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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 | South Korean and Taiwanese information technology names were among the top performance contributors in the Fund last month, as global demand for technology products remains strong. Financials also gained, particularly a South Korean financial holding company, which became the top performance contributor. Its share price was boosted by the company's plan to list its mobile retail banking service subsidiary. The Chinese shipping companies sustained their strong momentum in April. A slight detraction came from some of the Fund's exposure in the China consumer discretionary names as sentiment was muted. However, Premium's outlook remains positive on some of these names, as they believe they will be beneficiaries of the expected ongoing economic recovery. Premium continue to be overweight in North Asia, as the market continues to provide better risk-reward opportunities relative to other parts of Asia, which are still working their way out of the pandemic. They noted that, while market fundamentals in China remain unchanged, more catalysts, particularly earnings, are needed to drive up positive sentiment. The manager's bottom-up approach suggests corporate fundamentals remain solid, and they continue to prefer companies with visibility in their earnings. |
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