Jason Pidcock, Fondsmanager, "Newton Asian Income GBP Inc" (23.02.2011): "We look for thematic ideas (good business model exposed to positive changes occurring in the world), companies with strong management (honesty, ambition & ability), balance sheet strength, superior assets, brand strength, pricing power and financial prowess."
e-fundresearch: "Which regions and/or sectors are currently overweight or underweight in Asia ex Japan equity funds? What are the reasons for it?"
David Kohler, Produktmanager, "UBS (Lux) Eq Fd - Asia Opportunity (USD) P-acc" (23.02.2011): "Our sector and country positions are driven by bottom up stock picks.
Overall, we are positive on domestic demand beneficiaries (financials, consumer sectors) which are relatively more resilient given lower earnings risk and structural growth drivers. Consumption, specifically in Asia, is a major structural theme. Rising penetration from low levels is driven by favourable demographics, rising disposable incomes and low leverage. Within global cyclical sectors, we favour the technology sector which trades at attractive valuations.
India is the largest country overweight mainly due to the overweights in the IT services and healthcare sectors. We are positive on Indian IT services as they are geared into the global outsourcing momentum and increasing trend of E-governments in emerging markets."
Asha Patel, Investment Communications Analyst, "Investec Asia ex Japan A Acc Net" (23.02.2011): "We are underweight consumer staples as they have performed poorly recently due to increasing cost pressures from record rises in soft commodities such as wheat, sugar and palm oil.
In the industrials sector, as prices improved, Chinese cement companies have been performing well due to strong demand. Similarly in the resources sector oil prices have risen above $100 due to improving demand growth in the developed world and fears that the political uprising in Egypt would spread to the rest of the Middle East. Hence we remain overweight in both these sectors.
From a country perspective, we are overweight Chinese equities. We believe that valuations already discount concerns of over-tightening and earnings upgrades are among the strongest in the region."
Jason Pidcock, Fondsmanager, "Newton Asian Income GBP Inc" (23.02.2011): "We are overweight the energy sector - producers, suppliers and service companies, as we believe energy prices will remain at relatively elevated levels for some time and there are plenty of well managed companies in our region within this sector. We are currently overweight telecom, toll road and technology companies. We are overweight Singapore, Thailand and Taiwan."
e-fundresearch: "Which role will China play in the region in ten years time?"
David Kohler, Produktmanager, "UBS (Lux) Eq Fd - Asia Opportunity (USD) P-acc" (23.02.2011): "Latest data shows that China has overtaken Japan as world´s second largest economy. In 2009, China surpassed Germany as the largest exporter in the world. It has become a major importer as well, not just for commodities and materials, which impact on countries like Australia, Brazil, India, Russia, Canada, Chilie and Peru, Middle East, South Africa, Indonesia and Vietnam, but also for machinery and equipments, which China mainly imports from Japan, Korea, Germany and France, and the US. As the world´s largest buyer of iron ore and copper and second biggest importer of crude oil, China has underpinned demand for exports by Asian neighbours.
We believe China will continue to play an increasingly dominant role in both Asia and the world economy. China should continue to deliver strong growth, underpinned by continuation of economic reform, industrialization, urbanization and increasing domestic consumption."
Asha Patel, Investment Communications Analyst, "Investec Asia ex Japan A Acc Net" (23.02.2011): "China’s new economic direction will become more obvious as, at the margin, its consumer becomes more influential. On balance it would likely mean less saving and more spending. This could have a host of other knock-on consequences: lower investment means lower growth; imports relative to exports should rise; the service sector should grow; and China should reduce its growth dependency on foreign demand replacing it with domestic demand. In the coming decade, sustainable growth which is not hijacked by high inflation will be the ‘Yellow Brick Road’ to national economic success. 2011 should highlight this growing challenge."
Jason Pidcock, Fondsmanager, "Newton Asian Income GBP Inc" (23.02.2011): "China will still be the largest economy in the region in ten years time - and perhaps the largest in the world by then. As such it will present a huge opportunity to many companies as a market place."
e-fundresearch: "Please comment on the performance and risk parameters of your fund in the current year as well as over the past 3 and 5 years."
David Kohler, Produktmanager, "UBS (Lux) Eq Fd - Asia Opportunity (USD) P-acc" (23.02.2011): "The fund has been repositioned as of July 19th, 2010. Up to then the fund was a pure Malaysia country fund. Thus, the 3 and 5 years numbers are not significant."
Asha Patel, Investment Communications Analyst, "Investec Asia ex Japan A Acc Net" (23.02.2011): "The Investec GSF Asian Equity Fund has returned 33.1%, 5.6% p.a. and 14.2% p.a. annualised (‘A’ shares, net of fees, in sterling terms) over 1, 3 and 5 years ending 31 January 2011, respectively."
Jason Pidcock, Fondsmanager, "Newton Asian Income GBP Inc" (23.02.2011): "Performance has been good - 1st quartile over 1 & 3 years and significantly ahead of the index over those periods. The fund is low beta and tends to be less volatile than most of its peer group."
e-fundresearch: "Where do you see opportunities and where do you see risks? "
David Kohler, Produktmanager, "UBS (Lux) Eq Fd - Asia Opportunity (USD) P-acc" (23.02.2011): "Overall, long term fundamentals in Asia ex Japan markets remain positive as the structural growth drivers remain intact. Most of the Asian economies have sound balance sheets with low debt levels at the government, corporate and household levels. Moreover, developed markets’ macro policies are expected to remain loose and abundant liquidity could continue to boost Asia markets. Valuations are in the historical average range, but are underpinned by strong earnings growth.
Nevertheless, the region faces short term headwinds including policy risks, rising inflation and monetary tightening."
Asha Patel, Investment Communications Analyst, "Investec Asia ex Japan A Acc Net" (23.02.2011): "We are optimistic on the outlook for Asia in 2011. Global leading indicators appear to have turned and this is historically positive for Asian equities. Valuations are in line with historical averages, although at a slight premium to developed markets. We think this is justified by superior fundamentals, strong secular growth drivers and healthy balance sheets. Companies continue to beat earnings estimates and forecasts for next year look conservative considering the regional growth dynamic. However, the asset class could remain volatile due to uncertainties in the European sovereign debt markets, which may affect sentiment toward risk assets and the potentially troublesome inflationary outlook in China. In an environment where correlations are falling and good stock picking is being rewarded, we believe our disciplined fundamentals based investment approach should be best placed to capture this positive dynamic."
Jason Pidcock, Fondsmanager, "Newton Asian Income GBP Inc" (23.02.2011): "We see many opportunities in companies growing their market share, earnings and dividends - in a number of sectors. We are happy to keep the fund fully invested and expect total returns to be meaningful over long term periods. We believe Asia is still over-looked as a region which offers high and growing dividends."
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