| Report Date | |
| Manager | |
| Fund Name | |
| Strategy | |
| Latest Return Date | |
| Latest Return | |
| Latest 6 Months | |
| Latest 12 Months | |
| Latest 24 Months (pa) | |
| Annualised Since Inception | |
| Inception Date | |
| FUM (millions) | |
| Fund Overview | The Fund is managed by Value Partners using a disciplined value-oriented approach supported by intensive, on-the-ground bottom-up fundamental research resulting in a portfolio of individual holdings, which are, in the view of Value Partners, undervalued and of high quality, on either an absolute or relative basis, and which have the potential for capital appreciation. The Fund will primarily have exposure to the equity securities of entities listed on securities exchanges across the Asia (ex-Japan) region, however, the Fund may also gain exposure to entities listed on securities outside the Asia (ex-Japan) region which have significant assets, investments, production activities, trading or other business interests in the Asia (ex-Japan) region as well as unlisted instruments with equity-like characteristics, such as participatory notes and convertible bonds. The Fund may also invest in cash and money market instruments, depositary receipts, listed unit trusts, shares in mutual fund corporations and other collective investment schemes (including real estate investment trusts), derivatives including both exchange-traded and OTC, convertible securities, participatory notes, bonds, and foreign exchange contracts. |
| Manager Comments | Chinese financials were among the top performance contributors in the fund last month. The country's financial sector remains solid, as banks have reported improving nonperforming loans and profitability, while those providing wealth management services continue to see growing demand from retail investors. Consumer names were also among the top contributors. Chinese names, such as those engaged in duty free, sportswear, and Chinese white liquor, have continued to benefit from the country's economic recovery and consumption upgrade. Premium China's core holding of a Taiwanese textile manufacturer was also among the top performers, benefiting from strong post-pandemic apparel demand recovery, especially in the US. On the other hand, detraction came from some of the Fund's exposure in Taiwan technology names, as the resurgence of COVID has triggered profit-taking of hardware manufacturers. That said, Premium China remain optimistic on the sector, on the back of the still intact semiconductor super-cycle. The Fund continues to be overweight in North Asia, particularly China, as the market continues to provide better risk-reward opportunities relative to other parts of Asia, which are still facing risks of rising COVID infections. The manager expects the pickup in vaccine supply in ASEAN to unlock economic recovery in the coming months. They prefer companies that have visibility in their earnings along the bumpy recovery path. |
| More Information |
