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First State Hong Kong Growth Fund

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					                                                                                                  Lipper Leaders* (Overall)



                                                                                                  Total Return Consistent      Preservation
                                                                                                                Return




       First State Hong Kong Growth Fund

       Monthly Fund Factsheet
       31 March 2011

       Investment policy
                                                                                                        Risk disclosures
       The Fund invests primarily in securities listed on the Stock Exchange of Hong
       Kong Limited or securities issued by such companies which in the Investment                      – Other than the “Risk factors” of the Fund’s offering document, the Fund also
       manager’s opinion have significant assets, business, production activities, trading                involves Single Country Risk.
       or other business interests in Hong Kong and traded on Regulated Markets.                        – 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
        Fund information (Class I)                                                                        your investment objectives.
        Inception Date                                             22 February 2000
        Nav/Per Share                                              US$42.87
        Total Fund Size                                            US$307.2mn                          Top 10 holdings                                         Sector                                    %
        Dealing                                                    Daily                               Cheung Kong Holdings                                    (Financials)                             6.6
        Minimum Initial Investment                                 US$1,500                            CNOOC                                                   (Energy)                                 4.5
        Minimum Subsequent Investment                              US$1,000                            Jardine Matheson                                        (Financials)                             3.6
        Management Fee                                             1.5% p.a.                           Texwinca Holdings                                       (Consumer Discret.)                      3.2
        Initial Charge                                             5.0%                                Link REIT                                               (Financials)                             2.9
                                                                                                       China Resources Power                                   (Utilities)                              2.8
       Manager’s comment                                                                               China Oilfield Services                                 (Energy)                                 2.8
       – Stock markets around the world were subdued in March with Japan particularly                  China Resources Enterprise                              (Consumer Staples)                       2.8
         weak after being struck by a powerful earthquake and tsunami.                                 Hong Kong & China Gas                                   (Utilities)                              2.7
       – The Hong Kong market rose with the Property and Utility sectors leading the                   China Construction Bank                                 (Financials)                             2.5
         way.
       – The underlying economy in Hong Kong remained firm with unemployment
                                                                                                      Cumulative performance since inception
         showing signs of improvement.
                                                                                                           400
                                                                                                       P
       – During the month we bought Sichuan Expressway which was priced at                             e   350
         reasonable levels and offers steady growth driven by rising car ownership.                    r
                                                                                                       c   300
       – Hong Kong’s property market is vulnerable to volatile global financial markets                e
         but property prices should be helped by limited supply and low interest rates.                n   250
                                                                                                       t
       – Over the longer term, Hong Kong companies should continue to benefit from                     a   200
         rising Chinese demand and urbanisation.                                                       g
                                                                                                       e   150
       Sector breakdown                                                                                G   100
                                                                                                       r
                                                              Financials 34.6%                         o   50
                                                              Consumer Discretionary 19.5%             w
                                                                                                       t    0
                                                              Utilities 12.4%
                                                                                                       h
                                                              Energy 7.2%
                                                                                                           -50
                                                              Industrials 6.6%                                          2001    2002     2003    2004   2005      2006   2007   2008    2009     2010

                                                              Consumer Staples 6.3%
                                                                                                                                                    #
                                                                                                                 First State Hong Kong Growth Fund I           328.7                       Source: Lipper,
                                                              Materials 3.9%
                                                                                                                 MSCI Hong Kong                                 99.2            Nav-Nav (USD total return)#
                                                              Information Technology 3.7%
                                                              Telecom Services 3.7%
                                                              Liquidity 2.1%


       Cumulative performance % (USD)                                                                 Calender year performance % (USD)
                                                                                          Since
                                      3mth            YTD    1yr     3yr          5yr inception                                                     2010        2009       2008        2007       2006
       Class I#                       -0.1%          -0.1% 20.0%   33.4%       114.6%    328.7%       Class I#                                      25.9%      75.5%      -49.0%       55.1%      37.8%
       Benchmark                      -0.4%          -0.4% 19.8%   18.2%        64.8%     99.2%       Benchmark                                     23.2%      60.2%      -51.2%       41.2%      30.4%
       Source: Lipper, Nav-Nav (USD total return)#                                                    Source: Lipper, Nav-Nav (USD total return)#

       –   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).
       –      MSCI Hong Kong
       –   * Lipper Leader : There are 5 scores, the top 20% of funds receive a rating of “5” and are Lipper Leaders.
       –   Lipper preservation : Does not imply the fund is capital guaranteed.
       –   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. 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                                                                                                                                                                                        8

				
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posted:10/7/2011
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