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Risk Considerations

  1. The Fund is actively managed and invests mainly in a diversified portfolio of shares of companies in Asia.
  2. Investment in the Fund involves risks, including general investment risk, equity market risk, exclusion criteria risk, risks associated with depositary receipts, geographic concentration risk, small and mid-capitalisation shares risk, emerging markets risk, risk associated with high volatility of equity markets in emerging countries, risk associated with regulatory/exchanges requirements of the equity markets in emerging countries, currency risk and stock connect risk which may result in loss of a part or the entire amount of your investment.  
  3. The Fund may use derivatives for hedging and efficient portfolio management and is subject to derivatives risk. Exposure to derivatives may lead to a risk ofsignificant loss by the Fund.
  4. The value of the Fund can be volatile and could go down substantially.
  5. Investors should not invest in the Fund solely based on this website.

 

Investment involves risk. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy.

SICAV
Asian Opportunities Equity Fund
Seeks to increase the value of its shares, over the long term, through growth in the value of its investments.
ISIN LU1044871579
FACTSHEET
KFS
SFDR DISCLOSURE
30-Nov-2023 - Jihong Min, Portfolio Manager,
We have a constructive outlook for Asia ex-Japan equities, with diverse tailwinds underpinning our view. In China, we think the government is focused on stabilising the economy. We see India realising its long-term growth potential following a period of subpar performance. Our goal is to identify high-quality companies that can compound earnings across different market environments.

Overview
Strategy
Fund Summary
Actively managed and invests mainly in a diversified portfolio of shares of companies in Asia.

Performance - Net of Fees

Past performance is not a reliable indicator of future performance.

30-Nov-2023 - Jihong Min, Portfolio Manager,
Asia ex-Japan equities rebounded in November, lifted by a turnaround in global investor sentiment and a surge in North Asian technology names. Within the portfolio, South Korea hindered relative performance, due to our stock preferences and underweight allocation in a market that outpaced the broader region. Shares of an e-commerce company fell; while it achieved strong revenue growth, increased investments contributed to weaker-than-expected margins. We still believe it has a highly differentiated business model that is likely to boost its market share and valuation in the coming years. At the sector level, stock selection in consumer discretionary held back relative returns. Our overweight position also hurt as the sector lagged its peers. A fast-food restaurant operator in China detracted as it reported lower-than-expected margins and earnings growth. Nonetheless, we expect new store openings to lift its earnings over time. Conversely, our stock choices and overweight stance in communication services helped. Shares of a China-based online music platform rallied as its results boosted investor confidence in its prospects. We view a shift in its business mix toward music subscription favourably for its earnings visibility and valuation.
30-Nov-2023 - Jihong Min, Portfolio Manager,
Consumer discretionary remained one of our largest absolute sector allocations in November, even as we reduced our exposure. We sold shares of a fast-food restaurant operator in China amid intensifying competition in a weak consumption environment, although we still regard it as a high-quality company. Information technology was also a major absolute position and we added to our holdings, including a semiconductor packaging and testing company. We think it was reasonably valued, while offering exposure to the smartphone market’s cyclical recovery and the longer-term growth of artificial intelligence applications.
30-Nov-2023 - Jihong Min, Portfolio Manager,
We pared some holdings in China and turned underweight against the benchmark, although the market remained the largest in absolute terms. Bottom-up stock selection drove our country positioning, even as we incorporated macroeconomic factors into our investment analysis. For example, we reduced our holding in an e-commerce company given longer-term market share concerns, although we still think it is an attractively valued proxy for China’s economic recovery in the near term. In India, we sold shares of an automaker as our expectations for improved earnings began to materialise, while investing in a motorcycle company that we believe can benefit from recovering demand.

Disclosure on Vendor Indices can be found here.