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2 8 F E B R UARY 2 0 1 4

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ASEAN Growth Fund
(An investment fund option for the Affuence Max, Affuence Max Gold and
Affuence Builder Series variable life insurance products of The Manufacturers Life
Insurance Co. (Phils.), Inc.)
Investment Objective
The objective of this Fund is to generate long-term capital growth through investments in equity and equity-related securities of companies
incorporated in countries which are members of ASEAN as well as companies incorporated outside ASEAN but with material exposure to
ASEAN markets. The Fund may hold cash and fixed income instruments for liquidity management purposes.
Fund Information
Why ASEAN markets
We know the ASEAN markets well: With presence in the
key ASEAN-6
#
and Greater China markets, we have in-depth
knowledge and understanding of the region.
An under-appreciated side of Asia: ASEAN markets,
predominantly represented by Indonesia, the Philippines,
Thailand, Malaysia and Singapore, present growth and
return opportunities are yet to be fully appreciated by the
investment community.
Big market, young consumers: With close to half the
population of China, Southeast Asias population of
approximately 600 million constitutes a huge market with a
perceived steadily increasing purchasing power. Observed
rising income and high savings rates in the region highlight
the potential to convert into investments and consumption.
Top Ten Holdings
Country Allocation*
Sector Allocation*
Due to rounding, the total of Sector and Country Allocations may not equal to 100%.
* Investor should not base on this material alone to make investment decisions &
should read the offering documents for details, including risk factors, changes and
features of products.
Performance Returns (28 February 2014)
Inception date
26 November 2012
Fund size
US$43.38 million
Investment Fund Manager (the Manager)
Manulife Asset Management (Hong Kong) Limited
Base currency
US$
Dealing/Valuation
Daily
Management fee
2.25% per annum (of which 0.9% will go to the Manager)
Price (NAV/unit)
US$1.039
Benchmark
MSCI South East Asia Small Cap Index
# ASEAN-6 includes Singapore, Thailand, Indonesia, Vietnam, Malaysia and
Philippines.
ASEAN Growth Fund
(net of management fees)
1M 3M YTD 1Y Since
Inception
Fund Return
(%) 6.35 1.96 5.38 -8.62 3.90
Benchmark Return
(%) 6.14 0.57 3.54 -15.08 -3.61
Country Sector Holding
(%)
Suntec Real Estate Investment Trust Singapore Financials 3.50
Raffles Medical Group Ltd Singapore Health Care 3.35
M1 Limited Singapore
Telecom
Services
3.31
SATS Ltd Singapore Industrials 3.17
PetroVietnam Drilling & Well
Services JSC
Vietnam Energy 3.03
Perdana Petroleum Bhd. Malaysia Energy 2.90
GT Capital Holdings, Inc. Philippines Financials 2.78
Petrovietnam Gas JSC Vietnam Utilities 2.73
PT Total Bangun Persada Tbk Indonesia Industrials 2.70
PT Ciputra Development Tbk Indonesia Financials 2.53
36.7
13.8
9.2
9.5
1.3
4.4
6.1
5.7
7.3
1.8
4.1
39.0
17.0
11.7
8.3
3.2
2.5
2.3
4.6
7.2
4.3
0.0
Financials
Industrials
Consumer discretionary
Consumer staples
Materials
Utilities
Telecommunication services
Health care
Energy
Information Technology
Cash
%
Portfolio Benchmark
16.8
19.6
10.7
28.5
13.2
7.1
4.1
17.0
22.2
5.3
37.8
17.7
0.0 0.0
Indonesia Malaysia Philippines Singapore Thailand Vietnam Cash
%
Portfolio
Benchmark
2
Market Review
The MSCI South East Asia Small Cap Index (benchmark) surged 5.92% (USD terms) in February. Across the region, all
South East Asian markets posted positive returns with notable variance. Among the benchmark constituents, the best
performing market was Indonesia (up 14.99%), while the worst performing market was Singapore (up 2.86%).
In South East Asia, the recovery in developed markets improved the exports and trade balance for select countries in the
region. Indonesia recorded trade surplus for the third month, mostly driven by improving exports growth. In addition, the
nations Q4 2013 current account to GDP ratio came in at -2.0%, better than -3.8% in Q3 2013, while inflation increased
marginally to 4.2% in January from 4.1% in December. In the Philippines, the trade deficit narrowed from US$ 944
million to US$ 695 million in December, while the exports growth remained resilient at 15.8% y-o-y in December. In
Thailand, the 2013 fourth-quarter GDP growth slowed to 0.6% y-o-y, on the back of low business and consumer
sentiment due to the prolonged political uncertainty. In Malaysia, the 2013 fourth-quarter GDP increased by 5.1% y-o-y,
while the trade surplus remained largely steady at MYR 9.5 billion in December.
During the month, we selectively took profits in Vietnam, Indonesia and the Philippines as these markets have performed
well. We continue to rebalance our exposure in Thailand by selling stocks whose fundamentals have deteriorated and by
buying stocks whose values have become compelling following the selloff amid political stalemate in the country. We have
also selectively added exposure to Malaysia as we were able to find names that meet our growth and valuation criteria.
Outlook
The regions equity markets have re-gained interest from global investors as the ASEAN markets are getting better in
terms of investment sentiment and stability. We remain invested in Vietnam equity market as valuation is relatively
inexpensive, dividend yield is attractive and the macro environment continues to improve. The political tension in
Thailand is showing signs of easing and we may look for opportunities in the market going forward.
Looking forward, we will continue to focus on fundamental research and invest in carefully selected companies with
strong management, niche products, leading market share and clear growth catalysts. Any unjustified weakness is seen
as an opportunity to buy.
Disclaimer
The Asean Growth Fund is an investment fund option for The Manufacturers Life Insurance Co. (Phils.), Inc.s Affuence Max, Affuence Max Gold and Affuence Builder Series, and
is managed by Manulife Asset Management (Hong Kong) Limited.
The Investment Funds (Funds) mentioned in this document are specifc to variable life insurance contracts and are not considered mutual funds. Yields depend on interest and
foreign exchange rate levels, both of which may fuctuate. Other factors that affect yield include changes in the credit standing of the issuers and changes in the value of the
stocks and dividends received. Further, investments of the Funds may provide that their values be determined based on prices or yields of other securities, instruments or foreign
currencies, and such provisions may result in negative fuctuations in the value of these investments and, in turn, the Funds yields. Thus, the performance of the separate account(s)
is not guaranteed and the value of the policy could be less than the capital invested subject to any specifed minimum guarantees. THE VARIABLE LIFE POLICYHOLDER SHALL BEAR
ALL INVESTMENT RISKS. Past performance of the Funds is not necessarily indicative of future performance. Yields are not guaranteed. Yields indicated are exclusive of charges
associated with the variable life policy.
Manulife Asset Management is the institutional asset management arm of Manulife Financial. Manulife Asset Management and its affliates provide comprehensive asset
management solutions for institutional investors and investment funds in key markets around the world. This investment expertise extends across a full range of asset classes
including equity, fxed income and alternative investments such as real estate, timber, farmland, as well as asset allocation strategies.
The opinions and portfolio holdings expressed are those of Manulife Asset Management (Manulife AM) as of the date stated in the document, and are subject to change based
on market and other conditions. The information in this document including statements concerning fnancial market trends, are based on current market conditions, which will
fuctuate and may be superseded by subsequent market events or for other reasons. Manulife AM disclaims any responsibility to update such information. Information about the
portfolios holdings, asset allocation, or country diversifcation is historical and is not an indication of future portfolio composition, which will vary. All overviews and commentary
are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients should seek
professional advice for their particular situation. Neither Manulife Financial, Manulife Asset Management, nor any of their affliates or representatives is providing tax, investment
or legal advice. Past performance does not guarantee future results. This material was prepared solely for informational purposes, does not constitute an offer or an invitation by
or on behalf of Manulife AM to any person to buy or sell any security and is no indication of trading intent in any fund or account managed by Manulife AM. Investors should not
make investment decisions based on this material alone. For details, please refer to the relevant investment policy and other related product documents.