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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 | Under high demand for electronic components, the Fund's South Korean and Taiwanese hardware manufacturers holdings continued to rally. Premium China noted the global recovery lends upside to demand, benefitting the materials sector. This includes the Fund's chemical manufacturer holding in South Korea. As the pandemic impacts lessened and recovery kicked in, they have been building more positions in Korean equities since the beginning of the year. They remain constructive on the global recovery outlook and continue to favour the market as the earnings upcycle continues. Overall growth in North Asia has higher visibility underpinned by the resilient macro backdrop. Thus, they maintain their overweight in the sub-region over ASEAN. Looking forward, their conviction on Asian equities remains unchanged. They expect fundamentals to stay robust amid the on-going recovery in the region. The change in the inflation environment is being assessed in their bottom-up stock picking process. They remain focused on quality companies that showcase high visibility and sustained earnings growth. |
| More Information |
