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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.

Asian ex-Japan Equity Fund
Seeks to increase the value of its shares, over the long term, through growth in the value of its investments.
ISIN LU0266341212
31-Aug-2016 - Anh Lu, Portfolio Manager,
We maintain our focus on stock selection, identifying high-quality growth companies trading at reasonable valuations, and recent events have provided several opportunities to add to best-in-class companies at attractive prices.

Fund Summary
Actively managed and invests mainly in a diversified portfolio of shares of companies in Asia (excluding Japan).
Performance - Net of Fees

Past performance is not a reliable indicator of future performance. Performance returns are calculated on a NAV-NAV basis, net of fees, with distributions reinvested. Returns for the current year performance is cumulative. Benchmark returns are shown with reinvestment of dividends after the deduction of withholding taxes. The Excess Returns are shown as Fund % minus the Benchmark %. Performance returns for share classes less than 1 year old (and associated benchmarks) are cumulative rather than annualised.

30-Nov-2023 - Anh Lu, 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, our choice of consumer discretionary stocks was a relative detractor. Shares of a fast-food restaurant operator in China slid after it reported lower-than-expected margins and earnings growth. We still expect new store openings to lift its earnings over time. From a country perspective, stock selection in South Korea hindered relative performance, as did our underweight position in one of the region’s strongest markets. An e-commerce company’s shares fell; while it achieved strong revenue growth, increased investments contributed to weaker-than-expected margins. Nonetheless, we believe it has a highly differentiated business model that is likely to boost its market share and valuation over the next few years. Conversely, stock selection in China bolstered relative returns. Our underweight exposure to the market also helped as it lagged the region. A supplier of power management integrated circuits was a major contributor. It posted better-than-expected earnings and forecasts following a stretch of disappointing performance. We expect its business to recover and are confident in its long-term growth prospects as China pursues self-sufficiency in certain key technologies.
30-Nov-2023 - Anh Lu, Portfolio Manager,
We lowered our absolute position in consumer discretionary, although it continued to be one of our biggest sector allocations in November. We sold shares of a Chinese e-commerce company. While we view it as an attractively valued proxy for China’s economic recovery, we also see uncertainty arising from its ongoing restructuring efforts. Communication services was also a sizeable absolute allocation, and we increased our exposure here. We invested in an internet company, taking advantage of the stock’s decline. It is among the leading e-commerce players in Southeast Asia, and we expect its sales to accelerate on market share gains.
30-Nov-2023 - Anh Lu, Portfolio Manager,
Our largest absolute country exposure in November was to China, where we remained underweight against the benchmark amid subdued consumer and corporate confidence. We exited our position in a lithium battery equipment supplier as we saw its risk-and-reward profile turning less attractive. Conversely, we bought shares of a fast-food restaurant operator. Our outlook for its long-term growth remains intact despite its recent valuation decline, and we invested in what we think is a high-quality franchise. India was another significant absolute position. We bought shares of an online classifieds company, which we like for its diversified set of businesses.