united asian growth opportunities fund - uob asset ... value percentage of % united asian growth...

UnitedAsian GrowthOpportunitiesFundSemi Annual Report

for the half year ended 31st December 2017

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 Asian Growth Opportunities 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

SinceInception02 August

2004Ann

CompRet

United Asian GrowthOpportunities Fund 4.06 6.21 16.16 5.23 6.16 -2.31 6.82

Benchmark 6.68 10.31 26.23 11.00 9.23 2.93 8.98

Source: Lipper, a Thomson Reuters Company.

Note: The performance returns of the Fund are in Singapore dollars based on a NAV-to-NAV basis with dividends and distributionsreinvested, if any.The benchmark of the Fund: Since Inception – Nov 07: FTSEGlobal Small Cap Series Asia Pacific Ex Japan; Dec 07 – Jan 11: MSCIAC Asia Pacific ex Japan Small Cap Index; Feb 11 - Present: MSCI AC Asia Pacific ex Japan Mid Cap Index.

For the six months ended 31 December 2017, the net asset value of the Fund rose by 6.21% compared with an increase of10.31% in the benchmark MSCI AC Asia ex-Japan Mid Cap index in Singapore dollar terms.

Positive contribution to the Fund’s performance came from Korea, Malaysia and New Zealand. Meanwhile, the negativecontribution came mostly from China and Singapore. Sector-wise, Health Care was the main outperformer but was mitigatedby the weaker showing from Real Estate and Consumer Staples.

Key stock contributors to performance included BGF Retail, Celltrion Healthcare, Inari Amerton, TAL Education andShangri-La.

Key detractors includedBGFCo,Advanced Process Systems,Hwaseung Enterprise,West China Cement, andMagellanFinancial.

During the period under review, the Fund increased exposure to Real Estate, as fundamentals turned more appealing,especially in Singapore. TheFund took profit in both theFinancials and InformationTechnology sectorswhile addingweightsto Materials sector, especially in Australia. The Fund increased exposure to Singapore as signs of property prices bottomedand to China on anticipation of a pick-up in economic activity. The Fund increased exposure slightly to Australia as theweighting in materials expanded with a positive outlook on Nickle and Lithium. Taiwan and South Korea’s weightings werereduced due to profit taking in Information Technology.

As at end December 2017, the Fund had the following sector allocation: Materials (18.53%), Information Technology(17.57%), Real Estate (14.98%), Consumer Discretionary (13.40%), Financials (11.61%), Industrials (9.39%), HealthCare (8.01%), Energy (3.19%), and Consumer Staples (1.94%), with the remainder in cash (1.38%).

TheFund had the following country exposures:China (17.19%),Singapore (12.88%), India (12.02%),SouthKorea (11.78%),Hong Kong (11.69%), Australia (11.52%), Thailand (11.27%), Taiwan (4.48%), others (5.79%) and the remainder (1.38%)in cash.

Economic and Market Review

Equity markets in Asia registered positive gains in the second half of 2017, led by Chinese equities. The broad exuberance inthe markets was supported by a “Goldilocks Nirvana” - that is stable growth and benign inflation as global economic datacontinued to improve. Investors continued to adopt a risk-on approach, shrugging off geopolitical tensions from North Korea tothe Middle East.

The US Federal Reserve (Fed) raised interest rates raised twice (in September and December), reflecting confidence in the USeconomy. The Fed also announced its balance sheet reduction and quantitative measures which had supported bond prices inrecent years. Other major central banks including the Bank of England and the European Central Bank indicated a strong


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A) Fund Performance (continued)

willingness to reduce monetary stimulus. The US dollar weakened against Asian currencies, with the Malaysian Ringgit andIndian Rupee strengthening the most. In the commodities market, metals climbed-copper, aluminium, gold and zinc rallied. Oilended the year higher after a series of Organization of the Petroleum Exporting Countries (OPEC) production cuts were madeto drain a global glut of supply.

Economic data improved globally as Asia followed in tandem. The purchasing managers’ index (PMI) in China and India shotto a five-year high in the second half of 2017. Chinese manufacturing remained in the expansionary territory throughout theyear, peaking in September at 52.4, while the private sector Caixin manufacturing index ended the year at 51.6. Manufacturingexpansion saw India finishing the year at a high of 54.7. A recovery of manufacturing activity in South Korea picked upmomentum from September on a cycle of higher orders. With Taiwan, numbers stayed above the 50 mark throughout the yearand peaked in December.

Asian markets rode on a momentum from a cycle of corporate earning upgrades and economic improvements. Emergingmarkets (EM) remained resilient with a lack of execution from Donald Trump’s initial protectionist policies and continued tobenefit from global growth that pushed demand for EM exports.

China was the best performing market supported by improving macro data. Other standout outperformers were India andThailand. The worst performers were New Zealand, Malaysia, Korea, Indonesia and Taiwan. Across sectors, Energy wasthe best performing whileConsumer Discretionary outperformed.Utilities and Telecommunication Servicewere the worstperforming sectors.

TheChinamarkets emerged as the top outperformer as investor sentiment weathered tightening measures from authorities toreduce capital outflows from the country. The focus of the 19th Communist Party Congress addressed concerns ofoverleverage and structural risk amid further reforms to the economy. Better-than-expected economic growth activity, producerprice index (PPI) reflation, strong earnings and renminbi stability helped to anchor the market, while announcement of A-shareinclusion to the MSCI index bolstered positive sentiment. Hong Kongmustered an outperformance on strong buying investorinterest from the mainland via the Southbound Stock Connect scheme. The lion’s share of gains was driven by property stocksthanks to home prices which soared over the year.

Taiwan and Korea markets underperformed. Though technology companies had buoyed gains in the first half, investors soldoff tech names for profit taking in the later part of the year as they rotated into other sectors. Furthermore, the Korea marketwas affected by North Korean continuing its fury of nuclear threats.

India outperformed as the country embarked on a single tax rate for good and services alongside low interest rates which offsetthe impact from the demonetisation drive.

All ASEAN markets underperformed with the exception of Thailand. Thailand benefited from a positive upside from exportsand optimism from increased tourist numbers. Despite two sovereign rating upgrades from Standard and Poor’s and FitchRatings, Indonesiamissed revenue and growth targets. Singapore saw an upward revision of gross domestic product (GDP)numbers for the year while its neighbour Malaysia witnessed stronger than expected GDP growth and an appreciation of theringgit ahead of anticipated interest rate hikes in 2018. The Philippine market underperformed with a record trade deficit inNovember and the peso was Southeast Asia’s worst performing currency against the US dollar for 2017.

Australia market performed in line with the material sector outperforming due to an improving Chinese economy.

Outlook and Fund Strategy

Asia’s fundamentals have improved significantly this year. 2017 is just the first year of improving returns on equity (ROE) after6 years of decline. Moreover, these improving ROEs have been achieved with rising margins and sales as well as lowercorporate gearing. Furthermore, Asia’s earnings revisions have outpaced global markets since the beginning of the year. In the3 other periods that Asia’s earnings revisions have outpaced global markets over the last 20 years, 2002, 2004 and postNovember 2008, the Asian markets have outperformed global markets significantly for the next 18 months.

Despite the strong run in 2017, Asian market valuations are still reasonable. Asia ex-Japan is now trading at the 10-yearhistorical mean level on a price-to-book basis, though above mean on price-to-earnings. On a global comparison, Asiaex-Japan’s is at a 20+% discount to global markets average on price-to-earnings and price-to-book vs ROE. In the last Asianequities bull run in 2007, it traded as high as at a 18% premium to global markets.


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A) Fund Performance (continued)

Foreign fund inflows into the regions have been strong for the second year in a row, but we believe the Asianmarkets still remainfar fromoverbought. There had been sizeable outflows inAugust andSeptemberwhich removes some froth in themarket beforeinflows resumed in October and November. Net foreign buying is just 0.4% of market capitalisation compared to well above 1%during previous period of Asian markets’ euphoria.

Underpinning Asia’s strong performance this year is North Asia, particularly China. Despite expectations of slowing economicgrowth in China, we are seeing improving macro and micro fundamentals in the markets. Industrial profits and corporateearnings have positively surprised significantly in 2017, helped by capacity rationalisation, improving utilisation and a reboundproducer price inflation following the government’s supply side reforms. China’s rebalancing continues to accelerate withgrowth in consumption and services outstripping manufacturing and investments with further support from improving wagegrowth this year and consumer leverage. The debt to gross domestic product (GDP) build up has slowed down and corporateshave begun to deleverage. The issue with non-performing loans at banks are also improving with better loan mix and overallcorporate profitability. Aswe see themacro risks subsiding and continued strong corporate earnings, China’s historical discountto global markets should continue to narrow.

Barring a catastrophic war with North Korea or sharp correction in the USmarket, the stage is set for Asian markets to continuetheir trend of outperformance.

We continue to prefer North Asia over Southeast Asia on stronger earningsmomentumand cheaper valuations.We have raisedChina to an overweight position from neutral. In China, we favour structural growth areas which benefits directly from China’srebalancing, such as the consumer sector which is also seeing strong earningsmomentum and healthcare which enjoys strongpolicy support.We are neutral onHongKong. Its propertymarketmay face some headwinds from rising interest rates. However,the demand and supply balance remains tight in Hong Kong and prices are likely to remain resilient at lofty levels. We arecurrently underweight on Taiwan given the headwinds in the Apple supply chainwith likely disappointment in sales numbers andproduction bottlenecks. Korea remains on an overweight underpinned by attractive valuation and improving corporategovernance practices. We are selective on India due to its expensive valuations.

Within Southeast Asia, we continued to like Thailand and Singapore. We are overweight on Thailand as we forecast economicgrowth to accelerate in the 4th quarter and consequently lead to improving corporate earnings. Net foreign inflows andgovernment infrastructure investments should pick up in 2018. We are also overweight on Singapore. We expect economicstrength to continue in 2018 after a robust 2017 as Singapore is a direct beneficiary of improving global economic growth.Whilevaluations have reflected increased optimism, we believe consensus earnings upgrades could support further upside. Wecontinue to be underweight on Malaysia due to the overhang from the delay in the general elections. We are neutral onIndonesia. Despite the benefit from higher commodity prices, the broader economy has remained lacklustre due to weakconsumption and business spending. Electricity tariff hikes had impacted consumption 2017. Political uncertainty ahead of the2018 election has held back corporate investments. Nonetheless, there could be some recovery in consumption in 2018 as thegovernment dishes out financial aid and improves job creation for the lower income class. We should also see some politicalclarity in the lead up to and after the 2018 elections. Indonesia has rarely underperformed 2 years in a row and so we could seethe market catch up after a disappointing 2017. We remain on an underweight position in the Philippines due to valuationconcerns and weak corporate earnings. We are also seeing weaker trends in overseas foreign worker remittances and higherlikelihood of rate hikes due to rising inflation and the weak peso.

We still prefer Asia markets to Australia as we see more upward earnings revisions in Asia. As such, we will be selective inAustralia, focusing on material and consumer discretionary sectors.

Given the outperformance of large caps in 2017, the valuation of large caps is not cheap relative to the mid small caps. Weshould expect investors to revisit mid small caps stocks as the fundamentals continued to improve.


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B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 31 December2017 under review classified by

i) Country

Fair Value(S$)

% of NAV

Australia 1,630,695 11.52

China 2,435,012 17.19

Hong Kong 1,654,865 11.69

India 1,702,071 12.02

Indonesia 258,021 1.82

Malaysia 287,215 2.03

New Zealand 274,920 1.94

Singapore 1,824,033 12.88

South Korea 1,667,955 11.78

Taiwan 634,409 4.48

Thailand 1,596,008 11.27

Portfolio of investments 13,965,204 98.62

Other net assets/(liabilities) 195,954 1.38

Total 14,161,158 100.00

ii) Industry

Fair Value(S$)

% of NAV

Consumer Discretionary 1,898,113 13.40

Consumer Staples 274,208 1.94

Energy 451,937 3.19

Financials 1,643,321 11.61

Health Care 1,134,744 8.01

Industrials 1,328,967 9.39

Information Technology 2,488,101 17.57

Materials 2,624,009 18.53

Real Estate 2,121,804 14.98



Total 14,161,158 100.00


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B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 31 December2017 under review classified by (continued)

iii) Asset Class

Fair Value(S$) % of NAV

Quoted equities 13,965,204 98.62


Total 14,161,158 100.00

iv) Credit rating of quoted bonds

N/A

C) Top Ten Holdings

10 largest holdings as at 31 December 2017

Fair Value(S$)

Percentage oftotal net assetsattributable tounitholders

%

SHANGRI-LA ASIA LTD 582,284 4.11

CSPC PHARMACEUTICAL GROUP LTD 550,322 3.89

MOTHERSON SUMI SYSTEMS LTD 536,404 3.79

CHALLENGER LTD/AUSTRALIA 508,101 3.59

KANSAI NEROLAC PAINTS LTD 505,561 3.57

ESSO THAILAND PCL 451,937 3.19

INDEPENDENCE GROUP NL 445,398 3.15

WEST CHINA CEMENT LTD 427,235 3.02

CHINA RAILWAY SIGNAL & COMMUNICATION CO LTD 421,634 2.98

APAC REALTY LTD 418,775 2.96


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C) Top Ten Holdings (continued)

10 largest holdings as at 31 December 2016

Fair Value

Percentage oftotal net assetsattributable tounitholders

(S$) %

EGIS TECHNOLOGY INC 879,040 5.40

MGM CHINA HOLDINGS LTD 659,186 4.05

SK HYNIX INC 534,675 3.29

LARGAN PRECISION COMPANY LTD 509,673 3.13

CHINA TAIPING INSURANCE HOLDINGS CO LTD 477,023 2.93

TONGDA GROUP HOLDINGS LTD 477,023 2.93

CAPITALAND MALL TRUST 471,250 2.90

BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD 437,818 2.69

CHINA RESOURCES CEMENT HOLDINGS LTD 420,656 2.59

MOTHERSON SUMI SYSTEMS LTD 403,919 2.48

D) Exposure to derivatives

i) Fair value of derivative contracts and as a percentage of NAV as at 31 December 2017

N/A

ii) There was a net realised loss of SGD 24,326 on derivative contracts during the financial period from 01 July 2017 to31 December 2017.

iii) Net gains/(losses) on outstanding derivative contracts marked to market as at 31 December 2017

N/A

E) Amount and percentage of NAV invested in other schemes as at 31 December 2017

Please refer to the Statement of Portfolio.

F) Amount and percentage of borrowings to NAV as at 31 December 2017

N/A

G) Amount of redemptions and subscriptions for the financial period from 01 July 2017 to31 December 2017

Total amount of redemptions SGD 3,588,087

Total amount of subscriptions SGD 2,871,696


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H) The amount and terms of related-party transactions for the financial period from 01 July 2017to 31 December 2017

i) As at 31 December 2017, the Fund maintained current accounts with State Street Bank and Trust Company as follows:

Bank balances SGD 356,702

ii) Investment in Initial Public Offerings managed by UOB Group

N/A

iii) As at 31 December 2017, there was no brokerage income earned by UOB Kay Hian Pte Ltd.

I) Expense ratios

2017 2016

$ $

Total operating expenses 320,808 355,357

Average daily net asset value 15,048,080 22,302,233

Expense ratio 2.13% 1.59%

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 2017 was based on total operating expensesdivided by the average net asset value respectively for the financial period. The total operating expenses do not include (whereapplicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreignexchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source orarising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the dailybalances.

J) Turnover ratios

2017 2016

$ $

Lower of total value of purchases or sales 22,457,364 16,567,641

Average daily net assets value 14,706,500 19,945,641

Turnover ratio 152.70% 83.06%

Note: 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 underlyinginvestments 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


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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”)1should be disclosed as well

i) Top 10 holdings at fair value and as percentage of NAV as at 31 December 2017 and 31 December 2016

N/A

ii) Expense ratios for the financial period ended 31 December 2017 and 31 December 2016

N/A

iii) Turnover ratios for the financial period ended 31 December 2017 and 31 December 2016

N/A

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

M) Soft dollar commissions/arrangements

UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products andservices are received from third parties. The products and services relate essentially to computer hardware and softwareto 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 andquotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management’s duties toclients. As such services generally benefit all of UOB Asset Management’s clients in terms of input into the investmentdecision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms thattrades were executed on a best execution 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 RETURNFor the half year ended 31 December 2017 (Un-audited)

31 December 31 December

2017 2016

$ $

Income

Dividends 146,076 145,705

Interest 73 304

Total 146,149 146,009

Less: Expenses

Management fee 92,626 125,980

Trustee fee 2,634 4,031

Audit fee 10,073 8,413

Custody fee 15,627 10,581

Transaction costs 171,487 161,878

Other expenses 49,489 25,495

Total 341,936 336,378

Net income/(losses) (195,787) (190,369)

Net gains/(losses) on value of investments

Net gains/(losses) on investments 1,122,887 2,055,829

Net gains/(losses) on financial derivatives (24,326) -

Net foreign exchange gains/(losses) 13,261 526,139

1,111,822 2,581,968

Total return/(deficit) for the period before income tax 916,035 2,391,599

Less: Income tax (12,918) (15,904)

Less: Capital gains tax refund - 42,272

Total return/(deficit) for the period 903,117 2,417,967


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STATEMENT OF FINANCIAL POSITIONAs at 31 December 2017 (Un-audited)

31 December 30 June

2017 2017

$ $

Assets

Portfolio of investments 13,965,204 13,548,779

Sales awaiting settlement - 114,883

Receivables 24,505 32,993

Cash and bank balances 356,702 885,063

Financial derivatives at fair value - 55

Total assets 14,346,411 14,581,773

Liabilities

Purchases awaiting settlement - 498,202

Payables 185,253 109,139

Total liabilities 185,253 607,341

Equity

Net assets attributable to unitholders 14,161,158 13,974,432


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STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the half year ended 31 December 2017 (Un-audited)

31 December 30 June

2017 2017

$ $Net assets attributable to unitholders at the beginning of the financialperiod/year 13,974,432 24,504,187

Operations

Change in net assets attributable to unitholders resulting from operations 903,117 3,545,746

Unitholders’ contributions/(withdrawals)

Creation of units 2,871,696 1,929,883

Cancellation of units (3,588,087) (16,005,384)

Change in net assets attributable to unitholders resulting from net creation andcancellation of units (716,391) (14,075,501)

Total increase/(decrease) in net assets attributable to unitholders 186,726 (10,529,755)

Net assets attributable to unitholders at the end of the financial period/year 14,161,158 13,974,432


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STATEMENT OF PORTFOLIOAs at 31 December 2017 (Un-audited)

Holdings at Fair value at

Percentage oftotal net assetsattributable tounitholders at

31 December2017

31 December2017$

31 December2017%

By Geography - Primary

Quoted Equities

AUSTRALIA

CHALLENGER LTD/AUSTRALIA 34,647 508,101 3.59

GOODMAN GROUP 18,805 165,505 1.17

INDEPENDENCE GROUP NL 89,519 445,398 3.15

MINERAL RESOURCES LTD 16,074 355,186 2.51

SYDNEY AIRPORT 21,238 156,505 1.10

TOTAL AUSTRALIA 1,630,695 11.52

CHINA

AAC TECHNOLOGIES HOLDINGS INC 9,500 226,395 1.60

BRILLIANCE CHINA AUTOMOTIVE HOLDINGS LTD 46,000 164,355 1.16

CHINA RAILWAY SIGNAL & COMMUNICATION CO LTD 403,000 421,634 2.98

CIFI HOLDINGS GROUP CO LTD 178,000 143,325 1.01

KWG PROPERTY HOLDING LTD 147,500 230,220 1.62

SEMICONDUCTOR MANUFACTURING INC 116,500 269,266 1.90

SHANGHAI PHARMACEUTICALS HOLDING 85,600 309,502 2.18

WEST CHINA CEMENT LTD 2,136,000 427,235 3.02

ZIJIN MINING GROUP CO LTD 482,000 243,080 1.72

TOTAL CHINA 2,435,012 17.19

HONG KONG

CSPC PHARMACEUTICAL GROUP LTD 204,000 550,322 3.89

LEE & MAN PAPER MANUFACTURING LTD 129,000 203,771 1.44

MELCO INTERNATIONAL DEVELOPMENT LTD 81,000 318,488 2.25

SHANGRI-LA ASIA LTD 192,000 582,284 4.11

TOTAL HONG KONG 1,654,865 11.69

INDIA

ACC LTD 7,879 290,080 2.05

HINDALCO INDUSTRIES LTD 26,835 153,698 1.08

INDUSIND BANK LTD 6,266 216,328 1.53

KANSAI NEROLAC PAINTS LTD 42,004 505,561 3.57


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31 December2017

31 December2017$

31 December2017%

By Geography - Primary (continued)

Quoted Equities

INDIA (continued)

MOTHERSON SUMI SYSTEMS LTD 67,552 536,404 3.79

TOTAL INDIA 1,702,071 12.02

INDONESIA

MITRA ADIPERKASA TBK PT 422,500 258,021 1.82

MALAYSIA

CIMB GROUP HOLDINGS BHD 66,500 143,616 1.02

INARI AMERTRON BHD 127,900 143,599 1.01

TOTAL MALAYSIA 287,215 2.03

NEW ZEALAND

FISHER & PAYKEL HEALTHCARE CO 20,157 274,920 1.94

SINGAPORE

APAC REALTY LTD 478,600 418,775 2.96

BUKIT SEMBAWANG ESTATES LTD 53,200 333,564 2.36

CHIP ENG SENG CORP LTD 387,100 377,423 2.66

LIAN BENG GROUP LTD 464,800 343,952 2.43

MAPLETREE INDUSTRIAL TRUST 67,700 137,431 0.97

VENTURE CORP LTD 10,400 212,888 1.50

TOTAL SINGAPORE 1,824,033 12.88

SOUTH KOREA

BGF RETAIL CO LTD 1,046 274,208 1.94

CTK COSMETICS CO LTD 787 38,561 0.27

HANA FINANCIAL GROUP INC 4,700 292,184 2.06

HYUNDAI ROBOTICS CO LTD 720 342,442 2.42

ING LIFE INSURANCE KOREA LTD 4,960 330,638 2.34


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31 December2017

31 December2017$

31 December2017%

By Geography - Primary (continued)

Quoted Equities

SOUTH KOREA (continued)

NCSOFT CORP 698 389,922 2.75

TOTAL SOUTH KOREA 1,667,955 11.78

TAIWAN

CATCHER TECHNOLOGY CO LTD 19,000 279,868 1.97

ENNOCONN CORP 10,000 202,087 1.43

YUANTA FINANCIAL HOLDING CO LTD 246,000 152,454 1.08

TOTAL TAIWAN 634,409 4.48

THAILAND

AP THAILAND PCL 1,074,800 403,275 2.85

BANGKOK EXPRESSWAY & METRO PCL 997,700 315,023 2.22

ESSO THAILAND PCL 626,200 451,937 3.19

SINO-THAI ENGINEERING & CONSTRUCTION PCL 141,800 136,064 0.96

SUPALAI PCL 298,100 289,709 2.05

TOTAL THAILAND 1,596,008 11.27

Total Equities 13,965,204 98.62



Net assets attributable to unitholders 14,161,158 100.00


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Percentage oftotal net assetsattributable tounitholders at31 December

2017%

Percentage oftotal net assetsattributable tounitholders at30 June2017%

By Geography - Primary (Summary)

Quoted Equities

Australia 11.52 9.18

China 17.19 8.69

Hong Kong 11.69 8.66

India 12.02 11.07

Indonesia 1.82 4.28

Macau - 1.11

Malaysia 2.03 7.62

New Zealand 1.94 1.66

Papua New Guinea - 0.98

Philippines - 4.15

Singapore 12.88 8.31

South Korea 11.78 14.36

Taiwan 4.48 12.98

Thailand 11.27 3.90

Portfolio of investments 98.62 96.95

Other net assets/(liabilities) 1.38 3.05

Net assets attributable to unitholders 100.00 100.00


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Fair value at31 December

2017$

Percentage oftotal net assetsattributable tounitholders at31 December

2017%

Percentage oftotal net assetsattributable tounitholders at30 June2017%

By Industry - Secondary

Quoted Equities

Consumer Discretionary 1,898,113 13.40 12.52

Consumer Staples 274,208 1.94 1.64

Energy 451,937 3.19 3.11

Financials 1,643,321 11.61 28.52

Health Care 1,134,744 8.01 3.96

Industrials 1,328,967 9.39 8.57

Information Technology 2,488,101 17.57 20.10

Materials 2,624,009 18.53 7.72

Real Estate 2,121,804 14.98 9.35

Utilities - - 1.46

Portfolio of investments 13,965,204 98.62 96.95

Other net assets/(liabilities) 195,954 1.38 3.05

Net assets attributable to unitholders 14,161,158 100.00 100.00


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united asian growth opportunities fund - uob asset ... value percentage of % united asian growth...

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