九乡新闻网诺亚方舟在哪里被发现:Fund Quarterly Summary
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First State Greater China Growth Fund
Investment Report for the Quarter ended 31 March 2009
Table of Contents
Contents PageNumber
Quarterly Summary 2
Portfolio Performance 3
Sector and Country Allocation 4
Market Capitalisation Allocation 5
Portfolio Concentration 5
Largest Stock Holdings 5
Portfolio Risk Analysis 6
Sector Performance 6
Country Performance 7
Contribution Analysis 8
Significant Transactions 8
Full Portfolio Listing 9
First State Greater China Growth Fund
Quarterly Summary- 31 March 2009
FundPerformance
Thefund rose over the quarter and outperformed its benchmark index (MSCI GoldenDragon)
CountryExposure
We remain overweight inHong Kong and underweight in China and Taiwan
We increased weighting in Taiwan and decreasedweighting in Hong Kong over the quarter
SectorExposure
Increased weighting inConsumer Staples, Information Technology, Materials, Utilities and Industrials
Decreased weighting inConsumer Discretionary, Energy, Financials and Telecom Services
Overweight Consumersectors and Utilities
Underweight Energy, Financials, Industrials, Materials,Telecom Services and Information Technology
StockmarketReview
The Greater Chinamarkets rose over the quarter
Government-directed banklending picked up sharply in China
Taiwan outperformed astechnology stocks rallied strongly
Information Technology and Materials outperformed,while Consumer Staples and Telecom Services lagged
StockmarketOutlook
The recent stock marketrally has been driven by liquidity without much change in fundamentals
Weak exports are stillhurting Asian economies and unemployment continues to rise
Corporate earnings arelikely to be lacklustre in the first half of 2009
We have taken advantageof the recent rally to take profits in holdings which we added to on marketweakness
We believe valuationdiscipline remains very important as a full recovery in earnings is unlikely inthe near-term
NewHoldings
StandardChartered (Hong Kong: Financials)
Li Ning (China: Consumer Discretionary)
ChinaFoods (China: Consumer Staples)
Top3 contributors
HenganIntl Group (China: Consumer Staples)
TaiwanSemiconductor (Taiwan: Information
Technology)
ChinaVanke (China: Financials)
SignificantDisposals
Therewere no complete disposals over the quarter
Top3 detractors
CheungKong Holdings (Hong Kong: Financials)
WingHang Bank (Hong Kong: Financials)
DahSing Banking (Hong Kong: Financials)
Fund Details
FundManagers: Martin Lau / Ho Hsiu Mei
Fund Size: ￡199 m
No. ofHoldings: 64
Investment Objective
The Fund aims to achieve long-term capital growth. TheFund invests in equity and equitytype securities issued by companies established or having a predominant part of their economic activities inthe People's Republic of China, Hong Kong and Taiwan.
CumulativePerformance to 31 March 2009
3 6 1 2 3 4 5 Since
% Change Over: Months Months Year Years Years Years Years Launch*
Fund(net of fees) 5.4 7.6 -13.6 7.3 33.4 83.1 105.4 126.5
Benchmark Return ** 3.3 6.5 -16.0 -0.3 10.9 48.5 51.5 55.5
PeerGroup *** 1.0 -0.9 -21.8 -11.4 0.9 41.8 54.8 60.7
Quartile*** 1 1 1 1 1 1 1 1
Ranking*** 6/ 73 7 / 72 5 / 71 2 / 67 1 /61 2 / 53 1 / 50 1 /49
Calendar YearPerformance to 31 March 2009
% Change Over: YTD 2008 2007 2006 2005 2004
Fund (net of fees) 5.4 -26.0 44.7 32.5 31.7 14.9
Benchmark Return** 3.3 -30.1 35.3 22.0 22.9 6.3
Calendar YearPerformance Graph
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%
YTD 2008 2007 2006 2005 2004
First State Greater China Growth Fund MSCIGolden Dragon Index
Data Source: Thisinformation is calculated by First State using the Barra Enterprise Performancesystem. Index information is provided by RIMES.
*The Inception Date forperformance measurement purposes is 31 December 2003. Returns are cumulative,net of fees and tax, and denominated in GBP.
** The Benchmark for the First State Greater China Growth Fund is the MSCIGolden Dragon Index and is calculated net of tax.
*** Peer group/sector: IMA universe of UK authorised unit trusts/OEICsclassified as Asia Pacific ex Japan; returns are shown net of fees and tax.
Sector Allocation
Financials
Information Technology Consumer Staples
Consumer Discretionary Telecom Services
Utilities
Energy
Industrials
Materials
Health Care
Cash
Total
Country Allocation
Portfolio Index
Weight (%) Weight (%)
31 Dec2008 31 Mar 2009 31 Mar 2009
23.4 21.1 34.5
16.6 18.9 19.0
14.2 15.1 2.2
Top Active SectorPositions
Portfolio Weight (%)
31 Dec2008 31 Mar 2009
China 42.0 44.6
Hong Kong 26.8 25.2
Taiwan 22.8 24.6
Singapore 2.5 2.7
Other 0.0 0.0
Cash 5.9 2.9
Total 100.0 100.0
Index Weight (%)
31 Mar 2009
47.9 ActiveCountry Positions
22.2 4.0%
Hong Kong
29.9 Singapore 3.0%
0.0
2.0%
0.0
0.0 1.0%
100.0 0.0%
-1.0%
-2.0%
-3.0%
China -4.0%
-5.0%
Taiwan -6.0%
Data Source: Thisinformation is calculated by First State using the Barra Enterprise Performancesystem. Index information is provided by RIMES.
The sector and countryallocations presented on this page include the cash element of the portfolio. ActiveWeights are expressed relative to the MSCI Golden Dragon Index.
Market CapitalisationAllocation
10
0
￡0 to ￡500m ￡500m to ￡1bn ￡1bn to ￡2.5bn ￡2.5bn to￡5bn ￡5bn to ￡10bn ￡10bn+
PortfolioWeight (%) 13.0 20.3 10.8 23.1 10.1 19.5
IndexWeight (%) 2.1 6.1 16.0 14.8 17.7 43.3
Style Research does notalways have full stock coverage; weights may not total 100%.
PortfolioConcentration
0% to 1% 28 1 17
1% to 2% 15 2 20
5% to 10% 1 6 6
Number ofPortfolio Holdings Sumof Portfolio Weight (%)
The Graph on the leftshows the number of portfolio holdings whose weight falls between 2 ranges. Itgives an indication of the average holding size within the portfolio. Forexample: 28 holdings have a weight between 0.00% and 1.00%. The graph on theright shows the corresponding total portfolio weight for the 28 holdings.
Ten Largest Holdingsas at 31 March 2009
Portfolio Index
Stock Name Country Sector Weight* (%) Weight** (%)
Taiwan Semiconductor Taiwan InformationTechnology 5.8 4.5
China Comm Services China TelecomServices 2.6 0.2
China Vanke China Financials 2.5 0.2
Total 35.5 8.7
* Portfolio weights arecalculated on the entire portfolio, including cash holdings.
** Indexweights are for the MSCI Golden Dragon Index.
Data Source: Thisinformation is calculated by First State using the Barra Enterprise Performancesystem. Index information is provided by RIMES in GBP. Statistics have been calculatedon an annualised three year basis. Thebenchmark used in calculations is the MSCI Golden Dragon Index.
Definitions:
Beta is a measure ofvolatility relative to the market. A beta of 1 would indicate that the fundtends to move in line with the market; abeta of 0.84 indicates that the fund has been less volatile than the market onan annualised basis over the last three years.
The information ratiois a fund's excess return divided by its tracking error. It is designed to assess a portfolio'sperformance relative to its level of benchmark risk; the higher a fund'sinformation ratio, the more excess return it generates for each additional unitof tracking error.
Standard deviationmeasures how much the returns of a fund or index vary, relative to thearithmetical average. The higher afund's standard deviation, the more its returns tend to deviatefrom the mean.
Tracking error is thestandard deviation of the difference between a fund's returns and those of itsindex; the higher a fund's tracking error, the more its performance relativeto the benchmark tends to vary.
Turnover is a measureof a fund’s trading activity. It represents the percentage of a fund’s assetsthat has changed over the course of a given time period (typically a year)through buying and selling. The turnover ratio is calculated by dividing thelesser of the value of purchases and sales by the average market value ofassets during the period.
Sector Performance -Three Months to 31 March 2009
Contribution to
Absolute
Performance
(bps)
Consumer Discretionary 88
Consumer Staples 114
Energy 16
Financials -26
Industrials 35
Information Technology 139
Materials 51
Telecom Services 9
Utilities 45
Contribution to
Relative
Performance
(bps)
24
Sector Returns
Information
Technology
Consumer
Discretionary
Materials
Utilities
Energy
Financials
Industrials
Consumer
Staples
Telecom
Services
-5% 0% 5% 10% 15% 20%
Information Technology was a significant outperformeron anticipation of a demand pick-up
Materials also outperformed, benefiting fromrising commodity prices following a period of weakness
The more defensive sectors such as ConsumerStaples and Telecom Services lagged as investors switched into more cyclical stocks as risk appetitereturned in March
Data Source: Thisinformation is calculated by First State using the Barra Enterprise Performancesystem. Index information is provided by RIMES in GBP. Sector Contributions toAbsolute and Relative performance are calculated on a gross of fees and taxbasis.
6
Country Performance -Three Months to 31 March 2009
Contribution to
Absolute
Performance(bps)
China 319
Hong Kong 7
Singapore 25
Taiwan 122
Contribution to
Relative
Performance (bps)
257
-12
-6
-94
-10% -5%
Country Returns
Taiwan
China
Hong Kong
Singapore
0% 5% 10%
Taiwan outperformed over the quarter led bytechnology stocks as investors were attracted by the low valuations of qualityfranchises and anticipated that demand might be at a bottom
China underperformed despite economic dataindicating a large increase in government-directed bank lending and a pick upin the property market
Hong Kong lagged on concerns about the impactof the global slowdown on the economy
Data Source: Thisinformation is calculated by First State using the Barra Enterprise Performancesystem. Index information is provided by RIMES in GBP.
Country Contributions to Absolute and Relative performance are calculated on agross of fees and tax basis, and are based on country of primary listing.
Definitions:
"Absoluteperformance" means the change in the fund's value over the period.
"Relativeperformance" means the difference between the change in fund value and thechange in index value over the period.
Contribution Analysis- Three Months to 31 March 2009
Top ContributingStocks: In absolute terms,the fund benefited from holding the following stocks.
Stock Name Country Sector Portfolio Weight (%) Value added* (bps)
Hengan Intl Group China Consumer Staples 3.8 81
Taiwan Semiconductor Taiwan Information Technology 6.0 73
China Vanke China Financials 2.6 71
China BlueChemical China Materials 2.2 51
China Resources Power China Utilities 3.5 38
Sinyi Realty Taiwan Financials 0.9 34
China Dongxiang China Consumer Discretionary 0.9 33
Kingboard Chemicals China Information Technology 2.2 32
ChinaTelecom China Telecom Services 2.5 28
Li& Fung China Consumer Discretionary 0.5 26
Bottom ContributingStocks: In absolute terms,the fund would have been better off not holding the following stocks.
Stock Name Country Sector Portfolio Weight (%) Value added* (bps)
Cheung Kong Holdings Hong Kong Financials 3.9 -45
Wing Hang Bank Hong Kong Financials 1.7 -44
Dah Sing Banking Hong Kong Financials 1.0 -32
China ResourcesEnterprise China Consumer Discretionary 2.2 -29
Lenovo Group China Information Technology 1.5 -26
ChinaMobile China Telecom Services 0.7 -15
Esprit Holdings Hong Kong Consumer Discretionary 1.4 -14
Swire Pacific HongKong Financials 2.4 -11
Delta Electronics Taiwan Information Technology 2.3 -11
President Chain Store Taiwan Consumer Staples 2.5 -11
SignificantTransactions - Three Months to 31 March 2009
New or SignificantAdditions
Stock Name Country Sector
Standard Chartered HongKong Financials
Li Ning China ConsumerDiscretionary
China Foods China ConsumerStaples
Complete orSignificant Disposals
Stock Name Country Sector
No disposals during the quarter ended 31 Mar 2009
Data Source: Thisinformation is calculated by First State using the Barra Enterprise Performancesystem.
* Value added refers tothe contribution to the portfolio's gross of fees and tax return as calculatedby First State.
8
Full PortfolioListing as at 31 March 2009
China HongKong (cont)
Anhui Expressway EspritHoldings
Xinao Gas Holdings E.SunFinancial Holdings
Yantai Changyu FamilymartCompany
Hotai Motors
Hong Kong Powertech Technology
ASM Pacific Technology PresidentChain Store
Aeon Stores SinyiRealty
Cafe de Coral TaChong Bank
Cheung Kong Holdings TaiwanSemiconductor
Dah Sing Banking TripodTechnology
Important Notice:
This Report, which is issued byFirst State Investments, is only intended for use by Investment Professionalsand should not be relied upon by retail customers.
This Report has not been approved by First State Investments in accordance withthe Financial Services Authority's Financial Promotion Rules. This information has been gathered by fund managers in First State Investmentsand is being provided for the addressee's own use only and is not forredistribution. The information has been produced by First StateInvestments as discretionary fund managers who may have acted upon it for theirown purposes. It does not constituteinvestment advice and should not be used as the basis of any investmentdecision, nor should it be treated as a recommendation for any investment.
Every effort has been made to ensure this Reportis correct. However, neither First StateInvestments nor any of its officers or employees give any representation or warranty, nor will any of them accept anyliability of whatever nature in relation to the accuracy or completeness of anyinformation contained in this report.
Client Services Team: 0800 587 4141 ? Dealing Line: 0800 587 3388 ? E-mail: enquiries@firststate.co.uk
Issued by First State Investments (UK)Limited. Authorised and regulated by theFinancial Services Authority. A member of IMA. Registered No. 2294743, Registered address: 3rd Floor, 30 Cannon Street,London, EC4M 6YQ.
Please note telephone calls may be recorded.