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| 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 | Within China, the Fund's core consumption related holdings extended the positive momentum to December. In particular, Premium China noted a Chinese e-commerce platform is expected to maintain a robust growth outlook heading into 2021, while the baiju holdings continued to enjoy robust demand and price hikes. Another key contributor was China's leading duty-free shop operator, which Premium China recently added to the portfolio. The company benefits from favourable government policies and the reshoring consumption trend. Technology hardware also showed no sign of deceleration. This resulted in another month of strong performance from the Fund's top holdings in Taiwan's largest semiconductor foundry and the world's leading Korean flash memory chip maker. As a result, the two companies continue to be the top performers in the portfolio. Premium China's view is that the outlook for 2021 equities is benign under accommodative policy, recovering earnings, and nascent vaccine adoption. They added that Asian equities, especially China-related companies, are expected to lead the growth. They expect profit growth derived from old and new economy sectors to be more balanced this year. |
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