亞洲（日本除外）股票基金

風險考慮因素：

本基金以主動方式管理及主要投資於亞洲（日本除外）公司股票的多元化投資組合。
投資於本基金涉及風險，包括一般投資風險、股票市場風險、剔除標準風險、與預託證券相關的風險、地理集中風險、中小市值股票風險、新興市場風險、新興國家股票市場大幅波動的相關風險、新興國家股票市場監管／交易所規定的相關風險和貨幣風險，並可能導致您損失部分或全部投資金額。
本基金可運用衍生工具作對沖及有效投資組合管理，因而涉及與衍生工具相關的風險。投資於衍生工具可能導致基金蒙受重大損失的風險。
本基金價值可以波動不定，並有可能大幅下跌。
投資者不應僅根據本[文件/網站]而投資於本基金。

投資涉及風險。過往業績並非當前或將來的表現的可靠指標，亦不應作為選擇個別產品或策略的唯一考慮因素。

概覽

Manager's Outlook

We continue to be incrementally optimistic about the outlook for Asia ex-Japan, buttressed by its attractive valuations relative to the broader global equity market and improving trajectory of earnings. While growth in the region has slowed from the long-term average, its economies remain broadly stable. Moreover, reforms in several countries in the region are gaining traction.

Outside the region, we are cognizant that the surprising victory of U.S. President-elect Trump may entail shifts in American policies, particularly as concerns linger that U.S. trade policy will turn more restrictive. We will assess changes in U.S. policies, especially their impact on the Asian region. For instance, the decision by Mr. Trump to discard the Trans-Pacific Partnership was expected by the market given his publicized objections to the deal prior to the election. In our view, the move may benefit China as it could pave the way for the world's second-biggest economy to assume the U.S. leadership mantle on trade and diplomacy in the region.

While the Fed raised interest rates in December, it would be prudent to expect some market uncertainty around future monetary policies following the results of the U.S. presidential election.

On China's economic growth trajectory, we continue to hold the view that the country needs more structural reforms in the medium to long term to ensure its successful transition to lower, albeit higher-quality, growth. In the near term, fiscal and credit stimulus may remain accommodative to support growth given high debt levels and continued capital outflow that has put pressure on the currency. Investors should expect a slowing Chinese economy with periods of fear and optimism but an equity market that provides many opportunities.

On India, we view the unexpected demonetization move by the government in November as an emphatic demonstration of Indian Prime Minister Narendra Modi's commitment to reform as ultimately positive. It will be favorable to the country's banks, and the formalization of the cash economy will boost transparency in transactions. Looking ahead, the Indian economy is likely to continue to pick up slowly, which should be supportive of better earnings growth.

On the corporate earnings front, the latest results were broadly positive across the region. We still hold the view that the earnings cycle is turning up following years of disappointment as company management teams work harder to expand revenues and margins and exhibit greater capex discipline.

We believe investors will cheer the generally improving earnings delivery in Asia, especially with valuations still at attractive levels compared with many other equity markets globally. We are well positioned to stay the course during any period of near-term market volatility and are mindful that such an environment creates investment opportunities. We remain steadfast in our focus on stock selection-identifying high-quality growth companies trading at reasonable valuations.

策略

基金概要

以主動方式管理及主要投資於亞洲(日本除外)公司股票的多元化投資組合。

表現（已扣除費用）

過往表現並非未來表現的可靠指標。

2017年01月31日 - Anh Lu, 基金經理,

Asia ex-Japan equity markets started 2017 on a positive note, thanks to improving economic data in select countries, as well as favourable fourth-quarter earnings and 2017 guidance. Cyclicals led the gains while defensive sectors, such as health care, consumer staples and utilities, underperformed. In China, better-than-expected economic growth in the fourth quarter, along with the gradual easing of the liquidity squeeze that gripped the market in December, helped drive gains. Against this backdrop, our stock choices in China and Taiwan boosted the portfolio’s relative returns. An underweight to Malaysia, a lagging market, was also beneficial. At a sector level, stock picks in financials, one of our biggest overweights, worked in the portfolio’s favour.

2016年12月31日 - Anh Lu, 基金經理,

We initiated a position in Yum China, the spinoff from YUM Brand, the franchisee for KFC and Pizza Hut in mainland China. It has a high return and cash generative business in a fragmented industry.
For example, we hold a view that the battery issue in Samsung Electronics is a one-off problem instead of a structural concern. We view the improvement of corporate governance at the world's second-largest mobile handset company as another catalyst for Samsung Electronics.

We also have a position in GS Retail, one of the largest CVS operators in South Korea. The CVS business is attractive in South Korea and has proven to be a good business in Asia over time.

We also took advantage of recent weakness to build a position in LG Chemical, a South Korean petrochemical company that has expanded its business into electronic vehicle (EV) batteries. The stock has been under pressure with negative news flows from chemical margins to poor communication with investors. We believe that the current share price level has low downside risk and the company is poised to benefit from EV launches. Moreover, its valuation is undemanding.
We added Largan Precision, a Taiwanese phone camera maker, on the back of the dual-camera smartphone becoming a secular trend and the rising adoption of multi-camera augmented reality phones. Chinese smartphone original equipment manufacturers have been ramping up dual camera. In our view, the increasing application of lens in 3-D facial recognition for next year will support demand for dual camera. After 2018, the company will ramp up more vehicle lenses for ADAS.
We continue to add to our position in Alibaba, the largest e-commerce player in China, as we believe it is investing to make the franchise strong in the long run. The company has an asset-light platform model, which is highly cash generative and scalable. We believe monetization will improve as the company gets better at utilizing data, especially on the mobile side.

We increased our position in Baidu, China's leading search engine, as we expect the search business will recover in growth from a low base. The market also has not taken into account its incremental revenue from the newsfeed business, and artificial intelligence may open up new opportunities and improve Baidu's overall positioning among peers.

Moved Further Underweight to Financials

Financials remains a relative underweight, and we have no exposure to Chinese banks due to our concerns about nonperforming loans and the deterioration of provision coverage. Over the period, we further modestly reduced our exposure to the sector, largely for stock-specific reasons rather than a change in our macro view.

We eliminated our position in BDO Unibank, the Philippines' largest bank by loans and assets. Valuation is looking full after a strong run and priced in strong macro and low credit cost. The bank's return on equity is expected to be somewhat flat, while political concerns are growing. We have trimmed our overweight to the Philippines.

More Overweight to Industrials

In the fourth quarter, the strategy added to its exposure to industrial names such as South Korea's LIG Nex1 and Jardine Strategic and ComfortDelGro, both listed in Singapore.

We retain the view that ComfortDelGro is one of the best-managed land transport companies in the world.

We increased our holdings in Jardine Strategic, a position we initiated in the third quarter as the ASEAN-focused conglomerate was trading attractively at a discount to its net asset value. Its Indonesian auto business has strengthened, and its Hong Kong retail business has stabilized while a low vacancy environment continues to prop up its Hong Kong office rental business.

LIG Nex1, a South Korean defense company, reported weak third-quarter results as expected, and we saw that as an opportunity to add more to our position. We expect the company to post good annual growth this year and in 2018 based on its project trends.

2016年06月30日 - Anh Lu, 基金經理,

Naver: South Korea's dominant search engine also owns the leading mobile messenger service in Japan, Taiwan, Thailand, and Indonesia. Its shares posted robust gains following the release of strong quarterly results at the very end of April. Investors were enthused by an acceleration in revenues, boosted by the tailwind provided by a strong yen. We believe the domestic business is of high quality and generating stable growth, and the company is demonstrating good cost control. However, we have trimmed the stock as it was reaching fair valuation, although we remain overweight.
Shriram Transport Finance: This company is a provider of pre-owned commercial vehicle financing. Investors were heartened by its most recent results that highlighted an expansion in net interest margin (NIM) and an acceleration in assets under management (AUM).
JD.com: Its shares tracked down over the period, with investors concerned by a recent bond issuance as well as data indicating that growth merchandise value (GMV) would not be as high as the market is expecting. In the event, the firm's latest results indicated that while GMV was lower in the most recent quarter, margins were better than expected. We continue to hold the view that JD.com has a strong franchise with a good brand image and that it is a long-term share gainer that stands to benefit from the fast-growing demand from a rising Chinese middle class.
HDFC: In April, the largest bank in India by market capitalization delivered another solid set of results, leading its shares to rally. It remains our top long-term core holding in the emerging Asia banking space, and we expect it to remain a market leader in terms of its solid track record in consistency of risk management, retail liability franchise, and customer penetration in its retail business.

有關基準數據來源的披露僅提供英文版本，可在此處找到。

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