Docstoc

First State China Growth Fund

Document Sample
First State China Growth Fund Powered By Docstoc
					                                                                 Lipper Leaders* (Overall)



                                                                 Total Return Consistent
                                                                               Return




       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.
                                                                                                                                   -20
       – 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)#
         Resources Power.
       – 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 (%)
       Share   ❖
                                   %                                %                               %              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.
       ▲
         MSCI China.
       ❖
         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.

www.firststateasia.com

				
DOCUMENT INFO
Shared By:
Categories:
Tags:
Stats:
views:14
posted:10/9/2012
language:English
pages:1