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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.

China Evolution Equity Fund
Seeks to increase the value of its shares, over the long term, through growth in the value of its investments.
ISIN LU2187417386

Fund Summary
Actively managed and invests mainly in a diversified portfolio of shares of Chinese companies and may have significant exposure to smaller capitalisation companies.
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 - Wenli Zheng, Portfolio Manager,
Chinese equities recorded gains in November in US dollar terms amid hopes of a pivot to more growth-supportive policies, helped by reduced friction with the US following the meeting between US President Joe Biden and Chinese leader Xi Jinping. Within the portfolio, stock selection in information technology boosted relative returns. In particular, our off-benchmark position in a provider of backend equipment for the semiconductor industry helped due to the increasing adoption of advanced packaging in the seminconductor industry. Owning shares of a liquid crystal display maker for automobiles worked well for the fund as the market reacted positively to the company expanding its customer base. Our lack of exposure to financials also served us well due to weakness in insurers and lacklustre third-quarter results. Consumer discretionary lifted relative returns further, thanks to stock selection. Not owning an e-commerce group was beneficial due to market disappointment over its restructuring plans. Among stocks we own, our position in an electric vehicle startup contributed due to its record November sales. Conversely, stock selection in consumer staples hurt. Owning a brewer detracted due to concerns about a recovery in consumption.
30-Nov-2023 - Wenli Zheng, Portfolio Manager,
Industrials and business services was our largest sector position. We favour companies that benefit from the structural trends of industrial or technology upgrading. In this sector, we own names that will likely gain from the electrification trend, such as a component maker for electric vehicles (EVs), a relay producer for EVs, and a maker of aerial work platforms that is transitioning from diesel-powered models to electric ones. We also hold shares in an electrical equipment company that benefits from the digitisation of China’s power grid and a shipbuilder that has profited from a favourable supply-demand outlook and industry consolidation.