/or development of real estate in the Asia-Pacific Region.
161
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
76,064 units in Henderson Asia-Pacific Property Equities Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
65,780
99.64
235
0.36
66,015
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Sun Hung Kai Properties 25,325,791 2 Mitsui Fudosan 24,767,738 3 Link REIT 18,617,554 4 Goodman Group 16,752,249 5 Scentre Group 15,436,352 6 Hang Lung Properties 12,897,697 7 Orix JREIT 11,719,907 8 Hulic 11,679,278 9 Nomura Real Estate Master Fund 11,622,929 10 Mitsubishi Estate 11,263,605 as at 30 June 2016 1 Scentre Group 28,253,970 2 Mitsui Fudosan 24,601,463 3 Sun Hung Kai Properties 22,548,158 4 Link REIT 21,893,390 5 Cheung Kong Property 18,669,824 6 Goodman Group 13,777,979 7 Orix JREIT 13,472,563 8 Nippon Building Fund 13,091,185 9 Japan Real Estate Investment 12,975,910 10 GLP J-Reit 12,322,389
8.84 8.65 6.50 5.85 5.39 4.50 4.09 4.08 4.06 3.93 9.50 8.28 7.59 7.36 6.28 4.63 4.53 4.40 4.37 4.15
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Asia-Pacific Property Equities Fund Class A2 SGD
2.25*
The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The total operating expenses do not include (where applicable) brokerage and other transactions 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 daily balances. *unaudited The expense ratio of Henderson Asia-Pacific Property Equities Fund Class A2 SGD for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Asia-Pacific Property Equities Fund SGD
0.66*
0.62*
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. *unaudited The turnover ratio of Henderson Asia-Pacific Property Equities Fund SGD for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Henderson Asia-Pacific Property Equities Fund (S$)
Subscriptions 18,213 Redemptions
Source: Henderson Global Investors. Information extracted from the underlying fund - Henderson Asia-Pacific Property Equities Fund. All figures have been rounded to the nearest dollar.
162
2.04*
163
schedule of investments soft dollar commission There were no soft dollar arrangements, rebates, commissions or other monetary incentives received by Henderson Global Investors (Singapore) Limited.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Henderson Asia-Pacific Property Equities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund - Asia Pacific Property Equities Fund (Class A2). Market Value (S$) % of NAV 65,780 99.64
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Henderson Global Investors.
164
Henderson Gartmore Continental European Fund
fund performance
schedule of investments
Henderson Gartmore Continental European Fund
7.63%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
No.
table of performance as at 30 June 2017
Henderson Gartmore Continental European Fund
3 mths 6 mths (%) (%) 2.18
7.63
1 yr (%)
3 yrs^ (%)
16.35
7.36
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 14.04
N/A
13.21
Market Value (S$)
% of NAV
11,661 units in Henderson Gartmore Continental European Fund
Description
189,268
201.40
Other Liabilities
(95,291)
-101.40
93,977
100.00
Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
MSCI Europe (ex UK) Index 1.66 8.69 21.14 7.52 13.45 N/A 12.89 Source: Henderson Global Investors ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in Euro terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
2 May 2012 2 May 2012 Henderson Global Investors Limited Euro Dollars Daily 1.50%
investment objectives To achieve a long-term return, in excess of the long-term return that is typically achieved from Continental European equity markets, by investing at any given time at least two-thirds of its net assets in: companies having their registered office in Continental Europe; companies that do not have their registered office in Continental Europe but either (i) carry out a predominant proportion of their business activity in Continental Europe, or (ii) are holding companies which predominantly own companies with registered offices in Continental Europe.
166
portfolio statement - by top 10 holdings No.
Description
Market Value (EUR)
as at 30 June 2017 1 Nestlé 245,130,871 2 Bayer 172,986,884 3 Novartis 168,110,392 4 Roche 153,109,684 5 SAP 142,999,997 6 ING Groep 132,990,078 7 RELX 123,735,781 8 Fresenius 121,419,042 9 Galp Energia SGPS 119,062,799 10 Autoliv 117,681,555 as at 30 June 2016 1 Novartis 401,293,694 2 Roche Holdings 347,678,342 3 Nestlé 220,557,742 4 Autoliv Inc 179,854,155 5 Henkel & Co 165,085,016 6 Frenesius Se & Co 137,233,566 7 Relx 136,161,875 8 Total Sa 135,636,628 9 Koninklijke Ahold 127,767,322 10 Nordea Bank 106,717,904 Source: Henderson Global Investors. Information extracted from the underlying fund - Henderson Gartmore Continental European Fund. All figures have been rounded to the nearest dollar.
167
% of NAV
5.04 3.56 3.46 3.15 2.94 2.73 2.54 2.50 2.45 2.42 9.15 7.93 5.03 4.10 3.77 3.13 3.11 3.09 2.91 2.43
schedule of investments
schedule of investments soft dollar commission
annualised expense ratio (underlying fund)
Henderson Gartmore Continental European Fund (Class R Acc EUR)
as at 31 March 2017 (%)
as at 31 March 2016 (%)
1.63*
1.78*
The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *unaudited The expense ratio of Henderson Gartmore Continental European Fund (Class R Acc EUR) for the financial period ended 30 June 2017 is not available.
The Investment Manager is authorised to effect transactions through brokers whereby the broker agrees to use a proportion of the commission earned on such transactions to discharge the broker’s own costs or the costs of third parties in providing certain services to the Investment Manager. The services which can be paid for under such arrangements are those permitted under the rules of the Financial Conduct Authority (“FCA”) namely those that relate to the execution of transactions on behalf of customers or the provision of investment research to the Investment Manager.
exposure to derivatives N/A
borrowings N/A
turnover ratio (underlying fund)
Henderson Gartmore Continental European Fund (Class R Acc EUR)
as at 31 March 2017 (%)
as at 31 March 2016 (%)
124.96
129.98*
The portfolio turnover ratio is calculatedin accordance with SFAMA (Swiss Funds and Asset Management Association). *unaudited The turnover ratio of Henderson Gartmore Continental European Fund (Class R Acc EUR) for the financial period ended 30 June 2017 is not available.
related-party transactions Nil
investments in collective investment schemes Henderson Gartmore Continental European Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Gartmore Fund - Continental European Fund (Class Acc EUR). Market Value (S$) % of NAV 189,268 201.40
any other material information that will adversely affect the valuation of the ILP sub-fund
amount of redemptions and subscriptions for the period
Nil
1 January 2017 to 30 June 2017
Source of the expense ratio, turnover ratio and soft dollar commission: Henderson Global Investors.
Henderson Gartmore Continental European Fund (S$)
Subscriptions 103,267 Redemptions (4,724)
168
169
fund performance
Henderson Gartmore Latin American Fund
Henderson Gartmore Latin American Fund
12.54%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Henderson Gartmore Latin -1.71 12.54 14.03 -5.52 -3.20 N/A -4.99 American Fund MSCI EM Latin America -1.74 10.12 15.01 -6.52 -3.60 N/A -5.38 Index Source: Henderson Global Investors ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
2 May 2012 2 May 2012 Henderson Global Investors Limited US Dollars Daily 1.50%
investment objectives To achieve a long-term return, in excess of the long-term return that is typically achieved from Latin American equity markets, by investing at any given time at least two-thirds of its net assets in: companies having their registered office in Latin American markets; companies that do not have their registered office in Latin American markets but either (i) carry out a predominant proportion of their business activity in these markets, or (ii) are holding companies which predominantly own companies with registered offices in Latin American markets.
171
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
12,227 units in Henderson Gartmore Latin American Fund Other Liabilities Net assets attributable to unitholders
Market Value (S$)
% of NAV
210,536
196.30
(103,282)
-96.30
107,254
100.00
All figures have been rounded up to the nearest dollar.
as at 31 March 2017 (%)
Henderson Gartmore Latin American Fund Class Acc USD (R)
1.72*
as at 31 March 2016 (%)
1.71*
The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *unaudited The expense ratio of Henderson Gartmore Latin American Fund Class Acc USD (R) for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
*Turnover ratio provided is unaudited figure
Description
Market Value (US$)
as at 30 June 2017 1 Cia Cervecerias Unidas 4,871,385 2 Quinenco 4,632,228 3 Duratex 3,914,579 4 Grupo Herdez 3,785,385 5 Weg Sa 3,549,411 6 Banco Bradesco 3,452,637 7 Sociedad Matriz SAAM 3,113,021 8 Empresa Nacional de Telecomunicaciones 3,011,471 9 Inversiones Aguas Metropolitanas 3,009,612 10 Grupo Nutresa 2,891,881 as at 30 June 2016 1 Duratex 3,746,094 2 Mahle-Metal Leve 3,303,035 3 Cia Cervecerias Unidas 3,108,888 4 Quinenco 2,684,547 5 Grupo Herdez 2,680,050 6 Inversiones Aguas Metropolitanas 2,586,612 7 Empresa Nacional de Telecomunicaciones 2,192,737 8 Weg Sa 1,973,519 9 Embotelladora Andina - Class A Pref 1,843,567 10 Aguas Andinas 1,793,332 Source: Henderson Global Investors. Information extracted from the underlying fund - Henderson Gartmore Latin American Fund. All figures have been rounded to the nearest dollar.
172
% of NAV
6.94 6.60 5.58 5.39 5.06 4.92 4.43 4.29 4.29 4.12 7.07 6.23 5.86 5.06 5.05 4.88 4.14 3.72 3.48 3.38
as at 31 March 2017 (%)
Henderson Gartmore Latin American Fund
-55.46*
as at 31 March 2016 (%)
28.67*
The portfolio turnover ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *unaudited The turnover ratio of Henderson Gartmore Latin American Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Henderson Gartmore Latin American Fund (S$)
Subscriptions 117,665 Redemptions
soft dollar commission
The Investment Manager is authorised to effect transactions through brokers whereby the broker agrees to use a proportion of the commission earned on such transactions to discharge the broker’s own costs or the costs of third parties in providing certain services to the Investment Manager. The services which can be paid for under such arrangements are those permitted under the rules of the Financial Conduct Authority (“FCA”) namely those that relate to the execution of transactions on behalf of customers or the provision of investment research to the Investment Manager.
173
schedule of investments
Henderson Global Property Equities Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Henderson Gartmore Latin American Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Gartmore Fund - Latin American Fund (Class Acc USD (R)). Market Value (S$) % of NAV 210,536 196.30
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Henderson Global Investors.
174
fund performance
schedule of investments
Henderson Global Property Equities Fund
1.06%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
Henderson Global Property Equities Fund
3 mths 6 mths (%) (%) 2.94
1.06
1 yr (%)
3 yrs^ (%)
4.15
7.12
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 8.29
N/A
9.42
FTSE EPRA/NAREIT 1.21 -0.09 2.51 7.16 9.31 N/A 10.61 Developed Index Source: Henderson Global Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Henderson Global Investors (Singapore) Limited Singapore Dollars Daily 1.33%
investment objectives To seek to provide investors through investment as a feeder fund in the Luxembourg-based Henderson Horizon Fund – Global Property Equities Fund with long-term capital appreciation by investing in the quoted equity securities of companies or real estate investment trusts (or their equivalents) listed or traded on a regulated market, which derive the main part of their revenue from the ownership, management and/or development of real estate, throughout the world.
176
56,881 units in Henderson Global Property Equities Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
62,654
99.77
142
0.23
62,796
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Simon Property Group 19,270,027 2 Equity Residential 13,790,787 3 Public Storage 12,566,481 4 Sun Hung Kai Properties 12,526,046 5 Deutsche Wohnen 12,257,909 6 AvalonBay Communities 11,982,636 7 Alexandria Real Estate Equities 11,520,655 8 GGP 10,308,704 9 MGM Growth Properties 10,065,235 10 Physicians Realty Trust 9,761,329 as at 30 June 2016 1 Simon Property Group 26,837,190 2 AvalonBay Communities 19,964,795 3 Mitsui Fudosan 17,865,077 4 Prologis 17,474,701 5 General Growth Properties 16,904,571 6 Hudson Pacific Properties 14,322,422 7 Rexford Industrial Realty 14,183,395 8 Physicians Realty Trust 12,943,680 9 Equity One 12,638,437 10 STORE Capital 12,169,838 Source: Henderson Global Investors. Information extracted from the underlying fund - Henderson Global Property Equities Fund. All figures have been rounded to the nearest dollar.
177
5.32 3.80 3.47 3.46 3.38 3.31 3.18 2.84 2.78 2.69 5.84 4.35 3.89 3.80 3.68 3.12 3.09 2.82 2.75 2.65
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Global Property Equities Fund Class A2 SGD
2.03*
1.83*
There were no soft dollar arrangements, rebates, commissions or other monetary incentives received by Henderson Global Investors (Singapore) Limited.
exposure to derivatives N/A
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.
borrowings
*unaudited
related-party transactions
The expense ratio of Henderson Global Property Equities Fund Class A2 SGD for the financial period ended 30 June 2017 is not available.
N/A Nil
investments in collective investment schemes Henderson Global Property Equities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund - Global Property Equities Fund (Class A2 SGD).
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Global Property Equities Fund
4.28*
2.15*
The portfolio turnover ratios are calculated in accordance with the formula stated in the Code on Collective Investment Schemes.
Market Value (S$) 62,654
% of NAV 99.77
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Henderson Global Investors.
*unaudited The turnover ratio of Henderson Global Property Equities Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Henderson Global Property Equities Fund (S$)
Subscriptions 19,410 Redemptions
178
179
fund performance
Henderson Global Technology Fund
Henderson Global Technology Fund 16.25% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Henderson Global 5.72 16.25 38.78 16.16 16.31 N/A 15.73 Technology Fund MSCI AC World Information 5.04 14.80 38.64 18.07 18.57 N/A 18.20 Technology Index Source: Henderson Global Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Henderson Global Investors (Singapore) Limited Singapore Dollars Daily 1.33%
investment objectives To seek to provide investors through investment as a feeder fund in the Luxembourg-based Henderson Horizon Fund - Global Technology Fund with long-term capital growth by investing in a globally diversified portfolio of technology-related companies. The fund aims to take advantage of market trends internationally. The fund takes a geographically diversified approach and operates within broad asset allocation ranges. There are no specified limits on the amounts that the fund can or must invest in any geographical region or single country.
181
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
915,917 units in Henderson Global Technology Fund Other liabilities Net assets attributable to unitholders
Market Value (S$)
% of NAV
2,885,505
99.81
5,587
0.19
2,891,092
100.00
All figures have been rounded up to the nearest dollar.
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Global Technology Fund Class A2 SGD
1.98*
1.77*
The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The fund does not pay any performance fee. The average net asset value is based on daily balances. *unaudited
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
as at 30 June 2017 1 Apple 202,547,778 2 Facebook 163,428,475 3 Microsoft 132,905,105 4 Alphabet - A 129,161,340 5 Samsung Electronics 108,702,308 6 Alphabet - C 101,321,917 7 Alibaba Group 94,563,466 8 Tencent 89,148,813 9 Visa 87,544,220 10 Broadcom 79,050,171 as at 30 June 2016 1 Apple 133,201,653 2 Facebook 131,278,722 3 Microsoft 107,361,312 4 Alphabet - A 105,110,031 5 Samsung Electronics 85,757,710 6 Alphabet - C 85,005,074 7 Visa 82,963,682 8 Tencent 72,598,237 9 Cisco Systems 71,089,318 10 MasterCard 56,265,858
% of NAV
The expense ratio of Henderson Global Technology Fund Class A2 SGD for the financial period ended 30 June 2017 is not available.
8.33 6.72 5.47 5.31 4.47 4.17 3.89 3.67 3.60 3.25 6.88 6.78 5.55 5.43 4.43 4.39 4.29 3.75 3.67 2.91
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Global Technology Fund SGD
3.19*
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. *unaudited The turnover ratio of Henderson Global Technology Fund SGD for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Henderson Global Technology Fund (S$)
Subscriptions 718,956 Redemptions (55,371)
Source: Henderson Global Investors. Information extracted from the underlying fund - Henderson Global Technology Fund. All figures have been rounded to the nearest dollar.
182
3.58*
183
schedule of investments soft dollar commission There were no soft dollar arrangements, rebates, commissions or other monetary incentives received by Henderson Global Investors (Singapore) Limited.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Henderson Global Technology Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund - Global Technology Fund (Class A2). Market Value (S$) 2,885,505
% of NAV 99.81
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Henderson Global Investors.
184
Henderson Horizon Fund Japan Opportunities Fund
fund performance
schedule of investments
Henderson Horizon Fund - Japan Opportunities Fund
9.76%
as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
9,509 units in Henderson Horizon Fund - Japan Opportunities Fund
as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Henderson Horizon Fund 4.69 9.76 31.03 8.96 10.40 N/A 10.49 Japan Opportunities Fund# Tokyo SE First Section 5.85 11.26 20.32 6.83 10.45 N/A 10.26 Index# Source: Henderson Global Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # The Henderson Horizon Fund - Japanese Equity Fund as changed its name, investment policy and benchmark to become the Henderson Horizon Japan Opportunities Fund as of 1 April 2015. Prior to this the benchmark was MSCI Japan Index. Performance is calculated in accordance to the share class of the fund. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
portfolio statement
16 January 2012 16 January 2012 Henderson Global Investors Limited US Dollars Daily 1.20%
investment objectives The investment objective of the Henderson Horizon Fund – Japan Opportunities Fund is to seek long-term capital appreciation by investing primarily in equity and equity related securities of Japanese companies across a variety of sectors. The Fund is not restricted in the size of the companies in which it can invest. 186
Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
213,709
99.55
966
0.45
214,675
100.00
Market Value (JPY)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Fujitsu 257,476,900 2 Japan Tobacco 246,625,000 3 Mitsubishi UFJ Financial Group 220,418,660 4 SoftBank Group 211,004,000 5 Murata Manufacturing 201,249,000 6 Sony 198,105,600 7 Nippon Telegraph & Telephone 190,718,750 8 T&D 187,730,550 9 Mitsui Fudosan 184,401,200 10 Takeda Pharmaceutical 183,242,850 as at 30 June 2016 1 Fujitsu 235,308,900 2 Mitsubishi UFJ Financial Group 207,109,760 3 Sumitomo Mitsui Financial Group 162,809,250 4 Tokio Marine 155,624,700 5 Fanuc Corp 152,306,000 6 Daiwa House Industry Co 148,404,200 7 Canon 147,587,550 8 East Japan Railway Co 146,513,750 9 Fast Retailing Co 142,077,000 10 Denso 142,026,750 Source: Henderson Global Investors. Information extracted from the underlying fund - Henderson Horizon Fund - Japan Opportunities Fund. All figures have been rounded to the nearest dollar.
187
4.68 4.48 4.00 3.83 3.66 3.60 3.46 3.41 3.35 3.33 5.86 5.16 4.05 3.87 3.79 3.69 3.67 3.65 3.54 3.54
schedule of investments
schedule of investments soft dollar commission
annualised expense ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Horizon Fund - Japan Opportunities Fund Class A2
1.92*
1.89*
The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *unaudited The expense ratio of Henderson Horizon Fund - Japan Opportunities Fund Class A2 for the financial period ended 30 June 2017 is not available.
The Investment Manager is authorised to effect transactions through brokers whereby the broker agrees to use a proportion of the commission earned on such transactions to discharge the broker’s own costs or the costs of third parties in providing certain services to the Investment Manager. The services which can be paid for under such arrangements are those permitted under the rules of the Financial Conduct Authority (“FCA”) namely those that relate to the execution of transactions on behalf of customers or the provision of investment research to the Investment Manager.
exposure to derivatives N/A
borrowings N/A
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Horizon Fund - Japan Opportunities Fund
35.48*
103.61*
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. *unaudited The turnover ratio of Henderson Global Technology Fund SGD for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
related-party transactions Nil
investments in collective investment schemes Henderson Horizon Fund - Japan Opportunities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund - Japan Opportunities Fund (Class A2). Market Value (S$) % of NAV 213,709 99.55
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Henderson Global Investors.
Henderson Horizon Fund - Japan Opportunities Fund (S$)
Subscriptions 123,179 Redemptions (14,634)
188
189
fund performance
Henderson Horizon Fund - Pan European Alpha Fund
Henderson Horizon Fund - Pan European Alpha Fund
4.54%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Henderson Horizon Fund 1.82 4.54 6.02 1.85 6.49 N/A 6.40 - Pan European Alpha Fund Euro Base Rate (Euro Main 0.00 0.00 0.00 -0.42 3.52 N/A 3.50 Refinancing Rate) Source: Henderson Global Investors ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Henderson Global Investors Limited Singapore Dollars Daily 1.20%
investment objectives To seek long-term capital appreciation through exposure primarily to European equities.
191
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
12,462 units in Henderson Horizon Fund - Pan European Alpha Fund Other Liabilities
Market Value (S$)
% of NAV
177,837
100.07
(133)
Net assets attributable to unitholders
177,704
-0.07 100.00
All figures have been rounded up to the nearest dollar.
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR
1.88*
1.87*
The total expense ratio is calculated in accordance with SFAMA (Swiss Funds and Asset Management Association). *unaudited The expense ratio of Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (EUR)
as at 30 June 2017 1 Bayer 31,501,054 2 Nordea Bank 26,686,024 3 Novartis 24,819,877 4 SAP 22,834,840 5 Henkel 22,110,552 6 Continental 21,486,969 7 ABN AMRO Group 19,905,734 8 Novo Nordisk 19,887,328 9 ING Groep 19,606,141 10 Autoliv 19,441,755 as at 30 June 2016 1 Roche 20,615,565 2 Novartis 20,552,269 3 Societe BIC 18,121,447 4 Autoliv 16,132,548 5 Relx 15,095,402 6 Royal Dutch Shell 15,012,898 7 Fresenius Medical Care 14,950,306 8 Nokia 14,772,495 9 Integrated Service Solutions A/S 14,349,696 10 Henkel & Co 13,787,391
% of NAV
2.90 2.46 2.29 2.11 2.04 1.98 1.84 1.83 1.81 1.79 1.50 1.50 1.32 1.18 1.10 1.10 1.09 1.08 1.05 1.01
as at as at 31 December 2016 31 December 2015 (%) (%)
Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR
74.10
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. *unaudited The turnover ratio of Henderson Horizon Fund - Pan European Alpha Fund Class A2 EUR for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Henderson Horizon Fund - Pan European Alpha Fund (S$)
Subscriptions 66,199 Redemptions (28,032)
Source: Henderson Global Investors. Information extracted from the underlying fund - Henderson Horizon Fund - Pan European Alpha Fund. All figures have been rounded to the nearest dollar.
192
103.79
193
schedule of investments soft dollar commission The Investment Manager is authorised to effect transactions through brokers whereby the broker agrees to use a proportion of the commission earned on such transactions to discharge the broker’s own costs or the costs of third parties in providing certain services to the Investment Manager. The services which can be paid for under such arrangements are those permitted under the rules of the Financial Conduct Authority (“FCA”) namely those that relate to the execution of transactions on behalf of customers or the provision of investment research to the Investment Manager.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Henderson Horizon Fund - Pan European Alpha Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Henderson Horizon Fund - Pan European Alpha Fund (Class A2 EUR). Market Value (S$) % of NAV 177,837 100.07
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Henderson Global Investors.
194
Invesco Asia Consumer Demand Fund
fund performance
schedule of investments
Invesco Asia Consumer Demand Fund
23.98%
portfolio statement as at 30 June 2017
for the 6 months period ending 30 June 2017
Description
table of performance
10,330 units in Invesco Asia Consumer Demand Fund
as at 30 June 2017
Invesco Asia Consumer Demand Fund
3 mths 6 mths (%) (%) 8.19
23.98
1 yr (%)
3 yrs^ (%)
21.25
2.35
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 7.08
N/A
4.98
MSCI AC Asia ex Japan ND 8.31 22.81 26.73 5.02 7.97 N/A 6.23 Source: Invesco ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Investment Advisor Currency of Fund Valuation Frequency Annual Management Fee
2 May 2012 2 May 2012 Invesco Management S.A. Invesco Hong Kong Ltd, located in Hong Kong US Dollars Daily 1.50%
investment objectives To achieve long-term capital appreciation by investing at least 70% of the total assets of the Fund (without taking into account ancillary liquid assets) in equity securities of Asian companies whose business is likely to benefit from, or is related to growth in domestic consumption in Asian economies, excluding Japan.
196
Other Liabilities
Market Value (S$)
% of NAV
220,192
100.08
(179)
Net assets attributable to unitholders
-0.08
220,013
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Tencent 30,943,510 2 Alibaba 21,151,260 3 Baidu ADR 16,842,670 4 Bajaj Finance 14,100,840 5 AIA 12,534,080 6 Ping An Insurance 12,142,390 7 Hengan International 11,359,010 8 Ctrip ADR 10,967,320 9 Samsung Electronics 10,967,320 10 Maruti Suzuki India 10,575,630 as at 30 June 2016 1 Tencent 21,032,260 2 Bajaj Finance 12,890,740 3 China Mobile 10,516,130 4 Tingyi (Cayman Islands) 9,498,440 5 President Chain Store 9,159,210 6 Hengan International 9,159,210 7 Minth 9,159,210 8 China Mengniu Dairy 8,819,980 9 Dongsuh 8,819,980 10 Ayala Land 8,480,750 Source: Invesco. Information extracted from the underlying fund - Invesco Asia Consumer Demand Fund. All figures have been rounded to the nearest dollar.
197
7.90 5.40 4.30 3.60 3.20 3.10 2.90 2.80 2.80 2.70 6.20 3.80 3.10 2.80 2.70 2.70 2.70 2.60 2.60 2.50
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
The Manager may also at its discretion and on behalf of the funds transact foreign exchange business with parties which are related to the Manager or the Trustee but will endeavour to adhere to its policy of best execution in relation to all such transactions.
as at 30 June 2017 (%)
Invesco Asia Consumer Demand Fund Class A Acc
2.10
as at 30 June 2016 (%)
2.04
exposure to derivatives N/A
The operational expenses as a percentage of the average NAV for the period. The following expenses are included: management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & prof fees and registration fees.
borrowings
related-party transactions
N/A Nil
turnover ratio (underlying fund)
Invesco Asia Consumer Demand Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
40.02
51.41
Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 100%.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
investments in collective investment schemes Invesco Asia Consumer Demand Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Invesco Asia Consumer Demand Fund (Class A Acc). Market Value (S$) % of NAV 220,192 100.08
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Invesco. Invesco Asia Consumer Demand Fund (S$)
Subscriptions 51,385 Redemptions (99,282)
soft dollar commission The Manager and any of its Connected Persons may effect transactions by or through the agency of another person with whom the Manager and any of its Connected Persons have an arrangement under which that party will, from time to time, provide to or procure for the Manager and any of its Connected Persons, group services or other benefits such as research and advisory services, computer hardware associated with specialised software or research services and performance methods, portfolio valuation and analysis, market price services etc. The provision of such services can reasonably be expected to benefit the funds as a whole and may contribute to an improvement in the funds’ performance and that of the Manager or any of its Connected Persons in providing services to the funds and for which no direct payment is made but instead the Manager and any of its Connected Persons undertake to place business with that party. It is the policy of the Invesco Group to obtain best execution on all transactions for all customers. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. The Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being cash commission repayment made by a broker or dealer to the Manager and/or any Connected Person) paid or payable for any such broker or dealer in respect of any business placed with such broker or dealer by the Manager or any Connected Persons for the account of and on behalf of the funds or any one of the funds. Any such cash commission rebate received from any such broker or dealer shall be held by the Manager and any Connected Persons for the account of the funds or the relevant fund as appropriate.
198
199
fund performance
Invesco Japanese Equity Core Fund
Invesco Japanese Equity Core Fund
9.34%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Invesco Japanese Equity Core Fund
3 mths 6 mths (%) (%) 4.42
9.34
1 yr (%)
3 yrs^ (%)
16.24
4.98
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 10.40
N/A
9.07
Japan Topix 5.88 11.45 20.73 6.96 10.51 N/A 9.76 Source: Invesco ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Investment Advisor Currency of Fund Valuation Frequency Annual Management Fee
2 May 2012 2 May 2012 Invesco Global Asset Management DAC Invesco Asset Management Ltd, located in the UK US Dollars Daily 1.50%
investment objectives To achieve capital growth in Japan. The Manager will invest mainly in shares of companies organised under the laws of Japan, although it may include shares of companies organised elsewhere which derive revenues from or have substantial interest in Japan as the Manager considers appropriate. The fund will invest in securities listed or traded on recognised markets.
fund updates Effective 24 April 2017, the manager is Invesco Global Asset Management DAC (formerly known as Invesco Global Asset Management Limited).
201
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited)
Description
13,675 units in Invesco Japanese Equity Core Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
395,197
100.00
14
0.00
395,211
100.00
All figures have been rounded up to the nearest dollar.
as at 30 June 2017 (%)
Invesco Japanese Equity Core Fund Class A (Acc) USD
1.94
as at 30 June 2016 (%)
1.98
The operational expenses as a percentage of the average NAV for the period. The following expenses are included: management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & prof fees and registration fees.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Mitsubish UFJ Financial 20,883,076 5.90 2 Inpex 19,467,274 5.50 3 Sumitomo Mitsui Financial 18,405,423 5.20 4 Casio Computer 18,405,423 5.20 5 Honda Motor 15,573,819 4.40 6 Murata 15,573,819 4.40 7 Hitachi Metals 13,804,067 3.90 8 Mizuho Financial 13,804,067 3.90 9 NTT Urban Development 12,388,265 3.50 10 Kubota 11,680,364 3.30 as at 30 June 2016 1 Chubu Electric Power 25,862,760 5.40 2 Honda Motor 22,989,120 4.80 3 East Japan Railway 22,510,180 4.70 4 Inpex 22,031,240 4.60 5 Japan Tobacco 21,073,360 4.40 6 Sawai Pharmaceutical 20,594,420 4.30 7 Skylark 18,678,660 3.90 8 NTT DOCOMO 17,241,840 3.60 9 Shikoku Electric Power 16,762,900 3.50 10 Nexon 16,762,900 3.50 Source: Invesco. Information extracted from the underlying fund - Invesco Japanese Equity Core Fund . All figures have been rounded to the nearest dollar.
202
as at 30 June 2017 (%)
Invesco Japanese Equity Core Fund
164.66
as at 30 June 2016 (%)
100.72
Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 100%.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Invesco Japanese Equity Core Fund (S$)
Subscriptions 117,653 Redemptions (11,676)
soft dollar commission The Manager and any of its Connected Persons may effect transactions by or through the agency of another person with whom the Manager and any of its Connected Persons have an arrangement under which that party will, from time to time, provide to or procure for the Manager and any of its Connected Persons, group services or other benefits such as research and advisory services, computer hardware associated with specialised software or research services and performance methods, portfolio valuation and analysis, market price services etc. The provision of such services can reasonably be expected to benefit the funds as a whole and may contribute to an improvement in the funds’ performance and that of the Manager or any of its Connected Persons in providing services to the funds and for which no direct payment is made but instead the Manager and any of its Connected Persons undertake to place business with that party. It is the policy of the Invesco Group to obtain best execution on all transactions for all customers. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. The Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being cash commission repayment made by a broker or dealer to the Manager and/or any Connected Person) paid or payable for any such broker or dealer in respect of any business placed with such broker or dealer by the Manager or any Connected Persons for the account of and on behalf of the funds or any one of the funds. Any such cash commission rebate received from any such broker or dealer shall be held by the Manager and any Connected Persons for the account of the funds or the relevant fund as appropriate.
203
schedule of investments The Manager may also at its discretion and on behalf of the funds transact foreign exchange business with parties which are related to the Manager or the Trustee but will endeavour to adhere to its policy of best execution in relation to all such transactions.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Invesco Japanese Equity Core Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Invesco Japanese Equity Core Fund (Class A (Acc) USD). Market Value (S$) % of NAV 395,197 100.00
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Invesco.
204
Invesco Korean Equity Fund
fund performance
schedule of investments
Invesco Korean Equity Fund 15.22%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
22,220 units in Invesco Korean Equity Fund
as at 30 June 2017
Invesco Korean Equity Fund
3 mths 6 mths (%) (%) 2.09
15.22
1 yr (%)
3 yrs^ (%)
-11.89
-0.77
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 5.10
N/A
2.74
Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
839,753
99.80
1,653
0.20
841,406
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
KOSPI PR 8.22 24.59 22.21 1.85 5.25 N/A 3.46 Source: Invesco ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Investment Advisor Currency of Fund Valuation Frequency Annual Management Fee
2 May 2012 2 May 2012 Invesco Global Asset Management DAC Invesco Hong Kong Ltd, located in Hong Kong US Dollars Daily 2.00%
investment objectives To achieve long-term capital growth by investing directly or indirectly in securities of Korean companies or other entities or subsidaries of Korean companies and securities listed or traded on the Korean securities markets. The Manager will seek to achieve the investment objective by investing primarily in equity or equityrelated securities (including warrants and convertible securities however, no more than 10% of the net asset value of the fund may be invested in warrants.) The fund may invest in the securities of investment funds which provide access to certain markets where there are currently restrictions on foreign investment, or where the Manager perceives that such funds provide other investment opportunities.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Samsung Electronics 12,392,380 9.10 2 Green Cross Holdings 9,124,060 6.70 3 Ottogi 8,306,980 6.10 4 Dongsuh 8,034,620 5.90 5 Hanssem 7,217,540 5.30 6 E-Mart 7,217,540 5.30 7 Yuhan 6,400,460 4.70 8 BGF Retail 6,264,280 4.60 9 Woongjin Coway 6,128,100 4.50 10 Amorepacific 6,128,100 4.50 as at 30 June 2016 1 Dongsuh 19,221,000 8.60 2 Ottogi 18,774,000 8.40 3 BGF Retail 18,550,500 8.30 4 Hanssem 17,880,000 8.00 5 Nong Shim 10,504,500 4.70 6 Korea Kolmar 10,504,500 4.70 7 Amorepacific 10,504,500 4.70 8 Hanmi Science 10,281,000 4.60 9 Woongjin Coway 10,057,500 4.50 10 Samsung Electronics 9,834,000 4.40 Source: Invesco. Information extracted from the underlying fund - Invesco Korean Equity Fund. All figures have been rounded to the nearest dollar.
fund updates Effective 24 April 2017, the manager is Invesco Global Asset Management DAC (formerly known as Invesco Global Asset Management Limited). 206
207
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
The Manager may also at its discretion and on behalf of the funds transact foreign exchange business with parties which are related to the Manager or the Trustee but will endeavour to adhere to its policy of best execution in relation to all such transactions.
as at 30 June 2017 (%)
Invesco Korean Equity Fund Class A Inc
2.38
as at 30 June 2016 (%)
2.37
exposure to derivatives N/A
The operational expenses as a percentage of the average NAV for the period. The following expenses are included: management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & prof fees and registration fees.
borrowings
related-party transactions
turnover ratio (underlying fund)
as at 30 June 2017 (%)
Invesco Korean Equity Fund
184.96
as at 30 June 2016 (%)
161.13
Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 100%.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
N/A Nil
investments in collective investment schemes Invesco Korean Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Invesco Korean Equity Fund (Class A Inc). Market Value (S$) % of NAV 839,753 99.80
any other material information that will adversely affect the valuation of the ILP sub-fund Invesco Korean Equity Fund (S$)
Nil Source of the expense ratio, turnover ratio and soft dollar commission: Invesco.
Subscriptions 299,782 Redemptions (101,432)
soft dollar commission The Manager and any of its Connected Persons may effect transactions by or through the agency of another person with whom the Manager and any of its Connected Persons have an arrangement under which that party will, from time to time, provide to or procure for the Manager and any of its Connected Persons, group services or other benefits such as research and advisory services, computer hardware associated with specialised software or research services and performance methods, portfolio valuation and analysis, market price services etc. The provision of such services can reasonably be expected to benefit the funds as a whole and may contribute to an improvement in the funds’ performance and that of the Manager or any of its Connected Persons in providing services to the funds and for which no direct payment is made but instead the Manager and any of its Connected Persons undertake to place business with that party. It is the policy of the Invesco Group to obtain best execution on all transactions for all customers. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. The Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being cash commission repayment made by a broker or dealer to the Manager and/or any Connected Person) paid or payable for any such broker or dealer in respect of any business placed with such broker or dealer by the Manager or any Connected Persons for the account of and on behalf of the funds or any one of the funds. Any such cash commission rebate received from any such broker or dealer shall be held by the Manager and any Connected Persons for the account of the funds or the relevant fund as appropriate.
208
209
fund performance
Invesco Pacific Equity Fund
Invesco Pacific Equity Fund 19.53% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Invesco Pacific Equity Fund
3 mths 6 mths (%) (%) 7.44
19.53
1 yr (%)
3 yrs^ (%)
27.99
5.48
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 10.85
N/A
8.94
MSCI AC Pacific ND 5.98 15.55 22.92 4.47 8.28 N/A 6.93 Source: Invesco ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
211
at a glance
schedule of investments
fund facts
portfolio statement
Launch Date Commencement Date Manager Investment Advisor Currency of Fund Valuation Frequency Annual Management Fee
as at 30 June 2017 (unaudited)
2 May 2012 2 May 2012 Invesco Global Asset Management DAC Invesco Asset Management Ltd, located in the UK US Dollars Daily 1.50%
investment objectives To achieve long-term capital growth by investing in the securites of companies throughout Asia, but with particular emphasis on those based in the Asian Pacific region. For the purposes of the fund, the Manager has defined the Asian Pacfic region as South East Asia (including Singapore, Malaysia, Thailand, Indonesia and the Philippines), East Asia (including Taiwan, South and North Korea, Hong Kong and Japan), China, Australia and New Zealand. At least 70% of the fund’s total assets (after deducting ancillary liquid assets) will be invested in listed equity or equity-related securities of (i) companies having their registered office in the Asia Pacific region, (ii) companies with their registered office outside this region carrying out their business activities predominantly in the Asia Pacific region, or (iii) holding companies, the interest of which are predominately invested in companies with their registered office in the Asia Pacific region. Up to 30% in aggregate of the total assets of the fund may be invested in cash and cash equivalents, equity and equity related securities of companies which do not meet their requirements set out above but stand to benefit from their business links with countries in Asia other than the Asia Pacific region or debt securities (including convertible debt) of issuers in the Asian region. The fund’s exposure to the various markets in the region will vary from time to time according to the Manager’s opinion as to the prevailing conditions in and prospects for those markets. Up to 30% in aggregate of the total assets of the fund may be invested in cash and cash equivalents, equity and equity related securities of companies which do not meet their requirements set out above but stand to benefit from their business links with countries in Asia other than the Asia Pacific region or debt securities (including convertible debt) of issuers in the Asian region. The fund’s exposure to the various markets in the region will vary from time to time according to the Manager’s opinion as to the prevailing conditions in and prospects for those markets.
fund updates Effective 24 April 2017, the manager is Invesco Global Asset Management DAC (formerly known as Invesco Global Asset Management Limited).
Description
11,758 units in Invesco Pacific Equity Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
973,378
99.92
738
0.08
974,116
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Samsung Electronics Co Ltd 6,239,200 4.00 2 Sumitomo Mitsui Financial Group Inc 4,523,420 2.90 3 Inpex Corp 4,367,440 2.80 4 Mitsubish UFJ Financial Group Inc 4,055,480 2.60 5 Toyota Motor Corp 4,055,480 2.60 6 Murata Manufacturing Co Ltd 3,899,500 2.50 7 Nexon Co Ltd 3,743,520 2.40 8 JD.com Inc 3,743,520 2.40 9 Japan Airlines Co Ltd 3,431,560 2.20 10 Baidu Inc 3,431,560 2.20 as at 30 June 2016 1 Samsung Electronics Co Ltd 5,560,520 4.90 2 Net Ease Inc 4,652,680 4.10 3 Baidu Inc 2,723,520 2.40 4 Chubu Electric Power Co Inc 2,610,040 2.30 5 Minth Group Ltd 2,610,040 2.30 6 Inpex Corp 2,496,560 2.20 7 Honda Motor Co Ltd 2,383,080 2.10 8 Taiwan Semiconductor Manufacturing Co Ltd 2,383,080 2.10 9 CK Hutchison Holdings Ltd 2,383,080 2.10 10 Canon Inc 2,156,120 1.90 Source: Invesco. Information extracted from the underlying fund - Invesco Pacific Equity Fund. All figures have been rounded to the nearest dollar.
212
213
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
The Manager may also at its discretion and on behalf of the funds transact foreign exchange business with parties which are related to the Manager or the Trustee but will endeavour to adhere to its policy of best execution in relation to all such transactions.
Invesc Pacific Equity Fund Class A USD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.98
1.98
exposure to derivatives N/A
The operational expenses as a percentage of the average NAV for the period. The following expenses are included: management fee, admin fee, trustee fee, custodial fees, bank charges, audit fee, legal fee, listing fee, tax advice & prof fees and registration fees.
borrowings
related-party transactions
turnover ratio (underlying fund)
Invesco Pacific Equity Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
57.17
65.07
Turnover ratio = [(Purchases of securities + sales of securities) / 2(average fund value over 12 month period)] x 100%.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
N/A Nil
investments in collective investment schemes Invesco Pacific Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Invesco Pacific Equity Fund (Class A USD). Market Value (S$) % of NAV 973,378 99.92
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Invesco Pacific Equity Fund Source of the expense ratio, turnover ratio and soft dollar commission: Invesco. (S$)
Subscriptions 212,981 Redemptions (35,617)
soft dollar commission The Manager and any of its Connected Persons may effect transactions by or through the agency of another person with whom the Manager and any of its Connected Persons have an arrangement under which that party will, from time to time, provide to or procure for the Manager and any of its Connected Persons, group services or other benefits such as research and advisory services, computer hardware associated with specialised software or research services and performance methods, portfolio valuation and analysis, market price services etc. The provision of such services can reasonably be expected to benefit the funds as a whole and may contribute to an improvement in the funds’ performance and that of the Manager or any of its Connected Persons in providing services to the funds and for which no direct payment is made but instead the Manager and any of its Connected Persons undertake to place business with that party. It is the policy of the Invesco Group to obtain best execution on all transactions for all customers. For the avoidance of doubt, such goods and services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payments. The Manager and any Connected Person shall not retain the benefit of any cash commission rebate (being cash commission repayment made by a broker or dealer to the Manager and/or any Connected Person) paid or payable for any such broker or dealer in respect of any business placed with such broker or dealer by the Manager or any Connected Persons for the account of and on behalf of the funds or any one of the funds. Any such cash commission rebate received from any such broker or dealer shall be held by the Manager and any Connected Persons for the account of the funds or the relevant fund as appropriate.
214
215
fund performance
JPMorgan Funds - Brazil Equity Fund
JPMorgan Funds - Brazil Equity Fund
2.57%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths (%)
6 mths (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
JPMorgan Funds - Brazil -6.18 2.57 13.62 -8.45 -6.53 N/A -8.78 Equity Fund MSCI Brazil 10/40 Total -7.73 -2.74 17.66 -4.06 -1.99 N/A -4.34 Return Net SGD Source: J.P. Morgan Asset Management ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 JPMorgan Asset Management (Europe) S.à.r.l. Singapore Dollars Daily 1.50%
investment objectives To provide long term capital growth by investing primarily in a concentrated portfolio of Brazilian companies. Our investment process in Brazil has been designed to exploit the opportunities that exist in inefficient and volatile emerging markets. We add value primarily through fundamental stock selection based on local knowledge and frequent company contact. Our Brazilian equity process seeks to achieve superior returns by combining ideas from our well-resourced and experienced team in an appropriate way according to each client’s or fund’s risk profile and performance requirements. The fund is managed from a primarily bottomup perspective using the ideas generated by both the portfolio manager and our team of emerging markets investment professionals. The key differentiating characteristic of the fund include its flexible portfolio construction, long-term approach, growth bias and the concentrated nature of the portfolio (holding 25-50 stocks).
217
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
14,570 units in JPMorgan Funds - Brazil Equity Fund Other Liabilities
Market Value (S$)
% of NAV
110,587
100.15
(161)
Net assets attributable to unitholders
-0.15
110,426
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds - Brazil Equity Fund Class A (acc) SGD
1.80
1.80
The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends and other distributions paid to shareholders. The expense ratio of JPMorgan Funds - Brazil Equity Fund Class A (acc) SGD for the financial period ended 30 June 2017 is not available.
Description
as at 30 June 2017 1 Petrobras 21,257,141 9.16 2 Itau Unibanco 19,214,970 8.28 3 AmBev 14,411,228 6.21 4 Banco Bradesco 12,020,960 5.18 5 BM&F Bovespa 11,974,547 5.16 6 Lojas Renner 10,512,538 4.53 7 BB Seguridade Participacoes 10,257,267 4.42 8 Fleury 9,700,311 4.18 9 Kroton Educacional 9,375,420 4.04 10 Ultrapar Participacoes S.A. 9,259,388 3.99 as at 30 June 2016 1 AmBev 16,323,282 7.94 2 Banco Bradesco 16,209,645 7.88 3 BM&F Bovespa 16,012,834 7.78 4 Itau Unibanco 13,827,094 6.72 5 Lojas Renner 9,992,188 4.86 6 Itausa 9,923,629 4.82 7 BB Seguridade Participacoes 8,850,540 4.30 8 Raia Drogasil 8,704,133 4.23 9 Suzano Bahia Sul Papel e Celulose 7,818,837 3.80 10 Cielo 7,244,578 3.52
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds - Brazil Equity Fund
78.53
Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds - Brazil Equity Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
JPMorgan Funds - Brazil Equity Fund (S$)
Subscriptions 40,468 Redemptions (23,891)
Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - Brazil Equity Fund. All figures have been rounded to the nearest dollar.
218
45.37
219
schedule of investments soft dollar commission The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the Fund, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes JPMorgan Funds - Brazil Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Brzail Equity Fund (Class A (acc) SGD). Market Value (S$) 110,587
% of NAV 100.15
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management.
220
JPMorgan Funds - Greater China Fund
fund performance
schedule of investments
JPMorgan Funds - Greater China Fund
3.54%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
JPMorgan Funds - Greater -9.73 3.54 -1.37 -0.26 7.07 N/A 7.57 China Fund MSCI Golden Dragon Net -6.29 5.83 5.40 1.67 6.54 N/A 5.75 Index Source: J.P. Morgan Asset Management ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in USD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 JF Asset Management US Dollars Daily 1.50%
investment objectives To provide long-term capital growth by investing primarily in companies from the People’s Republic of China, Hong Kong and Taiwan (“Greater China”).
222
38,983 units in JPMorgan Funds - Greater China Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
1,716,209
98.16
32,240
1.84
1,748,449
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Tencent Holdings Ltd. 41,277,393 9.21 2 Taiwan Semiconductor Manufacturing Co. Ltd. 38,781,128 8.65 3 Alibaba Group Holding Ltd. 30,980,653 6.91 4 AIA Group Limited 20,936,545 4.67 5 China Construction Bank Corporation 20,612,600 4.60 6 Ping An Insurance (Group) Company of China, Ltd. 18,011,682 4.02 7 CNOOC Limited 13,793,782 3.08 8 China Merchants Bank Co., Ltd. 11,698,492 2.61 9 Hong Kong Exchanges & Clearing Ltd. 11,283,834 2.52 10 LARGAN Precision Co., Ltd. 10,485,508 2.34 as at 30 June 2016 1 Tencent Holdings Ltd. 59,373,209 9.90 2 Taiwan Semiconductor Manufacturing Co., Ltd. 46,989,529 7.84 3 AIA Group Limited 33,364,359 5.57 4 Alibaba Group Holding Ltd. 30,388,923 5.07 5 China Construction Bank Corporation 18,083,427 3.02 6 CNOOC Limited 16,842,366 2.81 7 AAC Technologies Holdings Inc. 16,472,883 2.75 8 China Merchants Bank Co., Ltd. 15,663,936 2.61 9 Ping An Insurance (Group) Company of China, Ltd. 15,417,002 2.57 10 Hong Kong Exchanges & Clearing Ltd. 15,307,832 2.55 Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - Greater China Fund. All figures have been rounded to the nearest dollar.
223
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds - Greater China Fund Class A (acc) USD
1.78
1.76
The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends and other distributions paid to shareholders. The turnover ratio of JPMorgan Funds - Greater China Fund Class A (acc) USD for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
exposure to derivatives N/A
borrowings N/A
related-party transactions
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds - Brazil Equity Fund
The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the Fund, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations.
56.89
77.65
Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds - Brazil Equity Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to June 2017
Nil
investments in collective investment schemes JPMorgan Funds - Greater China Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Greater China Fund (Class A (acc) USD). Market Value (S$) 1,716,209
% of NAV 98.16
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management. JPMorgan Funds - Greater China Fund (S$)
Subscriptions 515,973 Redemptions (200,446)
224
225
fund performance
JPMorgan Funds - India Fund
JPMorgan Funds - India Fund -9.41% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
JPMorgan Funds - India -13.26 -9.41 -7.00 5.83 6.21 N/A 6.13 Fund MSCI India 10/40 Capped -7.99 -2.22 -1.07 5.02 7.00 N/A 5.27 Net Index Source: J.P. Morgan Asset Management ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in USD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 JF Asset Management US Dollars Daily 1.50%
investment objectives To provide long-term capital growth through a portfolio consisting primarily of securities linked to the Indian economy. These include, but are not restricted to, securities traded on the stock exchanges of India and the rest of the Indian sub-continent including Pakistan, Bangladesh and Sri Lanka.
227
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
31,118 units in JPMorgan Funds - India Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
1,374,674
99.67
4,526
0.33
1,379,200
100.00
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds - India Fund Class A (acc) USD
1.79
1.78
The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends and other distributions paid to shareholders. The turnover ratio of JPMorgan Funds - India Fund Class A (acc) USD for the financial period ended 30 June 2017 is not available.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 HDFC Bank Limited 87,904,805 9.09 2 Housing Development Finance Corporation Limited 87,794,339 9.08 3 Infosys Limited 66,514,412 6.88 4 UltraTech Cement Limited 56,076,804 5.80 5 Maruti Suzuki India Limited 54,445,373 5.63 6 Sun Pharmaceutical Industries Limited 46,395,896 4.80 7 IndusInd Bank Ltd. 46,353,264 4.79 8 Kotak Mahindra Bank Limited 45,764,478 4.73 9 Tata Motors Limited 43,965,636 4.55 10 Ambuja Cements Limited 43,553,223 4.50 as at 30 June 2016 1 Infosys Limited 104,737,002 9.57 2 Housing Development Finance Corporation Limited 98,668,214 9.01 3 HDFC Bank Limited 96,228,518 8.79 4 Tata Consultancy Services Limited 59,894,338 5.47 5 Sun Pharmaceutical Industries Limited 55,163,804 5.04 6 ACC Limited 54,894,678 5.01 7 IndusInd Bank Ltd. 54,079,779 4.94 8 UltraTech Cement Limited 51,814,220 4.73 9 Ambuja Cements Limited 50,426,133 4.61 10 Kotak Mahindra Bank Limited 49,575,751 4.53
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds - India Fund
7.94
Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds - India Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
JPMorgan Funds - India Fund (S$)
Subscriptions 545,815 Redemptions (74,072)
Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - India Fund. All figures have been rounded to the nearest dollar.
228
18.02
229
schedule of investments soft dollar commission The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the Fund, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes JPMorgan Funds - India Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - India Fund (Class A (acc) USD). Market Value (S$) 1,374,674
% of NAV 99.67
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management.
230
JPMorgan Funds - Indonesia Equity Fund
fund performance
schedule of investments
JPMorgan Funds - Indonesia Equity Fund
-0.33%
portfolio statement as at 30 June 2017
for the 6 months period ending 30 June 2017
Description
table of performance
2,471 units in JPMorgan Funds - Indonesia Equity Fund
as at 30 June 2017
JPMorgan Funds Indonesia Equity Fund
3 mths 6 mths (%) (%) -7.31
-0.33
1 yr (%)
3 yrs^ (%)
13.40
3.11
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) N/A
N/A
-1.24
MSCI Indonesia Net -7.75 1.03 16.96 6.16 N/A N/A 1.36 Source: J.P. Morgan Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts 18 September 2013 18 September 2013 JF Asset Management Limited JPMorgan Asset Management (Singapore) Limited US Dollars Daily 1.50%
investment objectives To provide long-term capital growth by investing primarily in a portfolio of Indonesian companies.
fund updates
360,022
100.08 -0.08
359,748
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings Description
as at 30 June 2017 1 PT Bank Central Asia Tbk 4,712,821 9.83 2 PT Astra International Tbk 4,546,824 9.48 3 PT Telekomunikasi Indonesia, Tbk 4,537,695 9.47 4 PT Bank Rakyat Indonesia (Persero) Tbk 3,763,483 7.85 5 PT Bank Mandiri (Persero) Tbk 2,340,667 4.88 6 PT Hanjaya Mandala Sampoerna Tbk 2,293,508 4.78 7 PT United Tractors Tbk 2,247,572 4.69 8 PT Surya Citra Media Tbk 1,925,432 4.02 9 PT Indofood CBP Sukses Makmur Tbk 1,557,498 3.25 10 PT Kalbe Farma Tbk 1,527,859 3.19 as at 30 June 2016 1 Telekomunikasi Indonesia, Tbk 4,989,880 9.37 2 Bank Central Asia Tbk 4,935,808 9.27 3 Bank Rakyat Indonesia (Persero) Tbk 3,806,677 7.15 4 Astra International Tbk 3,290,816 6.18 5 Matahari Department Store Tbk 2,381,976 4.47 6 Gudang Garam Tbk 2,374,440 4.46 7 Unilever Indonesia Tbk 2,368,776 4.45 8 Bank Mandiri (Persero) Tbk 2,087,123 3.92 9 Hanjaya Mandala Sampoerna Tbk 2,074,875 3.90 10 Surya Citra Media Tbk 1,969,136 3.70 Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - Indonesia Equity Fund. All figures have been rounded to the nearest dollar.
With effect from 6 January 2017, JF Asset Management Limited has been appointed as the manager of the fund, and JPMorgan Asset Management (Singapore) Limited has been appointed as the sub-manager. There is no change to the investment objectives and policies and the risk profiles of the fund, and the change will not have any material adverse impact on the interests of the investors.
232
% of NAV
(274)
Net assets attributable to unitholders
No.
Performance is calculated in accordance to the share class of the fund, in USD terms.
Launch Date Commencement Date Manager Sub-manager Currency of Fund Valuation Frequency Annual Management Fee
Other Liabilities
Market Value (S$)
233
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds - Indonesia Equity Fund Class A Acc USD
1.80
1.80
The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends and other distributions paid to shareholders. The turnover ratio of JPMorgan Funds - Indonesia Equity Fund Class A Acc USD for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
exposure to derivatives N/A
borrowings N/A
related-party transactions
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds - Indonesia Equity Fund
The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the Fund, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations.
102.41
77.80
Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds - Indonesia Equity Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Nil
investments in collective investment schemes JPMorgan Funds - Indonesia Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - Indonesia Equity Fund (Class A (acc) USD). Market Value (S$) % of NAV 360,022 100.08
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: J.P.Morgan Asset Management.
JPMorgan Funds - Indonesia Equity Fund (S$)
Subscriptions 61,037 Redemptions (14,101)
234
235
fund performance
JPMorgan Funds - US Equity Fund
JPMorgan Funds - US Equity Fund 9.19% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
JPMorgan Funds - US Equity Fund
5.73
9.19
1 yr (%)
3 yrs^ (%)
6.12
5.57
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) N/A
N/A
7.65
3.65 7.48 11.23 8.18 N/A N/A 9.61 S&P 500 Index #
Source: J.P. Morgan Asset Management; Frank Russell ^ Annual compounded return * Launch Date: 25 October 2013 Commencement Date: 25 October 2013 Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
25 October 2013 25 October 2013 J.P.Morgan Investment Management Inc US Dollars Daily 1.50%
investment objectives To provide long-term capital growth by investing primarily in an actively managed portfolio of medium to large capitalisation US companies.
237
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 Description
Market Value (S$)
% of NAV
1,525 units in JPMorgan Funds - US Equity Fund
272,957
108.49
Other Liabilities
(21,353)
Net assets attributable to unitholders
251,604
100.00
Market Value (US$)
% of NAV
-8.49
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds - US Equity Fund Class A (Acc) USD
1.75
1.80
The following expenses, where applicable, are excluded from the calculation of the expense ratios: brokerage and other transaction costs associated with the purchase and sales of investments; interest expenses; foreign exchange gains and losses, whether realised or unrealised; front end loads, back end loads and other costs arising on the purchase or sale of other funds; tax deducted at source or arising from income received, including withholding tax; and dividends and other distributions paid to shareholders. The turnover ratio of JPMorgan Funds - US Equity Fund Class A (Acc) USD for the financial period ended 30 June 2017 is not available.
Description
as of 30 June 2017 1 Microsoft 9,677,944 3.63 2 Bank of America 7,784,491 2.92 3 Apple Computers 7,005,775 2.63 4 Citigroup 6,288,397 2.36 5 Amgen 5,928,374 2.22 6 Wal-Mart 5,629,688 2.11 7 Gilead Sciences 5,451,011 2.04 8 Express Scripts 5,384,340 2.02 9 Lowe’s Companies 5,341,670 2.00 10 Valero Energy 5,122,990 1.92 as at 30 June 2016 1 Apple Computers 12,627,212 4.47 2 Microsoft 9,779,096 3.46 3 Wells Fargo 7,521,512 2.66 4 Amgen 7,462,177 2.64 5 Gilead Sciences 7,391,539 2.62 6 Lowe’s Companies 6,967,712 2.47 7 Wal-Mart 6,498,677 2.30 8 Northrop Grumman 6,402,610 2.27 9 Visa 6,298,066 2.23 10 Citigroup 5,964,655 2.11
turnover ratio
as at as at 31 December 2016 31 December 2015 (%) (%)
JPMorgan Funds US Equity Fund
85.79
Turnover Ratio = (Total securities’ purchases and sales - Total subscriptions and redemptions of sub-fund shares) / Average net sub-fund assets in sub-fund currency. The turnover ratio of JPMorgan Funds US Equity Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
JPMorgan Funds - US Equity Fund (S$)
Subscriptions 71,888 Redemptions (20,457)
Source: J.P. Morgan Asset Management. Information extracted from the underlying fund - JPMorgan Funds - US Equity Fund. All figures have been rounded to the nearest dollar.
238
50.70
239
schedule of investments soft dollar commission The Investment Managers may enter into commission sharing arrangements only where there is a direct and identifiable benefit to the clients of the Investment Managers, including the Fund, and where the Investment Managers are satisfied that the transactions generating the shared commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the Fund and the Shareholders. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice. Due to their local regulatory rights, certain Investment Managers may make use of soft commission to pay for research or execution services. Other jurisdictions may have other arrangements in place to pay for such services in accordance with local regulatory obligations.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes JPMorgan Funds - US Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered JPMorgan Funds - US Equity Fund (Class A (Acc) USD). Market Value (S$) % of NAV 272,957 108.49
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: J.P. Morgan Asset Management.
240
Jupiter Merlin Real Return Portfolio (SGD)
fund performance
schedule of investments
Jupiter Merlin Real Return Portfolio (SGD)
5.74%
portfolio statement as at 30 June 2017
for the 6 months period ending 30 June 2017
Description
table of performance
10,269 units in Jupiter Merlin Real Return Portfolio (SGD)
as at 30 June 2017
Jupiter Merlin Real Return Portfolio (SGD)
3 mths 6 mths (%) (%) 2.53
5.74
1 yr (%)
3 yrs^ (%)
N/A
N/A
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) N/A
N/A
3.58
3M SIBOR 0.24 0.49 N/A N/A N/A N/A 0.70 Source: Jupiter Merlin ^ Annual compounded return * Launch Date: 26 September 2016 Commencement Date: 26 September 2016 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
26 September 2016 26 September 2016 Jupiter Asset Management Limited Singapore Dollars Daily 1.50%
investment objectives The investment objective of the Jupiter Merlin Real Return Portfolio is to achieve long term real returns over a 3 year rolling period.
242
Other Liabilities Net assets attributable to unitholders
Market Value (S$)
% of NAV
124,763
100.35
(431)
-0.35
124,332
100.00
Market Value (EUR)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Old Mutual UK Specialist Equity 28,600,075 2 Polar Capital UK Absolute Equity 25,482,600 3 Jupiter Absolute Return 24,742,574 4 Fundsmith Equity 12,517,637 5 Findlay Park American 11,977,796 6 Jupiter Global Equities 11,286,921 7 Prusik Asian Equity Income 10,910,475 8 Artemis Strategic Assets 6,057,929 9 Jupiter Dynamic Bond 4,488,000 10 ETF Securities - Physical Gold ETF 4,295,740 as at 30 June 2016 1 CF Odey Absolute Return 18,280,920 2 Fundsmith Equity 16,881,630 3 JGF - Jupiter Dynamic Bond 16,740,000 4 Old Mutual Global Equity Absolute Return 16,714,500 5 Jupiter Absolute Return 15,767,607 6 Findlay Park American 11,201,382 7 F&C Real Estate Securities 10,907,700 8 Old Mutual UK Specialist Equity 10,000,000 9 Prusik Asian Equity Income 8,945,586 10 ETF Securities - Physical Gold ETF 8,893,491 Source: Jupiter Merlin. Information extracted from the underlying fund - Jupiter Merlin Real Return Portfolio (SGD). All figures have been rounded to the nearest dollar.
243
19.50 17.37 16.87 8.53 8.17 7.70 7.44 4.13 3.06 2.93 10.81 9.98 9.90 9.88 9.32 6.62 6.45 5.91 5.29 5.26
schedule of investments
schedule of investments exposure to derivatives
annualised expense ratio (underlying fund)
as at 30 June 2017 (%)
as at 30 June 2016 (%)
2.49
2.51
Jupiter Merlin Real Return Portfolio (SGD)
The expense ratio does not include (where applicable) brokerage and other transactions 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.
turnover ratio (underlying fund)
as at 30 June 2017 (%)
as at 30 June 2016 (%)
63.00
68.00
Jupiter Merlin Real Return Portfolio (SGD)
The 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 purchase or sales of the underlying investments divided by the average daily net asset value.
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Jupiter Merlin Real Return Portfolio (SGD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Jupiter Merlin Real Return Portfolio. Market Value (S$) % of NAV 124,763 100.35
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Jupiter Merlin.
amount of redemptions and subscriptions for the financial year 1 January 2017 to 30 June 2017 Jupiter Merlin Real Return Portfolio (SGD) (S$)
Subscriptions 65,006 Redemptions (10,241)
soft dollar commission The Investment Manager may enter into soft commissions arrangements, commonly referred as Commission Sharing Arrangements in the UK, with brokers under which certain business services are obtained and are paid for by the brokers out of the commissions as permitted under the FCA Rules they receive from transactions of the Company. Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company may be directed by the Investment Manager to broker-dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such broker-dealers. The soft commission arrangements are subject to the following conditions: (i) the Investment Manager will act at all times in the best interest of the Company and the Management Company when entering into soft commission arrangements; (ii) the research services provided will be in direct relationship to the activities of the Investment Manager; (iii) brokerage commissions on portfolio transactions for the Company will be directed by the Investment Manager to broker-dealers that are entities and not to individuals; and (iv) the Investment Manager will provide reports to the Management Company with respect to soft commission arrangements including the nature of the services it receives. As a MiFID Investment Firm in accordance with the Markets in Financial Instruments Directive 2004/39/EC, the Investment Manager may have similar or additional obligations under UK requirements.
244
245
fund performance
Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund
Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund
0.30%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Legg Mason Funds - Legg 0.13 0.30 0.54 0.52 0.60 N/A 0.60 Mason Western Asset Singapore Dollar Fund MAS Government Bill Yield 3 0.24 0.45 0.84 0.77 0.57 N/A 0.55 Month# Source: Legg Mason Asset Management Singapore Private Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # The benchmark is changed from the 1-month Singapore Inter-Bank Bid Rate Average to the Monetary Authority of Singapore Benchmark Govt Bill Yield 3 Month with effect from 3 October 2016 because the benchmark data of the 1-month Singapore Inter-Bank Bid Rate Average is no longer published from 30 September 2015. Benchmark performance shown is based on the Monetary Authority of Singapore Benchmark Govt Bill Yield 3 Month and performance prior to 3 October 2016 is for reference only. Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
247
at a glance
schedule of investments
fund facts
portfolio statement
Launch Date Commencement Date Manager Sub-Manager Currency of Fund Valuation Frequency Annual Management Fee
as at 30 June 2017 (unaudited)
16 January 2012 16 January 2012 Legg Mason Asset Management Singapore Pte. Limited Western Asset Management Company Pte. Ltd Singapore Dollars Daily 0.25% (Class B)
investment objectives To invest as a money market fund, in Singapore Dollar denominated money market instruments and debt securities to achieve a return above short term cash deposit whilst managing liquidity and risk to preserve capital.
fund updates Pursuant to an internal reorganisation, Western Asset Management Company Pte. Ltd. (WAMC) will retire as manager of the Funds in favour of Legg Mason Asset Management Singapore Pte. Limited (LMAMS). With the appointment of WAMC as the sub-manager, the portfolio of Legg Mason Western Asset Singapore Dollar Fund will continue to be managed by the same investment team utilising the same investment processes.
Description
Market Value (S$)
% of NAV
6,832,394
100.01
5,469,408 units in Legg Mason Funds Legg Mason Western Asset Singapore Dollar Fund Other Liabilities
(551)
Net assets attributable to unitholders
-0.01
6,831,843
100.00
Market Value (S$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by asset class as at 30 June 2017 Asset Class
Money Market Instruments Cash
29,689,563 169,779
Total 29,859,343
99.45 0.55 100.00
Source: Legg Mason Asset Management (Singapore) Private Limited. All figures have been rounded to the nearest dollar.
portfolio statement - by credit rating as at 30 June 2017 Credit Rating
Market Value (S$)
AAA A A2 A3 NR Cash
22,185,761 1,249,969 2,000,995 751,086 3,501,753 169,779
Total 29,859,343 Source: Legg Mason Asset Management (Singapore) Private Limited. All figures have been rounded to the nearest dollar.
248
249
% of NAV
74.31 4.19 6.70 2.52 11.73 0.55 100.00
schedule of investments
schedule of investments
portfolio statement - by investment maturity
annualised expense ratio (underlying fund)
as at 30 June 2017 Investment Maturity
Market Value (S$)
30 days or less 31-60 days 91-180 days 185-365 days Cash
21,745,620 5,693,991 1,250,630 999,322 169,779
Total 29,859,343
% of NAV
72.84 19.07 4.19 3.35 0.55 100.00
portfolio statement - by top 10 holdings Market Value (S$)
% of NAV
as at 30 June 2017 1 MAS Bills Ser 28 21/07/2017 8,795,411 29.47 2 MAS Bills Ser 84 11/08/2017 5,693,991 19.07 3 MAS Bills Ser 28 28/07/2017 3,697,324 12.38 4 MAS Bills Ser 28 07/07/2017 3,499,490 11.72 5 Capitaland Treasury Ltd Ser EMTN (Br) 3.5% 17/07/2017 2,502,431 8.38 6 Bank of communication HK Ser EMTN 2.1% 24/07/2017 2,000,995 6.70 7 Bank of East Asia Sing Ser MTN (Br) (Reg S) 2% 10/07/2017 1,249,969 4.19 8 Housing & Development BRD (Reg S) (Br) Ser MTN 1.368% 29/05/2018 999,322 3.35 9 Cagamas Global Plc Ser EMTN 2.37% 27/11/2017 751,086 2.52 10 SMRT Capital Pte Ltd Ser MTN (Reg S) (Br) 1.388% 16/10/2017 499,545 1.67 as at 30 June 2016 1 MAS Bills Ser 84 02/09/2016 6,992,493 23.75 2 MAS Bills Ser 84 08/07/2016 2,499,698 8.49 3 Export -Import Bank Korea Ser EMTN (Reg S) (Br) 1.75% 15/06/2018 2,500,000 8.48 4 MAS Bills Ser 168 02/08/2016 2,497,809 8.48 5 MAS Bills Ser 84 23/09/2016 2,396,472 8.14 6 ICICI Bank UK Plc Ser EMTN 1.6% 05/08/2016 2,000,000 6.79 7 Sumitomo Mitsui BKG/SG Ser FXCD (Reg S) 1.9% 27/02/2017 1,800,000 6.12 8 Malayan Banking Ser EMTN (Reg) 1.32% 11/07/2016 1,500,000 5.10 9 MAS Bills Ser 84 22/07/2016 1,199,550 4.08 10 Kookmin Bank Ser GMTN (Reg S) (Br) 1.94% 16/09/2016 1,000,000 3.40
Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund
0.44
0.32
as at 30 June 2017 (%)
as at 30 June 2016 (%)
371.25
304.10
The portfolio turnover ratio is calculated in accordance with the forumla stated in the Code on Collective Investment Schemes.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund (S$)
Subscriptions 900,257 Redemptions (476,971)
soft dollar commission The Manager currently does not receive but shall be entitled to receive or enter into, soft dollar commissions or arrangements in respect of the underlying fund.
Source: Legg Mason Asset Management (Singapore) Private Limited. Information extracted from the underlying fund - Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund. All figures have been rounded to the nearest dollar.
250
as at 30 June 2016 (%)
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.
Description
Legg Mason Funds - Legg Mason Western Asset Singapore Dollar Fund Class B
as at 30 June 2017 (%)
turnover ratio (underlying fund)
Source: Legg Mason Asset Management (Singapore) Private Limited. All figures have been rounded to the nearest dollar.
No.
251
schedule of investments
Legg Mason Southeast Asia Special Situations Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Legg Mason Western Asset Singapore Dollar Fund an ILP sub-fund, feeds 100% into the underlying Singapore registered Legg Mason Western Asset Singapore Dollar Fund. Market Value (S$) 6,832,394
% of NAV 100.01
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management (Singapore) Private Limited.
252
fund performance
at a glance
Legg Mason Southeast Asia Special Situations Fund
4.31%
fund facts
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Legg Mason Southeast Asia Special Situations Fund
3 mths 6 mths (%) (%) 2.52
4.31
1 yr (%)
3 yrs^ (%)
7.38
-8.40
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 0.32
N/A
0.91
MSCI Southeast Asia# 4.07 10.23 13.46 2.45 4.52 N/A 4.74 Source: Legg Mason Asset Management Singapore Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Due to MSCI’s re-branding effort, the benchmark for the fund will be re-named from MSCI South East Asia Index to MSCI AC ASEAN Index. This is not a change in the benchmark, but merely a renaming exercise. The effective date is 1 August 2017. Performance is calculated in accordance to the share class of the fund, in SGD terms.
Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Legg Mason Asset Management Singapore Pte. Limited Havenport Asset Management Pte. Ltd. Singapore Dollars Daily 1.50%
investment objectives To achieve medium to long-term capital appreciation by investing at least 70% of the fund in securities issued by companies that are incorporated, domiciled or listed, or have a significant economic interest, in South and South-East Asia countries.
fund updates With effect from 1 August 2017, the Fund has been renamed Legg Mason Martin Currie Southeast Asia Trust with the retirement of Havenport Asset Management Pte. Ltd. as the sub-manager in favour of Martin Currie Investment Management Limited. There was a clarification to the investment focus of the Fund by removing the term “special situations” from the investment policy.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
254
255
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 Description
320,961 units in Legg Mason Southeast Asia Special Situations Fund Other Liabilities
Market Value (S$)
% of NAV
574,199
100.07
(393)
Net assets attributable to unitholders
573,806
-0.07 100.00
All figures have been rounded up to the nearest dollar.
Legg Mason Southeast Asia Special Situations Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.74
1.66
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (S$)
% of NAV
as at 30 June 2017 1 Singapore O&G Ltd 7,571,913 4.75 2 Astra International Inc 7,527,195 4.72 3 DBS Group Holdings Ltd 6,887,754 4.32 4 MM2 Asia Ltd 5,793,984 3.64 5 City Development Ltd 5,112,845 3.21 6 Cardig Aero Services 4,983,269 3.13 7 Kasikornbank Pcl 4,698,556 2.95 8 Cityneon Holdings Ltd 4,535,993 2.85 9 Bank Central Asia 4,392,134 2.76 10 Ezion Holdings Ltd 4,266,350 2.68 as at 30 June 2016 1 Ezion Holdings Ltd 7,261,873 4.22 2 Jolibee Foods Corp 6,941,163 4.04 3 MY EG Services 6,524,479 3.79 4 Universal Robina Corporation 6,365,938 3.70 5 Cardig Aero Services 6,345,442 3.69 6 Phoenix Petroleum Philippine 5,694,437 3.32 7 Telekomunikasi Indonesia TBK PT 5,650,412 3.29 8 Astra International Inc 5,145,101 3.00 9 Bank Rakyat Indonesia 5,107,992 2.98 10 Singapore O&G Ltd 4,871,851 2.84
Legg Mason Southeast Asia Special Situations Fund
as at 30 June 2016 (%)
107.51
55.99
The portfolio turnover ratio is calculated in accordance with the forumla stated in the Code on Collective Investment Schemes.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Legg Mason Southeast Asia Special Situations Fund (S$)
Subscriptions 107,146 Redemptions (21,748)
soft dollar commission The Managers currently do receive but shall be entitled to receive and enter into soft dollar commissions/ arrangements in respect of the underlying fund. The Sub-Manager currently receives and enters into softdollar commission/arrangements in respect of the underlying fund.
Source: Legg Mason Asset Management Singapore Limited. Information extracted from the underlying fund - Legg Mason Southeast Asia Special Situations Fund. All figures have been rounded to the nearest dollar.
256
as at 30 June 2017 (%)
257
schedule of investments
Legg Mason Western Asset Asian Opportunities Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Legg Mason Southeast Asia Special Situations Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Legg Mason Southeast Asia Special Situations Fund. Market Value (S$) % of NAV 574,199 100.07
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management Singapore Limited.
258
fund performance
schedule of investments
Legg Mason Western Asset Asian Opportunities Fund
6.90%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Legg Mason Western Asset 2.07 6.90 0.66 0.76 1.44 N/A 1.64 Asian Opportunities Fund Markit iBoxx Asian Local 1.02 2.05 0.12 1.87 2.19 N/A 0.44 Bond Index#
Source: Legg Mason Asset Management Singapore Private Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Effective 01 May 2016, the performance benchmark of the Legg Mason Western Asset Asian Opportunities Fund changed from HSBC Asian Local Bond Overall Index to Market iBoxx Asian Local Bond Index. Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Legg Mason Investments (Europe) Limited Singapore Dollars Daily 1.10%
investment objectives To maximise total return through income and capital appreciation by investing at least 70% of its Total Asset Value in debt securities issued by Asian issuers and in derivatives on Asian interest rates and currencies. The fund seeks to achieve its investment objective by investing primarily in debt securities of issuers located in a number of different Asian and Emerging Asia/Pacific countries.
260
Market Value (S$)
123,931 units in Legg Mason Western Asset Asian Opportunities Fund Other Liabilities
170,776 (4)
Net assets attributable to unitholders
% of NAV
100.00 0.00
170,772
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Republic of Philippines 6.25% 1/14/2036 28,875,425 5.18 2 India Government 8.15% 6/11/2022 24,471,644 4.39 3 Malaysian Government 4.23% 6/30/2031 22,687,834 4.07 4 India Government 7.28% 6/3/2019 18,897,237 3.39 5 Thailand Government 3.85% 12/12/2025 17,001,939 3.05 6 India Government 8.24% 2/15/2027 16,834,707 3.02 7 Singapore Government 2.75% 03/01/2046 15,552,594 2.79 8 Malaysian Government 3.96% 9/15/2025 15,496,850 2.78 9 PT Pelabuhan Indo II 5.375% 05/05/2045 15,329,617 2.75 10 India Government 8.15% 11/24/2026 15,218,129 2.73 as at 30 June 2016 1 Korean Won IRS 1.44 02/16/2018 55,331,553 13.26 2 Republic of Philippines 6.25 1/14/2036 29,543,544 7.08 3 India Government 7.28 6/03/2019 25,662,824 6.15 4 Malaysian Government 3.48 3/15/2023 24,452,708 5.86 5 India Government 8.15 6/11/2022 21,949,017 5.26 6 Thailand Government 3.85 12/12/2025 17,317,191 4.15 7 Singapore Government 2.75 3/01/2046 16,107,074 3.86 8 China Government Bond 3.60 05/21/2030 14,229,306 3.41 9 Legg Mason Western Asset China Bond Fund 11,975,985 2.87 10 Indonesia Government Bond 9.50 07/15/2031 10,807,596 2.59 Source: Legg Mason Asset Management (Singapore) Private Limited. Information extracted from the underlying fund - Legg Mason Western Asset Asian Opportunities Fund. All figures have been rounded to the nearest dollar.
261
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
Legg Mason Western Asset Asian Opportunities Fund – Class A SGD Accumulating (Hedged)
exposure to derivatives
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.37
1.38
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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.
turnover ratio (underlying fund)
Legg Mason Western Asset Asian Opportunities Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
30.62
26.41
The turnover ratios are calculated using the lesser of purchases or sales of underlying investments of a scheme expressed as a percentage of daily average NAV.
amount of redemptions and subscriptions for the period
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Legg Mason Western Asset Asian Opportunities Fund, an ILP sub-fund, feeds 100% into the underlying Dublin registered Legg Mason Western Asset Asian Opportunities Fund – Class A SGD Accumulating (Hedged). Market Value (S$) % of NAV 170,776 100.00
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management (Singapore) Private Limited.
1 January 2017 to 30 June 2017
Legg Mason Western Asset Asian Opportunities Fund (S$)
Subscriptions 47,070 Redemptions (24,358)
soft dollar commission The Investment Manager and the Sub-Investment Managers may direct transactions to brokers in return for research services (such as written research reports on companies, sectors, or economies or the subscription of on-line data bases that provide real time and historical pricing information) furnished by them to the SubInvestment Managers. In such circumstances, the Sub-Investment Managers will enter into soft commission agreements or similar arrangements with such brokers.
262
263
fund performance
Legg Mason Western Asset Global Bond Trust
Legg Mason Western Asset Global Bond Trust
2.08%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Legg Mason Western Asset 1.87 2.08 -2.74 2.72 2.80 N/A 3.07 Global Bond Trust Citigroup World Government 0.84 -1.97 3.77 3.66 N/A 3.76 Bond Index ex Japan hedged 0.81 to S$ Source: Legg Mason Asset Management Singapore Private Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Western Asset Management Company Private Limited Singapore Dollars Daily 0.75%
investment objectives To maximise total returns in Singapore Dollar terms over the longer term by investing in a portfolio of high quality debt securities of Singapore and major global bond markets such as the G10 countries and Australia and New Zealand. The fund aims to outperform the Citigroup World Government Bond Index ex Japan (hedged to Singapore Dollar).
265
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
1,938,260 units in Legg Mason Western Asset Global Bond Trust Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
2,752,329
98.07
54,106
1.93
2,806,435
100.00
All figures have been rounded up to the nearest dollar.
Legg Mason Western Asset Global Bond Trust
as at 30 June 2017 (%)
as at 30 June 2016 (%)
0.88
0.83
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 US Treasury Bond 1.5% 31/12/2018 34,223,091 9.32 2 Buoni Poliennali Del Tes 1.45% 15/09/2022 20,899,202 5.69 3 France (Govt of) (Reg S) 0.25% 25/11/2016 20,356,254 5.54 4 US Treasury Bond 4.5% 15/08/2039 19,359,579 5.27 5 US Treasury Bond 2.125% 29/02/2024 15,602,965 4.25 6 Japan (Govt of) CPI Linked Ser 16 1.4% 10/06/2018 15,558,029 4.23 7 US Treasury Bond 2.875% 15/05/2043 13,685,584 3.72 8 Buoni Poliennali Del Tes 2% 01/12/2025 13,314,441 3.62 9 UK treasury 4.25% 07/12/2040 12,424,498 3.38 10 Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/2042 10,888,463 2.96 as at 30 June 2016 1 US Treasury Note 1.5% 31/12/2018 34,069,882 9.00 2 US Treasury Note 1.00% 15/09/2017 27,847,441 7.36 3 US Treasury Bond 4.5% 15/08/2039 21,106,645 5.58 4 Buoni Poliennali Del Tes 1.45% 15/09/2022 20,606,155 5.44 5 TSY INFL IX N/B 0.250% 15/01/2025 19,827,719 5.24 6 Poland Governement Bond Ser 726 2.5% 25/07/2026 19,709,694 5.21 7 Mex Bonds Desarr Fix RT Ser M 7.75% 13/11/2042 17,850,077 4.72 8 Japan (Govt of) CPI Linked Ser 16 1.4% 10/06/2018 16,805,640 4.44 9 US Treasury Bond 2.875% 15/05/2043 14,887,546 3.93 10 Bundesrepub Deutschland (Br) 2.5% 15/08/2046 14,585,327 3.85
Legg Mason Western Asset Global Bond Trust
as at 30 June 2016 (%)
40.75
66.41
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Legg Mason Western Asset Global Bond Trust (S$)
Subscriptions 660,870 Redemptions (129,874)
soft dollar commission The Managers currently do not but shall be entitled to receive or enter into soft-dollar commissions/ arrangements in respect of the underlying fund.
Source: Legg Mason Asset Management Singapore Private Limited. Information extracted from the underlying fund - Legg Mason Western Asset Global Bond Trust. All figures have been rounded to the nearest dollar.
266
as at 30 June 2017 (%)
267
schedule of investments
Natixis Loomis Sayles Multisector Income Fund (SGD Hedged)
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Legg Mason Western Asset Global Bond Trust, an ILP sub-fund, feeds 100% into the underlying Singapore registered Legg Mason Western Asset Global Bond Trust (SGD). Market Value (S$) % of NAV 2,752,329 98.07
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Legg Mason Asset Management Singapore Private Limited.
268
fund performance
at a glance
Natixis Loomis Sayles Multisector Income Fund (SGD Hedged)
5.41%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Natixis Loomis Sayles 2.29 5.41 7.10 N/A N/A N/A 7.10 Multisector Income Fund (SGD Hedged) Bloomberg Barclays US Government / Credit Index 1.69 2.66 -0.41 N/A N/A N/A 0.69 TR USD Source: Natixis Global Asset Management, S.A. ^ Annual compounded return * Launch Date: 20 June 2016 Commencement Date: 20 June 2016 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
270
fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
20 June 2016 20 June 2016 Loomis, Sayles & Company, L.P. Singapore Dollars Daily Up to 1.25%
investment objectives The investment objective of Natixis International Funds (Dublin) I – Loomis Sayles Multisector Income Fund is high total investment return through a combination of current income and capital appreciation. The Fund invests at least 80% of its total assets in bonds and other related fixed income securities. Bonds and other related fixed income securities in which the Fund may invest include corporate fixed income securities, fixed income securities issued or guaranteed by the U.S. Government or its authorities or instrumentalities or fixed income securities issued by supranational entities (e.g. the World Bank), as well as commercial paper, zero coupon securities, asset-backed securities, mortgage-backed securities (including collateralised mortgage obligations), when-issued securities, Regulation S Securities, Rule 144A securities, structured notes and convertible securities in accordance with the UCITS Regulations. The Fund may invest up to 20% of its total assets in securities other than those described above, such as common stocks, preferred stocks, and closed-ended U.S. real estate investment trusts (“REITS”). The Fund may invest up to 10% of its net assets in units of undertakings for collective investment. The Fund may invest any amount of its assets in securities of U.S. and Canadian issuers which are also listed or traded on the markets set out in Appendix I of the Prospectus and up to 30% of its total assets in securities of other non-U.S. or non-Canadian issuers including issuers in emerging markets. The Fund may invest any amount of its assets in securities issued by supranational issuers. The Fund may invest in securities denominated in any currency including currencies of emerging markets countries. The Fund may invest in securities of any maturity. The Fund may also invest up to 35% of its total assets in securities of below investment grade quality. Securities of below investment grade quality are securities rated less than BBB- (Standard & Poor’s Ratings Services), Baa3 (Moody’s Investors Service, Inc.), an equivalent rating by Fitch Ratings or, if unrated, determined by the Investment Manager to be comparable. The Fund does not impose limits on the amount of its assets invested in cash or money market instruments.
271
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 Description
11,340 units in Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
121,449
99.83
211
0.17
121,660
100.00
All figures have been rounded up to the nearest dollar.
as at 30 June 2016 (%)
1.50
1.50
Natixis Loomis Sayles Multisector Income Fund (SGD Hedged)
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit shareholders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
as at 30 June 2017 (%)
as at 30 June 2017 (%)
as at 30 June 2016 (%)
13.52
2.97
Natixis Loomis Sayles Multisector Income Fund
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 US TREAS NTS 1.25% 03/31/19 75,074,556 2 FNMA D/N 08/28/17 69,888,910 3 US T BILL ZCP 07/13/17 49,989,250 4 NEW ZEALAND G 5% 03/15/19/NZD/ 40,490,269 5 MEX BONOS DESARR FIX RT BONDS 39,906,412 6 US T BILL ZCP 09/21/17 29,935,110 7 NATIONAL AUST 5% 03/11/24/AUD/ 24,325,952 8 US T BILL ZCP 10/05/17 21,577,667 9 CANADIAN G 1.75% 09/01/19/CAD/ 21,275,462 10 US TREAS NTS 1% 08/15/18 20,007,178 as at 30 June 2016 1 INTEL CORP COMMON STOCK USD.00 57,045,924 2 MEX BONOS DESARR FIX RT BONDS 42,115,331 3 NEW ZEALAND GOVERNMENT SR UNSE 40,461,228 4 CANADIAN G 0.25% 05/01/17/CAD/ 29,839,806 5 BRISTOL-MYERS SQUIBB CO 26,378,224 6 NATIONAL AUST 5% 03/11/24/AUD/ 24,543,325 7 US TREAS NTS 0.875% 05/31/18 24,228,601 8 CANADIAN G 1.75% 09/01/19/CAD/ 21,789,796 9 INTEL CORP 2.95% 12/15/35 20,096,121 10 TITAN GLOBAL FINANCE PLC COMPA 18,648,488
6.97 6.49 4.64 3.76 3.71 2.78 2.26 2.00 1.98 1.86
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value.
amount of redemptions and subscriptions for the financial year 1 January 2017 to 30 June 2017
Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) (S$)
Subscriptions 10,978 Redemptions
soft dollar commission 4.62 3.41 3.28 2.42 2.14 1.99 1.96 1.77 1.63 1.51
The Investment Manager or the Delegate Investment Manager may make use of soft commission arrangements to enable it to obtain specialist services the benefits of which must be those which assist in the provision of investment services to the Company, and are beneficial to the management of the Funds and that may include the provision of services which are not available from traditional brokering services. All transactions undertaken on a soft commission basis in respect of the Funds will be subject to the fundamental rule of best execution (except to the extent that under applicable law, the Investment Manager or the Delegate Investment Manager may cause the Funds to pay higher commissions to brokers in recognition of their soft commission services), will also be disclosed in the subsequent relevant semi-annual and annual reports of the Company and will comply with the requirements and notices or other publications of the Central Bank, then in effect.
Source: Natixis Global Asset Management, S.A. & Loomis Sayles Information extracted from the underlying fund - Natixis Loomis Sayles Multisector Income Fund (SGD Hedged). All figures have been rounded to the nearest dollar.
272
273
schedule of investments
Neuberger Berman US Strategic Income Fund (SGD Hedged)
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Natixis Loomis Sayles Multisector Income Fund (SGD Hedged), an ILP sub-fund, feeds 100% into the Hedged-R/A SGD share class of the Underlying France registered Natixis International Funds (Dublin) I Public Limited Company - Loomis Sayles Multisector Income Fund. Market Value (S$) 121,449
% of NAV 99.83
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Natixis Global Asset Management, S.A.& Loomis Sayles.
274
fund performance
schedule of investments
Neuberger Berman US Strategic Income Fund (SGD Hedged)
3.94%
as at 30 June 2017
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Neuberger Berman US 1.72 3.94 4.87 N/A N/A N/A 5.52 Strategic Income Fund (SGD Hedged) Bloomberg Barclays U.S. 1.45 2.27 -0.31 N/A N/A N/A 0.42 Aggregate Bond Index Source: Neuberger Berman ^ Annual compounded return * Launch Date: 20 June 2016 Commencement Date: 20 June 2016 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
portfolio statement
20 June 2016 20 June 2016 Neuberger Berman Singapore Dollars Daily 1.00%
Market Value (S$)
% of NAV
12,727 units in Neuberger Berman US Strategic Income Fund (SGD Hedged) 245,754
100.46
Other Liabilities Net assets attributable to unitholders
-0.46
244,625
100.00
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Federal National Mortgage Association 30 Year TBA 50,054,681 2 Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 38,035,049 3 Treasuury (CPI) Note 33,235,516 4 Treasury Note 32,466,800 5 Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 28,191,642 6 Treasury Bond 25,184,398 7 Treasury (CPI) Note 23,469,130 8 Federal National Mortgage Association 30 Year TBA 23,386,561 9 Neuberger Berman Investment 20,431,584 10 Treasury Note 20,142,254 as at 30 June 2016 1 Neuberger Berman High Yield Bond Fund 87,324,029 2 Federal National Mortgage Association 30 Year TBA 34,146,465 3 Federal Home Loan Mortgage Corporation - Gold 30 Year TBA 32,811,881 4 Federal National Mortgage Association 30 Year TBA 25,835,713 5 EUR/USD Currency Future 18,577,663 6 Treasury Note 15,973,958 7 Federal Home Loan Mortgage Corporation - Gold 15 Year TBA 15,832,566 8 Neuberger Berman Short Duration High Yield 14,743,837 9 NZD/USD Currency Future 14,535,612 10 Treasury (CPI) Note 12,774,395 Source: Neuberger Berman Information extracted from the underlying fund - Neuberger Berman US Strategic Income Fund (SGD Hedged). All figures have been rounded to the nearest dollar.
investment objectives Maximize total return from high current income and long-term capital appreciation by opportunistically investing in a diversified mix of fixed rate and floating rate debt securities under varying market environments.
276
(1,129)
277
5.89 4.47 3.91 3.82 3.32 2.96 2.76 2.75 2.40 2.37 14.88 5.82 5.59 4.40 3.17 2.72 2.70 2.51 2.48 2.18
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.20
1.20
Neuberger Berman US Strategic Income Fund (SGD Hedged)
The expense ratios are calculated in accordance with the guidelines on the disclosure of expense ratios issued by the Investment Management Association of Singapore (IMAS). The following expenses (where applicable) are excluded from the calculation of the expense ratios: (i) brokerage and other transaction costs associated with the purchase and sales of investments; (ii) foreign exchange gains and losses of the relevant Portfolio, whether realised or unrealised; (iii) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; (iv) tax deducted at source or arising on income received, including withholding tax; (v) dividends and other distributions paid to Shareholders; and (vi) interest expense. The Investment Manager agreed to waive its fees on certain Share Classes in order to cap the Portfolios’ total expense ratios. These fee waivers are voluntary and may be discontinued by the Investment Manager at any time without prior notice.
turnover ratio (underlying fund)
as at 30 June 2017 (%)
as at 30 June 2016 (%)
30.48
25.80
Neuberger Berman US Strategic Income Fund
The turnover ratio of the relevant portfolio’s assets during the year is calculated based on the lesser of purchases or sales of underlying investments of the portfolio expressed as a percentage of daily average net assets.
amount of redemptions and subscriptions for the financial year
In selecting brokers to make purchases and sales for the Company for the account of a Portfolio, the Investment Manager will choose those brokers who have agreed to provide best execution to the Company. In this regard, best execution means taking all reasonable steps to obtain the best possible result for the Company, taking into account price, costs, speed, likelihood of execution and settlement, the size and nature of the order and any other considerations relevant to the execution of the order. In managing the assets of each Portfolio, the Investment Manager may receive certain research and statistical and other information and assistance from brokers. The Investment Manager may allocate brokerage business to brokers who have provided such research and assistance to the Company and/or other accounts for which the Investment Manager exercises investment discretion. The benefits provided under any soft commission arrangements must assist in the provision of investment services to the Company. The Investment Manager shall notify the Company of any soft commission arrangements and these arrangements shall be disclosed in the periodic reports, including the annual audited accounts of the Company and in this Prospectus. In circumstances where the Investment Manager or any Sub-Investment Manager recaptures a portion of brokerage fees from a broker in relation to the purchase and/or sale of securities for a Portfolio, such rebate (less any reasonable properly vouched fees and expenses directly incurred by the Investment Manager or the Sub-Investment Manager in arranging such rebate and agreed with the Company) must be paid into that Portfolio. Neuberger Berman Investment Advisers LLC currently engages in soft commission arrangements on behalf of the Portfolios managed by it. Appropriate disclosure will be in the periodic reports.
exposure to derivatives N/A
borrowings N/A
1 January 2016 to 30 June 2017
related-party transactions
Subscriptions 91,084 Redemptions (28,299)
Neuberger Berman US Strategic Income Fund (SGD Hedged), an ILP sub-fund, feeds 100% into Ireland registered Neuberger Berman US Strategic Income Fund.
Nil
Neuberger Berman US Strategic Income Fund (SGD Hedged) (S$) investments in collective investment schemes
Market Value (S$) % of NAV 245,754 100.46
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Neuberger Berman.
278
279
fund performance
Pictet Asian Local Currency Debt Fund
Pictet Asian Local Currency Debt Fund
6.38%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Pictet Asian Local Currency Debt Fund
3 mths (%)
6 mths (%)
1 yr (%)
3 yrs^ (%)
5 yrs^ (%)
1.78
6.38
0.23
0.79
0.77
Since 10 yrs^ Commencement^* (%) (%) N/A
0.94
JPM Jade Broad Asia 1.94 6.97 1.38 1.53 1.97 N/A 2.10 Diversified Composite# Source: Pictet Asset Management Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Effective 2 May 2016, the performance benchmark of the Pictet Asian Local Currency Debt Fund changed from HSBC Asia Local Bond Index to JPM Jade Broad Asia Diversified Composite. Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
281
at a glance
schedule of investments
fund facts
portfolio statement
Launch Date Commencement Date Manager Sub-Manager Currency of Fund Valuation Frequency Annual Management Fee
as at 30 June 2017
16 January 2012 16 January 2012 Pictet Asset Management Limited Pictet Asset Management (Singapore) Pte. Ltd US Dollars Daily 1.20%
investment objectives To seek revenue and capital growth by investing a minimum of two-thirds of its total assets or wealth in a diversified portfolio of bonds and other debt securities linked to Asian local emerging debt.
fund updates With effect from 31 July 2017, the fund manager has decided to update the investment policy and objective of the fund by adding clarification concerning the investment on the China Interbank Bond Market (CIBM). The disclosures will be revised as follows (changes underlined): Investments in China may be performed, inter alia, on the China Interbank Bond Market (“CIBM”) directly, or through the Qualified Foreign Institutional Investor (“QFII”) or RMB Qualified Foreign Institutional Investor (“RQFII”) quota granted to the Manager for up to 49% of the fund’s net assets. Investments in China may also be performed on any acceptable securities trading programs which may be available to the fund in the future as approved by the relevant regulators from time to time. With effect from 31 July 2017, due to an internal re-organisation of the Pictet Group, it has been decided that the fund, which is currently managed by Pictet Asset Management Limited which had appointed Pictet Asset Management S.A. and Pictet Asset Management (Singapore) Pte. Ltd as sub-managers will be managed by Pictet Asset Management Limited as manager and Pictet Asset Management (Singapore) Pte. Ltd as sub-manager. Pictet Asset Management S.A. will cease to be a sub-manager in respect of the fund. Pictet Asset Management (Europe) S.A. as management company in respect of the fund has at all times delegated the discretionary investment power of the fund to Pictet Asset Management Limited, and this delegation arrangement will remain unchanged. This change will not affect the way that the fund is managed and will not cause an increase of the management fee.
Description
Market Value (S$)
% of NAV
1,113 units in Pictet Asian Local Currency Debt Fund
308,341
132.32
Other Liabilities
(75,308)
-32.32
Net assets attributable to unitholders
233,033
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Korea Trsy Bd 5% 10.06.2020 Sr 47,904,995 8.00 2 Singapore Gov’T 3.5% 01.03.2027 Sr 45,212,501 7.55 3 India Govt Bond 8.24% 15.02.2027 Sr 20,313,267 3.39 4 Malaysia Govt 3.492% 31.03.2020 Sr 18,057,268 3.02 5 Philippines(Rep) 6.25% 14.01.2036 Sr 17,091,997 2.86 6 Singapore Gov’T 1.75% 01.04.2022 Sr 15,773,886 2.63 7 Indonesia Gov’T 10.5% 15.07.2038 Sr 15,557,509 2.60 8 Thailand Govt 3.85% 12.12.2025 Sr 14,037,629 2.34 9 Indonesia Gov’T 8.375% 15.03.2034 Sr 13,474,366 2.25 10 Korea Trsy Bd 4% 10.12.2031 Sr 12,727,562 2.13 as at 30 June 2016 1 Korea Trsy Bd 5% 10.06.2020 Sr 49,680,405 6.89 2 Philippines(Rep) 6.25% 14.01.2036 Sr 33,705,245 4.68 3 Thailand Govt 3.25% 16.06.2017 Sr 26,874,902 3.73 4 Indonesia Gov’T 8.375% 15.09.2026 Sr 19,115,541 2.65 5 India Govt Bond 7.83% 11.04.2018 Sr 18,807,955 2.61 6 India Govt Bond 8.24% 15.02.2027 Sr 18,692,056 2.59 7 Malaysia Govt 3.492% 31.03.2020 Sr 17,641,756 2.45 8 Philippines(Rep) 3.9% 26.11.2022 Sr 15,703,425 2.18 9 India Govt Bond 8.35% 14.05.2022 Sr 15,531,364 2.16 10 Indonesia Gov’T 10.5% 15.07.2038 Sr 15,409,213 2.14 Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Asian Local Currency Debt Fund. All figures have been rounded to the nearest dollar.
282
283
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
Pictet Asian Local Currency Debt Fund Class P USD
exposure to derivatives
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.54
1.59
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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.
turnover ratio (underlying fund)
Pictet Asian Local Currency Debt Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
123.31
130.55
The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Pictet Asian Local Currency Debt Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Asian Local Currency Debt Fund (Class P USD). Market Value (S$) 308,341
% of NAV 132.32
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited.
Pictet Asian Local Currency Debt Fund (S$)
Subscriptions 24,070 Redemptions (33,485)
soft dollar commission Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.
284
285
fund performance
Pictet Emerging Europe Fund
Pictet Emerging Europe Fund 3.75% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths (%)
6 mths (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Pictet Emerging Europe -0.18 3.75 25.25 -0.67 0.97 N/A 0.19 Fund** MSCI Emerging Europe -3.88 -3.75 15.89 -2.01 -0.27 N/A -0.78 10-40 Source: Pictet Asset Management Limited. ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 ** The compartment is formerlly called “Pictet - Eastern Europe” and changed to “Pictet – Emerging Europe” effectively on 16 March 2016 in order to emphasise the emerging markets characteristics of the underlying investments and differentiate the compartment’s investment from investment in developed European markets. Performance is calculated in accordance to the currency of the fun, in Euro terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management
2 May 2012 2 May 2012 Pictet Asset Management Limited Euro Daily 1.60%
investment objectives To achieve capital growth by investing at least two-thirds of its total assets in the shares of companies whose main business and/or registered office is in Emerging Europe (including Russia and Turkey).
287
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
230 units in Pictet Emerging Europe Fund Other Liabilities
Market Value (S$)
% of NAV
121,527
100.04
(43)
Net assets attributable to unitholders
121,484
-0.04 100.00
All figures have been rounded up to the nearest dollar.
Pictet Emerging Europe Fund Class P EUR
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.80
2.23
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (EUR)
% of NAV
as at 30 June 2017 1 Sberbank Of Russia Pjsc 7,379,028 8.09 2 Turkiye Garanti Bankasi 4,982,747 5.46 3 Akbank T.A.S. 4,615,732 5.06 4 Dino Polska Sa 4,446,700 4.87 5 Grupa Lotos Sa 3,698,265 4.05 6 Turkiye Halk Bankasi 3,567,518 3.91 7 X 5 Retail Group Nv-Regs Gdr 3,529,558 3.87 8 Tcs Group Holding -Reg S 3,337,188 3.66 9 Aeroflot Pjsc 3,133,755 3.43 10 Globaltra-Spons Gdr Reg S 2,899,958 3.18 as at 30 June 2016 1 Akbank T.A.S. 6,409,650 7.48 2 Sberbank Of Russia Pjsc 5,819,617 6.79 3 Turkiye Garanti Bankasi 5,374,862 6.27 4 Etalon Group-Gdr Reg S 3,168,251 3.70 5 Lsr Group Pjsc-Gdr Regs 3,114,974 3.64 6 Yapi Ve Kredi Bankasi 3,004,077 3.51 7 Banca Transilvania Sa 2,998,833 3.50 8 Otp Bank Plc 2,665,215 3.11 9 Tcs Group Holding -Reg S 2,660,136 3.11 10 Bank Pekao Sa 2,588,070 3.02
Pictet Emerging Europe Fund
as at 30 June 2016 (%)
117.17
220.70
The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Pictet Eastern Europe Fund (S$)
Subscriptions 33,193 Redemptions (6,378)
soft dollar commission
Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.
Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Emerging Europe Fund. All figures have been rounded to the nearest dollar.
288
as at 30 June 2017 (%)
289
schedule of investments
Pictet Global Emerging Debt Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes
Pictet Emerging Europe Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Emerging Europe Fund (Class P EUR). Market Value (S$) 121,527
% of NAV 100.04
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited.
290
fund performance
at a glance
Pictet Global Emerging Debt Fund
4.02%
fund facts
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths (%)
6 mths (%)
1 yr (%)
3 yrs^ (%)
5 yrs^ (%)
Since 10 yrs^ Commencement^* (%) (%)
Pictet Global Emerging 1.31 4.02 2.73 3.74 4.19 N/A 5.15 Debt Fund JP Morgan EMBI Global 2.24 6.19 6.04 5.38 5.72 N/A 6.69 Diversified Composite Source: Pictet Asset Management Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.
Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Pictet Asset Management Limited US Dollars Daily 1.10%
investment objectives To seek revenue and capital growth by investing its portfolio in bonds and money market instruments in emerging countries, within the limits allowed by the investment restrictions.
fund updates The fund manager has decided to update the investment policy and objective of the fund by adding clarification concerning the investment on the China Interbank Bond Market (CIBM). The disclosures will be revised as follows (changes underlined): Investments in China may be performed, inter alia, on the China Interbank Bond Market (“CIBM”) directly, or through the Qualified Foreign Institutional Investor (“QFII”) or RMB Qualified Foreign Institutional Investor (“RQFII”) quota granted to the Manager for up to 30% of the fund’s net assets. Investments in China may also be performed on any acceptable securities trading programs which may be available to the fund in the future as approved by the relevant regulators from time to time.
Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
292
293
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
4,246 units in Pictet Global Emerging Debt Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
2,159,136
99.45
11,833
0.55
2,170,969
100.00
All figures have been rounded up to the nearest dollar.
Pictet Global Emerging Debt Fund Class P USD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.38
1.45
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Natl Power Corp 9.625% 15.05.2028 Sr 116,610,366 1.51 2 Republic Of Peru 5.625% 18.11.2050 Sr 108,924,206 1.41 3 Bolivia Govt 4.5% 20.03.2028 ‘Regs’ Sr 93,935,678 1.21 4 Indonesia (Rep) 5.95% 08.01.2046 ‘Regs’ Sr 91,196,432 1.18 5 Majapahit Hold 7.75% 20.01.2020 ‘Regs’ Sr 89,595,744 1.16 6 Thailand Govt 1.875% 17.06.2022 Sr 82,127,186 1.06 7 Uruguay 5.1% 18.06.2050 Sr 78,038,797 1.01 8 Arab Rep Egypt 8.5% 31.01.2047 ‘Regs’ Sr 72,119,024 0.93 9 Lebanese Rep 5% 12.10.2017 ‘Gmtn’ Sr 70,730,906 0.91 10 Turkey Rep Of 3.25% 23.03.2023 Sr 70,646,345 0.91 as at 30 June 2016 1 Argent- Usd Par 2.5% 31.12.2038 Sr 165,961,425 2.49 2 Indonesia (Rep) 5.95% 08.01.2046 ‘Regs’ Sr 118,330,792 1.78 3 Natl Power Corp 9.625% 15.05.2028 Sr 116,771,734 1.75 4 Lebanese Rep 9% 20.03.2017 ‘Emtn’ Sr 101,639,198 1.53 5 Majapahit Hold 7.75% 20.01.2020 ‘Regs’ Sr 89,956,694 1.35 6 Turkey Rep Of 3.25% 23.03.2023 Sr 81,002,264 1.22 7 Rep Of Poland 3% 17.03.2023 Sr 76,774,075 1.15 8 Republic Of Peru 5.625% 18.11.2050 Sr 76,598,198 1.15 9 Uruguay 5.1% 18.06.2050 Sr 60,878,736 0.91 10 Rep Of Poland 5% 23.03.2022 Sr 56,697,761 0.85
Pictet Global Emerging Debt Fund
as at 30 June 2016 (%)
112.68
94.60
The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Pictet Global Emerging Debt Fund (S$)
Subscriptions 399,411 Redemptions (247,367)
soft dollar commission Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.
Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Global Emerging Debt Fund. All figures have been rounded to the nearest dollar.
294
as at 30 June 2017 (%)
295
schedule of investments
Pictet Health Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Pictet Global Emerging Debt Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Global Emerging Debt Fund (Class P USD). Market Value (S$) 2,159,136
% of NAV 99.45
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited.
296
fund performance
at a glance
Pictet Health Fund 15.16%
fund facts
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Pictet Health Fund
3 mths (%)
6 mths (%)
1 yr (%)
3 yrs^ (%)
5.70
15.16
5.87
3.60
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 12.79
N/A
13.05
MSCI World 4.03 10.66 18.20 5.24 11.38 N/A 11.64
Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Pictet Asset Management S.A., incorporated in Switzerland US Dollars Daily 1.60%
investment objectives To achieve capital growth by investing at least two-thirds of its total assets or wealth in equities or similar securities issued by companies that are active in the field of generic drugs. Geographically, the compartment’s investment universe is not restricted to a particular area.
Source: Pictet Asset Management Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in USD terms.
fund updates
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment.
This change will not affect the way the fund is managed and will not cause an increase in the management fee.
Past performance is not necessarily a guide to future performance.
The fund manager has decided to allow for the possibility for the fund to invest in China A Shares through the Shenzhen-Hong Kong Stock Connect program and/or any similar acceptances securities trading and clearing linked programs or access instruments which may be available to the fund in the future.
The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
Due to an internal re-organization of the Pictet Group, it has been decided that the fund which is currently managed by Pictet Asset Management Limited which had appointed Pictet Asset Management S.A. as sub-manager will, as from the net asset calculated as at 31 July 2017, only be managed by Pictet Asset Management S.A.
This change will take effect for the net asset value calculated as at 8 May 2017.
298
299
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
1,113 units in Pictet Health Fund
308,341
132.32
Other Liabilities
(75,308)
-32.32
Net assets attributable to unitholders
233,033
100.00
All figures have been rounded up to the nearest dollar.
Pictet Health Fund Class P USD
Pictet Health Fund Market Value (US$)
2.02
2.02
as at 30 June 2017 (%)
as at 30 June 2016 (%)
52.77
83.69
% of NAV
as at 30 June 2017 1 Celgene Corp 27,830,536 5.22 2 Unitedhealth Group Inc 27,242,238 5.11 3 Roche Holding Ag-Genusschein 24,566,515 4.61 4 Allergan Plc 22,352,096 4.19 5 Medtronic Plc 20,799,307 3.90 6 Thermo Fisher Scientific Inc 20,781,844 3.90 7 Merck & Co. Inc. 19,400,437 3.64 8 Pfizer Inc 17,449,407 3.27 9 Abbvie Inc 16,742,602 3.14 10 Aetna Inc 15,812,955 2.97 as at 30 June 2016 1 Amgen Inc 23,918,937 4.38 2 Cvs Health Corp 23,068,699 4.23 3 Unitedhealth Group Inc 22,991,636 4.21 4 Medtronic Plc 22,396,508 4.10 5 Pfizer Inc 22,169,164 4.06 6 Roche Holding Ag-Genusschein 21,382,565 3.92 7 Celgene Corp 20,556,129 3.77 8 Bristol-Myers Squibb Co 20,497,755 3.76 9 Thermo Fisher Scientific Inc 20,394,103 3.74 10 Allergan Plc 20,221,910 3.70
The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Pictet Health Fund (S$)
Subscriptions 1,830,828 Redemptions (405,078)
soft dollar commission Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.
Source: Pictet Asset Management Limited. Information extracted from the underlying fund - Pictet Health Fund. All figures have been rounded to the nearest dollar.
300
as at 30 June 2016 (%)
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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.
Description
as at 30 June 2017 (%)
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
301
schedule of investments
Pictet Premium Brands Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Pictet Health Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Health Fund (Class P USD). Market Value (S$) % of NAV 308,341 132.32
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management Limited.
302
fund performance
at a glance
Pictet Premium Brands Fund 11.20%
fund facts
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Pictet Premium Brands Fund
3 mths 6 mths (%) (%) 1.46
11.20
1 yr (%)
3 yrs^ (%)
16.65
4.46
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 8.19
N/A
8.55
MSCI World Hedged in SGD -2.23 2.70 15.89 11.86 14.42 N/A 14.52 Source: Pictet Asset Management S.A. ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Pictet Asset Management S.A., incorporated in Switzerland Singapore Dollars Daily 1.60%
investment objectives To apply a capital growth strategy by investing at least two-thirds of its total assets or wealth in equities issued by companies operating in the premium brands sector, which offer high quality services and products. These companies benefit from strong market recognition because they have the ability to create or channel consumer trends. They may also have a certain capacity to set prices. These companiesare particularly specialised in highend products and services or in financing this type of activity. The compartment’s investment universe will not be limited to any particular region.
fund updates With effect from 31 July 2017, the funds’ investment policy will be amended to allow for the possibility for the funds to invest China A shares through any acceptable securities trading programs which may be available to the funds in the future as approved by the relevant regulators from time to time. Currently, the funds may invest up to 5% of the net assets in China A shares through the Shenzhen-Hong Kong Stock Connect program. The fund manager has decided to remove the limitation of the maximum exposure of up to 5% of the funds’ net assets to China A shares through the program. Currently, Pictet Asset Management (Europe) S.A. has delegated the discretionary investment power to Pictet Asset Management Limited, which has sub-delegated the investment management functions to Pictet Asset Management S.A.. Due to an internal re-organisation of the Pictet Group, it has been decided that the fund which is currently managed by Pictet Asset Management Limited, which had appointed Pictet Asset Management S.A. as sub-manager, will only be managed by Pictet Asset Management S.A. as manager. From 31 July 2017, Pictet Asset Management Limited will cease to be a manager and there will be no sub-manager. Pictet Asset Management (Europe) S.A. will at all times delegate the discretionary investment power of the fund to Pictet Asset Management S.A.. This change will not affect the way that the fund is managed including the management style or operations of the fund, and will not have any impact on the investment objective and policy of the fund and will not cause an increase of the management fee.
304
305
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
34,880 units in Pictet Premium Brands Fund Other Liabilities
Market Value (S$)
% of NAV
8,629,074
100.04
(3,410)
Net assets attributable to unitholders
8,625,664
-0.04 100.00
All figures have been rounded up to the nearest dollar.
Pictet Premium Brands Fund Class HP SGD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
2.02
2.05
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (S$)
% of NAV
Pictet Premium Brands Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
86.91
88.60
as at 30 June 2017 The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size 1 Priceline Group Inc/The 21,300,958 3.96 over the period. 2 Visa Inc-Class A Shares 21,229,848 3.95 3 Las Vegas Sands Corp 20,808,593 3.87 amount of redemptions and subscriptions for the period 4 Marriott International -Cl A 20,657,036 3.84 1 January 2017 to 30 June 2017 5 Lvmh Moet Hennessy Louis Vui 19,998,938 3.72 6 Walt Disney Co/The 19,554,637 3.64 Pictet Premium Brands Fund (S$) 7 Diageo Plc 17,581,539 3.27 8 Apple Inc 17,552,041 3.26 Subscriptions 1,685,190 9 Essilor International 16,428,798 3.05 Redemptions (594,805) 10 Christian Dior Se 16,413,068 3.05 as at 30 June 2016 soft dollar commission 1 Nike Inc -Cl B 40,893,253 8.44 Pictet Asset Management ended our soft commission programme in December 2005 and introduced 2 Diageo Plc 39,725,319 8.20 the use of commission sharing agreements. Our policy in relation to commission sharing agreements is 3 Lvmh Moet Hennessy Louis Vui 33,701,715 6.96 as follows: we use clients’ commissions to secure certain research from brokers. However, some of the 4 Essilor International 28,481,546 5.88 research services we require for the management of our clients’ funds come from sources independent 5 Vf Corp 20,488,430 4.23 of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our 6 Estee Lauder Companies-Cl A 19,343,533 3.99 clients, where permitted by relevant regulatory authorities. 7 L’Oreal 18,006,417 3.72 8 Under Armour Inc-Class A 17,105,437 3.53 9 Williams-Sonoma Inc 15,792,580 3.26 10 Remy Cointreau 15,705,293 3.24 Source: Pictet Asset Management S.A.. Information extracted from the underlying fund - Pictet Premium Brands Fund. All figures have been rounded to the nearest dollar.
306
307
schedule of investments
Pictet Security Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Pictet Premium Brands Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Premium Brands Fund (Class HP SGD). Market Value (S$) 8,629,074
% of NAV 100.04
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management S.A..
308
fund performance
at a glance
Pictet Security Fund 14.10%
fund facts
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Pictet Security Fund
3 mths 6 mths (%) (%) 5.54
14.10
1 yr (%)
3 yrs^ (%)
11.70
7.48
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 11.70
N/A
11.53
MSCI World 4.03 10.66 18.20 5.24 11.38 N/A 11.13 Source: Pictet Asset Management S.A. ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Pictet Asset Management S.A., incorporated in Switzerland US Dollars Daily 1.60%
investment objectives To apply a capital growth strategy by investing primarily in shares or similar securities issued by companies that contribute to providing integrity, health, and freedom, whether it be individual, corporate or political. The compartment will invest at least two-thirds of its total assets or wealth in equities issued by companies operating in this sector. The targeted companies will be active, mainly, but not exclusively, in the following areas: internet security; software, telecommunications and computer hardware security; physical safety and health protection; access and identification security; traffic security; workplace security and national defence, etc.
fund updates With effect from 31 July 2017, the funds’ investment policy will be amended to allow for the possibility for the funds to invest China A shares through any acceptable securities trading programs which may be available to the funds in the future as approved by the relevant regulators from time to time. Currently, the funds may invest up to 5% of the net assets in China A shares through the Shenzhen-Hong Kong Stock Connect program. The fund manager has decided to remove the limitation of the maximum exposure of up to 5% of the funds’ net assets to China A shares through the program. Currently, Pictet Asset Management (Europe) S.A. has delegated the discretionary investment power to Pictet Asset Management Limited, which has sub-delegated the investment management functions to Pictet Asset Management S.A.. Due to an internal re-organisation of the Pictet Group, it has been decided that the fund which is currently managed by Pictet Asset Management Limited, which had appointed Pictet Asset Management S.A. as sub-manager, will only be managed by Pictet Asset Management S.A. as manager. From 31 July 2017, Pictet Asset Management Limited will cease to be a manager and there will be no sub-manager. Pictet Asset Management (Europe) S.A. will at all times delegate the discretionary investment power of the fund to Pictet Asset Management S.A.. This change will not affect the way that the fund is managed including the management style or operations of the fund, and will not have any impact on the investment objective and policy of the fund and will not cause an increase of the management fee.
310
311
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
Market Value (S$)
% of NAV
1,076,286
99.44
6,108
0.56
1,082,394
100.00
3,713 units in Pictet Security Fund Other Assets Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
Pictet Security Fund Class P USD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.98
1.93
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unit holders, foreign exchange gains or 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.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Thermo Fisher Scientific Inc 112,467,900 4.21 2 Fidelity National Info Serv 105,921,029 3.96 3 3M Co 103,626,405 3.88 4 Equinix Inc 103,305,153 3.87 5 Fiserv Inc 86,849,728 3.25 6 Allegion Plc 82,740,604 3.10 7 Global Payments Inc 81,843,317 3.06 8 Equifax Inc 75,128,632 2.81 9 Check Point Software Tech 74,321,136 2.78 10 Ecolab Inc 72,575,505 2.72 as at 30 June 2016 1 Thermo Fisher Scientific Inc 61,728,030 4.10 2 Equinix Inc 60,667,971 4.03 3 Fiserv Inc 59,462,715 3.95 4 Tyco International Plc 56,139,938 3.73 5 3M Co 53,205,752 3.53 6 Equifax Inc 51,689,668 3.43 7 Fidelity National Info Serv 51,487,321 3.42 8 Secom Co Ltd 47,253,503 3.14 9 Stanley Black & Decker Inc 46,463,126 3.09 10 Emc Corp/Ma 44,370,155 2.95
Pictet Security Fund
as at 30 June 2016 (%)
135.52
137.58
The turnover is calculated as the average of the purchases and sales over the period, divided by the average fund size over the period.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Pictet Security Fund (S$)
Subscriptions 216,080 Redemptions (23,747)
soft dollar commission Pictet Asset Management ended our soft commission programme in December 2005 and introduced the use of commission sharing agreements. Our policy in relation to commission sharing agreements is as follows: we use clients’ commissions to secure certain research from brokers. However, some of the research services we require for the management of our clients’ funds come from sources independent of brokers. It is our policy to use our clients’ commissions to secure those services, for the benefit of our clients, where permitted by relevant regulatory authorities.
Source: Pictet Asset Management S.A.. Information extracted from the underlying fund - Pictet Security Fund. All figures have been rounded to the nearest dollar.
312
as at 30 June 2017 (%)
313
schedule of investments
PineBridge Asia ex Japan Small Cap Equity Fund (SGD)
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Pictet Security Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pictet Security Fund (Class P USD). Market Value (S$) 1,076,286
% of NAV 99.44
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Pictet Asset Management S.A..
314
fund performance
schedule of investments
PineBridge Asia ex-Japan Small Cap Equity Fund (SGD)
10.68%
as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
6 mths (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
PineBridge Asia ex-Japan 1.66 10.68 N/A N/A N/A N/A 10.23 Small Cap Equity Fund (SGD) MSCI AC Asia Pacific Ex Japan small Cap USD Net 1.58 9.76 N/A N/A N/A N/A 7.95 Index (SGD) Source: PineBridge Investments, Bloomberg ^ Annual compounded return * Launch Date: 20 June 2016 Commencement Date: 12 October 2016 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
20 June 2016 12 October 2016 PineBridge Investments Ireland Limited Singapore Dollars Daily 1.30%
investment objectives To seek long term capital appreciation by investing in smaller to medium-sized companies in the Asian Region i.e. companies whose assets, products or operations are in the Asian Region. In practice, at least 50% of the Fund’s investment will be in companies whose free float adjusted market capitalisation at the time of purchase is less than USD 1.5 billion.
316
Market Value (S$)
103,747 units in PineBridge Asia ex Japan Small Cap Equity Fund (SGD)
as at 30 June 2017 3 mths (%)
portfolio statement
Other Assets Net assets attributable to unitholders
1,429,529
% of NAV
95.87
61,650
4.13
1,491,179
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 ASM Pacific Technology Limited 8,255,987 2 Airtac International Group 8,071,614 3 Anhui Conch Cement Company Limited Class H 6,501,922 4 VTech Holdings Limited 5,937,448 5 LARGAN Precision Co., Ltd. 5,739,645 6 Duluxgroup Limited 5,538,256 7 Catcher Technology Co., Ltd. 5,389,168 8 Chicony Power Technology Co. Ltd. 5,009,047 9 Uni-President China Holdings Ltd. 4,977,548 10 China Everbright International Limited 4,841,023 as at 30 June 2016 1 Domino’S Pizza Enterprises Ltd Common Stock 4,144,567 2 Lee & Man Paper Manufacturing Common Stock Hkd.025 3,405,700 3 Shree Cement Ltd Common Stock Inr10. 3,033,429 4 Duluxgroup Ltd Common Stock 2,862,894 5 Largan Precision Co Ltd Common Stock Twd10. 2,830,063 6 Zhuzhou Crrc Times Electric Co Common Stock Cny1.0 2,350,208 7 Sunny Optical Technology Group Common Stock Hkd.1 2,306,260 8 Kwg Property Holding Ltd Common Stock Hkd.1 2,175,274 9 Aac Technologies Holdings Inc Common Stock Usd.01 2,172,945 10 Cell Biotech Co Ltd Common Stock Krw500. 1,985,787 Source: PineBridge Investments. Information extracted from the underlying fund - PineBridge Asia ex Japan Small Cap Equity Fund (SGD). All figures have been rounded to the nearest dollar.
317
4.23 4.14 3.33 3.05 2.94 2.84 2.76 2.57 2.55 2.48 5.15 4.24 3.77 3.56 3.52 2.92 2.87 2.71 2.70 2.47
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
as at 30 June 2017 (%)
PineBridge Asia ex-Japan Small Cap Equity Fund (SGD)
2.12*
soft dollar commission as at 30 June 2016 (%)
N/A**
The total expense ratios are calculated in accordance with the Central Bank’s guidelines and are consistent with the requirements in the Investment Management Association of Singapore’s guidelines on the disclosure of expense ratios (the “”IMAS Guidelines””) and based on the SubFunds’ financial statements for the financial year. As set out in the IMAS Guidelines (as may be updated from time to time), the following expenses (where applicable) are excluded from the calculation of the expense ratio: (a) interest expense; (b) brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); (c) foreign exchange gains and losses of the Sub-Fund, whether realised or unrealised; (d) tax deducted at source or arising from income received, including withholding tax; (e) front-end loads, back-end loads and other costs arising from the purchase or sale of a foreign unit trust or mutual fund; and (f) dividends and other distributions paid to Unitholders *audited **The expense ratio of PineBridge Asia ex-Japan Small Cap Equity Fund as at 30 June 2016 is not available as the fund was launched on 20 June 2016.
turnover ratio (underlying fund)
PineBridge Asia ex-Japan Small Cap Equity Fund (SGD)
as at 30 June 2017 (%)
as at 30 June 2016 (%)
7.83*
N/A**
The turnover ratio for each Sub-Fund is calculated based on the lesser of purchases or sales expressed as a percentage over average Net Asset Value i.e. average daily Net Asset Value *audited **The turnover ratio of PineBridge Asia ex-Japan Small Cap Equity Fund as at 30 June 2016 is not available as the fund was launched on 20 June 2016.
The Investment Managers may utilise brokers with whom soft commission arrangements are in place. A report will be included in the Fund’s annual and semi-annual reports to the extent that Fund brokerage commissions are utilised to satisfy any soft commission obligations. Any such arrangements will provide for Best Execution (as defined below) and any goods or services received will be of a type which assists in the provision of investment services to the Fund. Neither the Investment Managers nor any of their connected persons will retain cash commission rebates. “Best Execution” means the best price the best possible result for the relevant Sub-Fund, taking into account price, costs, speed, likelihood of execution and settlement, order size and nature, or any other consideration relevant to the execution of the order.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes PineBridge Asia ex-Japan Small Cap Equity Fund (SGD), an ILP sub-fund, feeds 100% into the underlying Ireland registered PineBridge Asia ex Japan Small Cap Equity Fund (SGD). Market Value (S$) 1,429,529
% of NAV 95.87
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: PineBridge Investments.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
PineBridge Asia ex-Japan Small Cap Equity Fund (SGD) (S$)
Subscriptions 805,768 Redemptions (92,246)
318
319
fund performance
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged)
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged)
1.78%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
Since 3 yrs^ 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) (%)
Pioneer Funds - U.S. Dollar 1.18 1.78 1.73 2.35 N/A N/A 3.13 Aggregate Bond Fund (SGD Hedged) BarCap US Aggregated Bond 1.45 2.27 -0.31 2.48 N/A N/A 3.04 Index Source: Pioneer Investments ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
18 September 2013 18 September 2013 Pioneer Investment Management, Inc. Singapore Dollars Daily 0.90%
investment objectives The Fund seeks to increase the value of your investment and to provide income over the medium to long term and invests mainly in a broad range of U.S. dollar denominated investment grade bonds.
321
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
1,367 units in Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD Hedged) Other Liabilities
Market Value (S$)
% of NAV
76,389
100.18
(139)
Net assets attributable to unitholders
76,250
-0.18 100.00
as at as at 31 December 2016 31 December 2015 (%) (%)
Pioneer Funds - U.S. Dollar Aggregate Bond Fund Class A SGD Hedged ND
1.33
1.37
The expense ratio does not include portfolio transaction costs and performance fees. The expense ratio of Pioneer Funds - U.S. Dollar Aggregate Bond Fund Class A SGD Hedged ND for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund) portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 United States Treasury Tips 1% 15Feb46 18,773,468 1.60 2 United States Treasury Tips 0.75% 15Feb45 17,354,349 1.48 3 Wells Fargo & Company 7.5% 31Dec49 Perpetual 5,939,683 0.51 4 Bank of America Corp 7.25% 31Dec49 Perpetual 5,840,618 0.50 5 Federal National Mortgage Association 30 Yr Pool 3.5% #MA2994 01May47 5,634,000 0.48 6 Government National Mortgage Association I 30 Yr Pool 3.5% #AA8274 15Jul42 5,553,079 0.47 7 Federal Home Loan Mortgage Corporation - Gold 30 Yr Pool 4% #G08758 01Apr47 4,795,265 0.41 8 BNP Paribas SA FLT% 31Dec49 144A PERPETUAL 4,759,425 0.41 9 Burlington Northern Santa FE LLC 4.15% 01Apr45 4,550,723 0.39 10 University of California Revs 3.063% 01Jul25 4,318,881 0.37 as at 30 June 2016 1 United States Treasury T-bill Zero% 14Jul16 53,375,717 4.79 2 Federal National Mortgage Association 30Yr 3.5% 14Jul16 21,967,783 1.97 3 TIPS 0.75% 15Feb45 18,673,071 1.68 4 Federal National Mortgage Association 30Yr 4% 14Jul16 16,719,643 1.50 5 TIPS 1% 15Feb46 14,881,364 1.34 6 Federal National Mortgage Association I 30Yr 3.5% 20Jul16 11,199,328 1.01 7 Federal National Mortgage Association I 30Yr 4% 20Jul16 11,168,282 1.00 8 Federal National Mortgage Association II G230J 4% 20Jul16 9,424,328 0.85 9 United States Treasury TFRN FLT% 31Oct17 8,925,323 0.80 10 United States Treasury T-bill Zero% 07Jul16 8,857,245 0.79 Source: Pioneer Investments. Information extracted from the underlying fund - Pioneer Funds - U.S. Dollar Aggregate Bond Fund. All figures have been rounded to the nearest dollar.
322
as at as at 31 December 2016 31 December 2015 (%) (%)
Pioneer Funds - U.S. Dollar Aggregate Bond Fund
150.15
67.24
The portfolio turnover ratio is calculated based on the minimum (between sales and purchases) divided by average NAV. The turnover ratio of Pioneer Funds - U.S. Dollar Aggregate Bond Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (S$)
Subscriptions 2,862,888 Redemptions (9,273,270)
soft dollar commission The Investment Managers may enter into commission sharing or similar arrangements. Consistent with obtaining best execution, commission sharing agreements (“CSAs”) are agreements between the Investment Managers and nominated brokers that specify a certain proportion of dealing commission sent to a broker be reserved to pay for research with one or more third parties. The provision of research is subject to arrangements between the Investment Managers and the research providers and the commission split for execution and research is negotiated between the Investment Manager and the executing broker. Separate from any CSA, executing brokers may also provide research that is paid for through a deduction from the execution cost. The receipt of investment research and information and related services permits the Investment Manager to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Investment Managers.
323
schedule of investments
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD)
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Pioneer Funds - U.S. Dollar Aggregate Bond Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pioneer Funds - U.S. Dollar Aggregate Bond Fund (Class A SGD Hedged ND). Market Value (S$) % of NAV 76,389 100.18
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Pioneer Investments.
324
fund performance
schedule of investments
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD)
N/A
as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
462 units in Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD)
as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
Since 3 yrs^ 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) (%)
Pioneer Funds - U.S. Dollar 1.29 N/A N/A N/A N/A N/A 1.69 Aggregate Bond Fund (USD) BarCap US Aggregated Bond 1.45 N/A N/A N/A N/A N/A 2.07 Index Source: Pioneer Investments ^ Annual compounded return * Launch Date: 3 March 2017 Commencement Date: 15 March 2017 Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
portfolio statement
3 March 2017 15 March 2017 Pioneer Investment Management, Inc. US Dollars Daily 0.90%
investment objectives The Fund seeks to increase the value of your investment and to provide income over the medium to long term and invests mainly in a broad range of U.S. dollar denominated investment grade bonds.
326
Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
9,080
99.18
75
0.82
9,155
100.00
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 United States Treasury Tips 1% 15Feb46 18,773,468 1.60 2 United States Treasury Tips 0.75% 15Feb45 17,354,349 1.48 3 Wells Fargo & Company 7.5% 31Dec49 Perpetual 5,939,683 0.51 4 Bank of America Corp 7.25% 31Dec49 Perpetual 5,840,618 0.50 5 Federal National Mortgage Association 30 Yr Pool 3.5% #MA2994 01May47 5,634,000 0.48 6 Government National Mortgage Association I 30 Yr Pool 3.5% #AA8274 15Jul42 5,553,079 0.47 7 Federal Home Loan Mortgage Corporation - Gold 30 Yr Pool 4% #G08758 01Apr47 4,795,265 0.41 8 BNP Paribas SA FLT% 31Dec49 144A PERPETUAL 4,759,425 0.41 9 Burlington Northern Santa FE LLC 4.15% 01Apr45 4,550,723 0.39 10 University of California Revs 3.063% 01Jul25 4,318,881 0.37 as at 30 June 2016 1 United States Treasury T-bill Zero% 14Jul16 53,375,717 4.79 2 Federal National Mortgage Association 30Yr 3.5% 14Jul16 21,967,783 1.97 3 TIPS 0.75% 15Feb45 18,673,071 1.68 4 Federal National Mortgage Association 30Yr 4% 14Jul16 16,719,643 1.50 5 TIPS 1% 15Feb46 14,881,364 1.34 6 Federal National Mortgage Association I 30Yr 3.5% 20Jul16 11,199,328 1.01 7 Federal National Mortgage Association I 30Yr 4% 20Jul16 11,168,282 1.00 8 Federal National Mortgage Association II G230J 4% 20Jul16 9,424,328 0.85 9 United States Treasury TFRN FLT% 31Oct17 8,925,323 0.80 10 United States Treasury T-bill Zero% 07Jul16 8,857,245 0.79 Source: Pioneer Investments. Information extracted from the underlying fund - Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD). All figures have been rounded to the nearest dollar.
327
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
exposure to derivatives
as at as at 31 December 2016 31 December 2015 (%) (%)
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (Class A USD)
1.23
1.27
The expense ratio does not include portfolio transaction costs and performance fees. The expense ratio of Pioneer Funds - U.S. Dollar Aggregate Bond Fund (Class A USD) for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Pioneer Funds - U.S. Dollar Aggregate Bond Fund
150.15
67.24
The portfolio turnover ratio is calculated based on the minimum (between sales and purchases) divided by average NAV. The turnover ratio of Pioneer Funds - U.S. Dollar Aggregate Bond Fund for the financial period ended 30 June 2017 is not available.
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Pioneer Funds - U.S. Dollar Aggregate Bond Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pioneer Funds - U.S. Dollar Aggregate Bond Fund (Class A USD). Market Value (S$) 9,080
% of NAV 99.18
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Pioneer Investments.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) (S$)
Subscriptions 9,156 Redemptions
soft dollar commission The Investment Managers may enter into commission sharing or similar arrangements. Consistent with obtaining best execution, commission sharing agreements (“CSAs”) are agreements between the Investment Managers and nominated brokers that specify a certain proportion of dealing commission sent to a broker be reserved to pay for research with one or more third parties. The provision of research is subject to arrangements between the Investment Managers and the research providers and the commission split for execution and research is negotiated between the Investment Manager and the executing broker. Separate from any CSA, executing brokers may also provide research that is paid for through a deduction from the execution cost. The receipt of investment research and information and related services permits the Investment Manager to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Investment Managers.
328
329
fund performance
Pioneer Funds - U.S. Fundamental Growth Fund
Pioneer Funds - U.S. Fundamental Growth Fund
12.80%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Pioneer Funds - U.S. Fundamental Growth Fund
3 mths 6 mths (%) (%) 4.53
12.80
1 yr (%)
3 yrs^ (%)
16.92
9.21
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) N/A
N/A
11.14
Russel 1000 Growth (TR) 4.67 13.99 20.42 11.10 N/A N/A 12.91 Source: Pioneer Investments ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
18 September 2013 18 September 2013 Pioneer Investment Management, Inc. US Dollars Daily 1.50%
investment objectives The Fund seeks to increase the value of your investment over the medium to long-term by investing mainly in a broad range of equities of companies that are based in, or do most of their business in the U.S.A..
331
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
30,666 units in Pioneer Funds - U.S. Fundamental Growth Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
10,018,021
99.44
56,096
0.56
10,074,117
100.00
All figures have been rounded up to the nearest dollar.
as at as at 31 December 2016 31 December 2015 (%) (%)
Pioneer Funds - U.S. Fundamental Growth Fund Class A No Dis USD
1.68
1.73
The expense ratio does not include portfolio transaction costs and performance fees. The expense ratio of Pioneer Funds - U.S. Fundamental Growth Fund Class A No Dis USD for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Apple Inc. 160,099,529 6.74 2 Alphabet Inc. Class C 140,801,162 5.93 3 Microsoft Corporation 130,240,744 5.48 4 Amazon.Com Inc. 122,996,386 5.18 5 Mastercard Inc. Class A 111,208,502 4.68 6 Home Depot Inc. 105,505,791 4.44 7 Celgene Corporation 90,092,580 3.79 8 Time Warner Inc. 88,520,294 3.73 9 Thermo Fisher Scientific Inc. 84,353,239 3.55 10 Intercontinental Exchange Inc. 78,866,687 3.32 as at 30 June 2016 1 Apple Inc. 117,806,530 5.32 2 Microsoft Corporation 108,444,796 4.90 3 Alphabet Inc. Class C 102,350,685 4.62 4 Home Depot Inc. 93,699,352 4.23 5 Mastercard Inc. Class A 90,437,126 4.08 6 CVS Health Corporation 89,789,678 4.06 7 Thermo Fisher Scientific Inc. 81,586,228 3.68 8 Amazon.Com Inc. 78,028,636 3.52 9 Reynolds American Inc. 75,549,756 3.41 10 Pepsico Inc. 71,893,850 3.25 Source: Pioneer Investments. Information extracted from the underlying fund - Pioneer Funds - U.S. Fundamental Growth Fund. All figures have been rounded to the nearest dollar.
332
as at as at 31 December 2016 31 December 2015 (%) (%)
Pioneer Funds - U.S. Fundamental Growth Fund
25.71
16.20
The portfolio turnover ratio is calculated based on the minimum (between sales and purchases) divided by average NAV. The turnover ratio of Pioneer Funds - U.S. Fundamental Growth Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Pioneer Funds - U.S. Fundamental Growth Fund (S$)
Subscriptions 2,651,811 Redemptions (794,145)
soft dollar commission The Investment Manager may enter into commission sharing or similar arrangements. Consistent with obtaining best execution, commission sharing agreements (“CSA”) are agreements between the Investment Manager and nominated brokers that specify a certain proportion of dealing commission sent to a broker be reserved to pay for research with one or more third parties. The provision of research is subject to arrangements between the Investment Managers and the research providers and the commission split for execution and research is negotiated between the Investment Manager and the executing broker. Separately to CSA, executing brokers may also provide research with payment deducted from the execution cost. The receipt of investment research and information and related services permits the Investment Manager to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Investment Manager.
333
schedule of investments
Schroder Asian Growth Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Pioneer Funds - U.S. Fundamental Growth Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Pioneer Funds - U.S. Fundamental Growth Fund (Class A No Dis USD). Market Value (S$) 10,018,021
% of NAV 99.44
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Pioneer Investments.
334
fund performance
schedule of investments
Schroder Asian Growth Fund 23.73%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
5,520,620 units in Schroder Asian Growth Fund
as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Schroder Asian Growth 10.40 23.73 37.19 11.98 12.86 N/A 9.16 Fund MSCI AC Far East xJapan 6.73 17.04 29.65 8.52 9.66 N/A 6.31 USD Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.125%
investment objectives To seek long-term capital growth by investing primarily in securities of companies quoted on stockmarkets in Asia, including Australia and New Zealand but excluding Japan. The fund may use or invest in derivatives. The net asset value (“NAV”) of the fund is likely to have high volatility due to its investment policies or portfolio management techniques.
336
Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
18,725,943
98.86
215,355
1.14
18,941,298
100.00
Market Value (S$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 31 December 2016 1 Taiwan Semiconductor Manufacturing Co Ltd 48,956,432 7.73 2 Samsung Electronics Co Ltd 43,425,796 6.85 3 Tencent Hldg Ltd 38,822,883 6.13 4 Alibaba Group Hldg Ltd ADR 29,915,915 4.72 5 AIA Group Ltd 27,494,281 4.34 6 HDFC Bank Ltd 25,543,851 4.03 7 China Mobile Ltd 19,008,291 3.00 8 Techtronic Ind Co Ltd 17,330,269 2.74 9 Jardine Strategic Hldg Ltd 16,470,851 2.60 10 China Pacific Insurance (Group) Co Ltd H Shares 14,740,205 2.33 as at 31 December 2015 1 Taiwan Semiconductor Manufacturing Co Ltd 35,755,452 6.87 2 AIA Group Ltd 28,817,886 5.54 3 Tencent Hldg Ltd 27,046,678 5.20 4 China Mobile Ltd 19,652,498 3.78 5 Samsung Electronics Co Ltd 17,711,109 3.40 6 Techtronic Ind Co Ltd 17,621,927 3.39 7 Baidu Inc ADR 14,367,829 2.76 8 China Pacific Insurance (Group) Co Ltd H Shares 14,275,757 2.74 9 China Lodging Group Ltd ADS 14,205,586 2.73 10 HDFC Bank Ltd 13,962,685 2.68 Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Asian Growth Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder Asian Growth Fund for the financial year ended 30 June 2017 is not available.
337
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
exposure to derivatives
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Asian Growth Fund
1.36
1.37
The expense ratio does 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 expense ratio of Schroder Asian Growth Fund for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Asian Growth Fund
25.98
29.42
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder Asian Growth Fund for the financial period ended 30 June 2017 is not available.
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Schroder Asian Growth Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Asian Growth Fund (SGD). Market Value (S$) 18,725,943
% of NAV 98.86
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Schroder Asian Growth Fund (S$)
Subscriptions 4,390,573 Redemptions (461,031)
soft dollar commission In the management of the fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the 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. The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment.
338
339
fund performance
Schroder Asian Income Fund
Schroder Asian Income Fund 5.55% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Schroder Asian Income Fund
3 mths 6 mths (%) (%) 1.79
5.55
1 yr (%)
3 yrs^ (%)
7.62
5.68
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) N/A
N/A
8.22
SAI composite Benchmark 2.88 8.83 14.74 6.34 N/A N/A 7.69 (Reference benchmark)# Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 # 50% MSCI Asia Pacific ex Japan (NDR); 50% JPM Asian Credit Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
18 September 2013 18 September 2013 Schroder Investment Management (Singapore) Limited Singapore Dollars Daily 1.25%
investment objectives To provide income and capital growth over the medium to longer term by investing primarily in Asian equities and Asian fixed income securities.
341
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
1,704,291 units in Schroder Asian Income Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
1,975,273
98.28
34,583
1.72
2,009,856
100.00
All figures have been rounded up to the nearest dollar.
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Asian Income Class SGD X
1.45
1.46
The expense ratio does 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 expense ratio of Schroder Asian Income Class SGD X for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (S$)
% of NAV
as at 31 December 2016 1 SISF - Global Multi-Asset Income I Accumulation Share Class 90,262,498 3.41 2 HSBC Hldg PLC 53,863,383 2.03 3 National Australia Bank Ltd 48,394,871 1.83 4 Link REIT 47,938,365 1.81 5 Mapletree Industrial Trust 43,880,540 1.66 6 Mapletree Commercial Trust 43,871,529 1.66 7 Westpac Banking Corp 43,805,839 1.65 8 DUET Group 43,346,873 1.64 9 AusNet Services 43,012,918 1.62 10 HKT Trust and HKT Ltd Stapled Shares 42,956,697 1.62 as at 31 December 2015 1 SISF - Global Multi-Asset Income I Accumulation Share Class 141,477,062 7.39 2 HK Electric Investments and HK Electric Investments Ltd Stapled Shares 44,245,938 2.31 3 Telstra Corp Ltd 37,121,292 1.94 4 Link REIT 35,939,949 1.88 5 National Australia Bank Ltd 35,844,310 1.87 6 Ascendas Real Estate Investment Trust 33,161,232 1.73 7 HKT Trust and HKT Ltd Stapled Shares 32,635,510 1.71 8 Spark New Zealand Ltd 30,290,253 1.58 9 Singapore Telecommunications Ltd 29,128,423 1.52 10 HSBC Hldg PLC 28,081,945 1.47 Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Asian Income Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder Asian Income Fund for the financial year ended 30 June 2017 is not available.
342
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Asian Income
25.98
23.11
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder Asian Income for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Schroder Asian Income Fund (S$)
Subscriptions 526,057 Redemptions (284,257)
soft dollar commission In the management of the fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the 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. The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment.
343
schedule of investments
Schroder Global Emerging Market Opportunities Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Schroder Asian Income Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Asian Income Fund (Class SGD X). Market Value (S$) 1,975,273
% of NAV 98.28
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
344
fund performance
schedule of investments
Schroder Global Emerging Market Opportunities Fund
15.36%
as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
3 mths 6 mths (%) (%)
1 yr (%)
Market Value (S$
4,533,425 units in Schroder Global Emerging Market Opportunities Fund
as at 30 June 2017
portfolio statement
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Schroder Global Emerging 3.13 15.36 10.74 1.90 3.87 N/A 3.53 Market Opportunities Fund MSCI Emerging Markets 1.55 12.16 13.23 1.92 3.49 N/A 3.62 Index
Other Liabilities Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.25%
investment objectives The Schroder Global Emerging Market Opportunities Fund will invest substantially into the Schroder ISF Global Emerging Market Opportunities, whose investment objective is to provide a total return through investment in equity and equity related securities of emerging market countries worldwide. The Schroder ISF Global Emerging Market Opportunities may also invest in fixed income securities worldwide and liquidities for defensive purposes.
346
347
4,392,889
% of NAV
100.00
(128)
0.00
4,392,761
100.00
schedule of investments
schedule of investments
portfolio statement - by top 10 holdings
annualised expense ratio (underlying fund)
as at 31 December 2016 No.
Description
Market Value (S$)
% of NAV
Schroder Global Emerging Market Opportunities Fund 1 Schroder International Selection Fund- Global Emerging Market Opportunities C Accumulation Share Class 40,995,636 98.85 No.
Description
Market Value (US$)
% of NAV
Schroder ISF Global Emerging Market Opportunities 1 Samsung Electronics 14,700,759 2.76 2 Tencent Holdings 13,528,959 2.54 3 SK Hynix 13,369,168 2.51 4 Banco Do Brasil 12,410,423 2.33 5 Hon Hai Precision Industry 12,357,160 2.32 6 OTP Bank 12,250,632 2.30 7 X5 Retail Group 12,144,105 2.28 8 Kasikornbank 12,144,105 2.28 9 Lukoil 12,037,578 2.26 10 Samsung SDI 12,037,578 2.26 as at 31 December 2015 No.
Description
Market Value (S$)
% of NAV
Schroder Global Emerging Market Opportunities Fund 1 Schroder International Selection Fund Global Emerging Market Opportunities C Accumulation Share Class 40,128,187 98.93 No.
Description
Market Value (US$)
% of NAV
Schroder ISF Global Emerging Market Opportunities 1 HDFC Bank Ltd 15,015,703 2.77 2 AIA Group Ltd 13,443,662 2.48 3 Tencent Hldg Ltd 13,443,662 2.48 4 JD.com Inc 13,172,621 2.43 5 Embraer SA 13,118,412 2.42 6 Cathay Financial Hldg Co Ltd 12,630,537 2.33 7 Alibaba Group Hldg Ltd 12,522,121 2.31 8 Taiwan Semiconductor Manufacturing Co Ltd 12,467,912 2.30 9 Advanced Semiconductor Engineering Inc 12,196,871 2.25 10 Grupo Financiero Banorte SAB de CV 12,196,871 2.25 Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Global Emerging Market Opportunities Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder Global Emerging Market Opportunities Fund for the financial year ended 30 June 2017 is not available.
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Global Emerging Market Opportunities Fund
1.74
1.77
The expense ratio does 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 expense ratio of Schroder Global Emerging Market Opportunities Fund for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Global Emerging Market Opportunities Fund
0.34
0.43
The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder Asian Income for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Schroder Global Emerging Market Opportunities Fund (S$)
Subscriptions 827,557 Redemptions (372,662)
soft dollar commission The fund invests substantially into the Schroder International Selection Fund Global Emerging Market Opportunities. In the management of the underlying fund, the manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the underlying fund and the soft dollars received are restricted to the following kinds of services: (i) research, analysis or price information; (ii) performance measurement; (iii) portfolio valuations; and (iv) administration services. In the management of the fund, the Manager currently does not receive or enter into soft dollar commissions or arrangements.
348
349
schedule of investments
Schroder ISF Asia Pacific Cities Real Estate Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Schroder Global Emerging Market Opportunities, an ILP sub-fund, invests 100% into the underlying Schroder Global Emerging Market Opportunities Fund, the sub-fund of the Schroder International Opportunities Portfolio, which is a Singapore-authorized open-ended umbrella unit trust. The underlying Schroder Global Emerging Market Opportunities Fund invests all or substantially all its assets in the shares of the Luxembourg registered Schroder ISF - Global Emerging Market Opportunities Fund. Market Value (S$) 4,392,889
% of NAV 100.00
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
350
fund performance
schedule of investments
Schroder ISF Asia Pacific Cities Real Estate Fund
7.15%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
491 units in Schroder ISF Asia Pacific Cities Real Estate Fund
as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Schroder ISF Asia Pacific 1.82 7.15 2.98 -1.26 3.84 N/A 3.86 Cities Real Estate Fund FTSE EPRA/NAREIT 1.69 7.84 4.54 1.83 6.89 N/A 3.84 Developed Asia# Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Effective 1 October 2015, the performance benchmark for the Schroder ISF Asia Pacific Cities Real Estate Fund changed from GPR General Asia Net to FTSE EPRA/NAREIT Developed Asia Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Luxembourg) S.A. Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%
investment objectives The Fund aims to provide income and capital growth by investing in equity and equity related securities of real estate companies in Asia Pacific.
fund updates With effect from 1 December 2016, the Schroder ISF Asia Pacific Property Securities Fund has been renamed Schroder ISF Asia Pacific Cities Real Estate. The investment objective has been updated from “The Fund aims to provide capital growth and income by investing in equity securities of Asia Pacific property companies including Japan and Australasia” to “The Fund aims to provide income and capital growth by investing in equity and equity related securities of real estate companies in Asia Pacific”.
352
Other Liabilities
Market Value (S$)
% of NAV
101,355
100.08
(79)
Net assets attributable to unitholders
-0.08
101,276
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 31 December 2016 1 Mitsubishi Estate 8,141,870 6.87 2 Mitsui Fudosan 7,542,166 6.36 3 Scentre Group 7,199,760 6.07 4 Sun Hung Kai Properties 7,127,181 6.01 5 Westfield 6,569,322 5.54 6 Cheung Kong Property Holding 5,788,088 4.88 7 The Link REIT 5,465,616 4.61 8 Goodman Group 4,832,050 4.07 9 Sumitomo Realty & Development 4,648,905 3.92 10 Stockland 4,632,109 3.91 as at 31 December 2015 1 Mitsubishi Estate 14,884,306 8.41 2 Mitsui Fudosan 13,256,059 7.49 3 Cheung Kong Property Holding 11,981,778 6.77 4 Westfield 11,804,795 6.67 5 The Link REIT 9,132,345 5.16 6 Scentre Group 8,477,506 4.79 7 Goodman Group 7,858,064 4.44 8 Sumitomo Realty & Development 6,990,845 3.95 9 Mirvac Group 6,141,325 3.47 10 Wharf Holdings 5,911,247 3.34 Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder ISF Asia Pacific Cities Real Estate Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder ISF Asia Pacific Cities Real Estate Fund for the financial year ended 30 June 2017 is not available.
353
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder ISF Asia Pacific Cities Real Estate Fund Class A Acc
1.90
1.93
The expense ratio does not include brokerage and other transactions costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains and losses of the fund, whether realised or unrealised; front-end-loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising on income received including withholding tax; interest expense; and dividends and other distributions paid to shareholders. The expense ratio of Schroder ISF Asia Pacific Cities Real Estate Fund Class A Acc for the financial period ended 30 June 2017 is not available.
Each Investment Manager may enter into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Investment Manager, including the relevant fund, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant fund. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice.
exposure to derivatives N/A
borrowings N/A
related-party transactions
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder ISF Asia Pacific Cities Real Estate Fund
24.27
42.07
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder ISF Asia Pacific Cities Real Estate Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Nil
investments in collective investment schemes Schroder ISF Asia Pacific Property Securities Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder ISF Asia Pacific Property Securities Fund (Class A Acc). Market Value (S$) % of NAV 101,355 100.08
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
Schroder ISF Asia Pacific Property Securities Fund (S$)
Subscriptions 3,176 Redemptions (16,156)
354
355
fund performance
Schroder ISF Global Equity Alpha Fund
Schroder ISF Global Equity Alpha Fund
12.09%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Schroder ISF Global Equity Alpha Fund
3 mths 6 mths (%) (%) 5.08
12.09
1 yr (%)
3 yrs^ (%)
18.43
3.07
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 8.95
N/A
5.04
MSCI World - Net Return 4.03 10.66 18.20 5.23 11.37 N/A 6.25 Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
357
at a glance
schedule of investments
fund facts
portfolio statement
Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
as at 30 June 2017 (unaudited)
16 January 2012 16 January 2012 Schroder Investment Management Limited US Dollars Daily 1.50%
investment objectives
Description
Market Value (S$)
278,760 (441)
100.16 -0.16
Net assets attributable to unitholders
278,319
100.00
Market Value (US$)
% of NAV
To provide capital growth primarily through investment in equity securities of companies worldwide. In order to achieve the objective the Investment Manager will invest in a select portfolio of securities, which it believes offer the best potential for future growth.
All figures have been rounded up to the nearest dollar.
fund updates
portfolio statement - by top 10 holdings
With effect from 1 September 2017, the investment policy of the fund will be updated to remove the typical holdings range. This provides the fund flexibility to diversify its holdings according to the market environment and assessment of risk. Investment Policy (New): The fund invests at least two-thirds of its assets in equity and equity related securities of companies worldwide. Investment Policy (Previous): The fund invests at least two-thirds of its assets in a concentrated range of equity and equity related securities of companies worldwide. The fund typically holds fewer than 50 companies.
% of NAV
1,125 units in Schroder ISF Global Equity Alpha Fund Other Liabilities
No.
Description
as at 31 December 2016 1 Citigroup 29,240,790 3.22 2 Alphabet 27,944,238 3.07 3 Comcast 26,229,711 2.88 4 US Bancorp 22,315,483 2.45 5 JP Morgan Chase 22,221,547 2.44 6 T-Mobile US 19,198,528 2.11 7 UnitedHealth Group 19,087,749 2.10 8 Nestle 18,833,574 2.07 9 Taiwan Semiconductor Manufacturing 18,288,703 2.01 10 Apple 18,153,149 2.00 as at 31 December 2015 1 Alphabet 36,582,098 3.78 2 Amazon.com 26,807,516 2.77 3 Citigroup 26,323,626 2.72 4 Amgen 25,162,289 2.60 5 Apple 23,807,397 2.46 6 Pfizer 22,549,282 2.33 7 Comcast 21,775,058 2.25 8 JP Morgan Chase 21,387,946 2.21 9 Visa 21,387,946 2.21 10 Reckitt Benckiser Group 21,097,612 2.18 Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder ISF Global Equity Alpha Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder ISF Global Equity Alpha Fund for the financial year ended 30 June 2017 is not available.
358
359
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
soft dollar commission
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder ISF Global Equity Alpha Fund Class A Acc
1.89
1.91
The expense ratio does not include brokerage and other transactions costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains and losses of the fund, whether realised or unrealised; front-end-loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising on income received including withholding tax; interest expense; and dividends and other distributions paid to shareholders. The expense ratio of Schroder ISF Global Equity Alpha Fund Class A Acc for the financial period ended 30 June 2017 is not available.
Each Investment Manager may enter into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Investment Manager, including the relevant fund, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant fund. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice.
exposure to derivatives N/A
borrowings N/A
related-party transactions
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder ISF Global Equity Alpha Fund
60.81
50.27
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder ISF Global Equity Alpha Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period
Nil
investments in collective investment schemes Schroder ISF Global Equity Alpha Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder ISF Global Equity Alpha Fund (Class A Acc). Market Value (S$) % of NAV 278,760 100.16
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
1 January 2017 to 30 June 2017
Schroder ISF Global Equity Alpha Fund (S$)
Subscriptions 70,078 Redemptions (21,504)
360
361
fund performance
Schroder ISF QEP Global Quality Fund
Schroder ISF QEP Global Quality Fund
8.87%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Schroder ISF QEP Global Quality Fund
3 mths 6 mths (%) (%) 2.94
8.87
1 yr (%)
3 yrs^ (%)
14.79
4.23
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 9.85
N/A
4.24
MSCI World - Net Return 4.03 10.66 18.20 5.23 11.37 N/A 3.71 Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
16 January 2012 16 January 2012 Schroder Investment Management Limited US Dollars Daily 1.25%
investment objectives To provide a total return primarily through investment in equity and equity related securities of companies worldwide whose financial characteristics show a high quality bias. In order to achieve the objective, the Investment Manager will invest in a broadly diversified portfolio of securities selected through the application of analytical techniques that apply a quality screen, including factors such as low leverage and stable profitability.
363
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
30,089 units in Schroder ISF QEP Global Quality Fund Other Liabilities
Market Value (S$)
% of NAV
6,206,884
100.05
(3,074)
Net assets attributable to unitholders
6,203,810
-0.05 100.00
All figures have been rounded up to the nearest dollar.
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder ISF QEP Global Quality Fund Class A Acc
1.64
1.66
The expense ratio does not include brokerage and other transactions costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains and losses of the fund, whether realised or unrealised; front-end-loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising on income received including withholding tax; interest expense; and dividends and other distributions paid to shareholders. The expense ratio of Schroder ISF QEP Global Quality Fund Class A Acc for the financial period ended 30 June 2017 is not available.
portfolio statement - by top 10 holdings No.
turnover ratio (underlying fund)
Description
Market Value (US$)
% of NAV
as at 31 December 2016 1 Unilever 12,051,921 1.00 2 Novartis 9,941,986 0.83 3 Nestle 9,706,994 0.81 4 Johnson & Johnson 9,542,527 0.80 5 Amgen 9,525,696 0.79 6 Novo Nordisk 9,472,747 0.79 7 Pfizer 9,324,365 0.78 8 Roche Holding 9,192,623 0.77 9 Cisco Systems 9,174,442 0.76 10 Astellas Pharma 9,156,293 0.76 as at 31 December 2015 1 Unilever 11,644,859 0.79 2 UnitedHealth Group 11,202,649 0.76 3 Pfizer 11,055,246 0.75 4 KDDI 11,055,246 0.75 5 St Jude Medical 10,907,843 0.74 6 NTT DoCoMO 10,613,036 0.72 7 Telstra 10,613,036 0.72 8 Apple 10,613,036 0.72 9 Roche Holding 10,465,633 0.71 10 Shire 10,170,826 0.69
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder ISF QEP Global Quality Fund
75.03
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder ISF QEP Global Quality Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Schroder ISF QEP Global Quality Fund (S$)
Subscriptions 1,450,113 Redemptions (393,091)
Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder ISF QEP Global Quality Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder ISF QEP Global Quality Fund for the financial year ended 30 June 2017 is not available.
364
107.22
365
schedule of investments soft dollar commission Each Investment Manager may enter into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Investment Manager, including the relevant fund, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant fund. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Schroder ISF QEP Global Quality Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder ISF QEP Global Quality Fund (Class A Acc). Market Value (S$) 6,206,884
% of NAV 100.05
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
366
Schroder ISF Taiwanese Equity Fund
fund performance
schedule of investments
Schroder ISF Taiwanese Equity Fund
15.91%
portfolio statement as at 30 June 2017
for the 6 months period ending 30 June 2017
Description
table of performance
251 units in Schroder ISF Taiwanese Equity Fund
as at 30 June 2017
Schroder ISF Taiwanese Equity Fund
3 mths 6 mths (%) (%) 4.31
15.91
1 yr (%)
3 yrs^ (%)
23.73
6.85
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 10.31
N/A
5.66
Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
6,750
96.98
210
3.02
6,960
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
TAIEX Total Return Index 6.66 20.19 32.26 6.84 10.91 N/A 4.03 Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Schroder Investment Management (Hong Kong) Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%
investment objectives To provide capital growth primarily through investment in equity securities of Taiwanese companies.
368
portfolio statement - by top 10 holdings No.
Description
as at 31 December 2016 1 Taiwan Semiconductor Manufacturing 24,835,528 9.77 2 Hon Hai Precision Industry 18,835,347 7.41 3 Cathay Financial Holding 17,956,857 7.07 4 Fubon Financial Holding 9,861,488 3.88 5 Far EasTone Telecommunications 9,577,897 3.77 6 Formosa Plastics 9,477,448 3.73 7 Advanced Semiconductor Engineering 8,411,190 3.31 8 Turvo International 7,191,093 2.83 9 Dadi Early-Childhood Education Group 6,801,183 2.68 10 Merida Industry 6,789,104 2.67 as at 31 December 2015 1 Taiwan Semiconductor Manufacturing 24,754,043 9.83 2 Hon Hai Precision Industry 22,059,554 8.76 3 Chunghwa Telecom 16,670,576 6.62 4 Cathay Financial Holding 11,785,241 4.68 5 Delta Electronics 11,483,055 4.56 6 Fubon Financial Holding 9,241,845 3.67 7 Far EasTone Telecommunications 9,090,752 3.61 8 Asustek Computer 8,964,842 3.56 9 Largan Precision 8,713,020 3.46 10 Formosa Plastics 8,662,656 3.44 Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder ISF Taiwanese Equity Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder ISF Taiwanese Equity Fund for the financial year ended 30 June 2017 is not available.
369
schedule of investments
schedule of investments soft dollar commission
annualised expense ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder ISF Taiwanese Equity Fund Class A Acc
1.95
1.96
The expense ratio does not include brokerage and other transactions costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains and losses of the fund, whether realised or unrealised; front-end-loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising on income received including withholding tax; interest expense; and dividends and other distributions paid to shareholders. The expense ratio of Schroder ISF Taiwanese Equity Fund Class A Acc for the financial period ended 30 June 2017 is not available.
Each Investment Manager may enter into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Investment Manager, including the relevant fund, and where the Investment Manager is satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interests of the relevant fund. Any such arrangements must be made by the Investment Manager on terms commensurate with best market practice.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder ISF Taiwanese Equity Fund
93.01
84.02
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder ISF Taiwanese Equity Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
investments in collective investment schemes Schroder ISF Taiwanese Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Schroder ISF Taiwanese Equity Fund (Class A Acc). Market Value (S$) % of NAV 6,750 96.98
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
Schroder ISF Taiwanese Equity Fund (S$)
Subscriptions 4,055 Redemptions (5,096)
370
371
fund performance
Schroder Multi-Asset Revolution 30 Fund
Schroder Multi-Asset Revolution 30 Fund
2.70%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Schroder Multi-Asset 1.16 2.70 5.19 3.33 3.72 N/A 3.29 Revolution 30 Fund SMART30 - Composite 1.25 2.11 4.31 5.39 5.65 N/A 5.45 Benchmark Index#
Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # 30% MSCI World Index; 70% Citi World Govt Bond Index Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.25%
investment objectives The investment objective of the Schroder Multi-Asset Revolution 30 is to achieve medium to long term capital growth through investment in investment funds investing in equities, bonds and other fixed income securities in global markets, as well as investment directly in those types of assets. The Schroder Multi-Asset Revolution 30 may also gain exposure to alternative asset classes including but not limited to real estate and commodities related securities for additional diversification. The fund may use or invest in derivatives. The net asset value (“NAV”) of the fund is likely to have high volatility due to its investment policies or portfolio management techniques.
373
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
15,646 units in Schroder Multi-Asset Revolution 30 Fund Other Liabilities Net assets attributable to unitholders
Market Value (S$)
% of NAV
19,026
100.18
(35)
-0.18
18,991
100.00
All figures have been rounded up to the nearest dollar.
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Multi-Asset Revolution 30 Fund
1.48
1.53
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The expense ratio of Schroder Multi-Asset Revolution 30 Fund for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (S$)
% of NAV
as at 31 December 2016 1 Schroder Singapore Fixed Income Fund Class I 8,199,728 31.88 2 Schroder Global Quality Bond USD I Accumulation Share Class 3,703,418 14.40 3 SISF - US Large Cap I Accumulation Share Class 2,371,272 9.22 4 SISF - QEP Global Core I Accumulation Share Class 2,366,878 9.20 5 Schroder Asian Investment Grade Credit Class I 2,328,137 9.05 6 SISF - QEP Global Active Value I Accumulation Share Class 2,234,809 8.69 7 SISF - Global Inflation Linked Bond I Accumulation Share Class 1,085,333 4.22 8 SISF - Euro Equity I Accumulation Share Class 713,358 2.77 9 SISF - Global Corporate Bond I Accumulation Share Class 530,406 2.06 10 SISF - QEP Global Quality I Accumulation Share Class 305,991 1.19 as at 31 December 2015 1 Schroder Singapore Fixed Income Fund Class I 8,944,860 33.00 2 Schroder Global Quality Bond USD I Accumulation Share Class 3,500,354 12.91 3 SISF - QEP Global Core I Accumulation Share Class 3,004,618 11.09 4 Schroder Asian Investment Grade Credit Class I 2,721,460 10.04 5 SISF - US Large Cap I Accumulation Share Class 1,663,162 6.14 6 SISF - Global Equity Alpha I Accumulation Share Class 1,374,250 5.07 7 SISF - Global Inflation Linked Bond I Accumulation Share Class 1,361,157 5.02 8 SISF - QEP Global Quality I Accumulation Share Class 1,271,437 4.69 9 SISF - European Large Cap I Accumulation Share Class 1,117,305 4.12 10 SISF - Global Corporate Bond I Accumulation Share Class 662,556 2.44 SISF: Schroder International Selection Fund Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Multi-Asset Revolution 30 Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder Multi-Asset Revolution 30 Fund for the financial year ended 30 June 2017 is not available.
374
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Multi-Asset Revolution 30 Fund
36.28
51.78
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder Multi-Asset Revolution 30 Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Schroder Multi-Asset Revolution 30 Fund (S$)
Subscriptions 1,748 Redemptions
soft dollar commission In the management of the fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the fund and the soft dollars received are restricted to the following kinds of services: (i) research, analysis or price information; (ii) performance measurement; (iii) portfolio valuations; and (iv) administration services. The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment.
375
schedule of investments
Schroder Multi-Asset Revolution 50 Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Schroder Multi-Asset Revolution 30 Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution 30 Fund (SGD). Market Value (S$) % of NAV 19,026 100.18
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
376
fund performance
schedule of investments
Schroder Multi-Asset Revolution 50 Fund
3.22%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
33,844 units in Schroder Multi-Asset Revolution 50 Fund
as at 30 June 2017
Schroder Multi-Asset Revolution 50 Fund
3 mths 6 mths (%) (%) 1.47
3.22
1 yr (%)
3 yrs^ (%)
9.32
4.63
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 5.48
N/A
4.62
SMART 50 - Composite 1.60 3.06 8.84 6.41 7.82 N/A 7.11 Benchmark Index# Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # 50% MSCI World Index; 50% Citi World Govt Bond Index Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.25%
investment objectives The investment objective of the Schroder Multi-Asset Revolution 50 is to achieve medium to long term capital growth through investment in investment funds investing in equities, bonds and other fixed income securities in global markets, as well as investment directly in those types of assets. The Schroder Multi-Asset Revolution 50 may also gain exposure to alternative asset classes including but not limited to real estate and commodities related securities for additional diversification.
378
Other Liabilities Net assets attributable to unitholders
Market Value (S$)
% of NAV
44,471
100.05
(21)
-0.05
44,450
100.00
Market Value (S$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 31 December 2016 1 Schroder Singapore Fixed Income Fund Class I 14,257,654 19.86 2 SISF - QEP Global Core I Accumulation Share Class 11,596,832 16.15 3 SISF - QEP Global Active Value I Accumulation Share Class 11,478,112 15.99 4 SISF - US Large Cap I Accumulation Share Class 9,834,367 13.70 5 Schroder Global Quality Bond USD I Accumulation Share Class 7,404,431 10.31 6 Schroder Asian Investment Grade Credit Class I 4,184,261 5.83 7 SISF - Euro Equity I Accumulation Share Class 3,001,819 4.18 8 SISF - Global Inflation Linked Bond I Accumulation Share Class 2,242,484 3.12 9 SISF- Global Corporate Bond I Accumulation Share Class 1,522,428 2.12 10 SISF- Japanese Equity I Accumulation Share Class 1,288,025 1.79 as at 31 December 2015 1 Schroder Singapore Fixed Income Fund Class I 14,613,029 20.79 2 SISF - QEP Global Core I Accumulation Share Class 10,915,030 15.53 3 SISF - US Large Cap I Accumulation Share Class 7,554,796 10.75 4 SISF - QEP Global Quality I Accumulation Share Class 7,554,588 10.75 5 Schroder Global Quality Bond USD I Accumulation Share Class 7,308,917 10.40 6 Schroder Asian Investment Grade Credit Class I 5,029,372 7.15 7 SISF - Global Equity Alpha I Accumulation Share Class 4,865,170 6.92 8 SISF - European Large Cap I Accumulation Share Class 4,328,582 6.16 9 SISF - Global Inflation Linked Bond I Accumulation Share Class 2,722,576 3.87 10 SISF - Emerging Markets Debt Absolute Return I Accumulation Share Class 1,318,385 1.88 SISF: Schroder International Selection Fund Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Multi-Asset Revolution 50 Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder Multi-Asset Revolution 50 Fund for the financial year ended 30 June 2017 is not available.
379
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
exposure to derivatives
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Multi-Asset Revolution 50 Fund
1.48
1.50
The expense ratio does 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 expense ratio of Schroder Multi-Asset Revolution 50 Fund for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Multi-Asset Revolution 50 Fund
46.15
52.10
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder Multi-Asset Revolution 50 Fund for the financial period ended 30 June 2017 is not available.
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Schroder Multi-Asset Revolution 50 Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution 50 Fund (SGD). Market Value (S$) 44,471
% of NAV 100.05
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Schroder Multi-Asset Revolution 50 Fund (S$)
Subscriptions 12,731 Redemptions (4,615)
soft dollar commission In the management of the fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the 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. The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment.
380
381
fund performance
Schroder Multi-Asset Revolution 70 Fund
Schroder Multi-Asset Revolution 70 Fund
3.77%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Schroder Multi-Asset 1.89 3.77 13.59 5.78 7.29 N/A 5.77 Revolution 70 Fund SMART 70 - Composite 1.96 4.01 13.54 7.38 9.99 N/A 8.72 Benchmark Index# Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # 70% MSCI World Index; 30% Citi World Govt Bond Index Performance is calculated in accordance to the share class of the fund, in SGD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.25%
investment objectives The investment objective of the Schroder Multi-Asset Revolution 70 is to achieve medium to long term capital growth through investment in investment funds investing in equities, bonds and other fixed income securities in global markets, as well as investment directly in those types of assets. The Schroder Multi-Asset Revolution 70 may also gain exposure to alternative asset classes including but not limited to real estate and commodities related securities for additional diversification.
383
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
423,472 units in Schroder Multi-Asset Revolution 70 Fund Other Liabilities
Market Value (S$)
% of NAV
594,554
100.00
(7)
Net assets attributable to unitholders
594,547
0.00 100.00
All figures have been rounded up to the nearest dollar.
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Multi-Asset Revolution 70 Fund
1.51
1.51
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The expense ratio of Schroder Multi-Asset Revolution 70 Fund for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (S$)
% of NAV
as at 31 December 2016 1 SISF - QEP Global Active Value I Accumulation Share Class 31,873,446 21.12 2 SISF - QEP Global Core I Accumulation Share Class 31,772,968 21.05 3 SISF - US Large Cap I Acc 28,621,398 18.96 4 Schroder Singapore Fixed Income Fund Class I 18,027,923 11.94 5 SISF - Euro Equity I Accumulation Share Class 7,883,235 5.22 6 SISF - Japanese Equity I Accumulation Share Class 6,170,237 4.09 7 Schroder Global Quality Bond Class I USD Acc 5,687,560 3.77 8 SISF - QEP Global Quality I Accumulation Share Class 4,660,231 3.09 9 SISF - Global Inflation Linked Bond I Accumulation Share Class 3,251,032 2.15 10 SISF - Global Corporate Bond I Accumulation Share Class 3,145,611 2.08 as at 31 December 2015 1 SISF - QEP Global Core I Accumulation Share Class 30,725,976 20.51 2 SISF - QEP Global Quality I Accumulation Share Class 21,407,421 14.29 3 SISF - US Large Cap I Accumulation Share Class 19,728,632 13.17 4 Schroder Singapore Fixed Income Fund Class I 19,105,859 12.75 5 SISF - Global Equity Alpha I Accumulation Share Class 16,104,103 10.75 6 SISF - European Large Cap I Accumulation Share Class 13,573,332 9.06 7 Schroder Asian Investment Grade Credit Class I 5,305,025 3.54 8 Schroder Global Quality Bond USD I Accumulation Share Class 4,794,699 3.20 9 SISF - Global Inflation Linked Bond I Accumulation Share Class 4,344,929 2.90 10 SISF - Asian Opportunities I Accumulation Share Class 3,810,609 2.54 SISF: Schroder International Selection Fund Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Multi-Asset Revolution 70 Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder Multi-Asset Revolution 70 Fund for the financial year ended 30 June 2017 is not available.
384
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Multi-Asset Revolution 70 Fund
61.62
43.72
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder Multi-Asset Revolution 70 Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Schroder Multi-Asset Revolution 70 Fund (S$)
Subscriptions 181,228 Redemptions (11,840)
soft dollar commission In the management of the fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the fund and the soft dollars received are restricted to the following kinds of services: (i) research, analysis or price information; (ii) performance measurement; (iii) portfolio valuations; and (iv) administration services. The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment.
385
schedule of investments
Schroder Singapore Fixed Income Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Schroder Multi-Asset Revolution 70 Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Multi-Asset Revolution 70 Fund (SGD). Market Value (S$) % of NAV 594,554 100.00
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
386
fund performance
at a glance
Schroder Singapore Fixed Income Fund
3.23%
fund facts
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Schroder Singapore Fixed 1.01 3.23 0.86 2.81 1.97 N/A 2.72 Income Fund Markit iBoxx ALBI Singapore 1.39 3.88 1.62 3.07 1.92 N/A 2.74 Index#
Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # Effective 1 March 2017, the benchmark of Schroder Singapore Fixed Income Fund has changed from “UOB Singapore Government Securities Index - All” to the “Markit iBoxx ALBI Singapore Index”. Performance is calculated in accordance to the share class of the fund, in SGD terms.
Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 0.50%
investment objectives The Schroder Singapore Fixed Income Fund aims to provide investors with diversified exposure to the Singapore fixed income market through investment in Singapore dollar denominated bonds. The fund may use or invest in derivatives.
fund updates Effective 1 March 2017, the benchmark of Schroder Singapore Fixed Income Fund has changed from “UOB Singapore Government Securities Index - All” to the “Markit iBoxx ALBI Singapore Index”. The change is due to the discontinuation of the existing benchmark by the index provider. There is no change to the fees, investment objective and investment strategy of the fund.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
388
389
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
2,670,586 units in Schroder Singapore Fixed Income Fund Other Liabilities
Market Value (S$)
% of NAV
3,276,008
100.00
(44)
Net assets attributable to unitholders
3,275,964
0.00 100.00
All figures have been rounded up to the nearest dollar.
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Singapore Fixed Income Fund Class A
0.71
0.71
The expense ratio does not include brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The expense ratio of Schroder Singapore Fixed Income Fund Class A for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (S$)
% of NAV
as at 31 December 2016 1 MAS BILLS Series 168 31 Jan 2017 54,952,150 14.29 2 Singapore Government 1.25% 01 Oct 2021 34,067,250 8.86 3 MAS BILLS Series 84 03 Feb 2017 26,974,080 7.01 4 Singapore Government Bond 2.125% 1 Jun 2026 26,227,800 6.82 5 Singapore Government Bond 2.875% 1 Jul 2029 20,973,960 5.45 6 Singapore Government Bond 3% 1 Sep 2024 17,315,460 4.50 7 Singapore Government Bond 2.75% 1 Apr 2042 17,141,100 4.46 8 Singapore Government Bond 2.875% 1 Sep 2030 15,981,030 4.16 9 Singapore Government Bond 3.5% 1 Mar 2027 15,964,347 4.15 10 Housing &Development Board MTN 1.91% 10 Aug 2023 15,328,320 3.99 as at 31 December 2015 1 Singapore Government Bond 2.875% 1 Sep 2030 36,664,034 12.56 2 Singapore Government Bond 2.375% 1 Jun 2025 30,447,270 10.43 3 MAS Bill Series 84 04 Mar 2016 29,958,900 10.26 4 MAS Bill Series 168 05 Jan 2016 20,998,320 7.19 5 Singapore Government Bond 3% 1 Sep 2024 17,172,368 5.88 6 Singapore Government Bond 3.5% 1 Mar 2027 15,843,219 5.43 7 Singapore Government Bond 2.5% 1 Jun 2019 14,439,740 4.95 8 Singapore Government Bond 2.75% 1 Jul 2023 13,240,760 4.54 9 MAS Bill Series 84 22 Jan 2016 10,046,282 3.44 10 Singapore Government Bond 1.625% 1 Oct 2019 9,441,212 3.23 SISF: Schroder International Selection Fund Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Singapore Fixed Income Fund. The top 10 holdings of Schroder Singapore Fixed Income Fund for the financial year ended 30 June 2017 is not available.
390
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Singapore Fixed Income Fund
177.14
154.67
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder Singapore Fixed Income Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Schroder Singapore Fixed Income Fund (S$)
Subscriptions 685,008 Redemptions (269,334)
soft dollar commission In the management of the fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the fund and the soft dollars received are restricted to the following kinds of services: (i) research, analysis or price information; (ii) performance measurement; (iii) portfolio valuations; and (iv) administration services. The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment.
391
schedule of investments
Schroder Singapore Trust
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Schroder Singapore Fixed Income Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Singapore Fixed Income Fund (Class A). Market Value (S$) 3,276,008
% of NAV 100.00
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
392
fund performance
schedule of investments
Schroder Singapore Trust 13.63%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
1,616,684 units in Schroder Singapore Trust
as at 30 June 2017
Schroder Singapore Trust
3 mths 6 mths (%) (%) 3.34
13.63
1 yr (%)
3 yrs^ (%)
16.02
3.40
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%) 5.95
N/A
8.29
SST - Composite 3.72 13.82 17.55 2.68 5.30 N/A 4.65 Benchmark# Source: Schroder Investment Management (Singapore) Limited ^ Annual compounded return * Launch Date: 16 January 2012 Commencement Date: 16 January 2012 # MSCI Singapore Free Index Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 16 January 2012 Commencement Date 16 January 2012 Manager Schroder Investment Management (Singapore) Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.125%
Other Liabilities
Market Value (S$)
% of NAV
2,518,793
100.41
(10,352)
Net assets attributable to unitholders
-0.41
2,508,441
100.00
Market Value (S$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 31 December 2016 1 DBS Group Hldg Ltd 93,233,920 13.55 2 Singapore Telecommunications Ltd 90,510,291 13.15 3 United Overseas Bank Ltd 77,886,425 11.32 4 Oversea-Chinese Banking Corp Ltd 75,273,186 10.94 5 CapitaLand Ltd 40,351,126 5.86 6 ComfortDelGro Corp Ltd 35,674,951 5.18 7 Keppel Corp Ltd 29,911,140 4.35 8 UOL Group Ltd 24,278,063 3.53 9 Hongkong Land Hldg Ltd 19,732,975 2.87 10 Mapletree Industrial Trust 17,636,152 2.56 as at 31 December 2015 1 Singapore Telecommunications Ltd 95,066,359 14.34 2 DBS Group Hldg Ltd 81,941,424 12.36 3 Oversea-Chinese Banking Corp Ltd 62,916,462 9.49 4 United Overseas Bank Ltd 60,255,941 9.09 5 Keppel Corp Ltd 38,662,239 5.83 6 CapitaLand Ltd 36,182,010 5.46 7 ComfortDelGro Corp Ltd 32,380,630 4.89 8 Mapletree Industrial Trust 25,212,035 3.80 9 UOL Group Ltd 23,982,186 3.62 10 Hongkong Land Hldg Ltd 17,082,532 2.58
The Schroder Singapore Trust aims to seek long-term capital growth through investing in securities of companies quoted on the Singapore Exchange.
Source: Schroder Investment Management (Singapore) Limited. Information extracted from the underlying fund - Schroder Singapore Trust. All figures have been rounded to the nearest dollar. The top 10 holdings of Schroder Singapore Trust for the financial year ended 30 June 2017 is not available.
394
395
investment objectives
schedule of investments
schedule of investments exposure to derivatives
annualised expense ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Singapore Trust Class A
1.33
1.31
The expense ratio does not include brokerage and other transactions costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains and losses of the fund, whether realised or unrealised; front-end-loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising on income received including withholding tax; interest expense; and dividends and other distributions paid to shareholders. The expense ratio of Schroder Singapore Trust Class A for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Schroder Singapore Trust
12.84
7.79
The turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The turnover ratio is calculated based on the lesser of portfolio purchases or sales of the underlying investments expressed as a percentage over the average net asset value. The turnover ratio of Schroder Singapore Trust for the financial period ended 30 June 2017 is not available.
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Schroder Singapore Trust, an ILP sub-fund, feeds 100% into the underlying Singapore registered Schroder Singapore Trust (Class A). Market Value (S$) % of NAV 2,518,793 100.41
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Schroder Investment Management (Singapore) Limited.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Schroder Singapore Trust (S$)
Subscriptions 643,354 Redemptions (134,188)
soft dollar commission In the management of the fund, the Manager may accept soft dollar commissions from, or enter into soft dollar arrangements with, stockbrokers who execute trades on behalf of the 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. The Manager may not receive or enter into soft dollar commissions or arrangements unless (a) such soft dollar commissions or arrangements shall reasonably assist the Manager in their management of the fund, (b) best execution is carried out for the transactions, and (c) that no unnecessary trades are entered into in order to qualify for such soft dollar commissions or arrangements. The Manager shall not receive goods and services such as travel, accommodation and entertainment.
396
397
fund performance
Templeton China Fund
Templeton China Fund 8.68% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Templeton China Fund
3 mths 6 mths (%) (%) 2.20
8.68
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
22.42
5.88
4.73
N/A
3.40
MSCI Golden Dragon Index 7.93 17.69 33.92 11.60 12.32 N/A 10.54 Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance figures are calculated in accordance to the currency of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Templeton Asset Management Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.60%
investment objectives The Fund aims to achieve long-term capital appreciation by investing primarily in equity securities of companies organised under the laws of or having their principal offices in China, Hong Kong or Taiwan, as well as in companies which derive the principal portion of their revenues from goods or services sold or produced, or have the principal portion of their assets in China, Hong Kong or Taiwan.
399
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) No.
Description
18,186 units in Templeton China Fund Other Liabilities
Market Value (S$)
% of NAV
157,488
100.16
(254)
Net assets attributable to unitholders
-0.16
157,234
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Taiwan Semiconductor Manufacturing Co Limited 50,806,453 9.67 2 Tencent Holdings Limited 50,333,590 9.58 3 Nine Dragons Paper Holdings Limited 40,508,557 7.71 4 Alibaba Group Holding Limited 30,736,065 5.85 5 China Petroleum & Chemical Corp (Sinopec) 29,264,937 5.57 6 Anta Sports Products Limited 26,690,463 5.08 7 Templeton China A Shares Fund 24,799,013 4.72 8 China Construction Bank Corp 23,538,046 4.48 9 AIA Group Ltd 18,178,938 3.46 10 Dairy Farm International Holdings Limited 17,758,615 3.38 as at 30 June 2016 1 Taiwan Semiconductor Manufacturing Co Limited 48,983,835 9.25 2 Nine Dragons Paper Holdings Limited 36,539,293 6.90 3 China Petroleum & Chemical Corp (Sinopec) 34,050,385 6.43 4 Tencent Holdings Limited 32,726,497 6.18 5 Dairy Farm International Holdings Limited 25,842,283 4.88 6 China Construction Bank Corp 24,994,995 4.72 7 China Mobile Limited 24,730,217 4.67 8 Anta Sports Products Limited 21,499,932 4.06 9 Templeton China A Shares Fund 21,341,065 4.03 10 Uni-President China Holdings 17,475,314 3.30 Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton China Fund. All figures have been rounded to the nearest dollar.
400
Templeton China Fund Class A (acc) SGD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
2.45
2.45
The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. The following expenses are excluded from the calculation of the expense ratios:(a) brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); (b) foreign exchange gains/losses of the Fund, whether realised or unrealised; (c) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; (d) tax deducted at source or arising out of income received including withholding tax; (e) interest expense; and (f) dividends and other distributions paid to Investors.
turnover ratio (underlying fund)
Templeton China Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
-2.71
-10.96
The turnover ratios are calculated in accordance with the Luxembourg Commission for the Supervision of the Financial Sector (“CSSF”) undertakings for collective investment in transferable securities (UCITS) simplified prospectus and are based on the following formula: Turnover = [(Total 1 - Total 2)/M]*100 with: Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period (Daily S – T); M = average monthly assets of the relevant fund. The turnover ratio of Templeton China Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Templeton China Fund (S$)
Subscriptions 71,607 Redemptions (11,254)
401
schedule of investments soft dollar commission
Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company may be directed by the Management Company and/or the Investment Managers to brokers/dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such brokers/dealers. The receipt of investment research and information and related services permits the Management Company and/or the Investment Managers to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Management Company and/or the Investment Managers. The Management Company and/or the Investment Managers may enter, with brokers/dealers that are entities and not individuals, into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Management Company and/or the Investment Managers, including the Company, and where the Management Company and/or the Investment Managers are satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interest of the Company. Any such arrangement must be made by the Management Company and/or the Investment Managers on terms commensurate with best market practice For the period 1 January 2017 to 30 June 2017, the Franklin Templeton Investment Funds - Templeton China Fund paid US$81,765 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes
Templeton China Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton China Fund (Class A (acc) SGD). Market Value (S$) % of NAV 157,488 100.16
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
402
Templeton Global Bond Fund
fund performance
at a glance
Templeton Global Bond Fund -2.51%
fund facts
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Templeton Global Bond -6.31 -2.51 4.47 -1.44 1.69 N/A 2.87 Fund JP Morgan Global 1.09 -0.82 -2.22 2.90 1.65 N/A 1.53 Government Bond Index Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 28 May 2012 Commencement Date: 28 May 2012 Performance is calculated in accordance to the currency of the fund, in SGD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
404
Launch Date 28 May 2012 Commencement Date 28 May 2012 Manager Franklin Advisors, Inc. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 0.75%
investment objectives The fund aims to maximise total investment return consisting of a combination of interest income, capital appreciation and currency gains by investing principally in a portfolio of fixed or floating-rate debt securities and debt obligations issued by government or government-related issuers worldwide.
fund updates With effect from September 2016, the manager has adjusted and increased the expected level of leverage for the fund from the range of 110%-130% to 130%-200%. The leverage is a measure of the aggregate derivative usage and therefore does not take into account other physical assets directly held in the portfolio of the fund. Whilst there has been no change in the investment strategy, the amount of financial derivative instruments used to achieve this has gradually increased over time. However, a higher expected level of leverage should not necessarily be interpreted as a greater level of risk as many of the derivatives are used for hedging purposes, including interest rate swaps that are used to hedge interest risk given the manager’s outlook for a rising rate environment.
405
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
130,719 units in Templeton Global Bond Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
1,529,416
99.49
7,896
0.51
1,537,312
100.00
All figures have been rounded up to the nearest dollar.
Templeton Global Bond Fund Class A (mdis) SGD-H1
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.40
1.40
The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to Investors.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Korea Treasury Bond, senior note, 2.00%, 3/10/21 703,181,563 3.82 2 Government of Mexico, senior note, M, 5.00%, 12/11/19 671,561,334 3.64 3 Nota Do Tesouro Nacional, 10.00%, 1/01/23 519,596,282 2.82 4 Government of Indonesia, senior bond, FR56, 8.375%, 9/15/26 438,334,504 2.38 5 Nota Do Tesouro Nacional, 10.00%, 1/01/25 389,651,144 2.11 6 Korea Monetary Stabilization Bond, senior note, 1.45%, 6/02/18 372,882,841 2.02 7 Letra Tesouro Nacional, Strip, 1/01/19 372,495,880 2.02 8 Argentine Bonos del Tesoro, senior note, 15.50%, 10/17/26 359,873,586 1.95 9 Korea Treasury Bond, senior note, 1.375%, 9/10/21 350,254,845 1.90 10 Korea Treasury Bond, senior bond, 4.25%, 6/10/21 328,916,718 1.79 as at 30 June 2016 1 Government of Mexico, senior note, M, 5.00%, 6/15/17 1,088,439,018 4.95 2 Government of Malaysia, senior note, 3.394%, 3/15/17 675,689,812 3.07 3 Korea Monetary Stabilization Bond, senior note, 2.07%, 12/02/16 486,366,415 2.21 4 Nota Do Tesouro Nacional, senior note, 10.00%, 1/01/17 481,042,038 2.19 5 Korea Monetary Stabilization Bond, senior note, 1.45%, 6/02/18 425,488,107 1.93 6 Government of Indonesia, senior bond, FR56, 8.375%, 9/15/26 401,682,423 1.83 7 Letra Tesouro Nacional, Strip, 7/01/19 391,011,668 1.78 8 Government of Mexico, 7.25%, 12/15/16 385,951,310 1.75 9 Government of Poland, FRN 1/25/17 384,565,212 1.75 10 Government of Poland, FRN, 5.15%, 1/25/21 384,301,193 1.75
as at as at 31 December 2016 31 December 2015 (%) (%)
Templeton Global Bond Fund
60.08
The turnover ratios are calculated based on the following formula: Turnover = [(Total 1 - Total 2)/M]*100 with: Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period (Daily = S – T); M = average monthly assets of the relevant fund. The turnover ratio of Templeton Global Bond Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Templeton Global Bond Fund (S$)
Subscriptions 315,420 Redemptions (180,676)
Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton Global Bond Fund. All figures have been rounded to the nearest dollar.
406
41.71
407
schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company may be directed by the Management Company and/or the Investment Managers to brokers/dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such brokers/dealers. The receipt of investment research and information and related services permits the Management Company and/or the Investment Managers to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Management Company and/or the Investment Managers. The Management Company and/or the Investment Managers may enter, with brokers/dealers that are entities and not individuals, into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Management Company and/or the Investment Managers, including the Company, and where the Management Company and/or the Investment Managers are satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interest of the Company. Any such arrangement must be made by the Management Company and/or the Investment Managers on terms commensurate with best market practice. There was no Research Commission for Templeton Global Bond Fund during the period 1 Jan 17 to 30 June 2017.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Templeton Global Bond Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton Global Bond Fund (Class A (mdis) SGD-H1). Market Value (S$) 1,529,416
% of NAV 99.49
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
408
Templeton Global Total Return Fund
fund performance
at a glance
Templeton Global Total Return Fund -1.50%
fund facts
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Templeton Global Total -5.79 -1.50 6.69 -1.12 2.73 N/A 3.82 Return Fund Barclays Capital Multiverse 1.13 -0.33 0.89 3.20 2.75 N/A 2.69 Index Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 28 May 2012 Commencement Date: 28 May 2012 Performance is calculated in accordance to the currency of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
410
Launch Date 28 May 2012 Commencement Date 28 May 2012 Manager Franklin Advisors, Inc. Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 0.75%
investment objectives The Fund aims to maximise total investment return consisting of a combination of interest income, capital appreciation, and currency gains by investing principally in a portfolio of fixed and/or floating rate debt securities and debt obligations issued by government and government-related issuers or corporate entities worldwide. The Fund may invest in investment grade and non-investment grade debt securities. The Fund may also use various currency-related and other transactions involving derivative instruments.
fund updates With effect from September 2016, the manager has adjusted and increased the expected level of leverage for the fund from the range of 100%-130% to 130%-200%. The leverage is a measure of the aggregate derivative usage and therefore does not take into account other physical assets directly held in the portfolio of the fund. Whilst there has been no change in the investment strategy, the amount of financial derivative instruments used to achieve this has gradually increased over time. However, a higher expected level of leverage should not necessarily be interpreted as a greater levle of risk as many of the derivatives are used for hedging purposes, including interest rate swaps that are used to hedge interest risk given the manager’s outlook for a rising rate environment.
411
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
847,827 units in Templeton Global Total Return Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
8,825,879
99.97
2,505
0.03
8,828,384
100.00
All figures have been rounded up to the nearest dollar.
Templeton Global Total Return Fund Class A (mdis) SGD-H1
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.42
1.42
The following expenses are excluded from the calculation of the expense ratios:- brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); foreign exchange gains/losses of the fund, whether realised or unrealised; front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; tax deducted at source or arising out of income received including withholding tax; interest expense; and dividends and other distributions paid to Investors.
turnover ratio (underlying fund) portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Korea Treasury Bond, senior note, 2.00%, 3/10/21 745,333,211 3.69 2 Letra Tesouro Nacional, Strip, 7/01/19 650,201,040 3.22 3 Government of Mexico, senior note, M, 5.00%, 12/11/19 541,847,657 2.68 4 Argentine Bonos del Tesoro, senior note, 15.50%, 10/17/26 517,544,849 2.56 5 Government of India, senior note, 7.68%, 12/15/23 466,194,065 2.31 6 Nota Do Tesouro Nacional, 10.00%, 1/01/21 448,148,624 2.22 7 Nota Do Tesouro Nacional, 10.00%, 1/01/25 396,838,211 1.97 8 Letra Tesouro Nacional, Strip, 1/01/19 383,798,664 1.90 9 Argentine Bonos del Tesoro, 18.20%, 10/03/21 381,961,824 1.89 10 Nota Do Tesouro Nacional, 10.00%, 1/01/23 379,034,991 1.88 as at 30 June 2016 1 Government of Mexico, senior note, M, 5.00%, 6/15/17 984,697,584 4.66 2 Government of Portugal, Reg S, 5.125%, 10/15/24 699,460,124 3.31 3 Government of Uruguay, senior bond, Index Linked, 4.375%, 12/15/28 585,534,107 2.77 4 Letra Tesouro Nacional, Strip, 7/01/19 573,305,118 2.71 5 Korea Monetary Stabilization Bond, senior note, 2.07%, 12/02/16 561,160,613 2.66 6 Nota Do Tesouro Nacional, 10.00%, 1/01/21 410,442,026 1.94 7 Korea Monetary Stabilization Bond, senior note, 1.61%, 11/09/16 387,230,181 1.83 8 Government of Indonesia, senior bond, FR70, 8.375%, 3/15/24 372,825,742 1.77 9 Government of Malaysia, senior note, 3.394%, 3/15/17 368,960,621 1.75 10 Government of Indonesia, senior bond, FR53, 8.25%, 7/15/21 363,997,215 1.72
as at as at 31 December 2016 31 December 2015 (%) (%)
Templeton Global Total Return Fund
62.62
The turnover ratios are calculated based on the following formula: Turnover = [(Total 1 - Total 2)/M]*100 with: Total 1 = Total of purchases (X) and sales of securities (Y) transactions during the year/period (X+Y); Total 2 = Sum of daily net subscription (S) and redemption (T) transactions in absolute amount for the year/period (Daily = S – T); M = average monthly assets of the relevant fund. The turnover ratio of Templeton Global Total Return Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Templeton Global Total Return Fund (S$)
Subscriptions 2,114,022 Redemptions (781,885)
Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton Global Total Return Fund. All figures have been rounded to the nearest dollar.
412
55.51
413
schedule of investments soft dollar commission Consistent with obtaining best execution, brokerage commissions on portfolio transactions for the Company may be directed by the Management Company and/or the Investment Managers to brokers/dealers in recognition of research services furnished by them as well as for services rendered in the execution of orders by such brokers/dealers. The receipt of investment research and information and related services permits the Management Company and/or the Investment Managers to supplement their own research and analysis and makes available to them the views and information of individuals and research staffs of other firms. Such services do not include travel, accommodation, entertainment, general administrative goods or services, general office equipment or premises, membership fees, employee salaries or direct money payment, which are paid by the Management Company and/or the Investment Managers. The Management Company and/or the Investment Managers may enter, with brokers/dealers that are entities and not individuals, into soft commission arrangements only where there is a direct and identifiable benefit to the clients of the Management Company and/or the Investment Managers, including the Company, and where the Management Company and/or the Investment Managers are satisfied that the transactions generating the soft commissions are made in good faith, in strict compliance with applicable regulatory requirements and in the best interest of the Company. Any such arrangement must be made by the Management Company and/or the Investment Managers on terms commensurate with best market practice. There was no Research Commission for Templeton Global Total Return Fund during the period 1 Jan 17 to 30 June 2017.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Templeton Global Total Return Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton Global Total Return Fund (Class A (mdis) SGD-H1). Market Value (S$) 8,825,879
% of NAV 99.97
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
414
Templeton Latin America Fund
fund performance
schedule of investments
Templeton Latin America Fund 1.62%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
27,191 units in Templeton Latin America Fund
as at 30 June 2017 3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Templeton Latin America -7.72 1.62 8.84 -8.93 -6.31 N/A -5.20 Fund MSCI EM Latin America -3.05 5.14 18.05 -6.33 -3.48 N/A -3.34 Index Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 2 May 2012 Commencement Date: 2 May 2012 Performance is calculated in accordance to the currency of the fund, in SGD terms.
Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 2 May 2012 Commencement Date 2 May 2012 Manager Templeton Asset Management Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.40%
investment objectives To achieve long-term capital appreciation by investing primarily in equity securities of issuers incorporated or having their principal business activities in the Latin American region.
416
Other Liabilities
Market Value (S$)
% of NAV
203,438
100.08
(156)
Net assets attributable to unitholders
-0.08
203,282
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Itausa - Investimentos Itau Sa 86,263,530 7.19 2 Grupo Financiero Banorte Sab De Cv 66,587,287 5.55 3 B3 Sa - Brasil Bolsa Balcao 64,187,745 5.35 4 Wal-Mart De Mexico Sab De Cv 62,987,974 5.25 5 Banco Bradesco Sa 61,068,341 5.09 6 Itau Unibanco Holding Sa 60,828,387 5.07 7 Lojas Americanas Sa 53,629,761 4.47 8 Ambev Sa 51,350,196 4.28 9 Grupo Mexico Sab De Cv 49,670,517 4.14 10 Bolsa Mexicana De Valores Sab De Cv 48,950,654 4.08 as at 30 June 2016 1 Ambev Sa 77,222,951 7.00 2 Itausa - Investimentos Itau Sa 75,893,024 6.88 3 Bm&F Bovespa Sa 61,408,410 5.56 4 Wal-Mart De Mexico Sab De Cv 61,103,796 5.54 5 Banco Bradesco Sa 55,635,092 5.04 6 Itau Unibanco Holding Sa 54,677,103 4.95 7 Lojas Americanas Sa 48,603,586 4.40 8 Grupo Financiero Banorte Sab De Cv 44,894,139 4.07 9 Cia Cervecerias Unidas Sa 42,275,121 3.83 10 Credicorp Ltd 41,232,149 3.74 Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton Latin America Fund. All figures have been rounded to the nearest dollar.
417
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
Templeton Latin America Fund Class A (acc) SGD
soft dollar commission
as at 30 June 2017 (%)
as at 30 June 2016 (%)
2.28
2.28
The expense ratios are calculated in accordance with Investment Management Association of Singapore’s (IMAS) guidelines on the disclosure of expense ratios and based on the Company’s latest audited accounts. The following expenses are excluded from the calculation of the expense ratios:(a) brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar charges and remittance fees); (b) foreign exchange gains/losses of the Fund, whether realised or unrealised; (c) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign unit trust or mutual fund; (d) tax deducted at source or arising out of income received including withholding tax; (e) interest expense; and (f) dividends and other distributions paid to Investors.
For the period 1 January 2017 to 30 June 2017, the Franklin Templeton Investment Funds - Templeton Latin America Fund paid US$80,392 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Templeton Latin America Fund
13.24
19.37
For the period 1 January 2017 to 30 June 2017, the Franklin Templeton Investment Funds - Templeton Latin America Fund paid US$80,392 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades. The turnover ratio of Templeton Latin America Fund for the financial period ended 30 June 2017 is not available.
Templeton Latin America Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Investment Funds - Templeton Latin America Fund (Class A (acc) SGD). Market Value (S$) % of NAV 203,438 100.08
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Templeton Latin America Fund (S$)
Subscriptions 68,210 Redemptions (39,392)
418
419
fund performance
Templeton Shariah Global Equity Fund
Templeton Shariah Global Equity Fund
-2.79%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
Templeton Shariah Global Equity Fund
-4.93
-2.79
12.38
N/A
N/A
N/A
2.05
MSCI Golden Dragon Index
2.45
4.92
16.14
N/A
N/A
N/A
6.20
Source: Franklin Templeton Investments ^ Annual compounded return * Launch Date: 22 July 2014 Commencement Date: 22 July 2014 Performance is calculated in accordance to the currency of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts
Launch Date 22 July 2014 Commencement Date 22 July 2014 Manager Templeton Asset Management Limited Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.60%
investment objectives The Fund seeks long-term capital growth by investing primarily in Shariah compliant equity securities of companies of any nation, including Emerging Markets. The Fund’s managers believe that greater value can be found by looking at companies globally rather than by limiting oneself to a single market.
421
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
25,853 units in Templeton Shariah Global Equity Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
329,364
99.62
1,264
0.38
330,628
100.00
All figures have been rounded up to the nearest dollar.
Templeton Shariah Global Equity Fund Class A (acc) SGD
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.90
1.75
The expense ratio does not include (where applicable) charges for insurance coverage, brokerage and other transaction costs, performance fee, foreign exchange gains or losses, front or back end loads arising from the purchase or sale of collective investment schemes and tax deducted at source or arising out of income received, but it includes other transaction costs up to the end of the reporting period at the ILP sub-fund level.
turnover ratio (underlying fund) portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
as at 30 June 2017 1 Tencent Holdings Ltd 2,692,701 2 Royal Dutch Shell Plc 2,611,920 3 BP Plc 1,938,745 4 Pfizer Inc 1,759,231 5 Bayer Ag 1,705,377 6 Telefonica Deutschland Holding Ag 1,696,402 7 Allergan Plc 1,651,523 8 Lg Innotek Co Ltd 1,543,815 9 Eli Lilly & Co 1,534,840 10 Tsumura & Co 1,498,937 as at 30 June 2016 1 Royal Dutch Shell Plc 2,594,748 2 Pfizer Inc 1,847,799 3 Samsung Electronics Co Limited 1,751,641 4 Chevron Corporation 1,695,110 5 BP Plc 1,599,774 6 Eli Lilly & Co 1,472,613 7 Novartis Ag 1,382,752 8 Sanofi 1,328,001 9 Walgreens Boots Alliance Inc 1,298,982 10 Total Sa 1,251,143
% of NAV
3.00 2.91 2.16 1.96 1.90 1.89 1.84 1.72 1.71 1.67 3.79 2.70 2.56 2.48 2.34 2.15 2.02 1.94 1.90 1.83
Templeton Shariah Global Equity Fund
as at 30 April 2016 (%)
4.15
-109.96
The method used to calculate the PTR is the method recommended by the Luxembourg Regulator (CSSF). This method is different from the SEC one. CSSF method is as follow: Turnover = [(Total 1 - Total 2)/ M] * 100 With: Total 1: Total of securities transactions during the relevant period = X + Y X = Purchases of securities and Y = sales of securities Total 2= Total of transactions in shares (absolute value of net subscriptions/redemptions on a daily basis) of the Fund during the year = daily absolute value of S + T S = Subscriptions of shares of the Fund and T = redemptions of shares of the Fund M = Average net assets of the Fund The turnover ratio of Templeton Shariah Global Equity Fund for the financial period ended 30 June 2017 is not available.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Templeton Shariah Global Equity Fund (S$)
Subscriptions 223,027 Redemptions (214,937)
Source: Franklin Templeton Investments. Information extracted from the underlying fund - Templeton Shariah Global Equity Fund. All figures have been rounded to the nearest dollar.
422
as at 30 April 2017 (%)
423
schedule of investments soft dollar commission The Franklin Templeton Shariah Funds - Templeton Shariah Global Equity Fund paid US$23,503 in commission dollars generated from portfolio transactions to pay for goods or services provided by third parties under a soft dollar arrangement. All goods and services acquired with the soft dollar commission were for the benefit of the unit trust. The broker(s), who has executed trades for other funds managed by the Investment Manager, had executed the trades on best available terms and there was no churning of trades.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Please refer to the “Portfolio Statement”. Templeton Shariah Global Equity Fund, an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Franklin Templeton Shariah Funds - Templeton Shariah Global Equity Fund (Class A (acc) SGD). Market Value (S$) % of NAV 329,364 99.62
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Franklin Templeton Investments.
424
Threadneedle Investment Funds ICVC American Fund
fund performance
schedule of investments
Threadneedle Investment Funds ICVC - American Fund
10.52%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance
127,592 units in Threadneedle Investment Funds ICVC - American Fund
as at 30 June 2017
Threadneedle Investment Funds ICVC - American Fund
3 mths 6 mths (%) (%)
Market Value (S$)
1 yr (%)
3 yrs^ (%)
20.92
7.62
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
Other Assets Net assets attributable to unitholders
601,817
% of NAV
99.95
324
0.05
602,141
100.00
Market Value (US$)
% of NAV
All figures have been rounded up to the nearest dollar.
3.84
10.52
N/A
N/A
10.56
S&P 500 3.09 9.34 17.90 9.61 N/A N/A 12.07 Source: Threadneedle Investment Services Limited ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 Performance figures are calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager Threadneedle Investment Services Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%
investment objectives To achieve capital growth through investing primarily in the stocks of medium to large companies domiciled in North America or which have significant North American operations.
426
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Apple Inc. 139,842,760 4.84 2 Microsoft Corporation 132,535,158 4.59 3 Alphabet Inc. Class A 127,891,315 4.43 4 JPMorgan Chase & Co. 109,740,965 3.80 5 Facebook Inc. Class A 93,540,034 3.24 6 Johnson & Johnson 89,158,010 3.09 7 Amazon.com Inc. 85,221,921 2.95 8 Berkshire Hathaway Inc. Class B 78,203,926 2.71 9 Comcast Corp. Class A 78,142,988 2.71 10 Home Depot Inc. 72,038,221 2.49 as at 30 June 2016 1 Alphabet Inc. Class A 115,415,046 4.61 2 Microsoft Corporation 88,939,591 3.55 3 Apple Inc. 85,153,039 3.40 4 AT&T Inc 67,740,299 2.71 5 Exxon Mobil Corp. 63,933,269 2.55 6 Medtronic Plc 62,766,065 2.51 7 JPMorgan Chase & Co. 62,307,855 2.49 8 Home Depot Inc. 59,832,047 2.39 9 Pfizer Inc. 59,281,981 2.37 10 Amazon.com Inc. 58,957,887 2.35 Source: Threadneedle Investment Services Limited. Information extracted from the underlying fund - Threadneedle Investment Funds ICVC - American Fund. All figures have been rounded to the nearest dollar.
427
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
related-party transactions
as at as at 7 March 2017 7 March 2016 (%) (%)
Threadneedle Investment Funds ICVC - American Fund Class Retail Net Acc USD
1.62
1.64
Based on the financial year’s expenses and may vary from year to year. It excludes the costs of buying and selling assets for the fund (unless these assets are shares of other funds). The expense ratio of Threadneedle Investment Funds ICVC - American Fund Class Retail Net Acc USD for the financial period ended 30 June 2017 is not available.
Nil
investments in collective investment schemes Threadneedle Investment Funds ICVC - American Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds ICVC - American Fund (Class Retail Net Acc USD). Market Value (S$) % of NAV 601,817 99.95
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Threadneedle Investment Services Limited.
turnover ratio (underlying fund)
Threadneedle Investment Funds ICVC - American Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
81.97
184.97
12-month rolling year-to-date turnover rates; calculated based on UK FSA Regulations.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Threadneedle Investment Funds ICVC - American Fund (S$)
Subscriptions 172,533 Redemptions (55,618)
soft dollar commission N/A
exposure to derivatives N/A
borrowings Nil
428
429
fund performance
Threadneedle Investment Funds ICVC American Smaller Companies Fund
Threadneedle Investment Funds ICVC - American Smaller Companies Fund
7.91%
for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
Threadneedle Investment Funds ICVC - American Smaller Companies Fund
3 mths 6 mths (%) (%) 2.16
7.91
1 yr (%)
3 yrs^ (%)
20.98
6.77
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) N/A
N/A
10.38
S&P MidCap 400 1.97 5.99 18.57 8.53 N/A N/A 11.08 Source: Threadneedle Investment Services Limited ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 Performance figures are calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts
Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager Threadneedle Investment Services Limited Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.50%
investment objectives To achieve capital growth through investing primarily in the stocks of smaller companies that are domiciled in the US or have significant US operations.
431
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 No.
Description
332,200 units in Threadneedle Investment Funds ICVC American Smaller Companies Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
1,805,031
99.66
6,140
0.34
1,811,171
100.00
All figures have been rounded up to the nearest dollar.
as at as at 7 March 2017 7 March 2016 (%) (%)
Threadneedle Investment Funds ICVC - American Smaller Companies Fund Class Retail Net Acc USD
1.67
1.67
Based on the financial year’s expenses and may vary from year to year. It excludes the costs of buying and selling assets for the fund (unless these assets are shares of other funds). The expense ratio of Threadneedle Investment Funds ICVC - American Smaller Companies Fund Class Retail Net Acc USD for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
% of NAV
as at 30 June 2017 1 Pacwest Bancorp 31,506,065 3.25 2 Cyrusone Inc 29,742,871 3.07 3 Bank of the Ozarks 27,638,245 2.85 4 Associated Banc-Corp 27,332,195 2.82 5 Zions Bancorporation 25,447,558 2.62 6 Leidos Holdings Inc 23,972,847 2.47 7 CNO Financial Group Inc 23,052,534 2.38 8 Extended Stay America Inc 23,016,560 2.37 9 Wabco Holdings Inc 22,906,783 2.36 10 PNM Resources Inc 22,021,919 2.27 as at 30 June 2016 1 Portland General Electric Co 23,816,012 2.82 2 Cyrusone Inc 21,614,070 2.56 3 Newfield Exploration Co 18,632,308 2.21 4 Mid-America Apartment Comm 17,511,688 2.07 5 Align Technology Inc 17,118,938 2.03 6 ITC Holdings Corp 16,591,196 1.96 7 Perkinelmer Inc 16,169,023 1.91 8 Bankunited Inc 16,145,465 1.91 9 Centene Corp 15,500,161 1.84 10 Alexandria Real Estate Equit 15,441,001 1.83 Source: Threadneedle Investment Services Limited. Information extracted from the underlying fund - Threadneedle Investment Funds ICVC - American Smaller Companies Fund . All figures have been rounded to the nearest dollar.
432
as at 30 June 2017 (%)
as at 30 June 2016 (%)
Threadneedle Investment Funds ICVC - American Smaller Companies Fund 179.24
87.21
12-month rolling year-to-date turnover rates; calculated based on UK FSA Regulations.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Threadneedle Investment Funds ICVC - American Smaller Companies Fund (S$)
Subscriptions 1,024,680 Redemptions (279,988)
soft dollar commission N/A
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
433
schedule of investments investments in collective investment schemes Threadneedle Investment Funds ICVC - American Smaller Companies Fund , an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds ICVC - American Smaller Companies Fund (Class Retail Net Acc USD). Market Value (S$) % of NAV 1,805,031 99.66
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Threadneedle Investment Services Limited.
434
Threadneedle Investment Funds ICVC European Select Fund
fund performance
schedule of investments
Threadneedle Investment Funds ICVC - European Select Fund
11.40%
as at 30 June 2017
for the 6 months period ending 30 June 2017
No.
table of performance as at 30 June 2017
Threadneedle Investment Funds ICVC - European Select Fund
3 mths 6 mths (%) (%) 4.54
11.40
portfolio statement
1 yr (%)
3 yrs^ (%)
15.15
9.19
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) N/A
N/A
10.14
FTSE World Europe Ex UK 2.44 9.85 22.14 8.06 N/A N/A 9.96 Source: Threadneedle Investment Services Limited ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 Performance figures are calculated in accordance to the share class of the fund, in Euro terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager Threadneedle Investment Services Limited Currency of Fund Euro Dollars Valuation Frequency Daily Annual Management Fee 1.50%
investment objectives To achieve above average capital growth through investing mainly in a relatively concentrated portfolio of equities of companies domiciled in Continental Europe or which have significant Continental European operations. The select investment approach means that the fund has the flexibility to take significant stock and sector positions.
436
Description
247,002 units in Threadneedle Investment Funds ICVC European Select Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
1,294,676
99.43
7,475
0.57
1,302,151
100.00
Market Value (EUR)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Unilever Nv-Cva 176,906,816 5.25 2 Relx Nv 172,483,092 5.12 3 L’Oreal 170,928,508 5.07 4 Sampo Oyj-A Shs 139,747,455 4.14 5 Fresenius Medical Care Ag & 139,547,007 4.14 6 Pernod Ricard Sa 124,426,781 3.69 7 Ryanair Holdings Plc 117,676,710 3.49 8 Anheuser-Busch Inbev 117,319,159 3.48 9 IMCD Group NV 108,863,439 3.23 10 Dassault Systemes Sa 101,868,363 3.02 as at 30 June 2016 1 Unilever Nv-Cva 263,698,726 6.70 2 Novartis Ag-Reg 260,031,144 6.61 3 Relx Nv 223,388,883 5.67 4 Anheuser-Busch Inbev Nv 205,573,321 5.22 5 Fresenius Medical Care Ag & 158,117,123 4.02 6 L’Oreal 156,553,330 3.98 7 Assa Abloy Ab-B 154,634,376 3.93 8 Pernod Ricard Sa 148,320,572 3.77 9 Novo Nordisk A/S-B 148,096,928 3.76 10 Roche Holding Ag-Genusschein 145,766,557 3.70 Source: Threadneedle Investment Services Limited. Information extracted from the underlying fund - Threadneedle Investment Funds ICVC - European Select Fund. All figures have been rounded to the nearest dollar.
437
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
related-party transactions
as at as at 7 March 2017 7 March 2016 (%) (%)
Threadneedle Investment Funds ICVC - European Select Fund Class Retail Acc EUR
1.63
1.64
Based on the financial year’s expenses and may vary from year to year. It excludes the costs of buying and selling assets for the fund (unless these assets are shares of other funds). The expense ratio of Threadneedle Investment Funds ICVC - European Select Fund Class Retail Acc EUR for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
Threadneedle Investment Funds ICVC - European Select Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
46.60
30.95
Nil
investments in collective investment schemes Threadneedle Investment Funds ICVC - European Select Fund, an ILP sub-fund, feeds 100% into the underlying UK registered Threadneedle Investment Funds ICVC - European Select Fund (Class Retail Acc EUR). Market Value (S$) % of NAV 1,294,676 99.43
any other material information that will adversely affect the valuation of the ILP sub-fund Nil
Source of the expense ratio, turnover ratio and soft dollar commission: Threadneedle Investment Services Limited.
12-month rolling year-to-date turnover rates; calculated based on UK FSA Regulations.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
Threadneedle Investment Funds ICVC - European Select Fund (S$)
Subscriptions 545,004 Redemptions (72,406)
soft dollar commission N/A
exposure to derivatives N/A
borrowings N/A
438
439
fund performance
United Asian Bond Fund
United Asian Bond Fund -1.12% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
United Asian Bond Fund -0.23 -1.12 3.53 6.12 N/A N/A 6.73 Class SGD JP Morgan Asia Credit Index -0.26 -1.06 5.47 8.46 N/A N/A 8.62 Total Return Composite Source: UOB Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager UOB Asset Management, incorporated in Singapore Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.00%
investment objectives To provide stable current income and capital appreciation by investing in debt securities issued by Asian corporations, financial institutions, governments and their agencies (including money market instruments). The Asian countries which the sub-fund will invest in include but not limited to Singapore, Malaysia, Thailand, Indonesia, Philippines, Hong Kong SAR, South Korea, Taiwan, China, Australia, New Zealand and Japan.
fund updates With effect from 1 April 2017, the Custodian has been changed from BNP Paribas Securities Services, Singapore Branch to State Street Bank and Trust Company, Singapore Branch.
441
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 No.
Description
Market Value (S$)
% of NAV
2,654,721 units in United Asian Bond Fund
4,966,98 2
88.38
Other Assets
653,310
11.62
5,620,292
100.00
Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
United Asian Bond Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.33
1.08
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 year. 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.
portfolio statement - by top 10 holdings No.
turnover ratio (underlying fund)
Description
Market Value (S$)
% of NAV
as at 30 June 2017 1 United Asian High Yield Bond Fund - Class SGD Dist 11,795,678 5.88 2 Industrial & Commercial Bank Of China Limited 4.875% Due 21/09/2025 7,349,694 3.67 3 Yestar International Holdings Company Limited 6.9% Due 15/09/2021 7,106,405 3.54 4 Perusahaan Listrik Negara Sr Unsecured Regs 4.125% Due 05/27 6,781,854 3.38 5 China Railway Xunjie Company Limited 3.25% Due 28/07/2026 6,703,573 3.34 6 Korea Gas Corporation 3.5% Due 21/07/2025 5,390,964 2.69 7 RHB Bank Berhad 2.503% Due 06/10/2021 5,153,346 2.57 8 Perusahaan Listrik Negara Pt 5.5% Due 22/11/2021 4,512,626 2.25 9 MPM Global Private Limited 6.75% Due 19/09/2019 4,294,161 2.14 10 Dah Sing Bank Limited 5.25% Due 29/01/2024 4,259,394 2.12 as at 30 June 2016 1 United Asian High Yield Bond Fund - Class SGD Dist 11,489,937 6.25 2 Industrial & Commercial Bank Of China Limited 4.875% Due 21/09/2025 7,091,924 3.86 3 Korea Gas Corporation 3.5% Due 21/07/2025 5,573,677 3.03 4 Perusahaan Listrik Negara Pt 5.5% Due 22/11/2021 4,389,248 2.39 5 Dah Sing Bank Limited 5.25% Due 29/01/2024 4,210,941 2.29 6 MPM Global Private Limited 6.75% Due 19/09/2019 4,160,105 2.26 7 Bank of East Asia Limited 5.5% Due 29/12/2049 FRN 3,910,733 2.12 8 Korean Reinsurance Co 4.5% Due 21/10/2044 FRN 3,844,853 2.09 9 Longfor Properties Co Ltd 6.75% Due 29/01/2023 3,622,982 1.97 10 United Asian Local Currency Bond Fund - Class USD Dist 3,526,888 1.92 Source: UOB Asset Management. Information extracted from the underlying fund - United Asian Bond Fund. All figures have been rounded to the nearest dollar.
442
United Asian Bond Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
94.00
65.86
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.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
United Asian Bond Fund (S$)
Subscriptions 1,895,528 Redemptions (1,045,392)
soft dollar commission 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. There are no soft dollars, rebates, commissions or other monetary incentives generated by the Fund.
443
schedule of investments
United Emerging Markets Bond Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes United Asian Bond Fund, an ILP sub-fund, feeds 100% into the underlying United Asian Bond Fund (Class SGD). Market Value (S$) 4,966,982
% of NAV 88.38
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management.
444
fund performance
schedule of investments
United Emerging Markets Bond Fund 1.00%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
No.
table of performance
1,697,355 units in United Emerging Markets Bond Fund
as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
United Emerging Markets 0.33 1.00 4.85 5.11 N/A N/A 6.22 Bond Fund JP Morgan EMBI Global 0.84 1.30 8.58 8.95 N/A N/A 9.62 Diversified TR Source: UOB Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager UOB Asset Management Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 1.75%
investment objectives To maximize returns with high yield and capital appreciation over the longer term in Emerging Markets debt investment and products.
446
Description
Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
2,318,586
96.46
85,031
3.54
2,403,617
100.00
Market Value (S$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Republic of Argentina Sr Unsecured Regs 06/49 7.125 7,509,340 2.23 2 Republic of Poland Sr Unsecured 03/23 3 7,012,848 2.08 3 Empresa Nacional Del Pet Sr Unsecured Regs 08/26 3.75 6,858,221 2.03 4 Republic of Ecuador Sr Unsecured Regs 06/23 8.75 6,781,193 2.01 5 Arab Republic of Egypt Sr Unsecured Regs 01/22 6.125 6,339,630 1.88 6 Mongolia Intl Bond Sr Unsecured Regs 03/24 8.75 6,048,623 1.79 7 Petroleos Mexicanos Company Guar 09/47 6.75 5,575,582 1.65 8 Hungary Sr Unsecured 02/23 5.375 5,369,760 1.59 9 United Emerging Markets Local Fund – Class SGD Acc 8,014,085 2.38 10 UOB United Renminbi Bond Fund (SGD) 5,560,992 1.65 as at 30 June 2016 1 Republic of Indonesia 3.375% Due 15/04/2023 8,844,057 2.31 2 Petroleos Mexicanos 5.50% Due 27/06/2044 7,973,692 2.08 3 Fed Republic of Brazil 4.25% Due 07/01/2025 7,954,269 2.08 4 Republic of Poland 3% DUE 17/03/2023 7,556,961 1.97 5 United Emerging Market Local Currency Bond Fund – Class SGD Acc 7,538,892 1.97 6 Republic of Hungary 5.375% Due 21/02/2023 7,483,413 1.95 7 Republic of Panama 6.7% Due 26/01/2036 5,369,224 1.40 8 Codelco Inc 3% Due17/07/2022 5,360,004 1.40 9 UOB United Renminbi Bond Fund (SGD) 5,356,451 1.40 10 Russia 12.75% Due 24/06/2028 4,706,074 1.23 Source: UOB Asset Management. Information extracted from the underlying fund - United Emerging Markets Bond Fund. All figures have been rounded to the nearest dollar.
447
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
United Emerging Markets Bond Fund
exposure to derivatives
as at 30 June 2017 (%)
as at 30 June 2016 (%)
1.82
1.98
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 year. 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 balance.
turnover ratio (underlying fund)
United Emerging Markets Bond Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
117.33
32.15
N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes United Emerging Markets Bond Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United Emerging Markets Bond Fund (Class SGD). Market Value (S$) 2,318,586
% of NAV 96.46
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management.
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.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017 United Emerging Markets Bond Fund (S$)
Subscriptions 546,409 Redemptions (863,945)
soft dollar commission 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. There are no soft dollars, rebates, commissions or other monetary incentives generated by the Fund.
448
449
fund performance
United Singapore Bond Fund
United Singapore Bond Fund 3.56% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%)
United Singapore Bond 1.18 3.56 1.96 4.09 N/A N/A 4.11 Fund TR/SGX SFI Government Bond 1.35 3.66 1.40 3.00 N/A N/A 3.36 Index#
Source: UOB Asset Management ^ Annual compounded return * Launch Date: 18 September 2013 Commencement Date: 18 September 2013 # With effect from 1 June 2017, the current benchmark of the fund will be changed from Singapore Government Bond Index All UOB to the new TR/SGX SFI Government Index. This is due to the discontinuation of the Singapore Government Bond Index All UOB. Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 18 September 2013 Commencement Date 18 September 2013 Manager UOB Asset Management Currency of Fund Singapore Dollars Valuation Frequency Daily Annual Management Fee 0.50%
investment objectives To maximise returns over the longer term by investing mainly in SGD-denominated bonds and/or foreign currency-denominated bonds (including, without limitation, zero coupon bonds, callable bonds, equitylinked bonds and convertible bonds) and fixed income/debt securities of all maturities issued in Singapore by the government, statutory bodies, public and private entities, SGD denominated and/or foreign currencydenominated money market instruments, bond funds (including funds managed by the Managers) and/or time deposits in accordance with the CPF Investment Guidelines.
451
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) No.
Description
1,047,835 units in United Singapore Bond Fund Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
1,525,648
65.44
805,824
34.56
2,331,472
100.00
Market Value (S$)
% of NAV
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 Singapore Government Bond 3.50% Due 01/03/2027 17,642,168 2 Singapore Government Bond 2.75% Due 07/23 12,572,350 3 Singapore Government Bond 3% Due 01/09/2024 12,362,500 4 Singapore Government Bond 2.75% Due 01/04/2042 10,364,450 5 Singapore Government Bond 2.875% Due 01/09/2030 8,452,724 6 Singapore Government Bond 2.75% Due 03/46 8,013,450 7 FCL Treasury Pte Ltd Company Guar Regs 2.50% Due 07/21 7,215,502 8 Oversea Education Sr Unsecured Regs 5.20% Due 04/19 7,034,118 9 Singapore Government Bond 3.375% Due 01/09/2033 6,466,650 10 ABN Amro Bank Nv 4.75% Due 01/04/2026 5,244,985 as at 30 June 2016 1 Singapore Government Bond 3% Due 01/09/2024 10,890,000 2 Singapore Government Bond 3.50% Due 01/03/2027 10,763,000 3 Singapore Government Bond 2.75% Due 01/04/2042 8,642,400 4 Singapore Government Bond 2.875% Due 01/09/2030 7,036,900 5 Singapore Government Bond 3.375% Due 01/09/2033 5,663,420 6 Singapore Government Bond 2.375% Due 01/06/2025 4,282,450 7 Ezion Holdings Ltd 3.65% Due 05/08/2020 4,228,835 8 Singapore Government Bond 2.125% Due 01/06/2026 3,975,270 9 Indonesia Eximbank 4.135% Due 03/11/2020 3,945,938 10 Ascott REIT Mtn Pte Ltd 4.205% Due 23/11/2022 3,924,150
8.24 5.87 5.77 4.84 3.95 3.74 3.37 3.28 3.02 2.45 7.39 7.30 5.86 4.77 3.84 2.81 2.87 2.70 2.68 2.66
Source: UOB Asset Management. Information extracted from the underlying fund - United Singapore Bond Fund. All figures have been rounded to the nearest dollar. The top 10 holdings of United Singapore Bond Fund for the financial year ended 30 June 2017 is not available.
452
United Singapore Bond Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
0.76
0.79
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 year. 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. The expense ratio of United Singapore Bond Fund for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
United Singapore Bond Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
116.27
113.36
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.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
United Singapore Bond Fund (S$)
Subscriptions 666,432 Redemptions (573,538)
soft dollar commission 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. There are no soft dollars, rebates, commissions or other monetary incentives generated by the fund.
453
schedule of investments
United SGD Fund
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes United Singapore Bond Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United Singapore Bond Fund (SGD). Market Value (S$) % of NAV 1,525,648 65.44
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management.
454
fund performance
schedule of investments
United SGD Fund 1.82%
portfolio statement as at 30 June 2017 (unaudited)
for the 6 months period ending 30 June 2017
Description
table of performance as at 30 June 2017
United SGD Fund
3 mths 6 mths (%) (%) 0.93
1.82
1 yr (%)
3 yrs^ (%)
2.50
N/A
Since 5 yrs^ 10 yrs^ Commencement* (%) (%) (%) N/A
N/A
2.84
Market Value (S$)
% of NAV
1,303,229 units in United SGD Fund
2,405,761
121.08
Other Liabilities
(418,783)
-21.08
1,986,978
100.00
Market Value (S$)
% of NAV
Net assets attributable to unitholders All figures have been rounded up to the nearest dollar.
6-month SIBID rate 0.30 0.59 1.15 N/A N/A N/A 0.91 Source: UOB Asset Management ^ Annual compounded return * Launch Date: 22 July 2014 Commencement Date: 22 July 2014 Performance is calculated in accordance to the share class of the fund, in SGD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date Commencement Date Manager Currency of Fund Valuation Frequency Annual Management Fee
22 July 2014 22 July 2014 UOB Asset Management Singapore Dollars Daily 0.50%
investment objectives To invest substantially all its assets in money market and short term interest bear debt instruments and bank deposits with the objective of achieving a yield enhancement over Singapore dollar deposits.
fund updates With effect from 1 April 2017, the Trustee and Custodian have been changed from BNP Paribas Trust Services Singapore Limited and BNP Paribas Securities Services, Singapore Branch to State Street Trust (SG) Limited and State Street Bank & Trust Company, Singapore Branch respectively.
456
portfolio statement - by top 10 holdings No.
Description
as at 30 June 2017 1 China Ovrsea Fin Ky II Company Guar Regs 11/20 5.5 37,269,815 2 Axiata Spv2 Bhd Sr Unsecured Regs 11/20 3.466 35,229,048 3 Bluestar Fin Holdings Company Guar Regs 12/49 VAR 35,196,485 4 MAF Global Securities Limited 5.25% Due 05/07/2019 34,899,017 5 Keppel Land Financial Se Company Guar Regs 12/19 3.259 34,728,632 6 ADCB Finance Cayman Ltd Company Guar Regs 09/19 2.75 34,727,909 7 Chugoku Electric Power Sr Secured Regs 03/20 2.701 34,721,472 8 ICBCIL Finance Co Ltd Sr Unsecured Regs 04/20 3 34,636,176 9 Jany Sukuk Company Limited 2.844% Due 23/09/2019 31,787,887 10 Siam Commercial Bank Public Company Limited/Cayman Islands 3.5% Due 07/04/2019 30,887,487 as at 30 June 2016 1 Huarong Finance Company Limited 4% Due 17/07/2019 28,035,791 2 Midea Investment Development Company Limited 2.375% Due 03/06/2019 27,040,617 3 Bestgain Real Estate Ltd 2.625% Due 13/03/2018 26,953,401 4 CSCEC Finance Cayman II Limited 2.25% Due 14/06/2019 26,943,711 5 Anstock II Ltd 2.125% Due 24/07/2017 26,930,520 6 Jany Sukuk Company Limited 2.844% Due 23/09/2019 26,851,111 7 MAF Global Securities Limited 5.25% Due 05/07/2019 24,994,190 8 Double Rosy Limited 3.625% Due 18/11/2019 24,961,601 9 Siam Commercial Bank Public Company Limited/Cayman Islands 3.5% Due 07/04/2019 24,464,425 10 Doosan Power System Sa 2.5% Due 03/12/2045 FRN 24,455,266 Source: UOB Asset Management. Information extracted from the underlying fund - United SGD Fund. All figures have been rounded to the nearest dollar.
457
2.58 2.44 2.43 2.41 2.40 2.40 2.40 2.40 2.20 2.14 2.65 2.56 2.55 2.55 2.55 2.53 2.36 2.36 2.31 2.31
schedule of investments
schedule of investments
annualised expense ratio (underlying fund)
United SGD Fund
soft dollar commission
as at 30 June 2017 (%)
as at 30 June 2016 (%)
0.66
0.66
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 year. 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. The expense ratios for Class A (Acc) USD (Hedged) and Class A (Dist) USD (Hedged) have been calculated based on annualised total operating expenses in accordance with the IMAS guidelines.
turnover ratio (underlying fund)
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. There are no soft dollars, rebates, commissions or other monetary incentives generated by the Sub-Fund.
exposure to derivatives N/A
borrowings
United SGD Fund
as at 30 June 2017 (%)
as at 30 June 2016 (%)
96.94
60.65
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.
amount of redemptions and subscriptions for the period 1 January 2017 to 30 June 2017
N/A
related-party transactions Nil
investments in collective investment schemes United SGD Fund, an ILP sub-fund, feeds 100% into the underlying Singapore registered United SGD Fund (SGD). Market Value (S$) % of NAV 2,405,761 121.08
United SGD Fund any other material information that will adversely affect the valuation of the (S$) Nil
Subscriptions 774,362 Redemptions (492,198)
458
ILP sub-fund
Source of the expense ratio, turnover ratio and soft dollar commission: UOB Asset Management.
459
fund performance
Wells Fargo Emerging Markets Equity Income Fund (USD)
Wells Fargo Emerging Markets Equity Income Fund (USD) 13.73% for the 6 months period ending 30 June 2017
table of performance as at 30 June 2017
3 mths 6 mths (%) (%)
1 yr (%)
3 yrs^ (%)
Since 5 yrs^ 10 yrs^ Commencement^* (%) (%) (%)
Wells Fargo Emerging 2.58 13.73 15.38 N/A N/A N/A 29.55 Markets Equity Income Fund (USD) MSCI Emerging Markets 6.27 18.43 23.75 N/A N/A N/A 25.52 Index (Net) Source: Wells Fargo ^ Annual compounded return * Launch Date: 20 June 2016 Commencement Date: 20 June 2016 Performance is calculated in accordance to the share class of the fund, in USD terms. Performance figures are calculated on a single pricing basis, with all dividends and distributions reinvested, taking into account all charges which would have been payable upon such reinvestment. Past performance is not necessarily a guide to future performance. The fees and charges payable through deduction of premium or cancellation of units are excluded in this calculation.
at a glance fund facts Launch Date 20 June 2016 Commencement Date 20 June 2016 Manager Wells Fargo Asset Management Currency of Fund US Dollars Valuation Frequency Daily Annual Management Fee 1.85%
investment objectives The Emerging Markets Equity Income Fund seeks long-term capital appreciation and current income.
461
schedule of investments
schedule of investments
portfolio statement
annualised expense ratio (underlying fund)
as at 30 June 2017 (unaudited) Description
399 units in Wells Fargo Emerging Markets Equity Income Fund (USD) Other Assets Net assets attributable to unitholders
Market Value (S$)
% of NAV
66,260
88.93
8,247
11.07
74,507
100.00
All figures have been rounded up to the nearest dollar.
portfolio statement - by top 10 holdings No.
Description
Market Value (US$)
as at 30 June 2017 1 Samsung Electronics Co., Ltd. 16,592,630 2 Taiwan Semiconductor Manufacturing Co., Ltd. 11,855,131 3 Hon Hai Precision Industry Co., Ltd. 11,276,079 4 Industrial and Commercial Bank of China Limited Class H 10,328,655 5 China Construction Bank Corporation Class H 10,278,313 6 China Mobile Limited 7,991,243 7 SK Telecom Co., Ltd. 7,443,114 8 Itausa - Investimentos Itau SA Pfd 6,364,712 9 PT Telekomunikasi Indonesia, Tbk Class B 6,252,259 10 China Petroleum & Chemical Corporation Class H 6,053,724 as at 30 June 2016 1 China Mobile Limited 5,655,009 2 China Petroleum & Chemical Corporation Class H 5,147,212 3 PT Telekomunikasi Indonesia, Tbk Class B 5,124,131 4 HSBC Bank PLC LEPO Warrant 2009-5.8.19 (Exp.29.7.19) On Shs Hero Honda Motors 4,870,232 5 SK Telecom Co., Ltd. 4,800,987 6 Banco Bradesco SA Pfd 4,500,925 7 Itausa - Investimentos Itau SA Pfd 4,454,762 8 Singapore Telecommunications Limited 4,293,190 9 Industrial and Commercial Bank of China Limited Class H 4,131,619 10 China Construction Bank Corporation Class H 4,108,537
% of NAV
4.07 2.91 2.77 2.53 2.52 1.96 1.83 1.56 1.53 1.49
as at as at 31 December 2016 31 December 2015 (%) (%)
Wells Fargo Emerging Markets Equity Income Fund (USD)
1.85
The total expense ratio which is the ratio of the gross amount of the expenses of the relevant Sub-Fund to its average net assets (excluding transaction costs). The TER includes all the expenses levied on the assets of the relevant SubFund which include, but are not limited to, advisory fees, management company fees, administrative fees, custodian fees, Directors’ fees, registration costs, regulatory fees, audit fees, legal fees, registration fees, formation costs, translation costs, printing costs, publication costs and duties. The expense ratio of Wells Fargo Emerging Markets Equity Income Fund (USD) for the financial period ended 30 June 2017 is not available.
turnover ratio (underlying fund)
as at as at 31 December 2016 31 December 2015 (%) (%)
Wells Fargo Emerging Markets Equity Income Fund
88.96
86.25
All turnover numbers are estimates based on the trailing one year of trading activity in the Institutinal Composite Rep Account. The turnover represented divides the lesser of amounts of purchases or sales of portfolio securities by the daily average market value of the portfolio for the trailing one year. These numbers do not comply with the SEC Form N-1A standard for turnover calculations. The turnover ratio of Wells Fargo Emerging Markets Equity Income Fund (USD) for the financial period ended 30 June 2017 is not available.
2.45 2.23 2.22 2.11 2.08 1.95 1.93 1.86 1.79 1.78
amount of redemptions and subscriptions for the financial year 1 January 2017 to 30 June 2017
Wells Fargo Emerging Markets Equity Income Fund (USD) (S$)
Subscriptions 29,662 Redemptions (6,353)
Source: Wells Fargo. Information extracted from the underlying fund - Wells Fargo Emerging Markets Equity Income Fund (USD). All figures have been rounded to the nearest dollar.
462
1.85
463
schedule of investments soft dollar commission WellsCap believes research is extremely useful and a primary foundation of the money management industry. Generally, services provided by brokers may include information on the economy, industries, groups of securities, individual companies, statistical information, accounting and tax law interpretations, political developments, legal developments affecting portfolio securities, technical market action, credit analysis, portfolio analysis, risk measurement analysis, performance analysis and analysis of corporate responsibility issues. Such research services are received primarily in the form of written reports, telephone contacts and personal meetings with security analysts. As such, having access to proprietary research (created and provided by the broker-dealer, including tangible research products as well as access to analysts and traders) or third-party products (created by the third party but provided by the broker dealer) help the investment advisers make investment decisions on behalf of its client. WellsCap recognizes two fundamental principles when dealing with soft dollar arrangements. Firstly, commission is the property of the client. Secondly, WellsCap has an ongoing duty to ensure the quality of transactions effected on behalf of its client, including seeking to obtain best execution, minimizing transaction costs, and using client commission to benefit clients.
exposure to derivatives N/A
borrowings N/A
related-party transactions Nil
investments in collective investment schemes Wells Fargo Emerging Markets Equity Income Fund (USD), an ILP sub-fund, feeds 100% into the underlying Luxembourg registered Wells Fargo Emerging (Lux) Worldwide Fund: Markets Equity Income Fund USD (Class A). Market Value (S$) % of NAV 66,260 88.93
any other material information that will adversely affect the valuation of the ILP sub-fund Nil Source of the expense ratio, turnover ratio and soft dollar commission: Wells Fargo.
464
Financial Statements
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Aberdeen Pacfic Equity Fund
(SGD)
AllianceBernstein Global High Yield Portfolio Fund
(SGD)
Value of Fund as at 1 January 2017
261,330
Value of Fund as at 1 January 2017
Amount received by Fund
263,209
Amount received by Fund
220,577
Amount paid by Fund
(35,748)
Amount paid by Fund
(25,797)
Net Amount received/(paid) by Fund
227,461
Net Amount received/(paid) by Fund
194,780
180,444
Income on investments
Income on investments -
Investment fee income
264,190
Net gain/(loss) on investment
752,981
Value of Fund as at 30 June 2017
Investment fee income
-
Net gain/(loss) on investment
202,405
Value of Fund as at 30 June 2017
577,629
capital account
capital account
as at 30 June 2017
as at 30 June 2017
AllianceBernstein Emerging Markets Debt Portfolio Fund
(SGD)
Value of Fund as at 1 January 2017
152,114
Amount received by Fund
161,294
Amount paid by Fund
(15,692)
Net Amount received/(paid) by Fund
145,602
Income on investments -
Investment fee income
59,245
Net gain/(loss) on investment
356,961
Value of Fund as at 30 June 2017
466
AllianceBernstein Thematic Research Portfolio Fund
(SGD)
Value of Fund as at 1 January 2017
42,568
Amount received by Fund
24,408
Amount paid by Fund
(10,369)
Net Amount received/(paid) by Fund
14,039
Income on investments Investment fee income
-
Net gain/(loss) on investment
21,063
Value of Fund as at 30 June 2017
77,670
467
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Blackrock China Fund
(SGD)
Value of Fund as at 1 January 2017
1,517,429
AXA World Funds - Framlington Emerging Markets Fund
(SGD)
Value of Fund as at 1 January 2017
56,447
Amount received by Fund
543,923
Amount received by Fund
9,617
Amount paid by Fund
(80,754)
Amount paid by Fund
(585)
Net Amount received/(paid) by Fund
463,169
Net Amount received/(paid) by Fund
9,032
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
342,500
Value of Fund as at 30 June 2017
2,323,098
capital account
Investment fee income
-
Net gain/(loss) on investment
18,077
Value of Fund as at 30 June 2017
83,556
capital account
as at 30 June 2017
as at 30 June 2017
AllianceBernstein US Thematic Research Portfolio Fund
(SGD)
Value of Fund as at 1 January 2017
AXA World Funds - Framlington Europe Real Estate Securities Fund
67,329
Value of Fund as at 1 January 2017
Amount received by Fund
44,565
Amount received by Fund
Amount paid by Fund
(4,014)
Amount paid by Fund
Net Amount received/(paid) by Fund
40,551
Net Amount received/(paid) by Fund
Income on investments
(SGD) 201,237 74,090 (13,004) 61,086
Income on investments
Investment fee income
-
Net gain/(loss) on investment
48,280
Value of Fund as at 30 June 2017
156,160
468
Investment fee income
-
Net gain/(loss) on investment
27,422
Value of Fund as at 30 June 2017
289,745
469
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Value of Fund as at 1 January 2017
AXA World Funds - Global High Yield (SGD Hedged)
(SGD)
94,450
BlackRock Global Equity Income Fund
(SGD)
Value of Fund as at 1 January 2017
869,760
Amount received by Fund
165,907
Amount received by Fund
263,142
Amount paid by Fund
(28,493)
Amount paid by Fund
(11,057)
Net Amount received/(paid) by Fund
137,414
Net Amount received/(paid) by Fund
252,085
Income on investments
Income on investments
Investment fee income
-
Net gain/(loss) on investment
64,325
Value of Fund as at 30 June 2017
296,189
capital account
Investment fee income
-
Net gain/(loss) on investment
198,359
Value of Fund as at 30 June 2017
1,320,204
capital account
as at 30 June 2017
as at 30 June 2017
Value of Fund as at 1 January 2017
Blackrock Global Allocation Fund
(SGD)
2,098,208
Amount received by Fund
457,703
Amount paid by Fund
(210,063)
Net Amount received/(paid) by Fund
247,639
Income on investments
Blackrock Latin American Fund (SGD)
Value of Fund as at 1 January 2017
160,975
Amount received by Fund
57,193
Amount paid by Fund
(20,651)
Net Amount received/(paid) by Fund
36,542
Income on investments
Investment fee income
-
Net gain/(loss) on investment
130,017
Value of Fund as at 30 June 2017
2,475,864
470
Investment fee income
-
Net gain/(loss) on investment
12,897
Value of Fund as at 30 June 2017
210,414
471
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017 Blackrock World Energy Fund
Blackrock World Healthscience Fund
(SGD)
Value of Fund as at 1 January 2017
1,186,181
Amount received by Fund
640,726
Amount paid by Fund
(184,963)
Net Amount received/(paid) by Fund
455,764
Income on investments
(SGD)
Value of Fund as at 1 January 2017
5,638,690
Amount received by Fund
1,747,925
Amount paid by Fund
(275,169)
Net Amount received/(paid) by Fund
1,472,755
Income on investments
Investment fee income
-
Net gain/(loss) on investment
(58,110)
Value of Fund as at 30 June 2017
1,583,835
capital account
Investment fee income
-
Net gain/(loss) on investment
1,363,525
Value of Fund as at 30 June 2017
8,474,970
capital account
as at 30 June 2017
as at 30 June 2017
Blackrock World Gold Fund
(SGD)
Value of Fund as at 1 January 2017
1,952,232
Value of Fund as at 1 January 2017
Amount received by Fund
3,038,317
Amount received by Fund
Amount paid by Fund
(844,740)
Amount paid by Fund
Net Amount received/(paid) by Fund
2,193,578
Net Amount received/(paid) by Fund
Income on investments
Blackrock World Mining Fund (SGD)
1,782,044 807,924 (163,005) 644,918
Income on investments
Investment fee income
-
Net gain/(loss) on investment
475,800
Value of Fund as at 30 June 2017
4,621,610
472
Investment fee income
-
Net gain/(loss) on investment
199,716
Value of Fund as at 30 June 2017
2,626,678
473
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Value of Fund as at 1 January 2017
First Eagle Amundi International Fund
(SGD)
12,551,317
Amount received by Fund
6,996,068
Amount paid by Fund
(1,253,216)
Net Amount received/(paid) by Fund
5,742,852
Franklin Global Small-Mid Cap Growth Fund (SGD)
Value of Fund as at 1 January 2017
2,174,242
Amount received by Fund
402,694
Amount paid by Fund
(152,977)
Net Amount received/(paid) by Fund
249,717
Income on investments
Income on investments Investment fee income
259,912
Net gain/(loss) on investment
5,967,207
Value of Fund as at 30 June 2017
24,521,288
capital account
Investment fee income
-
Net gain/(loss) on investment
183,616
Value of Fund as at 30 June 2017
2,607,575
capital account
as at 30 June 2017
as at 30 June 2017
Franklin European Growth Fund
(SGD)
Value of Fund as at 1 January 2017
1,910,505
Amount received by Fund
354,333
Amount paid by Fund
(156,946)
Net Amount received/(paid) by Fund
197,388
Income on investments
Franklin India Fund
(SGD)
Value of Fund as at 1 January 2017
453,981
Amount received by Fund
625,751
Amount paid by Fund
(79,940)
Net Amount received/(paid) by Fund
545,811
Income on investments
Investment fee income
-
Net gain/(loss) on investment
140,937
Value of Fund as at 30 June 2017
2,248,830
474
Investment fee income
-
Net gain/(loss) on investment
448,505
Value of Fund as at 30 June 2017
1,448,297
475
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Franklin Mutual Global Discovery Fund
Franklin U.S. Equity Fund
(SGD)
(SGD)
Value of Fund as at 1 January 2017
60,228
Value of Fund as at 1 January 2017
Amount received by Fund
19,704
Amount received by Fund
137,506
Amount paid by Fund
(15,956)
Net Amount received/(paid) by Fund
121,549
Amount paid by Fund
221
Net Amount received/(paid) by Fund
19,925
305,090
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
5,565
Value of Fund as at 30 June 2017
85,718
Investment fee income
-
Net gain/(loss) on investment
20,944
Value of Fund as at 30 June 2017
447,583
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Franklin Technology Fund
Franklin U.S. Small-Mid Cap Growth Fund
(SGD)
(SGD)
Value of Fund as at 1 January 2017
454,415
Value of Fund as at 1 January 2017
Amount received by Fund
360,311
Amount received by Fund
Amount paid by Fund
(44,147)
Amount paid by Fund
Net Amount received/(paid) by Fund
316,165
Net Amount received/(paid) by Fund
249,901 51,874 (51,031) 843
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
386,632
Value of Fund as at 30 June 2017
1,157,212
476
Investment fee income
-
Net gain/(loss) on investment
12,493
Value of Fund as at 30 June 2017
263,237
477
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Fullerton Dynamic Strategies Fund - Aggressive
(SGD)
Value of Fund as at 1 January 2017
Goldman Sachs Global Strategic Income Bond Portfolio
(SGD)
526,800
Value of Fund as at 1 January 2017
Amount received by Fund
114,257
Amount received by Fund
138,199
Amount paid by Fund
(22,743)
Amount paid by Fund
(19,112)
Net Amount received/(paid) by Fund
119,087
Net Amount received/(paid) by Fund
91,514
Income on investments
33,584
Income on investments
Investment fee income
-
Net gain/(loss) on investment
77,092
Value of Fund as at 30 June 2017
695,406
Investment fee income
-
Net gain/(loss) on investment
50,523
Value of Fund as at 30 June 2017
203,194
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Goldman Sachs Emerging Markets CORE Equity Portfolio
Fullerton Dynamic Strategies Fund - Balanced
(SGD)
Value of Fund as at 1 January 2017
476,168
Amount received by Fund
1,543,174
Amount paid by Fund
(2,046)
Net Amount received/(paid) by Fund
1,541,128
(SGD)
Value of Fund as at 1 January 2017
2,183,989
Amount received by Fund
1,900,948
Amount paid by Fund
(203,718)
Net Amount received/(paid) by Fund
1,697,230
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
(1,437,660)
Value of Fund as at 30 June 2017
579,636
478
Investment fee income
-
Net gain/(loss) on investment
1,136,625
Value of Fund as at 30 June 2017
5,017,844
479
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
H2O Allegro Fund
(SGD)
Value of Fund as at 1 January 2017
2,198,872
Amount received by Fund
955,818
Amount paid by Fund
(214,755)
Net Amount received/(paid) by Fund
741,063
Income on investments
Henderson Gartmore Continental European Fund (SGD)
Value of Fund as at 1 January 2017
80,664
Amount received by Fund
103,267
Amount paid by Fund
(4,724)
Net Amount received/(paid) by Fund
98,543
Income on investments
Investment fee income
-
Net gain/(loss) on investment
791,022
Value of Fund as at 30 June 2017
3,730,957
Investment fee income
-
Net gain/(loss) on investment
(85,230)
Value of Fund as at 30 June 2017
capital account
capital account
as at 30 June 2017
as at 30 June 2017
93,977
Henderson Asia-Pacific Property Equities Fund
(SGD)
Value of Fund as at 1 January 2017
47,517
Value of Fund as at 1 January 2017
Amount received by Fund
18,040
Amount received by Fund
Amount paid by Fund
173
Net Amount received/(paid) by Fund
18,213
Henderson Gartmore Latin American Fund (SGD) 87,942 116,396
Amount paid by Fund
1,269
Net Amount received/(paid) by Fund
117,665
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
285
Value of Fund as at 30 June 2017
66,015
480
Investment fee income
-
Net gain/(loss) on investment
(98,353)
Value of Fund as at 30 June 2017
107,254
481
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Henderson Global Property Equities Fund
(SGD)
Henderson Horizon Fund - Japan Opportunities Fund (SGD)
Value of Fund as at 1 January 2017
39,004
Value of Fund as at 1 January 2017
Amount received by Fund
18,830
Amount received by Fund
123,179
Amount paid by Fund
(14,634)
Net Amount received/(paid) by Fund
108,546
Amount paid by Fund
580
Net Amount received/(paid) by Fund
19,410
Income on investments
80,171
Income on investments
Investment fee income
-
Net gain/(loss) on investment
4,382
Value of Fund as at 30 June 2017
62,796
Investment fee income
-
Net gain/(loss) on investment
25,958
Value of Fund as at 30 June 2017
214,675
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Henderson Global Technology Fund
(SGD)
Value of Fund as at 1 January 2017
1,802,005
(SGD)
Value of Fund as at 1 January 2017
718,956
Amount received by Fund
Amount paid by Fund
(55,371)
Amount paid by Fund
Net Amount received/(paid) by Fund
663,586
Net Amount received/(paid) by Fund
Amount received by Fund
Henderson Horizon Fund - Pan European Alpha Fund
121,598 66,199 (28,032) 38,168
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
425,501
Value of Fund as at 30 June 2017
2,891,092
482
Investment fee income
-
Net gain/(loss) on investment
17,939
Value of Fund as at 30 June 2017
177,704
483
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Invesco Asia Consumer Demand Fund
(SGD)
Value of Fund as at 1 January 2017
228,464
Amount received by Fund
51,385
Amount paid by Fund Net Amount received/(paid) by Fund
Invesco Korean Equity Fund (SGD)
Value of Fund as at 1 January 2017
496,485
Amount received by Fund
299,782
(99,282)
Amount paid by Fund
(47,897)
Net Amount received/(paid) by Fund
(101,432) 198,350
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
39,446
Value of Fund as at 30 June 2017
220,013
capital account
Investment fee income
-
Net gain/(loss) on investment
146,571
Value of Fund as at 30 June 2017
841,406
capital account
as at 30 June 2017
as at 30 June 2017
Invesco Japanese Equity Core Fund
(SGD)
Invesco Pacific Equity Fund (SGD)
Value of Fund as at 1 January 2017
255,553
Value of Fund as at 1 January 2017
Amount received by Fund
117,653
Amount received by Fund
212,981
Amount paid by Fund
(11,676)
Amount paid by Fund
(35,617)
Net Amount received/(paid) by Fund
105,977
Net Amount received/(paid) by Fund
177,363
Income on investments
643,698
Income on investments
Investment fee income
-
Net gain/(loss) on investment
33,681
Value of Fund as at 30 June 2017
395,211
484
Investment fee income
-
Net gain/(loss) on investment
153,055
Value of Fund as at 30 June 2017
974,116
485
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Value of Fund as at 1 January 2017 Amount received by Fund Amount paid by Fund
JPMorgan Funds - Brazil Equity Fund
JPMorgan Funds - India Fund
(SGD)
(SGD)
84,977
Value of Fund as at 1 January 2017
459,478
40,468
Amount received by Fund
545,815
Amount paid by Fund
(74,072)
Net Amount received/(paid) by Fund
471,743
(23,891)
Net Amount received/(paid) by Fund
16,578
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
8,871
Value of Fund as at 30 June 2017
110,426
Investment fee income
-
Net gain/(loss) on investment
447,979
Value of Fund as at 30 June 2017
1,379,200
capital account
capital account
as at 30 June 2017
as at 30 June 2017
JPMorgan Funds - Greater China Fund
(SGD)
Value of Fund as at 1 January 2017 Amount received by Fund Amount paid by Fund Net Amount received/(paid) by Fund
849,009
Value of Fund as at 1 January 2017
515,973
Amount received by Fund
(200,446) 315,526
JPMorgan Funds - Indonesia Equity Fund
(SGD) 260,098 61,037
Amount paid by Fund
(14,101)
Net Amount received/(paid) by Fund
46,936
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
583,914
Value of Fund as at 30 June 2017
1,748,449
486
Investment fee income
-
Net gain/(loss) on investment
52,714
Value of Fund as at 30 June 2017
359,748
487
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
JPMorgan Funds - US Equity Fund
(SGD)
Value of Fund as at 1 January 2017
183,639
Amount received by Fund
71,888
Amount paid by Fund
(20,457)
Net Amount received/(paid) by Fund
51,430
Legg Mason Western Asset Asian Opportunities Fund (SGD)
Value of Fund as at 1 January 2017
114,196
Amount received by Fund
47,070
Amount paid by Fund
(24,358)
Net Amount received/(paid) by Fund
22,712
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
16,535
Value of Fund as at 30 June 2017
251,604
Investment fee income
-
Net gain/(loss) on investment
33,864
Value of Fund as at 30 June 2017
capital account
capital account
as at 30 June 2017
as at 30 June 2017
170,772
Jupiter Merlin Real Return Portfolio (SGD)
Legg Mason Western Asset Global Bond Trust
(SGD)
(SGD)
Value of Fund as at 1 January 2017
61,122
Value of Fund as at 1 January 2017
Amount received by Fund
65,006
Amount received by Fund
Amount paid by Fund
(10,241)
Net Amount received/(paid) by Fund
54,766
Income on investments
1,938,700 660,870
Amount paid by Fund
(129,874)
Net Amount received/(paid) by Fund
530,996
Income on investments
Investment fee income
-
Net gain/(loss) on investment
8,444
Value of Fund as at 30 June 2017
124,332
488
Investment fee income
-
Net gain/(loss) on investment
336,739
Value of Fund as at 30 June 2017
2,806,435
489
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017 Legg Mason Western Asset Southeast Asia Special Situations Fund
Neuberger Berman US Strategic Income Fund (SGD Hedged)
(SGD)
(SGD)
Value of Fund as at 1 January 2017
470,246
Value of Fund as at 1 January 2017
98,130
Amount received by Fund
107,146
Amount received by Fund
91,084
Amount paid by Fund
(21,748)
Amount paid by Fund
Net Amount received/(paid) by Fund
85,397
(28,299)
Net Amount received/(paid) by Fund
62,784
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
18,163
Value of Fund as at 30 June 2017
573,806
capital account
Investment fee income
-
Net gain/(loss) on investment
83,711
Value of Fund as at 30 June 2017
244,625
capital account
as at 30 June 2017
Legg Mason Western Asset Singapore Dollar Fund
(SGD)
Value of Fund as at 1 January 2017
5,263,956
Amount received by Fund
900,257
Amount paid by Fund
(476,971)
Net Amount received/(paid) by Fund
423,286
Income on investments Investment fee income
-
Net gain/(loss) on investment
1,144,601
Value of Fund as at 30 June 2017
6,831,843
490
as at 30 June 2017 Natixis Loomis Sayles Multisector Income Fund (SGD Hedged)
(SGD)
Value of Fund as at 1 January 2017
100,484
Amount received by Fund
10,100
Amount paid by Fund
878
Net Amount received/(paid) by Fund
10,978
Income on investments Investment fee income
-
Net gain/(loss) on investment
10,198
Value of Fund as at 30 June 2017
121,660
491
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Value of Fund as at 1 January 2017
Pictet Asian Local Currency Debt Fund
Pictet Health Fund
(SGD)
(SGD)
241,932
Amount received by Fund
24,070
Amount paid by Fund
(33,485)
Net Amount received/(paid) by Fund
(9,416)
Value of Fund as at 1 January 2017
6,012,671
Amount received by Fund
1,830,828
Amount paid by Fund
(405,078)
Net Amount received/(paid) by Fund
1,425,751
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
517
Value of Fund as at 30 June 2017
233,033
capital account
Investment fee income
-
Net gain/(loss) on investment
814,542
Value of Fund as at 30 June 2017
8,252,964
capital account
as at 30 June 2017
as at 30 June 2017
Pictet Emerging Europe Fund
Pictet Global Emerging Debt Fund
(SGD)
(SGD)
Value of Fund as at 1 January 2017
55,056
Value of Fund as at 1 January 2017
Amount received by Fund
33,193
Amount received by Fund
Amount paid by Fund
(6,378)
Amount paid by Fund
Net Amount received/(paid) by Fund
26,814
Net Amount received/(paid) by Fund
1,833,693 399,411 (247,367) 152,044
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
39,614
Value of Fund as at 30 June 2017
121,484
492
Investment fee income
-
Net gain/(loss) on investment
185,232
Value of Fund as at 30 June 2017
2,170,969
493
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Pictet Premium Brands Fund
(SGD)
PineBridge Asia ex Japan Small Cap Equity Fund (SGD)
(SGD)
Value of Fund as at 1 January 2017
6,572,685
Value of Fund as at 1 January 2017
233,733
Amount received by Fund
1,685,190
Amount received by Fund
805,768
Amount paid by Fund
(594,805)
Amount paid by Fund
(92,246)
Net Amount received/(paid) by Fund
1,090,385
Net Amount received/(paid) by Fund
713,522
Income on investments
Income on investments
Investment fee income
-
Net gain/(loss) on investment
962,594
Value of Fund as at 30 June 2017
8,625,664
capital account
Investment fee income
-
Net gain/(loss) on investment
543,924
Value of Fund as at 30 June 2017
1,491,179
capital account
as at 30 June 2017
as at 30 June 2017
Pictet Security Fund
(SGD)
Value of Fund as at 1 January 2017
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD H)
(SGD)
771,272
Value of Fund as at 1 January 2017
Amount received by Fund
216,080
Amount received by Fund
Amount paid by Fund
(23,747)
Amount paid by Fund
(9,273,270)
Net Amount received/(paid) by Fund
192,334
Net Amount received/(paid) by Fund
(6,410,382)
Income on investments
6,478,063 2,862,888
Income on investments
Investment fee income
-
Net gain/(loss) on investment
118,788
Value of Fund as at 30 June 2017
1,082,394
494
Investment fee income
-
Net gain/(loss) on investment
8,569
Value of Fund as at 30 June 2017
76,250
495
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD)
Value of Fund as at 1 January 2017
-
Amount received by Fund
9,542,956
Amount paid by Fund
(17,519)
Net Amount received/(paid) by Fund
9,525,437
Schroder Asian Growth Fund
(SGD)
(SGD)
Value of Fund as at 1 January 2017
10,458,224
Amount received by Fund
4,390,573
Amount paid by Fund
(461,031)
Net Amount received/(paid) by Fund
3,929,542
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
96,253
Value of Fund as at 30 June 2017
9,621,690
capital account
Investment fee income
92,784
Net gain/(loss) on investment
4,460,748
Value of Fund as at 30 June 2017
18,941,298
capital account
as at 30 June 2017
as at 30 June 2017
Pioneer Funds - U.S. Fundamental Growth Fund
(SGD)
Value of Fund as at 1 January 2017
6,217,429
Value of Fund as at 1 January 2017
Amount received by Fund
2,651,811
Amount received by Fund
Amount paid by Fund
(794,145)
Amount paid by Fund
Net Amount received/(paid) by Fund
1,857,666
Net Amount received/(paid) by Fund
Income on investments
Schroder Asian Income Fund (SGD) 1,342,775 526,057 (284,257) 241,800
Income on investments
Investment fee income
-
Net gain/(loss) on investment
1,999,022
Value of Fund as at 30 June 2017
10,074,117
496
Investment fee income
260,754
Net gain/(loss) on investment
164,526
Value of Fund as at 30 June 2017
2,009,856
497
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017 Schroder Global Emerging Market Opportunties Fund
Schroder ISF Global Equity Alpha Fund
(SGD)
(SGD)
Value of Fund as at 1 January 2017
3,411,240
Amount received by Fund
827,557
Amount paid by Fund
(372,662)
Net Amount received/(paid) by Fund
454,895
Income on investments
Value of Fund as at 1 January 2017
146,414
Amount received by Fund
70,078
Amount paid by Fund
(21,504)
Net Amount received/(paid) by Fund
48,574
Income on investments
Investment fee income
-
Net gain/(loss) on investment
526,626
Value of Fund as at 30 June 2017
4,392,761
Investment fee income
-
Net gain/(loss) on investment
83,331
Value of Fund as at 30 June 2017
capital account
capital account
as at 30 June 2017
as at 30 June 2017
278,319
Schroder ISF Asia Pacific Cities Real Estate Fund
(SGD)
Value of Fund as at 1 January 2017
112,937
Schroder ISF QEP Global Quality Fund (SGD)
Value of Fund as at 1 January 2017
4,652,890
Amount received by Fund
1,450,113
Amount paid by Fund
(16,156)
Amount paid by Fund
(393,091)
Net Amount received/(paid) by Fund
(12,980)
Net Amount received/(paid) by Fund
1,057,022
Amount received by Fund
3,176
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
1,319
Value of Fund as at 30 June 2017
101,276
498
Investment fee income
-
Net gain/(loss) on investment
493,898
Value of Fund as at 30 June 2017
6,203,810
499
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Schroder ISF Taiwanese Equity Fund
Schroder Multi-Asset Revolution 50 Fund
(SGD)
(SGD)
Value of Fund as at 1 January 2017
3,624
Value of Fund as at 1 January 2017
35,903
Amount received by Fund
4,055
Amount received by Fund
12,731 (4,615)
Amount paid by Fund
(5,096)
Amount paid by Fund
Net Amount received/(paid) by Fund
(1,041)
Net Amount received/(paid) by Fund
8,116
Income on investments
Income on investments Investment fee income
-
Investment fee income
Net gain/(loss) on investment
4,377
Net gain/(loss) on investment
Value of Fund as at 30 June 2017
6,960
Value of Fund as at 30 June 2017
capital account
431 44,450
capital account
as at 30 June 2017
as at 30 June 2017
Schroder Multi-Asset Revolution 30 Fund
(SGD)
Value of Fund as at 1 January 2017
17,020
Amount received by Fund
1,532
Amount paid by Fund
216
Net Amount received/(paid) by Fund
1,748
Income on investments
Schroder Multi-Asset Revolution 70 Fund
(SGD)
Value of Fund as at 1 January 2017
357,990
Amount received by Fund
181,228
Amount paid by Fund
(11,840)
Net Amount received/(paid) by Fund
169,388
Income on investments
Investment fee income
-
Net gain/(loss) on investment
223
Value of Fund as at 30 June 2017
18,991
500
Investment fee income
-
Net gain/(loss) on investment
67,169
Value of Fund as at 30 June 2017
594,547
501
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Value of Fund as at 1 January 2017
Schroder Singapore Fixed Income Fund
Templeton China Fund
(SGD)
(SGD)
2,650,805
Amount received by Fund
685,008
Amount paid by Fund
(269,334)
Net Amount received/(paid) by Fund
415,674
Value of Fund as at 1 January 2017
76,502
Amount received by Fund
71,607
Amount paid by Fund
(11,254)
Net Amount received/(paid) by Fund
60,353
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
209,485
Value of Fund as at 30 June 2017
3,275,964
capital account
Investment fee income
-
Net gain/(loss) on investment
20,379
Value of Fund as at 30 June 2017
157,234
capital account
as at 30 June 2017
as at 30 June 2017
Schroder Singapore Trust
(SGD)
Value of Fund as at 1 January 2017
1,512,246
Amount received by Fund
643,354
Amount paid by Fund
(134,188)
Net Amount received/(paid) by Fund
509,166
Income on investments
Value of Fund as at 1 January 2017
Templeton Global Bond Fund (SGD) 1,318,920
Amount received by Fund
315,420
Amount paid by Fund
(180,676)
Net Amount received/(paid) by Fund
134,743
Income on investments
Investment fee income
43,081
Net gain/(loss) on investment
443,948
Value of Fund as at 30 June 2017
2,508,441
502
Investment fee income
-
Net gain/(loss) on investment
83,649
Value of Fund as at 30 June 2017
1,537,312
503
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Templeton Global Total Return Fund
Templeton Shariah Global Equity Fund
(SGD)
(SGD)
Value of Fund as at 1 January 2017
6,251,345
Value of Fund as at 1 January 2017
291,412
Amount received by Fund
2,114,022
Amount received by Fund
223,027
Amount paid by Fund
(781,885)
Amount paid by Fund
Net Amount received/(paid) by Fund
1,332,136
Net Amount received/(paid) by Fund
(214,937) 8,090
Income on investments
Income on investments Investment fee income
-
Investment fee income
Net gain/(loss) on investment
1,244,903
Net gain/(loss) on investment
Value of Fund as at 30 June 2017
8,828,384
Value of Fund as at 30 June 2017
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Templeton Latin America Fund
(SGD)
Value of Fund as at 1 January 2017
164,825
Amount received by Fund
68,210
Amount paid by Fund
(39,392)
Net Amount received/(paid) by Fund
28,818
Income on investments
31,126 330,628
Threadneedle Investment Funds ICVC - American Fund
(SGD)
Value of Fund as at 1 January 2017
439,599
Amount received by Fund
172,533
Amount paid by Fund
(55,618)
Net Amount received/(paid) by Fund
116,914
Income on investments
Investment fee income
-
Net gain/(loss) on investment
9,639
Value of Fund as at 30 June 2017
203,282
504
Investment fee income
-
Net gain/(loss) on investment
45,628
Value of Fund as at 30 June 2017
602,141
505
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017 Threadneedle Investment Funds ICVC - American Smaller Companies Fund
Value of Fund as at 1 January 2017
697,596
Amount received by Fund Amount paid by Fund Net Amount received/(paid) by Fund
(SGD)
Value of Fund as at 1 January 2017
1,024,680
Amount received by Fund
(279,988)
Amount paid by Fund
744,692
United Asian Bond Fund
(SGD)
2,875,711 1,895,528 (1,045,392)
Net Amount received/(paid) by Fund
850,135
Income on investments
Income on investments Investment fee income
-
Net gain/(loss) on investment
368,883
Value of Fund as at 30 June 2017
1,811,171
Investment fee income
-
Net gain/(loss) on investment
1,894,446
Value of Fund as at 30 June 2017
5,620,292
capital account
capital account
as at 30 June 2017
as at 30 June 2017
Threadneedle Investment Funds ICVC - European Select Fund
(SGD)
Value of Fund as at 1 January 2017
604,367
Amount received by Fund
545,004
Amount paid by Fund
(72,406)
Net Amount received/(paid) by Fund
472,598
Income on investments Investment fee income
-
Net gain/(loss) on investment
225,186
Value of Fund as at 30 June 2017
Value of Fund as at 1 January 2017
(SGD) 2,393,243
Amount received by Fund
546,409
Amount paid by Fund
(863,945)
Net Amount received/(paid) by Fund
(317,536)
Income on investments Investment fee income
-
Net gain/(loss) on investment
327,910
Value of Fund as at 30 June 2017
2,403,617
1,302,151
506
United Emerging Markets Bond Fund
507
financial statements
financial statements
capital account
capital account
as at 30 June 2017
as at 30 June 2017
United Singapore Bond Fund
(SGD)
Value of Fund as at 1 January 2017
1,556,105
Amount received by Fund
666,432
Amount paid by Fund
(573,538)
Net Amount received/(paid) by Fund
92,894
Income on investments
Wells Fargo Emerging Markets Equity Income Fund (USD)
(SGD)
Value of Fund as at 1 January 2017
36,554
Amount received by Fund
29,662
Amount paid by Fund
(6,353)
Net Amount received/(paid) by Fund
23,310
Income on investments
Investment fee income
-
Net gain/(loss) on investment
682,473
Value of Fund as at 30 June 2017
2,331,472
Investment fee income
-
Net gain/(loss) on investment
14,643
Value of Fund as at 30 June 2017
74,507
capital account as at 30 June 2017
United SGD Fund
(SGD)
Value of Fund as at 1 January 2017
1,459,625
Amount received by Fund
774,362
Amount paid by Fund
(492,198)
Net Amount received/(paid) by Fund
282,164
Income on investments Investment fee income
-
Net gain/(loss) on investment
245,189
Value of Fund as at 30 June 2017
1,986,978
508
509
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Aberdeen Pacfic Equity Fund (SGD)
AllianceBernstein Global High Yield Portfolio Fund (SGD)
Unit trust
745,241
Unit trust
525,135
Value of investments
745,241
Value of investments
525,135
Other assets
7,740
Other assets
52,494
Total assets
7,740
Total assets
52,494
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
752,981
Other liabilities
-
Value of fund as at 30 June 2017
577,629
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
AllianceBernstein Thematic Research Portfolio Fund (SGD)
AllianceBernstein Emerging Markets Debt Portfolio Fund (SGD)
Unit trust
339,052
Unit trust
76,655
Value of investments
339,052
Value of investments
76,655
Other assets
17,909
Other assets
Total assets
17,909
Total assets
1,015 1,015
Other liabilities
Other liabilities Other liabilities
-
Value of fund as at 30 June 2017
356,961
510
Other liabilities
-
Value of fund as at 30 June 2017
77,670
511
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 AllianceBernstein US Thematic Research Portfolio Fund (SGD)
AXA World Funds- Framlington Europe Real Estate Securities Fund (SGD)
Unit trust
156,440
Unit trust
289,911
Value of investments
156,440
Value of investments
289,911
Other assets
-
Other assets
-
Total assets
-
Total assets
-
Other liabilities
Other liabilities
Other liabilities
(280)
Value of fund as at 30 June 2017
156,160
statement of assets and liabilities
Other liabilities
(166)
Value of fund as at 30 June 2017
289,745
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 AXA World Funds - Framlington Emerging Markets Fund (SGD)
Unit trust
83,645
Value of investments
83,645
Other assets
-
Total assets
-
Other liabilities Other liabilities
(89)
Value of fund as at 30 June 2017
83,556
512
AXA World Funds - Global High Yield (SGD Hedged) (SGD)
Unit trust
295,400
Value of investments
295,400
Other assets
789
Total assets
789
Other liabilities Other liabilities
-
Value of fund as at 30 June 2017
296,189
513
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 BlackRock China Fund (USD)
Blackrock Global Equity Income Fund (SGD)
Unit trust
2,093,714
Unit trust
1,292,452
Value of investments
2,093,714
Value of investments
1,292,452
Other assets
229,384
Other assets
27,752
Total assets
229,384
Total assets
27,752
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
2,323,098
Other liabilities
-
Value of fund as at 30 June 2017
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
1,320,204
BlackRock Global Allocation Fund (SGD)
BlackRock Latin American Fund (SGD)
Unit trust
2,485,081
Unit trust
215,805
Value of investments
2,485,081
Value of investments
215,805
Other assets
-
Other assets
-
Total assets
-
Total assets
-
Other liabilities
Other liabilities
Other liabilities
(9,217)
Value of fund as at 30 June 2017
2,475,864
514
Other liabilities
(5,391)
Value of fund as at 30 June 2017
210,414
515
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 BlackRock World HealthScience Fund
BlackRock World Energy Fund (USD)
(SGD)
Unit trust
1,567,645
Unit trust
8,361,242
Value of investments
1,567,645
Value of investments
8,361,242
Other assets
16,190
Other assets
113,728
Total assets
16,190
Total assets
113,728
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
1,583,835
Other liabilities
-
Value of fund as at 30 June 2017
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
8,474,970
BlackRock World Gold Fund
BlackRock World Mining Fund
(USD)
(USD)
Unit trust
3,415,437
Unit trust
2,272,439
Value of investments
3,415,437
Value of investments
2,272,439
Other assets
1,206,173
Other assets
354,239
Total assets
1,206,173
Total assets
354,239
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
4,621,610
516
Other liabilities
-
Value of fund as at 30 June 2017
2,626,678
517
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 First Eagle Amundi International Fund
Franklin Global Small-Mid Cap Growth Fund
(USD)
(SGD)
Unit trust
24,585,979
Unit trust
2,605,184
Value of investments
24,585,979
Value of investments
2,605,184
Other assets
-
Other assets
2,391
Total assets
-
Total assets
2,391
Other liabilities
Other liabilities
Other liabilities
(64,691)
Value of fund as at 30 June 2017
24,521,288
Other liabilities
-
Value of fund as at 30 June 2017
2,607,575
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
Franklin India Fund
Franklin European Growth Fund
(SGD)
(SGD)
Unit trust
2,248,901
Unit trust
1,389,763
Value of investments
2,248,901
Value of investments
1,389,763
Other assets
-
Other assets
58,534
Total assets
-
Total assets
58,534
Other liabilities
Other liabilities Other liabilities
(71)
Value of fund as at 30 June 2017
2,248,830
518
Other liabilities
-
Value of fund as at 30 June 2017
1,448,297
519
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Franklin Mutual Global Discovery Fund
Franklin U.S. Equity Fund
(USD)
(SGD)
Unit trust
85,822
Unit trust
444,006
Value of investments
85,822
Value of investments
444,006
Other assets
-
Other assets
3,577
Total assets
-
Total assets
3,577
Other liabilities
Other liabilities
Other liabilities
(104)
Value of fund as at 30 June 2017
85,718
Other liabilities
-
Value of fund as at 30 June 2017
447,583
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
Franklin U.S. Small-Mid Cap Growth Fund (SGD)
Franklin Technology Fund (SGD)
Unit trust
1,146,468
Unit trust
258,011
Value of investments
1,146,468
Value of investments
258,011
Other assets
10,744
Other assets
5,226
Total assets
10,744
Total assets
5,226 -
Other liabilities
Other liabilities
Other liabilities
Other liabilities
263,237
Value of fund as at 30 June 2017
189,863
-
Value of fund as at 30 June 2017
1,157,212
520
521
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Fullerton Dynamic Strategies Fund - Aggressive
Goldman Sachs Global Strategic Income Bond Portfolio (USD)
(SGD)
Unit trust
695,388
Unit trust
199,880
Value of investments
695,388
Value of investments
199,880
Other assets
18
Other assets
3,314
Total assets
18
Total assets
3,314
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
695,406
Other liabilities
203,194
Value of fund as at 30 June 2017
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
Goldman Sachs Emerging Markets CORE Equity Portfolio (SGD)
Fullerton Dynamic Strategies Fund - Balanced (SGD)
Unit trust
579,635
Unit trust
5,004,396
Value of investments
579,635
Value of investments
5,004,396
Other assets
1
Other assets
Total assets
1
Total assets
13,448 13,448
Other liabilities
Other liabilities Other liabilities
-
Value of fund as at 30 June 2017
579,636
522
Other liabilities
5,017,844
Value of fund as at 30 June 2017
523
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 H2O Allegro Fund (SGD)
Henderson Gartmore Continental European Fund (USD)
Unit trust
3,711,952
Unit trust
189,268
Value of investments
3,711,952
Value of investments
189,268
Other assets
19,005
Other assets
-
Total assets
19,005
Total assets
-
Other liabilities
Other liabilities Other liabilities
3,730,957
Value of fund as at 30 June 2017
Other liabilities
(95,291)
Value of fund as at 30 June 2017
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
93,977
Henderson Gartmore Latin American Fund (SGD)
Henderson Asia-Pacific Property Equities Fund (SGD)
Unit trust
65,780
Unit trust
210,536
Value of investments
65,780
Value of investments
210,536
Other assets
235
Other assets
-
Total assets
235
Total assets
-
Other liabilities
Other liabilities Other liabilities
-
Value of fund as at 30 June 2017
66,015
524
Other liabilities
(103,282)
Value of fund as at 30 June 2017
107,254
525
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Henderson Horizon Fund - Japan Opportunities Fund (SGD)
Henderson Global Property Equities Fund (USD)
Unit trust Value of investments
62,654
Unit trust
213,709
62,654
Value of investments
213,709
Other assets
142
Other assets
966
Total assets
142
Total assets
966
Other liabilities
Other liabilities Other liabilities
62,796
Value of fund as at 30 June 2017
Other liabilities
-
Value of fund as at 30 June 2017
214,675
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
Henderson Horizon Fund - Pan European Alpha Fund (SGD)
Henderson Global Technology Fund (SGD)
Unit trust
2,885,505
Unit trust
177,837
Value of investments
2,885,505
Value of investments
177,837
Other assets
5,587
Other assets
-
Total assets
5,587
Total assets
-
Other liabilities
Other liabilities Other liabilities
-
Value of fund as at 30 June 2017
2,891,092
526
Other liabilities
(133)
Value of fund as at 30 June 2016
177,704
527
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Invesco Asia Consumer Demand Fund (SGD)
Unit trust Value of investments
Invesco Korean Equity Fund (SGD)
220,192
Unit trust
839,753
220,192
Value of investments
839,753
Other assets
-
Other assets
1,653
Total assets
-
Total assets
1,653
Other liabilities
Other liabilities Other liabilities
(179)
Value of fund as at 30 June 2017
220,013
statement of assets and liabilities
Other liabilities
-
Value of fund as at 30 June 2017
841,406
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Invesco Japanese Equity Core Fund (SGD)
Invesco Pacific Equity Fund (EUR)
Unit trust
395,197
Unit trust
973,378
Value of investments
395,197
Value of investments
973,378
Other assets
14
Other assets
738
Total assets
14
Total assets
738
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
395,211
528
Other liabilities
-
Value of fund as at 30 June 2017
974,116
529
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 JPMorgan Funds - Brazil Equity Fund (SGD)
Unit trust Value of investments
JPMorgan Funds - India Fund (USD)
110,587
Unit trust
1,374,674
110,587
Value of investments
1,374,674
Other assets
-
Other assets
4,526
Total assets
-
Total assets
4,526
Other liabilities
Other liabilities Other liabilities
(161)
Value of fund as at 30 June 2017
110,426
Other liabilities
-
Value of fund as at 30 June 2017
1,379,200
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
JPMorgan Funds - Indonesia Equity Fund (USD)
JPMorgan Funds - Greater China Fund (SGD)
Unit trust Value of investments Other assets Total assets
1,716,209
Unit trust
360,022
1,716,209
Value of investments
360,022
32,240
Other assets
-
32,240
Total assets
-
Other liabilities
Other liabilities Other liabilities
-
Value of fund as at 30 June 2017
1,748,449
530
Other liabilities
(274)
Value of fund as at 30 June 2017
359,748
531
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 JPMorgan Funds - US Equity Fund (USD)
Legg Mason Western Asset Asian Opportunities Fund (USD)
Unit trust
272,957
Unit trust
170,776
Value of investments
272,957
Value of investments
170,776
Other assets
-
Other assets
-
Total assets
-
Total assets
-
Other liabilities
Other liabilities
Other liabilities
(21,353)
Other liabilities
Value of fund as at 30 June 2017
251,604
Value of fund as at 30 June 2017
(4) 170,772
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
Legg Mason Western Asset Global Bond Trust (SGD)
Jupiter Merlin Real Return Portfolio (SGD) (SGD)
Unit trust
124,763
Unit trust
2,752,329
Value of investments
124,763
Value of investments
2,752,329
Other assets
-
Other assets
54,106
Total assets
-
Total assets
54,106
Other liabilities
Other liabilities Other liabilities
(431)
Value of fund as at 30 June 2017
124,332
532
Other liabilities
-
Value of fund as at 30 June 2017
2,806,435
533
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Legg Mason Western Asset Southeast Asia Special Situations Fund (SGD)
Unit trust Value of investments
Neuberger Berman US Strategic Income Fund (SGD Hedged) (SGD)
574,199
Unit trust
245,754
574,199
Value of investments
245,754
Other assets
-
Other assets
-
Total assets
-
Total assets
-
Other liabilities
Other liabilities
Other liabilities
(393)
Value of fund as at 30 June 2017
573,806
Other liabilities
(1,129)
Value of fund as at 30 June 2017
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Legg Mason Western Asset Singapore Dollar Fund (USD)
244,625
Natixis Loomis Sayles Multisector Income Fund (SGD Hedged) (SGD)
Unit trust
6,832,394
Unit trust
121,449
Value of investments
6,832,394
Value of investments
121,449
Other assets
-
Other assets
211
Total assets
-
Total assets
211
Other liabilities
Other liabilities
Other liabilities
(551)
Value of fund as at 30 June 2017
6,831,843
534
Other liabilities
-
Value of fund as at 30 June 2017
121,660
535
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Pictet Asian Local Currency Debt Fund (EUR)
Unit trust Value of investments
Pictet Health Fund (SGD)
308,341
Unit trust
4,431,205
308,341
Value of investments
4,431,205
Other assets
-
Other assets
3,821,759
Total assets
-
Total assets
3,821,759
Other liabilities
Other liabilities Other liabilities Value of fund as at 30 June 2017
(75,308)
Other liabilities
233,033
Value of fund as at 30 June 2017
8,252,964
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
Pictet Global Emerging Debt Fund (USD)
Pictet Emerging Europe Fund (USD)
Unit trust
121,527
Unit trust
2,159,136
Value of investments
121,527
Value of investments
2,159,136
Other assets
-
Other assets
11,833
Total assets
-
Total assets
11,833
Other liabilities
Other liabilities
Other liabilities
(43)
Value of fund as at 30 June 2017
121,484
536
Other liabilities
-
Value of fund as at 30 June 2017
2,170,969
537
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2016 Pictet Premium Brands Fund (USD)
PineBridge Asia ex Japan Small Cap Equity Fund (SGD) (SGD)
Unit trust
8,629,074
Unit trust
1,429,529
Value of investments
8,629,074
Value of investments
1,429,529
Other assets
-
Other assets
61,650
Total assets
-
Total assets
61,650
Other liabilities
Other liabilities
Other liabilities
(3,410)
Value of fund as at 30 June 2017
8,625,664
statement of assets and liabilities
Other liabilities
-
Value of fund as at 30 June 2016
1,491,179
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Pictet Security Fund (EUR)
Unit trust
1,076,286
Value of investments
1,076,286
Other assets
6,108
Total assets
6,108
Other liabilities Other liabilities
-
Value of fund as at 30 June 2017
1,082,394
538
Pioneer Funds - U.S. Dollar Aggregate Bond Fund (SGD H) (SGD)
Unit trust
76,389
Value of investments
76,389
Other assets
-
Total assets
-
Other liabilities Other liabilities
(139)
Value of fund as at 30 June 2017
76,250
539
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Pioneer Funds - U.S. Dollar Aggregate Bond Fund (USD) (SGD)
Schroder Asian Growth Fund (SGD)
Unit trust
9,647,209
Unit trust
18,725,943
Value of investments
9,647,209
Value of investments
18,725,943
Other assets
-
Other assets
215,355
Total assets
-
Total assets
215,355
Other liabilities
Other liabilities
Other liabilities
(25,519)
Value of fund as at 30 June 2017
9,621,690
statement of assets and liabilities
Other liabilities
-
Value of fund as at 30 June 2017
18,941,298
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Pioneer Funds - U.S. Fundamental Growth Fund (USD)
Schroder Asian Income Fund (SGD)
Unit trust
10,018,021
Unit trust
1,975,273
Value of investments
10,018,021
Value of investments
1,975,273
Other assets
56,096
Other assets
34,583
Total assets
56,096
Total assets
34,583
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
10,074,117
540
Other liabilities
-
Value of fund as at 30 June 2017
2,009,856
541
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Schroder Global Emerging Market Opportunities Fund (SGD)
Unit trust Value of investments
Schroder ISF Global Equity Alpha Fund (SGD)
4,392,889
Unit trust
278,760
4,392,889
Value of investments
278,760
Other assets
-
Other assets
-
Total assets
-
Total assets
-
Other liabilities
Other liabilities Other liabilities
(128)
Value of fund as at 30 June 2017
4,392,761
statement of assets and liabilities
Other liabilities
(441)
Value of fund as at 30 June 2017
278,319
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Schroder ISF Asia Pacific Cities Real Estate Fund (SGD)
Schroder ISF QEP Global Quality Fund (SGD)
Unit trust
101,355
Unit trust
6,206,884
Value of investments
101,355
Value of investments
6,206,884
Other assets
-
Other assets
-
Total assets
-
Total assets
-
Other liabilities
Other liabilities
Other liabilities
(79)
Value of fund as at 30 June 2017
101,276
542
Other liabilities
(3,074)
Value of fund as at 30 June 2017
6,203,810
543
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Schroder ISF Taiwanese Equity Fund (USD)
Unit trust Value of investments
Schroder Multi-Asset Revolution 50 Fund (USD)
6,750
Unit trust
44,471
6,750
Value of investments
44,471
Other assets
210
Other assets
-
Total assets
210
Total assets
-
Other liabilities
Other liabilities Other liabilities
-
Value of fund as at 30 June 2017
6,960
Other liabilities
(21)
Value of fund as at 30 June 2017
44,450
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
Schroder Multi-Asset Revolution 70 Fund (USD)
Schroder Multi-Asset Revolution 30 Fund (USD)
Unit trust
19,026
Unit trust
594,554
Value of investments
19,026
Value of investments
594,554
Other assets Total assets
-
Other assets
-
-
Total assets
-
Other liabilities
Other liabilities Other liabilities
(35)
Value of fund as at 30 June 2017
18,991
544
Other liabilities
(7)
Value of fund as at 30 June 2017
594,547
545
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Schroder Singapore Fixed Income Fund (USD)
Unit trust Value of investments
Templeton China Fund (USD)
3,276,008
Unit trust
157,488
3,276,008
Value of investments
157,488
Other assets
-
Other assets
Total assets
-
Total assets
-
Other liabilities
Other liabilities Other liabilities
(44)
Value of fund as at 30 June 2017
1,924,140
Other liabilities
(254)
Value of fund as at 30 June 2017
157,234
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
Templeton Global Bond Fund (USD)
Schroder Singapore Trust (USD)
Unit trust
2,518,793
Unit trust
1,529,416
Value of investments
2,518,793
Value of investments
1,529,416
Other assets
-
Other assets
7,896
Total assets
-
Total assets
7,896
Other liabilities
Other liabilities
Other liabilities
(10,352)
Value of fund as at 30 June 2017
2,508,441
546
Other liabilities
-
Value of fund as at 30 June 2017
1,537,312
547
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Templeton Global Total Return Fund (USD)
Templeton Shariah Global Equity Fund (SGD)
Unit trust
8,825,879
Unit trust
329,364
Value of investments
8,825,879
Value of investments
329,364
Other assets
2,505
Other assets
1,264
Total assets
2,505
Total assets
1,264
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
8,828,384
Other liabilities
-
Value of fund as at 30 June 2017
330,628
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
Threadneedle Investment Funds ICVC - American Fund (USD)
Templeton Latin America Fund (EUR)
Unit trust
203,438
Unit trust
601,817
Value of investments
203,438
Value of investments
601,817
Other assets
-
Other assets
324
Total assets
-
Total assets
324
Other liabilities
Other liabilities
Other liabilities
(156)
Value of fund as at 30 June 2017
203,282
548
Other liabilities
-
Value of fund as at 30 June 2017
602,141
549
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 Threadneedle Investment Funds ICVC - American Smaller Companies Fund (USD)
United Asian Bond Fund (USD)
Unit trust
1,805,031
Unit trust
4,966,982
Value of investments
1,805,031
Value of investments
4,966,982
Other assets
6,140
Other assets
653,310
Total assets
6,140
Total assets
653,310
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
1,811,171
Other liabilities
-
Value of fund as at 30 June 2017
5,620,292
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017
United Emerging Markets Bond Fund (USD)
Threadneedle Investment Funds ICVC - European Select Fund (USD)
Unit trust
1,294,676
Unit trust
2,318,586
Value of investments
1,294,676
Value of investments
2,318,586
Other assets
7,475
Other assets
85,031
Total assets
7,475
Total assets
85,031
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
1,302,151
550
Other liabilities
-
Value of fund as at 30 June 2017
2,403,617
551
financial statements
financial statements
statement of assets and liabilities
statement of assets and liabilities
as at 30 June 2017
as at 30 June 2017 United Singapore Bond Fund (USD)
Wells Fargo Emerging Markets Equity Income Fund (USD) (SGD)
Unit trust
1,525,648
Unit trust
66,260
Value of investments
1,525,648
Value of investments
66,260
Other assets
805,824
Other assets
8,247
Total assets
805,824
Total assets
8,247
Other liabilities
Other liabilities
Other liabilities
-
Value of fund as at 30 June 2017
2,331,472
Other liabilities
-
Value of fund as at 30 June 2017
74,507
statement of assets and liabilities as at 30 June 2017 United SGD Fund (SGD)
Unit trust
2,405,761
Value of investments
2,405,761
Other assets
-
Total assets
-
Other liabilities Other liabilities
(418,783)
Value of fund as at 30 June 2017
1,986,978
552
553
about the AXA Group GENERAL DISCLAIMERS: The contents of this report is strictly for informational purposes only and shall not be deemed as any form of advice or recommendation or constitute an offer, invitation or solicitation whatsoever, from or by AXA Insurance Pte Ltd (“AXA”) to any person to buy or sell any fund. The Pulsar sub-funds are investment-linked policy sub-funds offered by AXA and are only available under AXA’s Investment-Linked Policies. AXA is the product provider. A Product Summary and Product Highlights Sheet in relation to the investment-linked policy sub-funds are available and may be obtained through AXA, its Financial Consultants or representatives. The information provided herein does not take into account the suitability, investment objectives, financial situation or particular needs of any specific person. Potential investors should read the Product Summary and Product Highlights Sheet or seek professional advice before deciding whether to subscribe for units in the investmentlinked policy sub-funds. Investments in investment-linked policies are not deposits in, guaranteed or insured by AXA. Investments in investment-linked policies are subject to investment risks including the possible loss of the principal invested. The value of the units of the investment-linked policy sub-fund and the income accruing to the units, if any, may fall or rise. Past performances of the investment-linked policy sub-funds and any other economic or market predictions, projections or forecasts, are not necessarily indicative of future or likely performances of the investment-linked policy sub-funds, underlying funds, underlying entities and/or the respective fund managers.
The Group supports its clients, both individuals and businesses, at every stage in their lives by providing products and services to meet their needs, including insurance, personal protection, savings and estate planning. The Group, of European origin, has grown under the AXA brand since 1985. It expanded to include operations in the United States in 1991 and Asia in 1995. AXA has gradually developed its global presence and networks and extended its range of products and services. Well attuned to the vital interests at stake in the Financial Protection business, AXA is a responsible, innovative group, constantly redefining standards to better serve its customers. our key figures* 103 million clients in 64 countries worldwide • 166,000 employees • 100.19 billion euros in revenues • 5.7 billion euros in underlying earnings * As at December 31, 2016, Prepared in accordance with IFRS (International Financial Reporting Standards).
our values The Group is committed to aligning its business practices with its five core values: • Professionalism • Innovation • Pragmatism • Team Sprit • Integrity our attitudes AXA is committed to proving to customers that they are right to trust in the quality of our services, advice and ability to offer solutions that are consistently tailored to their needs. Our three attitudes to earn and keep our customers’ preference: • Available • Attentive • Reliable