China Opportunities Fund

An actively managed equity fund designed to deliver long-term capital growth from the dynamic and evolving Chinese economy

ISIN
GB0031860934

NAV
GBP 1,729.00p
As of 25/09/20

1-Day Change
GBP 0.00p (0.00%)
As of 25/09/20

Morningstar Rating


Morningstar ratings are based on the representative share class of this fund and are dated to the last month-end upon availability from Morningstar.

Overview

INVESTMENT OBJECTIVE

The Fund aims to provide a return, from a combination of capital growth and income over the long term.
Performance target: To outperform the MSCI Zhong Hua 10/40 Index by 2.5% per annum, before the deduction of charges, over any 5 year period.

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The Fund invests at least 80% of its assets in a concentrated portfolio of shares (also known as equities) of companies, of any size, in any industry, in China or Hong Kong. Companies will have their registered office in or do most of their business (directly or through subsidiaries) in this region. The Fund may invest up to 50% of its assets in China A Shares.
The portfolio may be concentrated in terms of its number of holdings and/or the size of its largest holdings.

The Fund may also invest in other assets including companies outside this region, depositary receipts or other similar investments, Collective Investment Schemes (including those managed by Janus Henderson) and cash and money market instruments.
The investment manager may use derivatives (complex financial instruments) to reduce risk or to manage the Fund more efficiently.
The Fund is actively managed with reference to the MSCI Zhong Hua 10/40 Index, which is broadly representative of the companies in which it may invest, as this forms the basis of the Fund’s performance target. The investment manager has discretion to choose investments for the Fund with weightings different to the index or not in the index.
As an additional means of assessing the performance of the Fund, the IA China/Greater China sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator.

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The value of an investment and the income from it can fall as well as rise as a result of market and currency fluctuations and you may not get back the amount originally invested.
Potential investors must read the prospectus, and where relevant, the key investor information document before investing.
This website is for promotional purposes and does not qualify as an investment recommendation.

ABOUT THIS FUND

  • A diversified portfolio designed to capture investment opportunities as political, economic, social, and technological forces drive the maturation of the Chinese economy
  • Fundamental research is channelled through a robust, proven investment process focused on company-specific analysis
  • With combined investment experience of more than 30 years, the team’s deep knowledge of Chinese equities enables them to identify mispriced opportunities
Past performance is not a guide to future performance. 
 

PORTFOLIO MANAGEMENT

May Ling Wee, CFA

Portfolio Manager

Industry since 1997. Joined Firm in 2015.

Performance

Past performance is not a guide to future performance. All performance data includes both income and capital gains or losses and reflects the deduction of any ongoing charges or other fund expenses.
Discrete Performance (%)
As of 30/06/20
A Acc MSCI Zhong Hua 10/40 Index IA China/Greater China Equity
  
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
11.60% -2.77% 18.39% 39.59% -0.63%
MSCI Zhong Hua 10/40 Index 10.14% 0.97% 16.21% 33.71% -5.45%
IA China/Greater China Equity 18.12% -1.70% 17.64% 35.36% -6.56%
 
Jun-2019 - Jun-2020 Jun-2018 - Jun-2019 Jun-2017 - Jun-2018 Jun-2016 - Jun-2017 Jun-2015 - Jun-2016
13.51% -1.10% 20.42% 42.00% 1.10%
MSCI Zhong Hua 10/40 GR + 2.50% 12.92% 3.49% 19.11% 37.05% -3.08%

Index Description

The MSCI Zhong Hua 10/40 Index is a measure of the combined performance of large and medium sized companies listed on Hong Kong and Chinese stock markets re-weighted from the parent index by the benchmark provider to align with the UCITS fund investment restrictions. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

Cumulative & Annualised Performance (%)
As of 31/08/20
A Acc (Net) MSCI Zhong Hua 10/40 Index IA China/Greater China Equity
  
  Cumulative Annualised
1MO YTD 1YR 3YR 5YR 10YR Since Inception
31/03/83
A Acc (Net) 4.73% 16.52% 19.50% 7.83% 17.96% 10.22% 13.04%
MSCI Zhong Hua 10/40 Index 3.64% 13.31% 17.67% 6.39% 15.63% 9.66% -
IA China/Greater China Equity 3.90% 20.21% 24.94% 9.80% 17.60% 9.63% 12.30%
 
  Annualised
3YR 5YR 10YR Since Inception
31/03/83
A Acc (Gross) - 19.99% 12.13% 14.98%
MSCI Zhong Hua 10/40 GR + 2.50% - 18.52% 12.40% -

Index Description

The MSCI Zhong Hua 10/40 Index is a measure of the combined performance of large and medium sized companies listed on Hong Kong and Chinese stock markets re-weighted from the parent index by the benchmark provider to align with the UCITS fund investment restrictions. It forms the basis of the Fund's performance target and provides a useful comparison against which the Fund's performance can be assessed over time.

Peer Group Description

The Investment Association (IA) groups funds with similar geographic and/or investment remit into sectors. The Fund's ranking within the sector (as calculated by a number of data providers) can be a useful performance comparison against other funds with similar aims.

FEE INFORMATION
Initial Charge 5.00%
Annual Charge 1.50%
Ongoing Charge
(As of 31/05/20)
1.71%

Portfolio

Top Holdings (As of 31/08/20)
% OF FUND
Alibaba Group 9.73
Tencent 9.50
AIA Group 6.89
Hong Kong Exchanges & Clearing 4.36
Ping An Insurance Group Co of China 4.23
Midea Group 3.55
JD.com 3.45
NetEase 3.45
Meituan Dianping 3.10
Longfor Group 3.09

Documents

  • ​The value of the Funds and the income from them is not guaranteed and may fall as well as rise. You may get back less than you originally invested.
  • ​Past performance is not a guide to future performance.
  • Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed.
  • Shares can lose value rapidly, and typically involve higher risks than bonds or money market instruments. The value of your investment may fall as a result.
  • Emerging markets expose the Fund to higher volatility and greater risk of loss than developed markets; they are susceptible to adverse political and economic events, and may be less well regulated with less robust custody and settlement procedures.
  • The Fund may invest in China A shares via a Stock Connect programme. This may introduce additional risks including operational, regulatory, liquidy and settlement risks.
  • If a Fund has a high exposure to a particular country or geographical region it carries a higher level of risk than a Fund which is more broadly diversified.
  • This Fund may have a particularly concentrated portfolio relative to its investment universe or other funds in its sector. An adverse event impacting even a small number of holdings could create significant volatility or losses for the Fund.
  • The Fund may use derivatives with the aim of reducing risk or managing the portfolio more efficiently. However this introduces other risks, in particular, that a derivative counterparty may not meet its contractual obligations.
  • If the Fund holds assets in currencies other than the base currency of the Fund or you invest in a share class of a different currency to the Fund (unless 'hedged'), the value of your investment may be impacted by changes in exchange rates.
  • Securities within the Fund could become hard to value or to sell at a desired time and price, especially in extreme market conditions when asset prices may be falling, increasing the risk of investment losses.
  • The Fund may incur a higher level of transaction costs as a result of investing in less actively traded or less developed markets compared to a fund that invests in more active/developed markets. These transaction costs are in addition to the Fund's Ongoing Charges.
  • The Fund could lose money if a counterparty with which it trades becomes unwilling or unable to meet its obligations to the Fund.
  • Funds incur costs as a necessary part of buying and selling the underlying investments, these are otherwise known as portfolio transaction costs, and include charges such as broker commission and Stamp Duty.
  • For detailed product information including the risks associated with investing please read the relevant Prospectus or Annual Report.
  • Before investing in any of our funds you should satisfy yourself as to the suitability and the risks involved.
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