united asia top-50 fund · a) fund performance (continued) for the second half of 2019, markets...

UnitedAsia Top-50FundSemi Annual Report

for the half year ended 31 December 2019

MANAGERUOB Asset Management LtdRegistered Address:80 Raffles PlaceUOB PlazaSingapore 048624Company Registration No. : 198600120ZTel: 1800 22 22 228

DIRECTORS OF UOB ASSET MANAGEMENTLee Wai FaiEric Tham Kah JinPeh Kian HengThio Boon Kiat

TRUSTEEState Street Trust (SG) Limited168 Robinson Road#33-01, Capital TowerSingapore 068912

CUSTODIAN / ADMINISTRATOR / REGISTRARState Street Bank and Trust Company, acting through its Singapore Branch168 Robinson Road#33-01, Capital TowerSingapore 068912

AUDITORPricewaterhouseCoopers LLP7 Straits View, Marina OneEast Tower, Level 12Singapore 018936

United Asia Top-50 Fund(Constituted under a Trust Deed in the Republic of Singapore)

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A) Fund Performance

Fund Performance/Benchmark Returns

3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

22 November1999Ann

CompRet

United Asia Top-50 Fund 4.15 4.15 8.06 -0.63 0.74 -0.34 -0.99Benchmark 7.31 8.47 17.98 8.37 7.58 5.99 2.09

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributionsreinvested, if any.The benchmark of the Fund: MSCI AC Far East.

For the six months ended 31 December 2019, the net asset value of the Fund increased 4.15%,compared with an 8.47% increase in the benchmark MSCI AC Far East Index, in Singapore Dollar terms.

The Fund’s underperformance against the index was mainly due to negative selection effect in thePhilippines (Utilities and Financials), Japan (Consumer Discretionary and CommunicationServices) and Singapore (Financials).

Key contributors to performance included Taiwan Semiconductor Manufacturing Co. Ltd., SamsungElectronics Co. Ltd. and Alibaba Group Holding Ltd.

Key detractors included Suzuki Motor Corp, First Gen Corp and CP All Public Co.

As at 31 December 2019, the Fund had the following sector allocation: Information Technology(23.75%), Consumer Discretionary (21.50%), Industrials (13.40%), Financials (10.86%), ConsumerStaples (9.76%), Communication Services (6.71%), others (9.06%), with the remainder in cash(4.96%).

The Fund had the following country asset allocation: Japan (36.95%), China (27.06%), Taiwan(11.11%), South Korea (10.53%), Hong Kong (5.73%), others (3.66%) and the remainder in cash(4.96%).

Economic and Market Review

In the year ended 2019, equity markets in the Far East region posted meaningful gains, although itunderperformed global developed markets. Investor sentiment and market direction largely mirrored theebb and flow of headlines surrounding the US-China trade war.


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A) Fund Performance (continued)

For the second half of 2019, markets were significantly more volatile with the escalation of US-Chinatrade tensions. Both countries raised tariffs on each other’s goods when talks broke down. Furthermore,US President Trump signed an executive order to restrict US companies doing business (bothprocurement and sales) with Huawei via the “Entity List” implementation, with significant implicationsthroughout the technology sector. Trade tensions then eased after US President Trump and ChinesePresident Xi met on the side lines of a G20 meeting with both sides agreeing to resume trade talks againwithout further tariff imposition and the US partially lifted the Huawei ban. Thereafter, the US-China tradetalks and tit-for-tat tariff hikes were constantly on and off, making the markets volatile to headline news,while economic data continued to slide on business uncertainty.

Against this backdrop, most of the major economies were dragged down by weak global manufacturingdata. Adding to the economic woes for Asia were the chaos and social unrest that erupted in Hong Kongafter the government proposed an extradition treaty with China. Though the treaty was later scrapped, theprotests and violence continued as it evolved into a wider movement for greater democracy, dragging theterritory into economic recession.

As uncertainties of US-China trade relations weighed upon the global economy, the US Federal Reserve(Fed) turned dovish and cut interest rates three times by 75 basis points in all. Other central banksfollowed suit and reiterated accommodative or neutral monetary policy. Markets rallied but were hit againfrom a recession risk scare in August 2019 as bond yields collapsed and the US Treasury 10-year to2-year yield curve inverted. Another round of US-China tariff hikes was effected in September 2019.

In Europe, Brexit extended more uncertainties to the global backdrop of US-China trade tensions andslowing economic activity, adding more volatility to the Asian stock markets.

In Japan, the major development in the second half of 2019 was undoubtedly the escalation of tradetensions with South Korea. Japan announced the tightening of control of the export of keysemiconductor materials to South Korea following disputes on post-World War II compensation to Koreancitizens working for Japanese companies. This was met with similar sanctions by South Korea onJapanese imports.

In Australia, the Royal Commission into Misconduct in the Banking, Superannuation and FinancialServices Industry continued to cause an overhang on the financial sector as major financial institutionswere named and fined by the government over mis-selling of financial products in the past especiallyduring the global financial crisis. Meanwhile, gold mining stocks outperformed significantly over thisperiod as gold price broke to new highs after underperforming in the last decade.

Finally, in late October, there were clearer signals of a potential phase one trade deal between the US andChina that would resolve some issues, though some uncertainties lingered about whether it wouldmaterialise given the past flip flops. There was disagreement between the US and China on the extent ofrolling back existing tariffs, and also the added complication of Hong Kong, where the US signed a billsupporting Hong Kong protestors’ calls for more democracy and freedom.


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In December the US announced that they were close to signing a phase one trade deal with China,together with some rollback of tariffs. Concurrently, leading indicators such as the purchasing managers’index (PMI) ticked up as sentiment improved, signalling some stabilisation of economic activity. Marketstook it very positively and the Asian markets ended the year with a strong October to December quarter.

Over the period under review, North Asian markets, led by Taiwan and China, outperformed India andSouth East Asian markets despite the initial headwinds of the trade war and concerns of technologysupply chain disruption. Among sectors, there was also wide dispersion. Information Technology,Health Care and Consumer Discretionary were the best performers, while Utilities, Industrials andMaterials lagged.

Within South East Asia, Singapore and Indonesia were the best performers, while the Philippines,Malaysia and Thailand lagged.

Outlook and Fund Strategy

Global growth notably in Asia has been sluggish amidst trade tensions in 2019. The US-China tariffs havehad a major impact on industrial production and business investments. However, we head into 2020 witha US-China phase one trade deal at hand and leading indicators pointing to economic stabilisation. Thepolicy environment is still fairly benign with China cutting reserve requirement ratio (RRR) and easingfiscal policy, India continuing to cut rates and US Fed putting rates on hold as the global economy is stillreeling from the industrial slowdown. Hence, we are more optimistic on Asia’s 2020 prospects.

Asian equity market valuations remain fair, trading above its near-term mean on a price-to-book basis.Nonetheless, a phase one US-China trade deal should lower risk premiums and improve corporates’earnings outlook, driving Asian equity markets higher. Moreover, Asian markets are still trading at asignificant discount to US markets and have more room for earnings upgrade as the industrial cycle turnsfor the better.

Risks still linger despite the current buoyant market sentiment. Geopolitical tensions in the Middle Eastheated up after a top Iranian General was assassinated, sparking fears that a war could be imminent. Thepath towards a phase two and beyond of a US-China trade deal is still marred with uncertainty, and in thelong term is still likely to hit some obstacles. Closer to home, the social unrest and chaos in Hong Kongstill lingers, dragging its economy into recession and affecting a major part of Asian market’scapitalization which is listed on the Hong Kong bourse.

On balance, we still see reason to be more optimistic on Asia Pacific markets’ prospects in the comingquarters. As US-China trade tensions subside, we now turn more positive on China and Korea. Thesemarkets remain cheap relative to other Asian markets, and have scope for more positive earningsrevisions. We remain overweight Taiwan as we see the technology cycle turning more positive. Weremain underweight the Hong Kong market as social unrest and chaos continue to weigh on theeconomy and undermine the territory’s status as a safe haven and financial hub.


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We remain negative on India given continued weakness in the country’s macro fundamentals andrelatively expensive valuation. The recently announced tax cuts could partially offset deceleratingearnings momentum in the near term, but overall domestic demand remains sluggish. We are also overallunderweight ASEAN and Japan to fund our overweight positions in North Asia.

There is evidence that the industrial cycle has bottomed and a recovery is under way. Hence we havepositioned ourselves in more cyclical stocks as compared to defensive stocks. We are overweightTechnology, Consumer Discretionary and Industrials, and underweight Telecommunications,Utilities and Consumer Staples.

We maintain our underweight position in Japan. We find it generally difficult to find companies with goodgrowth trading at reasonable valuations. There are however some interesting exceptions especially in theTechnology/Export sector where we can find some world leading companies. As the technology cyclestarts turning positive in the first half of 2020, we believe that some of these stocks will outperform theirpeers.

Within ASEAN, we remain generally neutral to underweight given the relative lack of good investmentoptions at this point in time. The strength of the Thai baht has proven to be a bane despite monetaryloosening and administrative measures. Malaysia remains an underweight as a mild recovery in exportsand investments may be insufficient to stave off tepid growth in consumer spending. Private investmentsremain weighed down by political and policy uncertainty. In the Philippines, President Duterte’s recentpolicy changes on water utilities have made foreign investors worried once again about the sanctity oflegal contracts within the country, which in turn caused an overhang on the market. Only in Indonesia dowe find some specific stock ideas due to attractive valuations.

Key risks to our more positive view now include a full blown Middle East war, souring market sentimentand another U-turn in the progress of US-China trade negotiations, which has happened multiple timesin the past one and a half years.


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B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 31 December2019 under review classified by

i) Country

Fair Value(S$)

% of NAV

China 3,080,127 27.06Hong Kong 652,769 5.73Indonesia 235,153 2.07Japan 4,206,123 36.95Singapore 180,752 1.59South Korea 1,198,599 10.53Taiwan 1,265,188 11.11Portfolio of investments 10,818,711 95.04Other net assets/(liabilities) 564,976 4.96Total 11,383,687 100.00

ii) Industry

Fair Value(S$)

% of NAV

Communication Services 763,678 6.71Consumer Discretionary 2,447,308 21.50Consumer Staples 1,111,121 9.76Energy 235,153 2.07Financials 1,236,360 10.86Health Care 115,367 1.02Industrials 1,525,775 13.40Information Technology 2,703,997 23.75Real Estate 679,952 5.97Portfolio of investments 10,818,711 95.04Other net assets/(liabilities) 564,976 4.96Total 11,383,687 100.00


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B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 31 December2019 under review classified by (continued)

iii) Asset Class

Fair Value(S$) % of NAV

Quoted equities 10,818,711 95.04Other net assets/(liabilities) 564,976 4.96Total 11,383,687 100.00

iv) Credit rating of quoted bonds

N/A

C) Top Ten Holdings

10 largest holdings as at 31 December 2019

Fair Value(S$)

Percentage oftotal net assetsattributable to

unitholders%

SAMSUNG ELECTRONICS CO LTD 746,389 6.56TAIWAN SEMICONDUCTOR MANUFACTURING COLTD 608,742 5.35TENCENT HOLDINGS LTD 414,837 3.64ALIBABA GROUP HOLDING LTD 412,970 3.63JAPAN ORIENTAL LAND CO LTD 312,991 2.75SONY CORP 311,350 2.74CHINA MERCHANTS BANK CO LTD 304,107 2.67PING AN INSURANCE GROUP CO OF CHINA 286,091 2.51CHINA AOYUAN GROUP LTD 276,150 2.43SANY HEAVY INDUSTRY CO LTD 256,633 2.26


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C) Top Ten Holdings (continued)

10 largest holdings as at 31 December 2018

Fair Value

Percentage oftotal net assetsattributable to

unitholders(S$) %

TENCENT HOLDINGS LTD 688,764 5.95METROPOLITAN BANK & TRUST CO 366,116 3.16ALIBABA GROUP HOLDING LTD 322,649 2.79CENTRAL JAPAN RAILWAY CO 316,559 2.74CTBC FINANCIAL HOLDING CO LTD 309,929 2.68CHINA RAILWAY CONSTRUCTION CORP LTD 304,387 2.63PETROCHINA CO LTD 288,256 2.49SAMSUNG ELECTRONICS CO LTD 287,519 2.48INDUSTRIAL & COMMERCIAL BANK OF CHINA 273,457 2.36CHINA OVERSEAS LAND & INVESTMENT LTD 271,613 2.35

D) Exposure to derivatives

i) Fair value of derivative contracts and as a percentage of NAV as at 31 December 2019

Contract orunderlyingprincipalamount

Positivefair value % of NAV

Negativefair value % of NAV

$ $ $

Futures 860,445 1,237 0.01 - -Foreign currency contracts 1,494,513 234 -* 252 -*

* denotes amount less than 0.01%

ii) There was a net realised gain of SGD 61,286 on derivative contracts during the financial period from1 July 2019 to 31 December 2019.

iii) There was a net unrealised gain of SGD 1,219 on outstanding derivative contracts marked to marketas at 31 December 2019.

E) Amount and percentage of NAV invested in other schemes as at 31 December 2019

N/A


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F) Amount and percentage of borrowings to NAV as at 31 December 2019

N/A

G) Amount of redemptions and subscriptions for the financial period from 1 July 2019 to31 December 2019

Total amount of redemptions SGD 655,252Total amount of subscriptions SGD 12,142

H) The amount and terms of related-party transactions for the financial period from 1 July 2019to 31 December 2019

i) As at 31 December 2019, the Fund maintained current accounts with its related party as follows:

State Street Bank and Trust Company, Singapore BranchCash and bank balances SGD 591,291

ii) Investment in Initial Public Offerings managed by UOB Group

N/A

iii) As at 31 December 2019, the brokerage income earned by United Overseas Bank Limited was SGD48.

I) Expense ratios

2019 2018$ $

Total operating expenses 304,070 349,850Average daily net asset value 11,605,768 14,144,424Expense ratio 2.62% 2.47%

Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association ofSingapore (“IMAS”). The calculation of the Fund’s expense ratio at 31 December 2019 was based on total operatingexpenses divided by the average net asset value respectively for the financial period. The total operating expenses do notinclude (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out tounitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and taxdeducted at source or arising out of income received. The Fund does not pay any performance fee. The average net assetvalue is based on the daily balances.


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J) Turnover ratios

2019 2018$ $

Lower of total value of purchases or sales 6,756,443 12,865,933Average daily net assets value 11,399,810 13,009,303Turnover ratio 59.27% 98.90%

Note: The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective InvestmentSchemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales ofthe underlying investments divided by the average daily net asset value.

K) Any material information that will adversely impact the valuation of the scheme such ascontingent liabilities of open contracts

N/A

L) For schemes which invest more than 30% of their deposited property in another scheme, thefollowing key information on the second-mentioned scheme (“the underlying scheme”)1

should be disclosed as well

i) Top 10 holdings at fair value and as percentage of NAV as at 31 December 2019 and 31 December2018

N/A

ii) Expense ratios for the financial period ended 31 December 2019 and 31 December 2018

N/A

iii) Turnover ratios for the financial period ended 31 December 2019 and 31 December 2018

N/A

1 Where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or hasa formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed onthe underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readilyavailable to the Singapore manager.


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M) Soft dollar commissions/arrangements

UOB Asset Management has entered into soft dollars arrangements with selected brokers fromwhom products and services are received from third parties. The products and services relateessentially to computer hardware and software to the extent that they are used to support theinvestment decision making process, research and advisory services, economic and politicalanalyses, portfolio analyses including performance measurements, market analyses, data andquotation services, all of which are believed to be helpful in the overall discharge of UOB AssetManagement’s duties to clients. As such services generally benefit all of UOB Asset Management’sclients in terms of input into the investment decision making process, the soft credits utilised are notallocated on a specific client basis. The Manager confirms that trades were executed on a bestexecution basis and there was no churning of trades.

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of theactual payouts received by participants and any significant deviation from thepre-determined payouts

N/A


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STATEMENT OF TOTAL RETURN

For the half year ended 31 December 2019 (Un-audited)

31 December 31 December2019 2018

$ $

IncomeDividends 78,119 155,312Interest 27 145Total 78,146 155,457

Less: ExpensesManagement fee 85,958 98,453Trustee fee 2,483 2,482Audit fee 6,893 6,907Registrar fee 7,520 7,582Valuation fee 7,163 8,204Custody fee 5,592 8,321Transaction costs 44,640 86,686Interest expenses 193 11Other expenses 35,916 20,799Total 196,358 239,445

Net income/(losses) (118,212) (83,988)

Net gains/(losses) on value of investments and financialderivativesNet gains/(losses) on investments 564,356 (2,360,671)Net gains/(losses) on financial derivatives 62,505 (31,499)Net foreign exchange gains/(losses) (32,927) 26,383

593,934 (2,365,787)

Total return/(deficit) for the period before income tax 475,722 (2,449,775)Less: Income tax (12,279) (17,919)Total return/(deficit) for the period 463,443 (2,467,694)


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STATEMENT OF FINANCIAL POSITION

As at 31 December 2019 (Un-audited)

31 December 30 June2019 2019

$ $

AssetsPortfolio of investments 10,818,711 10,325,630Sales awaiting settlement 717,256 -Receivables 21,678 76,730Cash and bank balances 591,291 913,899Margin accounts 323,625 355,445Financial derivatives at fair value 1,471 -Total assets 12,474,032 11,671,704

LiabilitiesPurchases awaiting settlement 958,737 -Payables 131,356 107,083Financial derivatives at fair value 252 1,267Total liabilities 1,090,345 108,350

EquityNet assets attributable to unitholders 11,383,687 11,563,354


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STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDS

For the half year ended 31 December 2019 (Un-audited)

31 December 30 June2019 2019

$ $Net assets attributable to unitholders at the beginning of thefinancial period/year 11,563,354 14,359,715

OperationsChange in net assets attributable to unitholders resulting fromoperations 463,443 (2,037,508)

Unitholders’ contributions/(withdrawals)Creation of units 12,142 87,427Cancellation of units (655,252) (846,280)

Change in net assets attributable to unitholders resulting from netcreation and cancellation of units (643,110) (758,853)

Total increase/(decrease) in net assets attributable to unitholders (179,667) (2,796,361)

Net assets attributable to unitholders at the end of the financialperiod/year 11,383,687 11,563,354


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STATEMENT OF PORTFOLIO


Holdings at Fair value at

Percentage oftotal net assetsattributable tounitholders at

31 December2019

31 December2019

$

31 December2019

%

By Geography - Primary

Quoted equities

CHINAAAC TECHNOLOGIES HOLDINGS INC 18,000 211,229 1.86ALIBABA GROUP HOLDING LTD 1,448 412,970 3.63BAIDU INC - SPON ADR 1,083 184,071 1.62CHINA AOYUAN GROUP LTD 126,000 276,150 2.43CHINA MERCHANTS BANK CO LTD 44,000 304,107 2.67GREE ELECTRIC APPLIANCES INC OFZHUHAI 20,000 253,190 2.22INNER MONGOLIA YILI INDUSTRIALGROUP CO LTD 37,800 225,765 1.98KWEICHOW MOUTAI CO LTD 1,117 255,084 2.24PING AN INSURANCE GROUP CO OFCHINA 18,000 286,091 2.51SANY HEAVY INDUSTRY CO LTD 77,973 256,633 2.26TENCENT HOLDINGS LTD 6,400 414,837 3.64

TOTAL CHINA 3,080,127 27.06

HONG KONGAIA GROUP LTD 13,600 191,983 1.68GALAXY ENTERTAINMENT GROUP LTD 24,000 237,736 2.09SWIRE PROPERTIES LTD 50,000 223,050 1.96

TOTAL HONG KONG 652,769 5.73

INDONESIABUKIT ASAM TBK PT 912,700 235,153 2.07


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31 December2019

31 December2019

$

31 December2019

%

By Geography - Primary (continued)Quoted equities

JAPANBANDAI NAMCO HOLDINGS INC 2,000 164,092 1.44CASIO COMPUTER CO LTD 8,400 227,720 2.00COMSYS HOLDINGS CORP 2,700 104,732 0.92DAIKIN INDUSTRIES LTD 1,000 191,165 1.68HITACHI TRANSPORT SYSTEM LTD 2,500 95,118 0.84ITOCHU CORP 7,300 228,926 2.01JAPAN ORIENTAL LAND CO LTD 1,700 312,991 2.75KEYENCE CORP 400 190,497 1.67MURATA MANUFACTURING CO LTD 2,100 175,285 1.54NIDEC CORP 600 111,395 0.98OBIC CO LTD 700 127,839 1.12PAN PACIFIC INTERNATIONAL HOLDINGSLTD 3,600 80,668 0.71RECRUIT HOLDINGS CO LTD 3,700 187,655 1.65ROHM CO LTD 1,800 195,545 1.72SECOM CO LTD 1,800 217,750 1.91SHISEIDO CO LTD 1,800 173,318 1.52SOFTBANK GROUP CORP 2,800 164,770 1.45SONY CORP 3,400 311,350 2.74SUMITOMO MITSUI FINANCIAL GROUP 4,600 229,828 2.02TERUMO CORP 2,400 115,367 1.01TOKYU CORP 5,300 132,401 1.16TOYOTA MOTOR CORP 2,500 238,616 2.10YAMAZAKI BAKING CO LTD 9,500 229,095 2.01

TOTAL JAPAN 4,206,123 36.95


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31 December2019

31 December2019

$

31 December2019

%

By Geography - Primary (continued)Quoted equities

SINGAPOREKEPPEL DC REIT 86,900 180,752 1.59

SOUTH KOREAE-MART INC 1,537 227,859 2.00HANA FINANCIAL GROUP INC 5,229 224,351 1.97SAMSUNG ELECTRONICS CO LTD 11,504 746,389 6.56

TOTAL SOUTH KOREA 1,198,599 10.53

TAIWANLARGAN PRECISION CO LTD 1,000 224,280 1.97POYA INTERNATIONAL CO LTD 11,000 207,975 1.82TAIWAN SEMICONDUCTORMANUFACTURING CO LTD 41,000 608,742 5.35WIN SEMICONDUCTORS CORP 17,000 224,191 1.97

TOTAL TAIWAN 1,265,188 11.11

Total Equities 10,818,711 95.04

Portfolio of investments 10,818,711 95.04Other net assets/(liabilities) 564,976 4.96Net assets attributable to unitholders 11,383,687 100.00


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Percentage oftotal net assetsattributable tounitholders at31 December

2019%


30 June2019

%

By Geography - Primary (Summary)Quoted equities

China 27.06 18.31Hong Kong 5.73 9.56Indonesia 2.07 2.36Japan 36.95 30.21Malaysia - 2.07Philippines - 3.26Singapore 1.59 6.39South Korea 10.53 6.57Taiwan 11.11 6.58Thailand - 3.99Portfolio of investments 95.04 89.30Other net assets/(liabilities) 4.96 10.70Net assets attributable to unitholders 100.00 100.00


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Fair value at31 December

2019$

Percentage oftotal net assetsattributable tounitholders at31 December

2019%


30 June2019

%

By Industry - SecondaryQuoted equities

Communication Services 763,678 6.71 12.89Consumer Discretionary 2,447,308 21.50 14.47Consumer Staples 1,111,121 9.76 7.92Energy 235,153 2.07 -Financials 1,236,360 10.86 16.81Health Care 115,367 1.02 1.50Industrials 1,525,775 13.40 8.81Information Technology 2,703,997 23.75 13.71Real Estate 679,952 5.97 7.59Utilities - - 5.60Portfolio of investments 10,818,711 95.04 89.30Other net assets/(liabilities) 564,976 4.96 10.70Net assets attributable to unitholders 11,383,687 100.00 100.00


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