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Equity - Emerging Markets > Willerequity Asia ex-Japan p
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Latest NAV (14/06/13) : USD 33.34 Subscription
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Outlook
Fund Manager's Comment

 
Geneva, 12/06/2013 – Background noise about the potential scale-down or reversal of the Fed’s QE was the proximate cause of a sharp selloff of Asian equity markets. The bond market had cracked first, followed by EM currencies weakening substantially vs. USD; the equity correction was by no means restricted to Asia. In the region, the hardest hits in USD terms were (a) the relative outperformers, aka ASEAN; (b) commodity exporters; (c) countries running current account deficits, i.e. India and Indonesia. At this point, we regard the current weakness as a correction and not a change in trend. In China, Hong Kong and Singapore, governments have recently taken cooling measures against property speculation and until last week investors’ main worry was the excessive strength of domestic demand (Thailand, Indonesia). There is ample room to reverse these restrictive measures, should the need arise.
 
We keep focusing on bottom-up stock picking, investing in companies trading at attractive price-to-growth ratios, with low leverage, having significant domestic or regional markets. There were enough of them a month ago, there are much more of them now. 

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Performance
Cumulative
1 month 1 year 3 years 5 years since launch
W-Asia ex-Japan -7.2% 12.9% 25.1% 12.4% 289.5%
MSCI AC Asia ex-Japan -7.8% 9.7% 11.9% -0.3% 230.2%

Calendar year
Ytd 2013 2012 2011 2010 2009
W-Asia ex-Japan -2.7% 22.4% -15.7% 18.8% 57.9%
MSCI AC Asia ex-Japan -6.2% 19.4% -19.2% 17.0% 68.3%

Over 36 months
Volatility Annualized Return Sharpe Ratio
W-Asia ex-Japan 5.05 % 7.74 % 0.38
MSCI AC Asia ex-Japan 5.55 % 3.82 % 0.13

The fund performance data does not take into account any commission or costs incurred upon issue or redemption of units.

Allocation
10 largest holdings
SAMSUNG ELE 3.2%
TAIWAN SEMI 2.8%
INDIA INVESTMENT INC 2.8%
JARDINE STRATEGIC HL 2.1%
SAPURAKENCANA BHD 1.9%
CHINA MOBILE 1.9%
ICICI BANK 1.8%
KEPPEL CORPORATION 1.8%
HUTCHISON W 1.7%
WHARF HOLDI 1.7%
Sector Allocation
Financials 46.3%
Information tech. 13.5%
Cons. discretionary 13.5%
Industrials, trading 7.5%
Telecommunication 5.3%
Cash 3.7%
Country Allocation
Hong Kong 19.4%
South Korea 14.7%
Cayman Islands 10.3%
Taiwan 8.6%
China 8.3%
Cash 3.7%