風險考慮因素:
  1. 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。
  2. 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。
  3. 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。
  4. 本基金價值可以波動不定,並有可能大幅下跌。
  5. 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。

普徠仕(盧森堡)系列
亞洲(日本除外)股票基金
專注尋求締造可持續增長的多元化基金。
ISIN LU0266341212
基金單張
2017年01月31日 - Anh Lu, 基金經理,
The earnings cycle in Asia ex-Japan appears to be turning. Company management teams are working hard to expand revenues and margins, exhibiting greater discipline than in previous years, and we are incrementally optimistic about the outlook for the region, especially as valuations are still attractive relative to many global peers.

概覽
策略
基金概要
透過專注投資於亞洲公司(日本除外)的投資組合,尋求達致長線資本增值。
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,

Our main sector overweight positions remain in the consumer staples, information technology, and health care segments, where we see more domestic consumption.

In contrast, our most significant sector underweights are now financials, energy, and telecommunication services. Over the period, we raised our exposure in consumer staples, health care, and industrials as we found stock-specific opportunities in these areas.

We were more underweight in financials and real estate.

On a country basis, our biggest overweights are in India and Hong Kong, where we trimmed our exposure. Stock-specific opportunities compelled us to narrow our underweight in China.

Added Exposure to Chinese Consumer Staples

In the fourth quarter, we reduced our underweight in China, our largest country underweight, amid signs of stabilization in the manufacturing sector and solid domestic consumption. However, high debt levels and the depreciation of the renminbi continue to be areas of concern for us. We view the reform of state-owned enterprises as key to China's medium- to long-term growth.

  • 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.

Hong Kong Exposure Trimmed on Valuation Grounds

As the region's major global financial center, many well-managed, high-quality, regional and global businesses are listed in Hong Kong. Our overweight to Hong Kong does not reflect a positive view on the domestic economy, nor do we view it as a direct proxy for China. We trimmed our position in Hong Kong due to high valuation, but we remain positive toward quality companies such as AIA, CK Hutchison, and Samsonite International, where we have positions. The strategy, however, exited ASM Pacific Technology, the world's largest assembly and packaging equipment supplier for the semiconductor industry, as its valuation reached a fair level.

India Remains a Large Bet Amid Improving Economic Prospects

We remain optimistic about the medium-term prospects for positive change in the Indian economy, but we believe certain stocks/sectors have discounted the news. India is among the portfolio's largest bet, with high-quality holdings balanced between domestic cyclicals and export beneficiaries. Our top relative positions are HDFC Bank, one of India's largest private banks with a well-known retail banking brand and beneficiary of recent demonetisation, and Dr. Reddy's, which has been mentioned above.

Reduced Our Underweight to South Korea

South Korea has been a longstanding underweight; however, over the past few months we have reduced the extent of this relative position as we begin to find compelling investment opportunities.

  • 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.

Holding Traditional Technology Names in Taiwan

We continue to look for new opportunities within Taiwan, and the information technology sector is a key sector. Over the quarter, we maintained our exposure to traditional technology segments such as chips, wireless networking, and components as we believe they will be the beneficiaries of new technology, for example, the Internet of Things and advanced driver assistance systems (ADAS).

  • 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.

Information Technology Still the Largest Absolute Sector Position

Information technology continues to be our largest absolute sector position and a significant overweight. Tencent, China's dominant social platform, remains our core holding as the outlook for the mobile games business over the next two years remains positive, in our view.

  • 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.
2017年01月31日 - Anh Lu, 基金經理,
We added to our overweight in consumer discretionary stocks, buying more shares in a Chinese fast-food company that spun off from its U.S. parent in October. It operates in an industry of high return and cash generation. A new position was established in a travel agency operator that has a monopoly in China as a duty-free franchise holder. We deemed this an attractive long-term holding as there is a high entry barrier in the duty-free industry in China. We moved further underweight in the real estate sector after selling our holdings in one of Hong Kong’s largest developers, taking advantage of its share price rebound in January.
2017年01月31日 - Anh Lu, 基金經理,
Greater China markets took center stage in January as we narrowed our underweight to China and Taiwan while lessening our overweight in Hong Kong. The additions in China included more shares in the e-commerce giant Alibaba. Its latest results showed better-than-expected monetization on core e-commerce, propping up our favorable view towards the stock. Elsewhere, we closed our position in a property developer amid challenges in the Hong Kong property market.

有關基準數據來源的披露僅提供英文版本,可在此處找到。