First State Global Resources Fund

							       First State Global Resources Fund
       Monthly Fund Factsheet
       31 July 2012

         – Please refer to the Fund’s offering document for the details of its “Risk factors”, particularly the Industry or Sector Risk and Emerging Markets Risks.
         – 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 primarily invests in the equities of issuers engaged in the discovery,
       development, extraction, processing or distribution of natural resources                                                                                                                    Since
       (including without limitation minerals, water, metals and timber) and                                                                       3mths       YTD        1yr   3yrs      5yrs inception
       energy sectors (including without limitation oil, coal, gas, nuclear energy                              Class I#                            -15.4      -10.0    -33.0   10.6      -12.8       9.2
       and renewable energy), or issuers of securities that provide services to the                             Benchmark ▲                         -12.2       -8.5    -27.7    11.7      -9.3      18.7
       natural resources and energy sectors and which are listed, traded or dealt in
                                                                                                          Source: Lipper & FSI, Nav-Nav (USD total return)#
       on regulated markets worldwide.
                                                                                                                                90
       Fund information (Class I)
                                                                                                                                80
        Inception Date                                            13 February 2007
                                                                                                                                70
        Nav/Per Share                                             US$10.92
                                                                                                        Percentage Growth (%)




        Total Fund Size                                           US$184.6mn                                                    60

        Dealing                                                   Daily                                                         50
        Minimum Initial Investment                                US$1,500                                                      40
        Minimum Subsequent Investment                             US$1,000                                                      30
        Management Fee                                            1.5% p.a.
                                                                                                                                20
        Initial Charge                                            5.0%
                                                                                                                                10
       Manager’s comment                                                                                                         0
       – Precious metals were relatively flat during the month with gold (+1.1%)                                                -10
         and palladium (+1.1%) finishing the month slightly higher, while platinum                                                    07/2009        07/2010                    07/2011            07/2012
         (-2.2%) fell.                                                                                                                First State Global Resources Fund I#                           10.6
       – Industrial metals were also flat, as the macro-economic environment                                                          75% HSBC Global Mining, 25% MSCI AC World Energy               11.7
         remained largely unchanged from the previous month. Copper (-1.6%),                              Source: Lipper & FSI, Nav-Nav (USD total return)#
         aluminium (-1.2%) and zinc (-1.9%) fell slightly, while lead (+3.2%) rose.
       – Oil (+3.7%) gained as signs of a possible US recovery stemmed some of the                        Calendar year performance in USD (%)
         sharp losses seen in recent weeks.                                                                                                                 2011        2010     2009      2008    2007
       – China is the largest global customer of commodities, so any rebound                                    Class I#                                    -26.3        32.0     92.3     -56.9   50.5^
         in Chinese growth, be it stimulus driven or not, should help restore the                               Benchmark ▲                                 -21.8        26.5     85.9     -54.3   54.2^
         market’s confidence in commodity demand and therefore drive resource
                                                                                                          Source: Lipper & FSI, Nav-Nav (USD total return)#
         share prices upwards.




       Asset allocation (%)                                                                               Top 10 holdings (%)
       Country ❖                %                          %                                     %                Stock name                                           Sector                         %
       UK                    26.5    Canada             24.8 USA                              24.5                BHP Billiton                                         (Diversified)                 9.9
       Australia             10.0    Brazil              5.0 Hong Kong                         3.2                Rio Tinto                                            (Diversified)                 8.7
       South Africa           0.8    China               0.7 Japan                             0.6                Exxon Mobil Corp                                     (Energy)                      8.5
       Sweden                 0.3    Liquidity           3.6                                                      Vale                                                 (Diversified)                 5.0
                                                                                                                  Antofagasta                                          (Metals)                      3.3
                                                                                                                  Goldcorp Inc                                         (Gold & Precious Metals)      3.0
       Sector ❖                 %                          %                                     %                Chevron                                              (Energy)                      2.7
       Energy                29.6 Diversified           28.1 Gold & Precious Metals            17.6               Xstrata                                              (Diversified)                 2.4
       Metals                10.9 Coal                   6.5 Others                             3.7               Concho Resources                                     (Energy)                      2.3
       Liquidity              3.6                                                                                 BG Group                                             (Energy)                      2.2

       The Fund is a sub fund of Ireland domiciled First State Global Umbrella Fund Plc.
       #
         Class I is the non dividend distributing class of the fund, the performance quoted are based on USD total return (non dividend distribution).
       ▲
         As from 1 November 2007, the benchmark of the Fund has been changed to Customized 75% HSBC Global Mining and 25% MSCI AC World Energy from HSBC Global Mining and rebased to,
         and commences at, this date.
       ^ Performance from inception date to 31 December 2007.
       ❖
         Allocation percentage is rounded to the nearest one decimal place and the total allocation percentage may not add up to 100%.
       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