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First State Global Umbrella Fund Plc

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First State Global Umbrella Fund Plc First State Global Umbrella Fund plc 2015 Annual Report First State Investments (Hong Kong) Limited Level 6 Three Exchange Square 8 Connaught Place Central, Hong Kong Telephone: (852) 2846 7555 Intermediary Hotline: (852) 2846 7575 Investor Services Hotline: (852) 2846 7566 Fax: (852) 2868 4742 Email: info@firststate.com.hk www.firststateinvestments.com First State Global Umbrella Fund PLC Table of Contents Directors’ Report 1 Investment Managers’ report and schedules of investment: First State Asian Growth Fund 4 First State China Growth Fund 15 Stewart Investors Worldwide Leaders Fund (formerly First State Worldwide 22 Leaders Fund) First State Hong Kong Growth Fund 29 First State Indian Subcontinent Fund 37 First State Global Bond Fund 46 First State High Quality Bond Fund 57 First State Long Term Bond Fund 69 First State Greater China Growth Fund 75 First State Singapore and Malaysia Growth Fund 84 First State Asia Innovation Fund 89 First State Asian Equity Plus Fund 96 First State Asian Bond Fund 106 First State Asian Quality Bond Fund 114 First State Hong Kong Dollar Bond Fund 125 Stewart Investors Global Emerging Markets Leaders Fund (formerly 128 First State Global Emerging Markets Leaders Fund) First State Global Resources Fund 138 First State Global Property Securities Fund 149 First State Asian Property Securities Fund 155 First State China Focus Fund 163 First State Global Listed Infrastructure Fund 169 Stewart Investors Global Emerging Markets Select Fund (formerly First State 178 Global Emerging Markets Select Fund) First State Asia Pacific Select Fund 182 First State Global Agribusiness Fund 190 First State Australian Growth Fund 198 Stewart Investors Worldwide Equity Fund (formerly First State Worldwide 202 Equity Fund) First State Emerging Markets Bond Fund 210 First State Global Credit Income Fund 225 First State Asia Pacific All Cap Fund 256 First State Japan Equity Fund 265 Statement of Financial Position 272 Statement of Comprehensive Income 287 Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 297 Statement of Cashflows 302 Distribution Statement 314 Notes forming part of the financial statements 332 First State Global Umbrella Fund PLC Table of Contents (continued) Appendix 440 Custodian’s Report to the Shareholders 441 Independent Auditors’ Report 442 Directory 445 This annual report does not constitute an offer to sell or a solicitation of an offer to buy shares in any of the sub-funds (“Funds”) of First State Global Umbrella Fund Plc (the “Company”). Subscriptions are to be made only on the basis of the information contained in the Company’s prospectus, and the relevant key investor information document, as supplemented by the latest semi-annual and annual reports. First State Global Umbrella Fund PLC Directors’ Report The Directors submit their Annual Report for the financial year ended 31 December 2015. Activities, Business Review and Future Prospects The Directors have directed the affairs of the Company in accordance with the Companies Acts 2014. A detailed business review and future prospects are outlined in the Investment Managers’ Reports. Risk Management Objectives and Policies Investment in the Company involves a number of risks. Details of the general and specific risks are contained in the Prospectus. Details of the risks associated with financial instruments are included in Note 8. Principal risks and uncertainties The Company is an umbrella fund with segregated liability between sub funds. The principal risks facing the Company relate primarily to the holding of financial instruments and markets in which it invests. The most significant types of financial risk to which the Company is exposed to are market risk, credit risk and liquidity risk. Market risk includes other price risk, currency risk and interest rate risk. Details of the risks associated with financial instruments are included in Note 8. Results and Dividend The results for the financial year are shown in the Statement of Comprehensive Income on pages 287- 296. Details of the dividends declared during the financial year in respect of certain Funds by the Directors are shown in the Distribution Statement on pages 314-331. The Directors did not declare or pay dividends on any of the Funds not mentioned in the Distribution Statement. Directors Mr Peter Blessing is a Director and the Chairman of the Company. Ms Bronwyn Wright, Mr Kevin Molony, Mr Michael Stapleton, Mr Chris Turpin and Mr James Breyley are also the Directors of the Company. The Directors of the Company are detailed on page 445. Directors' Responsibility Statement The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Irish law and International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Irish company law requires the Directors to prepare financial statements for each financial year that give a true and fair view of the assets, liabilities and financial position of the Company and of the Statement of Comprehensive Income of the Company for that financial year. In preparing the financial statements, the Directors are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether the financial statements have been prepared in accordance with IFRS as adopted by the European Union (“EU”) and ensure that they contain additional information required by the Companies Act, 2014; and prepare the financial statements on a going concern basis unless it is inappropriate to presume that the Company will continue. The Directors confirm that they have complied with the above requirements in preparing the financial statements. 1 First State Global Umbrella Fund PLC Directors’ Report (continued) Directors' Responsibility Statement (continued) The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements are prepared in accordance with IFRS and comply with the Irish Companies Act, 2014, the UCITS (Undertakings for Collective Investment in Transferable Securities) Regulations, the Central Bank (Supervision and Enforcement Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the “Central Bank UCITS Regulations”) and the Hong Kong Securities and Futures Commission (“SFC”) Code on Unit Trust and Mutual Funds (the “Code”). They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Under the UCITS Regulations, the Directors are required to entrust the assets of the Company to the Custodian for safe-keeping. In carrying out this duty, the Directors have delegated custody of the Company’s assets to HSBC Institutional Trust Services (Ireland) Limited, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2. The Central Bank UCITS Regulations came into effect on 1 November 2015. The Central Bank UCITS Regulations consolidate into one location all of the requirements which the Central Bank imposes on UCITS, UCITS management companies and depositaries of UCITS. They supplement existing legislative requirements. Accounting Records The measures taken by the Directors to secure compliance with the Company’s obligation to keep proper accounting records are the use of appropriate systems and procedures and employment of competent service providers. The accounting records are kept at 1 Grand Canal Square, Grand Canal Harbour, Dublin 2. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Corporate Governance Code The Board of Directors has assessed the measures included in the voluntary Corporate Governance Code for Collective Investment Schemes and Management Companies as published by the Irish Fund Industry Association in December 2011 (the “IFIA Code”). The Board adopted the IFIA Code with effect from 20 November 2012 and it follows the corporate governance practices and procedures in the IFIA Code. 2 First State Global Umbrella Fund PLC Directors ’ Report (continued) Directors and Secretary’s Interests in the Share Capital of the Company The Secretary did not hold any interest, beneficial or otherwise, in the share capital of the Company during or at the end of the financial year. In accordance with the requirements of the Central bank UCITS Regulations, all transactions carried out with the Company by the manager or depositary, the delegates or sub-delegates of the manager or depositary (excluding any non-group company sub-custodians appointed by the depositary) and any associated or group company of the manager, depositary, delegate or sub delegate (“connected parties”) must be conducted at arm’s length and be in the best interests of shareholders. The Directors are satisfied that there are arrangements in place, evidenced by written procedures, to ensure that the obligations set out in the Central bank UCITS Regulations are applied to all transactions with connected parties and transactions with connected parties entered into during the period complied with the obligations set out in the Central bank UCITS Regulations.
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