Danske Invest China Fund D Emerging market equity funds
Da nske Invest China Fund D Emerg ing market equit y funds
Risk class
Investment policy Fund
Low risk
High risk
Fund facts Value 31-03-2011 (EUR) 1.67146 ISIN FI0008808522 Distribution of income Yes Benchmark index MSCI EM China Free -index Web site www.danskeinvest.fi Launch 22-03-2005 Total assets , million (EUR) 134.60 Base currency EUR Minimum subscription 500 EUR
Subscription fee Redemption fee Management fee
1,00 % / 8 EUR 2,00 % / 8 EUR 2.80 %
Danske Invest China is intended for investors who are looking for an investment solution on the Chinese emerging equity market that is profitable, professionally managed and welldiversified. The fund is well-suited, for longterm investment, to experienced investors who can accept even substantial changes in the value of the fund from time to time. Due to its higher risk level than that of a normal mutual fund, the fund is recommended only as a small part of a diversified investment portfolio. The recommended investment horizon in the fund is more than five years. The assets of Danske Invest China are invested in a diversified manner mainly in publicly traded equities whose issuer is a company that is listed in China, Hong Kong or Taiwan, or a company that is highly dependent on the Chinese economy. The fund can invest in small, medium-sized and large companies. The general performance of the emerging equity markets of China, Hong Kong and Taiwan is reflected in the value of the fund.
Performance 31-03-2011
Benchmark index Unofficial MSCI China (TR) Index
Portfolio manager Schroder Investment Management Ltd
Major investments 31-03-2011 Issuer
Key f igures - 1 y 31-03-2011 Volatility (%) Sharpe Tracking error IR Alpha Beta Duration
16.236 0.38 9.961 -0.216 1.269 0.718 -
Industrial & Commercial Bank of China Ltd. H China Construction Bank Corporation H China Mobile Ltd. (HK) Kunlun Energy Company Ltd PetroChina Company Ltd. Bank of China Ltd H Ping An Insurance (Group) Comp. of China Longfor Properties China Life Insurance China Telecom Other
%
8.31 % 7.81 % 6.61 % 5.00 % 4.93 % 4.53 % 3.80 % 3.55 % 3.46 % 3.36 % 48.64 %
Performance 31-03-2011 YTD 1 month 3 month 6 month 12 month 36 month Fund -6.31 0.25 -6.31 -1.61 0.32 16.59 Benchmark index -4.50 1.19 -4.50 -0.39 2.13 26.08
Start 14.21 18.13
This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Sampo Bank and Sampo Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the simplified prospectuses, fund regulations and price list of mutual funds, for example. Funds simplified prospectus and regulations can be found from www.danskeinvest.fi
Da nske Invest China Fund D Emerg ing market equit y funds
Sector allocation/asset allocation
Holding type
Portfolio manager review
Fears over rising oil and food costs nFinancials 39.38% compounded by the outbreak of unrest in nEnergy 12.23% nTelecommunication services the Middle East, tipped the MSCI China into 10.48% its fourth consecutive month of negative nIndustrials 7.26% performance as risk sentiment waned. With nInformation technology oil prices rising beyond a two-year high over 6.38% the period and food costs soaring, only the nConsumer discretionary defensive sectors healthcare and technology 6.31% saw out the month in the black. nTransportation 4.73% nOther 13.24% Although the fund remains overweight in both consumer staples and consumer discretionary stocks which suffered on the back of rising consumer prices and the possible impact on spending the fund benefited from holding a positive range nStock market 97.48% of stocks. Our main contributor over the nOther 2.52% period was China Minzhong Food, which is a vegetable grower and processor that has continued to benefit from the global rally in food prices and the regional rise in consumption. Our choice of holdings across the energy sector also contributed positively. In the sector, we saw gains from our position in Kunlun Energy which benefited on news that it had acquired a 60% stake in PetroChina Beijing Gas Pipeline Co. The deal is likely to give Kunlun a clear mandate to become the flagship gas distributor for the PetroChina Group. Our stance in handset maker ZTE contributed positively to the performance as the company continues its sustained global expansion, particularly into the US.
Over the month of February, we increased our weighting in China Pacific Insurance because of its strong premium growth and continued interest rate hikes in China would result in more optimistic earnings from life insurance. We initiated the position of Sparkle Roll Group which is a super luxury goods distributor in China, the company will benefit from China’s fast-growing super luxury goods market. We took profit from PICC, China Minzhong Food and Changsha Zoomlion Heavy as most of the positive news was mostly priced in. (11.03.2011)
Return
Return and dividends for individual years
2006
2007
2008
2009
2010
Fund Benchmark index
65.01 64.17
37.85 48.89
-49.56 -48.09
49.94 57.45
14.18 14.60
This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Sampo Bank and Sampo Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the simplified prospectuses, fund regulations and price list of mutual funds, for example. Funds
Risk class
Investment policy Fund
Low risk
High risk
Fund facts Value 31-03-2011 (EUR) 1.67146 ISIN FI0008808522 Distribution of income Yes Benchmark index MSCI EM China Free -index Web site www.danskeinvest.fi Launch 22-03-2005 Total assets , million (EUR) 134.60 Base currency EUR Minimum subscription 500 EUR
Subscription fee Redemption fee Management fee
1,00 % / 8 EUR 2,00 % / 8 EUR 2.80 %
Danske Invest China is intended for investors who are looking for an investment solution on the Chinese emerging equity market that is profitable, professionally managed and welldiversified. The fund is well-suited, for longterm investment, to experienced investors who can accept even substantial changes in the value of the fund from time to time. Due to its higher risk level than that of a normal mutual fund, the fund is recommended only as a small part of a diversified investment portfolio. The recommended investment horizon in the fund is more than five years. The assets of Danske Invest China are invested in a diversified manner mainly in publicly traded equities whose issuer is a company that is listed in China, Hong Kong or Taiwan, or a company that is highly dependent on the Chinese economy. The fund can invest in small, medium-sized and large companies. The general performance of the emerging equity markets of China, Hong Kong and Taiwan is reflected in the value of the fund.
Performance 31-03-2011
Benchmark index Unofficial MSCI China (TR) Index
Portfolio manager Schroder Investment Management Ltd
Major investments 31-03-2011 Issuer
Key f igures - 1 y 31-03-2011 Volatility (%) Sharpe Tracking error IR Alpha Beta Duration
16.236 0.38 9.961 -0.216 1.269 0.718 -
Industrial & Commercial Bank of China Ltd. H China Construction Bank Corporation H China Mobile Ltd. (HK) Kunlun Energy Company Ltd PetroChina Company Ltd. Bank of China Ltd H Ping An Insurance (Group) Comp. of China Longfor Properties China Life Insurance China Telecom Other
%
8.31 % 7.81 % 6.61 % 5.00 % 4.93 % 4.53 % 3.80 % 3.55 % 3.46 % 3.36 % 48.64 %
Performance 31-03-2011 YTD 1 month 3 month 6 month 12 month 36 month Fund -6.31 0.25 -6.31 -1.61 0.32 16.59 Benchmark index -4.50 1.19 -4.50 -0.39 2.13 26.08
Start 14.21 18.13
This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Sampo Bank and Sampo Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the simplified prospectuses, fund regulations and price list of mutual funds, for example. Funds simplified prospectus and regulations can be found from www.danskeinvest.fi
Da nske Invest China Fund D Emerg ing market equit y funds
Sector allocation/asset allocation
Holding type
Portfolio manager review
Fears over rising oil and food costs nFinancials 39.38% compounded by the outbreak of unrest in nEnergy 12.23% nTelecommunication services the Middle East, tipped the MSCI China into 10.48% its fourth consecutive month of negative nIndustrials 7.26% performance as risk sentiment waned. With nInformation technology oil prices rising beyond a two-year high over 6.38% the period and food costs soaring, only the nConsumer discretionary defensive sectors healthcare and technology 6.31% saw out the month in the black. nTransportation 4.73% nOther 13.24% Although the fund remains overweight in both consumer staples and consumer discretionary stocks which suffered on the back of rising consumer prices and the possible impact on spending the fund benefited from holding a positive range nStock market 97.48% of stocks. Our main contributor over the nOther 2.52% period was China Minzhong Food, which is a vegetable grower and processor that has continued to benefit from the global rally in food prices and the regional rise in consumption. Our choice of holdings across the energy sector also contributed positively. In the sector, we saw gains from our position in Kunlun Energy which benefited on news that it had acquired a 60% stake in PetroChina Beijing Gas Pipeline Co. The deal is likely to give Kunlun a clear mandate to become the flagship gas distributor for the PetroChina Group. Our stance in handset maker ZTE contributed positively to the performance as the company continues its sustained global expansion, particularly into the US.
Over the month of February, we increased our weighting in China Pacific Insurance because of its strong premium growth and continued interest rate hikes in China would result in more optimistic earnings from life insurance. We initiated the position of Sparkle Roll Group which is a super luxury goods distributor in China, the company will benefit from China’s fast-growing super luxury goods market. We took profit from PICC, China Minzhong Food and Changsha Zoomlion Heavy as most of the positive news was mostly priced in. (11.03.2011)
Return
Return and dividends for individual years
2006
2007
2008
2009
2010
Fund Benchmark index
65.01 64.17
37.85 48.89
-49.56 -48.09
49.94 57.45
14.18 14.60
This Fund Review is not an invitation to subscribe or redeem Fund units. Even though the aim has been to give reliable information, Sampo Bank and Sampo Fund Management Ltd guarantees neither the completeness nor correctness of the information contained in this Fund review nor shall be held liable for any errors or omissions in the information contained therein. Past mutual fund performance is no guarantee of future returns. The return and interest expectations used in the review are not intended to be perceived as promises of future returns or interest. Investment always involves fluctuation in value the value of an investment may either rise or fall and customers are therefore at risk of losing assets invested in a mutual fund. There is no guarantee of actual returns or that the performance of the investment will be in accordance with the expected returns or always positive. Before making an investment decision, customers should always familiarise themselves with the characteristics, expenses and risks of the mutual funds which are outlined in the simplified prospectuses, fund regulations and price list of mutual funds, for example. Funds
