AXA Unit Trust – Asia Multi-Factor Advantage Fund Semi-Annual Report

For the period ended 30th June 2021

AXA Unit Trust – Asia Multi-Factor Advantage Fund Managed by AXA Investment Managers Asia Ltd

This Publication has been approved by AXA Investment Managers Asia Limited Suites 3603 - 05, 36/F, One Taikoo Place, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong Tel: (852) 2285 2000 Fax: (852) 2285 2999

AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

CONTENTS PAGE(S)

MANAGER'S REPORT 1

STATEMENT OF NET ASSETS (UNAUDITED) 2

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) 3

STATEMENT OF CHANGES IN EQUITY (UNAUDITED) 4

INVESTMENT PORTFOLIO (UNAUDITED) 5 – 11

STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) 12

DETAILS IN RESPECT OF FINANCIAL DERIVATIVE INSTRUMENTS (UNAUDITED) 13

GENERAL INFORMATION 14

AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

MANAGER’S REPORT

Market Comments

Asian equity markets rallied with the rest of the world from the start of the year on optimism over a global recovery driven from the roll-out of COVID-19 vaccinations worldwide and continued signs of economic improvement. Chinese equities led at the start of the year boosted by strong economic data but concerns over high valuations, prospects of policy tightening and continued US-China tensions dampened sentiment. As we moved into the second quarter, equity markets experienced bouts of volatility on speculation of interest rate changes driven from inflationary pressures leading to the US Federal Reserves’ unexpectedly hawkish comments in June when it indicated that it could start to raise interest rates sooner than expected – albeit only in 2023. The indicated timeframe reassured investors so that equity markets recovered strongly. Further adding pressure to shares were from rising new COVID-19 infections and concerns of new variants within the region. Against this backdrop the benchmark MSCI AC Far East ex Japan rose 5.8% in USD terms over the first half of the year.

Portfolio Comments

The portfolio strongly outperformed its benchmark index gross of fees and expenses over the first half of the year. The portfolio’s valuation bias towards companies with the cheapest book assets was rewarded driven from the strong rotation towards the value factor at the start of the year. Also contributing positively was the portfolio’s tilt towards smaller companies as it was these companies that bettered their larger benchmark names over this period.

Industry-wise the overweight towards banks proved beneficial as the financials sector recovered strongly at the start of the year. Also accretive to returns was the overweight to liquor stocks with top stock picks coming from above-benchmark positions in Chinese wine manufacturer, Shanxi Xinghuacun Fen Wine Factory. Offsetting to some extent were underweights towards textiles and metals industries which outperformed due to the sensitivity of these industries to the economic cycle and the latter from rising commodity prices.

Stock selection in aggregate was also additive to excess returns, the largest individual stock contributor was from holding above-benchmark in Xinyi Glass. The company saw share price rise on the back of rising demand for its glass driven from increased demand for cars particularly electric vehicles. Indeed, the above benchmark position in car manufacturer KIA also featured among the top stock picks.

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

STATEMENT OF NET ASSETS (UNAUDITED) AS AT 30TH JUNE 2021

30th June 31st December 2021 2020 US$ US$ Assets Current assets Investments 175,407,662 168,782,624 Derivative financial instruments 7,645 - Dividends receivable 781,687 398,775 Amount due from brokers 21,010 - Cash at banks 1,245,891 1,406,345

Total assets 177,463,895 170,587,744

Liabilities Current liabilities Amounts payable on redemption 346,895 155,142 Other accounts payable and accrued expenses 607,028 563,564

Total liabilities 953,923 718,706

Equity Net assets attributable to unitholders 176,509,972 169,869,038

UNITS IN ISSUE 1,886,105 1,968,406

NET ASSET VALUE PER UNIT 93.59 86.30

Note: Semi-annual reports have applied the same accounting policies and methods of computation as are applied in the annual reports of the Fund. 2

AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED) FOR THE PERIOD ENDED 30TH JUNE 2021

1st January 2021 1st January 2020 to to 30th June 2021 30th June 2020 US$ US$

Income

Dividend income 2,195,262 2,279,782 Bank interest income 213 1,863 Net gains/(losses) on investments and derivative financial instruments 14,189,132 (13,196,359) Net losses on foreign exchange (117,124) (157,526) Other income - 30,965

Total investment income/(loss) 16,267,483 (11,041,275)

Expenses

Management fee Note 2 1,130,994 849,295 Trustee’s fee Note 1 18,096 13,589 Custodian fee Note 1 62,287 52,438 Auditor’s remuneration 15,164 14,764 Registrar fee Note 1 15,944 16,959 Administration fee Note 1 14,925 15,061 Financial statements preparation fee Note 1 4,932 4,973 Transaction costs 295,316 226,284 Legal and professional fee 4,186 1,236 Interest expense Note 1 983 67 Other operating expenses 1,975 1,953

Total operating expenses 1,564,802 1,196,619

Net operating profit/(loss) before tax 14,702,681 (12,237,894)

Withholding tax on investment income (237,383) (206,161)

Total comprehensive income/(loss) 14,465,298 (12,444,055)

Note 1 During the period ended 30th June 2021 and 2020, other than trustee’s fees, custodian fee, registrar fee, administration fee, financial statement preparation fee and interest expense were paid to trustee or its connected persons, no other amounts were paid to the trustee or its connected persons.

Note 2 During the period ended 30th June 2021 and 2020, other than Management fees that was paid to the Manager, no other amounts were paid to the Manager or its connected persons. 3

AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE PERIOD ENDED 30TH JUNE 2021

1st January 2021 1st January 2020 to to 30th June 2021 30th June 2020 US$ US$

Balance at the beginning of the period 169,869,038 153,315,157

Allotment of units 3,327,924 9,853,196

Redemption of units (11,152,288) (11,410,083)

Net redemption (7,824,364) (1,556,887)

Total comprehensive income/(loss) 14,465,298 (12,444,055)

Balance at the end of the period 176,509,972 139,314,215

Number of units in issue: 1st January 2021 1st January 2020 to to 30th June 2021 30th June 2020 Units Units

At the beginning of the period 1,968,406 2,071,274

Total allotments 35,101 150,557 Total redemptions (117,402) (171,210)

At the end of the period 1,886,105 2,050,621

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) AS AT 30TH JUNE 2021

Fair value % of net Listed/Quoted Investments Holdings US$ assets

Listed Equities China and Hong Kong

AGILE GROUP HOLDINGS LTD 492,000 637,429 0.36 AGRICULTURAL BANK OF CHINA-H 5,826,000 2,025,830 1.15 AIA GROUP LTD USD1.00 106,600 1,324,809 0.75 ASM PACIFIC TECHNOLOGY 23,300 315,675 0.18 BAIC MOTOR CORP LTD-H 1958 911,500 339,253 0.19 BANK OF CHINA LTD-H 7,827,000 2,812,342 1.59 BANK OF COMMUNICATIONS CO-H 4,343,000 2,919,638 1.65 BANK OF GUIYANG CO LTD-A 382,940 424,002 0.24 BAOSHAN IRON & STEEL CO-A 1,297,300 1,532,704 0.87 BEIJING JINGNENG CLEAN ENE-H 'H'CNY1 230,000 55,391 0.03 BESTSUN ENERGY CO LTD-A 143,800 103,404 0.06 BRILLIANCE CHINA AUTOMOTIVE 702,000 527,981 0.30 CAMEL GROUP CO LTD-A 133,500 238,858 0.14 CHACHA FOOD CO LTD - A 61,000 406,567 0.23 CHINA CINDA ASSET MANAGEME-H 2,678,000 510,436 0.29 CHINA CITIC BANK CORP LTD-H 4,329,000 2,051,654 1.16 CHINA CONSTRUCTION BANK-H 5,387,000 4,238,936 2.40 CHINA EVERBRIGHT BANK CO L-H 2,839,045 1,159,045 0.66 CHINA EVERBRIGHT ENVIRONMENT 834,000 472,593 0.27 CHINA GRAND PHARMACEUTICAL A 512 415,500 388,487 0.22 CHINA JUSHI CO LTD-A 105,009 251,862 0.14 CHINA LESSO GROUP HOLDINGS LTD 298,000 735,327 0.42 CHINA MEDICAL SYSTEM HOLDING 347,000 913,885 0.52 CHINA OVERSEAS GRAND OCEANS GROUP LTD 416,000 242,159 0.14 CHINA OVERSEAS LAND & INVEST 303,500 689,487 0.39 CHINA RAILWAY GROUP LTD-H 3,246,000 1,693,059 0.96 CHINA RESOURCES PHARMACEUTIC 1,083,000 675,060 0.38 CHINA SOUTHERN AIRLINES CO-H 182,000 112,976 0.06 CHINA SUNTIEN GREEN ENERGY-H 'H'CNY1 430,000 210,990 0.12 CHINA TAIPING INSURANCE HOLD 466,600 776,383 0.44 CHINA TOURISM GROUP DUTY F-A 16,300 756,447 0.43 CHONGQING ZHIFEI BIOLOGICA-A 13,110 378,566 0.21 CINDA REAL ESTATE CO LTD -A 600657 187,700 101,011 0.06 COSCO SHIPPING HOLDINGS CO-H 845,000 2,128,601 1.21 DAH SING BANKING GROUP LTD HKD1 60,000 66,222 0.04 DASHANG GROUP CO LTD 34,800 111,720 0.06 DONGFENG MOTOR GRP CO LTD-H 1,086,000 976,234 0.55 FOCUS MEDIA INFORMATION TE-A 760,940 1,107,298 0.63 GREAT EAGLE HOLDINGS LTD 6,000 20,400 0.01 GUANGXI LIUGONG MACHINERY-A 181,100 229,645 0.13

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed Equities (Continued) China and Hong Kong (Continued)

HAITONG INTERNATIONAL SECURITIES 707,000 194,851 0.11 HANG LUNG GROUP LTD 96,000 244,796 0.14 HANGZHOU OXYGEN PLANT GROU-A 97,600 522,066 0.30 HONG KONG EXCHANGES & CLEAR 69,200 4,124,469 2.34 IND & COMM BK OF CHINA-H 1,198,000 703,542 0.40 JAFRON BIOMEDICAL CO LTD-A 96,000 1,282,060 0.73 JIANGSU LINYANG ELECTRONIC-A 207,000 265,369 0.15 JIANGSU ZHONGTIAN TECHNOLO-A 358,400 554,233 0.31 JIAYUAN INTERNATIONAL GROUP 2768 132,000 56,099 0.03 JOHNSON ELECTRIC HLDGS 48,000 123,944 0.07 K WAH INTL HOLDINGS SHS 271,000 131,577 0.07 KINGBOARD HOLDINGS LTD 151,500 840,927 0.48 LEGEND HOLDINGS CORP-H 3396 260,100 427,425 0.24 LENOVO GROUP LTD 1,022,000 1,175,360 0.67 L'OCCITANE INTERNATIONAL SA 58,500 213,965 0.12 LONKING HOLDINGS LTD 502,000 162,273 0.09 LUZHOU LAOJIAO CO LTD-A 54,214 1,978,052 1.12 MANGO EXCELLENT MEDIA CO L-A 25,200 267,331 0.15 MAOYE COMMERCIAL CO LTD-A 600828 122,700 67,170 0.04 MEITUAN-CLASS B 28,900 1,192,502 0.68 MGM CHINA HLDGS LT HKD1 56,800 86,025 0.05 NANJING IRON & STEEL CO-A 378,400 208,317 0.12 NETDRAGON WEBSOFT INC 64,000 170,616 0.10 NEW CHINA LIFE INSURANCE C-H 437,500 1,493,113 0.85 PACIFIC BASIN SHIPPING LTD USD0.1 545,000 219,690 0.12 PING AN INSURANCE GROUP CO-H 291,500 2,855,002 1.62 RISESUN REAL ESTATE DEVEL-A 516,381 450,375 0.26 SEAZEN GROUP LTD 754,000 714,690 0.41 SHANGHAI PUDONG DEVEL BANK-A 616,100 952,743 0.54 SHANXI XINGHUACUN FEN WINE-A 31,800 2,203,078 1.25 SHENZHEN INVESTMENT LTD 406,000 124,966 0.07 SHENZHEN MINDRAY BIO-MEDIC-A 11,500 853,707 0.48 SINOPHARM GROUP CO-H 404,400 1,203,072 0.68 SINOTRUK HONG KONG LTD 341,000 730,763 0.41 SITC INTERNATIONAL HKD0.10 270,000 1,128,359 0.64 STELLA INTERNATIONAL HKD0.1 92,500 142,952 0.08 SUOFEIYA HOME COLLECTION C-A 90,300 337,931 0.19 TCL INTERNATIONAL HLDGS LTD 290,000 172,921 0.10 TECHTRONIC INDUSTRIES CO 117,500 2,051,947 1.16

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed Equities (Continued) China and Hong Kong (Continued)

TENCENT HOLDINGS LTD 168,000 12,635,452 7.16 THUNDER SOFTWARE TECHNOLOG-A 9,900 240,450 0.14 TIANNENG POWER INTL LTD HKD0.10 84,000 146,909 0.08 TONGKUN GROUP CO LTD-A 50,600 188,500 0.11 VSTECS HOLDINGS LIMITED 44,000 35,529 0.02 VTECH HOLDINGS LTD 11,800 124,233 0.07 WEIFU HIGH-TECHNOLOGY CO-B 'B'CNY1 60,817 121,010 0.07 WEIFU HIGH-TECHNOLOGY GRP-A 159,200 512,811 0.29 XIAMEN C & D INC-A 342,001 428,388 0.24 XIAOMI CORP-CLASS B 149,600 520,192 0.29 XINYI GLASS HOLDING CO LTD 416,000 1,695,648 0.96 YICHANG HEC CHANGJIANG PHARM 70,400 77,700 0.04 YIXINTANG PHARMACEUTICAL G-A 002727 69,100 353,803 0.20 ZHEJIANG EXPRESSWAY CO-H 544,000 484,112 0.27 ZHEJIANG RUNTU CO LTD-A 134,650 184,278 0.10 ZHENGZHOU COAL MIN 'H'CNY1 119,200 151,824 0.09 ZOOMLION HEAVY INDUSTRY SCIENC 1,034,600 1,083,257 0.61 84,274,740 47.75

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed Equities (Continued) Indonesia

BANK DANAMON INDONESIA TBK 689,500 97,012 0.06 97,012 0.06

Luxembourg

KT&G CORP-144A GDR 1 37 0.00 37 0.00

Malaysia

HONG LEONG FINANCIAL GROUP BERHAD 41,800 179,244 0.10 MAGNUM BHD 109,977 52,458 0.03 ORIENTAL HOLDINGS BERHAD 44,600 54,796 0.03 SIME DARBY BERHAD 1,012,100 531,530 0.30 818,028 0.46

Philippines

CHINA BANKING CORPORATION PHP10 93,400 48,806 0.03 FIRST PHILIPPINE HOLDINGS PHP10 38,290 62,065 0.03 FIRST GEN CORPORATION 428,200 263,240 0.15 LT GROUP INC LT GROUP INC 574,700 151,920 0.09 526,031 0.30

Singapore

OLAM INTERNATIONAL LTD ORD SGD0.1 195,800 233,000 0.13 UNITED OVERSEAS BANK 60,400 1,159,888 0.66 1,392,888 0.79

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed Equities (Continued) South Korea

BNK FINANCIAL GROUP INC 38,556 264,664 0.15 CJ CHEIJEDANG CORP 1,890 773,723 0.44 DAEWOO ENGINEERING&CONSTRUCTION 32,556 229,837 0.13 DL HOLDINGS CO LTD 2,162 153,592 0.09 DONGJIN SEMICHEM CO LTD 5,569 141,685 0.08 HANA FINANCIAL HOLDINGS 44,333 1,812,924 1.03 HANDSOME CO LTD 4,040 154,087 0.09 HYUNDAI MOTOR CO 4,489 954,724 0.54 KB FINANCIAL GROUP INC 14,617 724,294 0.41 KIA CORP 23,856 1,898,141 1.08 KIWOOM SECURITIES CO LTD KRW5000 2,939 341,896 0.19 KOREA GAS CORPORATION 8,900 291,635 0.16 KUMHO PETRO CHEMICAL CO LTD 3,564 693,114 0.39 LF CORP 6,640 119,993 0.07 LG CHEMICAL LTD COMMON STOCK 247 186,440 0.11 LG DISPLAY CO LTD 38,421 835,906 0.47 LG ELECTRONICS INC 17,951 2,606,328 1.48 LG INNOTEK CO LTD KRW5000 2,813 557,054 0.32 LS CORP 2,866 180,191 0.10 MERITZ SECURITIES CO LTD MERITZ SECURITI 55,338 232,684 0.13 NAVER CORP 3,243 1,202,337 0.68 NH INVESTMENT & SECURITIES CO 36,150 414,115 0.23 NHN CORP 1,905 141,086 0.08 POSCO INTERNATIONAL CORP 13,032 269,643 0.15 SAMSUNG CARD CO NPV 13,497 411,106 0.23 SAMSUNG ELECTRO MECHANICS 2,879 452,520 0.26 SAMSUNG ELECTRONICS 119,758 8,582,243 4.86 SHINHAN FINANCIAL GROUP LTD 28,550 1,029,331 0.58 SK HYNIX INC 34,084 3,859,077 2.19 SK INNOVATION CO LTD 1,728 453,444 0.26 S-OIL CORPORATION 2,171 197,609 0.11 WOORI FINANCIAL GROUP INC 75,848 771,209 0.44 30,936,632 17.53

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed Equities (Continued) Taiwan

ACER INC 393,000 413,281 0.23 ASE TECHNOLOGY HOLDINGS CO LTD 564,000 2,267,163 1.28 ASUSTEK COMPUTER INC ORD 104,000 1,386,685 0.79 AU OPTRONICS CORP 1,326,000 1,077,947 0.61 CATHAY FINANCIAL HOLDING CO 1,126,000 2,178,275 1.23 CHINA LIFE INSURANCE CO LTD TWD10 648,720 613,513 0.35 CHIPBOND TECHNOLOGY CORP TWD10 73,000 188,643 0.11 COMPAL ELECTRONICS 729,000 584,777 0.33 ELAN CO LTD SHS 35,000 244,328 0.14 FUBON FINANCIAL HOLDING CO 768,000 2,037,001 1.15 HON HAI PRECISION INDS ORD 401,000 1,611,937 0.91 INNOLUX CORP 1,386,000 1,032,207 0.59 KING YUAN ELECTRONICS CO LTD TWD10 143,000 230,445 0.13 MEDIATEK INC 66,000 2,278,791 1.29 NOVATEK MICROELECTRONICS LTD 83,000 1,486,498 0.84 POU CHEN 413,000 582,543 0.33 POWERTECH TECHNOLOGY I 138,000 532,443 0.30 QUANTA COMPUTER INC 488,000 1,532,546 0.87 RUENTEX DEVELOPMENT CO LTD TWD10 190,000 385,972 0.22 RUENTEX INDUSTRIES LTD TWD10 60,000 189,289 0.11 SIMPLO TECHNOLOGY CO LTD TWD10 16,000 206,158 0.12 SYNNEX TECHNOLOGY INTL CORP 293,000 535,268 0.30 TAIWAN SEMICONDUCTOR M ORD 547,000 11,681,264 6.62 TRIPOD TECHNOLOGY CORP 37,000 179,276 0.10 UNITED MICROELECTRONICS CORP 338,000 644,164 0.37 WT MICROELECTRONICS CO LTD TWD10 104,000 200,444 0.11 34,300,858 19.43

Thailand

CHAROEN POKPHAND FOODS-NVDR DP RCT NON V 1,340,300 1,107,947 0.63 KASIKORNBANK PCL-NVDR 223,900 824,152 0.47 PTT GLOBAL CHEMICAL PCL-NVDR THB10(NVDR) 493,700 908,628 0.51 PTT PCL-NVDR 369,800 452,770 0.26 SIAMGAS & PETROCHEMICAL-NVDR 424,000 152,102 0.09 SRI TRANG AGRO-INDS PCL-NVDR THB1(NVDR) 174,700 220,708 0.12 THAI UNION GROUP PLC 381,500 235,630 0.13 3,901,937 2.21

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

INVESTMENT PORTFOLIO (UNAUDITED) (CONTINUED) AS AT 30TH JUNE 2021

Fair value % of net Listed/Quoted Investments (Continued) Holdings US$ assets

Listed Equities (Continued) United States

ALIBABA GROUP HOLDING-SP ADR 51,100 11,588,458 6.56 BAIDU INC - SPON ADR 8,100 1,651,590 0.94 BEIGENE LTD-ADR 3,900 1,338,441 0.76 NETEASE INC-ADR 11,800 1,359,950 0.77 NEW ORIENTAL EDUCATIO-SP ADR 42,000 343,980 0.19 PINDUODUO INC-ADR 12,000 1,524,240 0.86 TAL EDUCATION GROUP- ADR 11,200 282,576 0.16 VIPSHOP HOLDINGS LTD - ADS 53,300 1,070,264 0.61 19,159,499 10.85

TOTAL LISTED/QUOTED INVESTMENTS 175,407,662 99.38

Unlisted/Unquoted Investments

Unlisted Equities Hong Kong

CHINA METAL RECYCLING 832,000 - - - -

Unlisted Rights Singapore

OLAM INTERNATIONAL LTD-RTS19JUL21 29,370 7,645 0.00 7,645 0.00

TOTAL UNLISTED/UNQUOTED INVESTMENTS 7,645 0.00

TOTAL INVESTMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS 175,415,307 99.38

OTHER NET ASSETS 1,094,665 0.62

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 176,509,972 100.00

TOTAL COST OF INVESTMENTS AND DERIVATIVE FINANCIAL INSTRUMENTS 140,372,056

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

STATEMENT OF MOVEMENTS IN PORTFOLIO HOLDINGS (UNAUDITED) FOR THE PERIOD ENDED 30TH JUNE 2021

At At 30th June 2021 31st December 2020 % of % of Net Assets Net Assets LISTED/QUOTED EQUITY INVESTMENTS

China and Hong Kong 47.75 44.25 Indonesia 0.06 0.21 Luxembourg 0.00 0.00 Malaysia 0.46 0.89 Philippines 0.30 0.12 Singapore 0.79 3.66 South Korea 17.53 17.52 Taiwan 19.43 18.57 Thailand 2.21 1.28 United States 10.85 12.86

UNLISTED/UNQUOTED EQUITY INVESTMENTS

Hong Kong - -

UNLISTED/UNQUOTED RIGHTS INVESTMENTS

Singapore 0.00 -

TOTAL INVESTMENTS AND DERIVATIVE FINANCIAL 99.38 99.36 INSTRUMENTS

OTHER NET ASSETS 0.62 0.64

NET ASSETS 100.00 100.00

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

DETAILS IN RESPECT OF FINANCIAL DERIVATIVE INSTRUMENTS (UNAUDITED) AS AT 30TH JUNE 2021

The financial derivative instrument held by the Fund as at 30th June 2021 is summarized below:

Fair value Underlying assets Issuer Holdings US$

Unlisted Rights OLAM OLAM OLAM INTERNATIONAL LTD- INTERNATIONAL INTERNATIONAL RTS19JUL21 LTD ORD SGD0.1 LTD ORD SGD0.1 29,370 7,645 7,645

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AXA UNIT TRUST – ASIA MULTI-FACTOR ADVANTAGE FUND

GENERAL INFORMATION

Manager

AXA Investment Managers Asia Limited Suites 3603-05, 36/F, One Taikoo Place, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong

Sub-Investment Manager

AXA Investment Managers Asia (Singapore) Ltd One George Street, #14-02/03, Singapore 049145

Directors of the Manager

AXA Investment Managers Asia Limited Bruno Guilloton Jean Christophe Menioux Lam Chung Han, Terence Laurent Bilard Simon Geoffrey Lopez

Trustee

Cititrust Limited 50th Floor, Champion Tower, Three Garden Road, Central, Hong Kong

Custodian

Citibank, N.A. (Hong Kong Branch) 50th Floor, Champion Tower, Three Garden Road, Central, Hong Kong

Registrar

Citicorp Financial Services Limited 9/F, Citi Tower, One Bay East, 83 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong

Auditor

PricewaterhouseCoopers 22nd Floor, Prince’s Building, Central, Hong Kong

Status of Fund Authorised by the Securities and Futures Commission in Hong Kong. Investors should note that such authorization is not a recommendation or endorsement of the Fund nor does it guarantee the commercial merits of the Fund or its performance. It does not mean the Fund is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. In addition, the price of units and the performance of investments may go down as well as up and that past performance may not be indicative of future performance.

Legal Adviser

Deacons 5th Floor, Alexandra House, 18 Chater Road, Central, Hong Kong

AXA Investment Managers Asia Limited For further information on AXA Investment Managers Asia Limited, please contact customer service hotline at (852) 2285 2000.

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