Lipper Leaders* (Overall)
Total Return Consistent
First State China Growth Fund
Monthly Fund Factsheet
31 July 2012
– Please refer to the Fund’s offering document for the details of its “Risk factors”, particularly the China Market Risk, Emerging Markets Risks and Single Country Risk.
– The value of the Fund can be extremely volatile according to the change of market situation and could go down within a short period of time. It is possible that the entire value of your
investment could be lost.
– You should not invest unless the intermediary who sells it to you has advised you that the Fund is suitable for you and explained how it is consistent with your investment objectives.
Objectives and investment strategy Cumulative performance in USD (%)
The Fund invests primarily in securities issued by companies with either Since
assets in, or revenues derived from the People’s Republic of China that are 3mths YTD 1yr 3yrs 5yrs inception
listed, traded or dealt in on regulated markets in China, Hong Kong, Taiwan,
the U.S. or in a member state of the OECD. Class I# -4.9 6.8 -8.7 22.2 8.6 834.2
Class II# -4.9 6.7 -8.8 21.8 7.7 1,256.2
Fund information (Class I) Benchmark ▲ -7.2 5.6 -13.9 -3.5 -10.3 102.4
Inception Date 17 August 1999 Source: Lipper, Nav-Nav (USD total return)#
Nav/Per Share US$93.42 50
Total Fund Size US$4,026.0mn
Dealing Daily 40
Minimum Initial Investment US$1,500 30
Percentage Growth (%)
Minimum Subsequent Investment US$1,000
Management Fee 2.0% p.a. 20
Initial Charge 5.0% 10
Manager’s comment 0
– Global markets continued to move higher in July, with strong performance -10
from stocks in the Health Care and Consumer Staples sectors.
– The MSCI China Index closed higher in July, led up by Consumer
Discretionary and Utility stocks. -30
– Inflation in China eased further to 2.2% in June, compared with 3.0% in 07/2009 07/2010 07/2011 07/2012
May; a reflection of slowing economic growth. First State China Growth Fund I# 22.2
– In the longer term, China will continue to grow its domestic economy and MSCI China -3.5
level of urbanisation, benefiting companies such as ENN Energy and China Source: Lipper, Nav-Nav (USD total return)#
– A more difficult operating environment will force out weaker companies,
Calendar year performance in USD (%)
resulting in the stronger companies gaining market share. 2011 2010 2009 2008 2007
– We will add to cyclical stocks which have fallen to more attractive Class I# -14.7 13.1 95.9 -53.8 75.3
valuations. Class II# -14.8 13.0 95.7 -53.9 74.3
Benchmark ▲ -18.2 4.8 62.6 -50.8 66.2
Source: Lipper, Nav-Nav (USD total return)#
Asset allocation (%) Top 10 holdings (%)
% % % Stock name Sector %
Red Chips 36.2 China H Shares 23.4 Hong Kong 14.5 ENN Energy Holdings (Utilities) 5.8
United States Listed 8.3 China B Shares 8.2 Japan Listed 2.4 China Oilfield Services (Energy) 5.1
China A Shares 1.5 Others 1.7 Liquidity 3.7 CNOOC (Energy) 5.0
China Resources Power (Utilities) 4.2
China Comm Services (Telecom. Services) 4.0
Sector ❖ % % % Mindray Medical (Health Care) 4.0
Utilities 15.8 Financials 15.3 Consumer Discret. 12.9 China Telecom (Telecom. Services) 3.9
Consumer Staples 12.5 Energy 10.1 Information Tech. 8.0 Yantai Changyu (Consumer Staples) 3.5
Telecom. Services 7.9 Health Care 6.3 Industrials 3.6 China Merchants Bank (Financials) 3.5
Materials 2.4 Multiple Sectors 1.5 Liquidity 3.7 China Construction Bank (Financials) 3.4
The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc.
Class I and II are the non dividend distributing class of the fund. The performance quoted are based on USD total return (non dividend distribution) of the respective class. The Class II shares
was launched on 20 May 1992 and has been closed for subscription.
Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100%.
* Lipper Leaders : There are 5 scores, the top 20% of funds receive a rating of “5” and are Lipper Leaders.
Unless otherwise specified, all information contained in this document is as at 31 July 2012.
Investment involves risks, past performance is not indicative of future performance. The price of units and the income from them may go down as well as up. Please refer to the offering
document for details, including risk factors. This document is produced by First State Investments (Hong Kong) Limited, it is exempted from authorisation and has not been reviewed by the
SFC in Hong Kong.