Lipper Leaders* (Overall)
Total Return Consistent Preservation
First State Hong Kong Growth Fund
Monthly Fund Factsheet
31 March 2011
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
– The underlying economy in Hong Kong remained firm with unemployment
Cumulative performance since inception
showing signs of improvement.
– 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
– 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
– Over the longer term, Hong Kong companies should continue to benefit from a 200
rising Chinese demand and urbanisation. g
Sector breakdown G 100
Financials 34.6% o 50
Consumer Discretionary 19.5% w
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,
MSCI Hong Kong 99.2 Nav-Nav (USD total return)#
Information Technology 3.7%
Telecom Services 3.7%
Cumulative performance % (USD) Calender year performance % (USD)
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.