DOCSLIB.ORG

DBS Equity Picks

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
DBS Equity Picks China / Hong Kong Market Focus DBS Equity Picks (Information in this document has been prepared without taking account of the objectives, financial situation or needs of any particular investor. Therefore, investment products mentioned in this document may not be suitable for all investors) Refer to important disclosures at the end of this report DBS Group Research . Equity 7 Nov 2019 ANALYST Position for a short term rebound Dennis LAM +852 36684177 [email protected] Byron LAM +852 36684169 [email protected] Add DBS Equity Picks at a glance SHK Properties (16 HK), Ping An (2318 HK), BOCHK (2388 HK) Ke y fa c ts and HKEx (388 HK) into Blue Chip Inception Date 22 Jun 2018 T WRR (%) 8.23% Remove Start Value (HK$) 1,000,000 TWRR Ann (%) 5.90% China Mobile (941 HK) and Shenzhou Intl (2313 HK) from Blue Current Value (HK$) 1,082,264 Total Div. Recd' (HK$) 45,520 Chip; Fortune REIT (788 HK) and HKBN (1310 HK) from Dividend Cash level (HK$) 2,101 Ca te gorie s October has proven to be an eventful month, with US-China trade BLUE CHIP DIVIDEND GROWTH talks, HK’s ongoing social unrest and China’s Fourth Plenary Provides steady growth over a Provides steady income stream Provides capital growth over 12 Session being the focus of the market. Given that the prevailing longer time period months negative sentiment has been factored in, we have taken a less DBS Equity Picks Constituents conservative approach in our selection. Entry Last UGL* Div We believe it is time to remove some of the very defensive names # of Price Price No. of (CD) paid from our top picks, such as Shenzhou Int’l (2313 HK), HKBN (1310 Stock Entry Date shares (HK$) (HK$) day s % (HK$) SHK PPT 6-Nov-19 680 121.3 121.3 1 0.0% 0.00 HK), Fortune REIT (778 HK), China Mobile (941 HK). In their place, MENGNIU DAIRY 2-Aug-19 2,900 31.0 30.5 97 -1.6% 0.00 we have selected HKEx (388 HK), BOCHK (2388) and SHKP (16 TENCENT 22-Mar-19 230 365.0 334.0 230 -8.5% 1.00 HK). These are Blue chip names which have been PING AN 6-Nov-19 880 94.0 94.0 1 0.0% 0.00 underperforming YTD but the key negatives have been mostly BOCHK 6-Nov-19 2,960 28.1 28.1 1 0.0% 0.00 HKEX 6-Nov-19 330 251.2 251.2 1 0.0% 0.00 priced in. LINK REIT 5-Aug-19 930 90.7 85.6 94 -5.6% 0.00 XIABUXIABU 2-Aug-19 8,230 10.9 10.5 97 -3.9% 0.06 As for the rest, we continue to prefer Food & Beverage names CG SERVICES 2-May-19 5,730 14.9 27.4 189 83.1% 0.08 such as China Mengniu Dairy (2319 HK) and Xiabuxiabu (520 HK). CHINA EDUCATION 28-May-19 6,660 12.5 11.9 163 -4.6% 0.00 SHIMAO PROPERTY 3-Sep-19 3,390 21.9 28.5 65 30.1% 0.60 For sectors that offer secular growth and are not impacted by the CHINA RAIL CN-H 4-Oct-19 9,900 8.7 9.0 34 3.2% 0.00 trade war, we maintain our preference on China Education Group A v erage 81 7.7% (839 HK), Country Garden Services (6098 HK), and Tencent (700 *Unrealized gain/loss HK). Cha nge s ove r the pa st month We maintain Shimao (813 HK) in the list for its strong sales Return CD outlook, stable margins, high dividend yield and healthy balance Stock Date # of shares Price ($) (%) sheet. A ddition SHK PPT 6 Nov 680 121.3 0.0% PING AN 6 Nov 880 94.0 0.0% We add Ping An Insurance back (2318 HK) for its continual focus BOCHK 6 Nov 2,960 28.1 0.0% of higher margin products and better product mix. HKEX 6 Nov 330 251.2 0.0% Remov al CHINA MOBILE 6 Nov 1,100 83.9 -6.9% SHENZHOU INTL GP 6 Nov 830 109.0 4.8% HKBN LTD 6 Nov 7,300 13.4 10.8% FORTUNE REIT 6 Nov 8,300 10.4 -7.2% DBS Equity Picks Performance Since Inception One Year sa - CS / AH China/Hong Kong Market Focus DBS Equity Picks Blue Chips Bank of China Hong Kong Despite ongoing US/China trade uncertainties, BOCHK has maintained its Price Chart (2388 HK) guidance for FY19 loan growth to be in the high single digit driven by strong HK$ Relative Index Sector: HK Banks credit demands across the board; Expect BOCHK to continue to deliver 8-9% loan 45.0 200 growth p.a. in FY20-21F. 40.0 180 35.0 160 30.0 140 25.0 120 Risk Factor : Worse-than-expected asset quality. 100 20.0 80 Price: HK$28.10 12-mth TP: HK$33.00 Upside: 17.4% 15.0 60 10.0 40 Date added to list: 6-Nov-19 Price when added HK$28.10 5.0 20 Days passed 1 Dividend received HK$0.00 0.0 0 Nov-15 Jul-16 Mar-17Nov-17 Jul-18 Mar-19 % gain/(loss) 0.0% % chg relative to HSI: 0.0% Boc Hong Kong Holdings (LHS) Relative HSI (RHS) China Mengniu (2319 HK) Solid outlook driven by core SKUs and margin enhancement from better product- Price Chart mix and lower A&P spending; Expect UHT milk and UHT yogurt to remain the key HK$ Relative Index Sector: Food & Beverage drivers, while the company will continue to invest in milk powder and ice-cream; 40.0 Delivering 24% y-o-y earnings growth in FY19F, and another 20% growth in 35.0 250 FY20F. 30.0 200 25.0 Risk Factor : Demand slowdown, raw material cost fluctuation 20.0 150 15.0 Price: HK$30.50 12-mth TP: HK$34.30 Upside: 12.5% 100 10.0 50 Date added to list: 2-Aug-19 Price when added HK$31.00 5.0 Days passed 97 Dividend received HK$0.00 0.0 0 % gain/(loss) -1.6% % chg relative to HSI: -4.5% Nov-15 Jul-16 Mar-17Nov-17 Jul-18 Mar-19 China Mengniu Dairy (LHS) Relative HSI (RHS) HKEx (388 HK) The trend of US-listed Chinese companies to secondary list in HK will continue, Price Chart due to the recent new listing regime and the escalation of the Sino-US trade war; HK$ Relative Index Sector: Financials Expect Northbound trading to benefit substantially from MSCI China A-share 350.0 160 inclusion. The increasing number of derivative products would also boost HKEx’s 300.0 140 earnings. 250.0 120 100 200.0 80 Risk Factor : Weak market sentiment 150.0 60 25.8% Price: HK$251.20 12-mth TP: HK$316.00 Upside: 100.0 40 Date added to list: 6-Nov-19 Price when added HK$251.20 50.0 20 Days passed 1 Dividend received HK$0.00 0.0 0 Nov-15 Jul-16 Mar-17Nov-17 Jul-18 Mar-19 % gain/(loss) 0.0% % chg relative to HSI: 0.0% Hong Kong Exs.& Clear. (LHS) Relative HSI (RHS) Ping An Insurance (2318 Positive on Ping An’s upcoming FYP growth, given both insurers’ have managed Price Chart HK) to expand their agency headcount amid last year’s challenging environment. We HK$ Relative Index believe the rebound in bond yield helps to alleviate the concerns over the rising Sector: China insurers 120.0 250 reserving risk as we move into FY20F. 100.0 200 80.0 150 Risk Factor : competition, economic slowdown in China 60.0 100 Price: HK$94.00 12-mth TP: HK$115.00 Upside: 22.3% 40.0 50 Date added to list: 6-Nov-19 Price when added HK$94.00 20.0 Days passed 1 Dividend received HK$0.00 0.0 0 Nov-15 Jul-16 Mar-17Nov-17 Jul-18 Mar-19 % gain/(loss) 0.0% % chg relative to HSI: 0.0% PING AN INSURANCE (GROUP) OF CHINA 'H' (LHS) Page 2 China/Hong Kong Market Focus DBS Equity Picks SHK Properties As the largest home builder in town, its share price performance should correlate Price Chart (16 HK) with the fundamentals in the HK real estate market; For FY20, SHKP targets to sell HK$ Relative Index Sector: HK Property HK$47.5bn worth of properties comprising HK$40bn in HK and HK$7.5bn in 160.0 160 China; Valuation is undemanding from a historical perspective and should help 140.0 140 cushion any downside risk on share price. 120.0 120 100.0 100 Risk Factor : Deterioration in property demand 80.0 80 60.0 60 11.8% Price: HK$121.30 12-mth TP: HK$135.60 Upside: 40.0 40 Date added to list: 6-Nov-19 Price when added HK$121.30 20.0 20 Days passed 1 Dividend received HK$0.00 0.0 0 Nov-15 Jul-16 Mar-17Nov-17 Jul-18 Mar-19 % gain/(loss) 0.0% % chg relative to HSI: 0.0% Sun Hung Kai Properties (LHS) Relative HSI (RHS) Tencent (700 HK) Enhancing its position in the online advertising business, through partnerships Price Chart with e-commerce platforms; Positive on ad load growth from under-monetised HK$ Relative Index Sector: Technology WeChat Moment and Mini Program; Expect Tencent to deliver a segmental 500.0 revenue CAGR of 29% during FY18-20F, due to its dominant position in the 450.0 300 400.0 250 online game segment.
Load more

Recommended publications
  • Morgan Stanley's Top-Performing Fund Buys Undervalued Stocks
    January 19, 2020 | bloomberg.com Photographer: Michael Nagle/Bloomberg Markets Morgan Stanley’s Top-Performing Fund Buys Undervalued Stocks by Ishika Mookerjee January 19, 2020 ▶ Consumer stocks are a focus; more than half of assets in China ▶ Meituan, Moutai among drivers of fund’s 44% gain in past year A top-performing Morgan Stanley fund remain a key focus this year despite its invested capital and 15% revenue growth is betting on cash-rich consumption- slower growth in 2019. over the past three years, he added. The focused stocks in Asia, especially China, to Asian consumer stocks provide “high MSCI Asia ex Japan Index has gained 3.4% manage risks in market cycles this year. returns on capital, low leverage and so far this year. The Wall Street firm’s Asia Opportunity quality growth prospects,” Hong Kong- With more than 800 million people Portfolio, which focuses on equities in based Heugh said. The region offers “the emerging from poverty since market the region excluding Japan, returned 44% highest ratio” of high-quality companies reforms began in 1978, China is an in the past year, beating 99% of its peers, that have generated both 15% return on especially attractive hunting ground for according to data compiled by Bloomberg. The portfolio focuses on undervalued companies with low debt or net cash on their balance sheets, many of which are found in consumer sectors, said Kristian Heugh, who has been co-managing the fund since its inception in 2016. “We seek to protect investors’ capital by focusing on high quality companies with sustainable competitive advantages and purchasing them at a discount to our estimate of intrinsic value,” Heugh said.
    [Show full text]
  • Greater China 2019
    IR Magazine Awards – Greater China 2019 Winners and nominees AWARDS BY RESEARCH Best overall investor relations (large cap) ANTA Sports Products China Resources Beer WINNER China Telecom China Unicom Shenzhou International Group Holdings Best overall investor relations (small to mid-cap) Alibaba Pictures Group Far East Consortium International WINNER Health and Happiness H&H International Holdings Li-Ning NetDragon Websoft Holdings Best investor relations officer (large cap) ANTA Sports Products Suki Wong Cathay Financial Holdings Yajou Chang & Sophia Cheng China Resources Beer Vincent Tse WINNER China Telecom Lisa Lai China Unicom Jacky Yung Best investor relations officer (small to mid-cap) Agile Group Holdings Samson Chan BizLink Holding Tom Huang Far East Consortium International Venus Zhao WINNER Li-Ning Rebecca Zhang Yue Yuen Industrial (Holdings) Olivia Wang Best IR by a senior management team Maggie Wu, CFO & Daniel Zhang, Alibaba Group CEO Tomakin Lai Po-sing, CFO & China Resources Beer Xiaohai Hou, CEO Xiaochu Wang, CEO & Zhu WINNER China Unicom Kebing, CFO Wai Hung Boswell Cheung, CFO & Far East Consortium International David Chiu, Chairman & CEO Ma Jianrong, CEO & Cun Bo Wang, Shenzhou International Group Holdings CFO AWARDS BY REGION Best in region: China Alibaba Pictures Group ANTA Sports Products China Resources Beer WINNER China Telecom China Unicom Shenzhou International Group Holdings Best in region: Hong Kong AIA Group Far East Consortium International WINNER Health and Happiness H&H International Holdings Yue Yuen
    [Show full text]
  • WCM Focused Emerging Markets Fund SCHEDULE of INVESTMENTS As of July 31, 2020 (Unaudited)
    WCM Focused Emerging Markets Fund SCHEDULE OF INVESTMENTS As of July 31, 2020 (Unaudited) Number of Shares Value COMMON STOCKS — 91.0% ARGENTINA — 4.5% 49,089 Globant S.A.* $ 8,489,451 20,427 MercadoLibre, Inc.* 22,972,613 31,462,064 BRAZIL — 4.3% 724,230 Hapvida Participacoes e Investimentos S.A.1 9,043,504 637,865 Lojas Renner S.A. 5,029,212 735,180 Notre Dame Intermedica Participacoes S.A. 9,408,545 135,494 XP, Inc.* 6,300,471 29,781,732 CHINA — 28.6% 467,060 Airtac International Group 9,797,686 200,258 Alibaba Group Holding Ltd. - ADR* 50,268,763 735,174 ANTA Sports Products Ltd. 6,978,998 346,687 Autobio Diagnostics Co., Ltd. - Class A 8,082,568 2,134,296 By-health Co., Ltd. - Class A 7,654,996 3,532,000 Kingdee International Software Group Co., Ltd.* 9,768,906 288,105 Meituan Dianping - Class B* 7,129,590 1,473,420 Shenzhou International Group Holdings Ltd. 17,599,596 188,215 Silergy Corp. 11,291,122 556,290 Tencent Holdings Ltd. 38,160,505 4,297,415 TravelSky Technology Ltd. - Class H 8,266,021 294,444 Wuliangye Yibin Co., Ltd. - Class A 9,178,043 1,049,069 WuXi AppTec Co., Ltd. - Class H1 15,817,778 199,994,572 HONG KONG — 7.8% 2,418,531 AIA Group Ltd. 21,807,752 3,869,330 China Mengniu Dairy Co., Ltd.* 18,156,740 1,407,385 Techtronic Industries Co., Ltd. 14,719,896 54,684,388 INDIA — 9.8% 204,687 Asian Paints Ltd.
    [Show full text]
  • Wilmington Funds Holdings Template DRAFT
    Wilmington International Fund as of 5/31/2021 (Portfolio composition is subject to change) ISSUER NAME % OF ASSETS TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2.82% ISHARES MSCI CANADA ETF 2.43% SAMSUNG ELECTRONICS CO LTD 1.97% TENCENT HOLDINGS LTD 1.82% DREYFUS GOVT CASH MGMT-I 1.76% MSCI INDIA FUTURE JUN21 1.68% AIA GROUP LTD 1.05% HDFC BANK LTD 1.05% ASML HOLDING NV 1.03% ISHARES MSCI EUROPE FINANCIALS ETF 1.02% USD/EUR SPOT 20210601 BNYM 1.00% ALIBABA GROUP HOLDING LTD 0.95% DSV PANALPINA A/S 0.90% TECHTRONIC INDUSTRIES CO LTD 0.88% JAMES HARDIE INDUSTRIES PLC 0.83% INFINEON TECHNOLOGIES AG 0.73% BHP GROUP LTD 0.67% SIKA AG 0.64% MEDIATEK INC 0.60% NOVO NORDISK A/S 0.56% OVERSEA-CHINESE BANKING CORP LTD 0.55% CSL LTD 0.55% LVMH MOET HENNESSY LOUIS VUITTON SE 0.54% RIO TINTO LTD 0.53% DREYFUS GOVT CASH MGMT-I 0.53% MIDEA GROUP CO LTD 0.53% TOYOTA MOTOR CORP 0.52% PARTNERS GROUP HOLDING AG 0.52% SAP SE 0.51% ADIDAS AG 0.49% NAVER CORP 0.49% HITACHI LTD 0.49% MERIDA INDUSTRY CO LTD 0.47% ZALANDO SE 0.47% SK MATERIALS CO LTD 0.47% CHINA PACIFIC INSURANCE GROUP CO LTD 0.45% HEXAGON AB 0.45% LVMH MOET HENNESSY LOUIS VUITTON SE 0.44% JD.COM INC 0.44% TOMRA SYSTEMS ASA 0.44% DREYFUS GOVT CASH MGMT-I 0.44% SONY GROUP CORP 0.43% L'OREAL SA 0.43% EDENRED 0.43% AUSTRALIA & NEW ZEALAND BANKING GROUP LTD 0.43% NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 0.42% HUAZHU GROUP LTD 0.41% CRODA INTERNATIONAL PLC 0.40% ATLAS COPCO AB 0.40% ASSA ABLOY AB 0.40% IMCD NV 0.40% HUTCHMED CHINA LTD 0.40% JARDINE MATHESON HOLDINGS LTD 0.40% HONG KONG EXCHANGES
    [Show full text]
  • Quarterly Holdings
    American Century Investments® Quarterly Portfolio Holdings Emerging Markets Fund February 28, 2021 Emerging Markets - Schedule of Investments FEBRUARY 28, 2021 (UNAUDITED) Shares/ Principal Amount ($) Value ($) COMMON STOCKS — 99.0% Argentina — 1.1% Globant SA(1) 165,924 35,627,201 Brazil — 8.4% B3 SA - Brasil Bolsa Balcao 2,548,300 24,740,909 Banco BTG Pactual SA 1,100,700 20,082,541 Gerdau SA, Preference Shares 5,457,600 25,173,791 Locaweb Servicos de Internet SA 7,089,422 36,027,754 Magazine Luiza SA 6,528,672 28,308,542 Raia Drogasil SA 2,234,000 9,268,138 Randon SA Implementos e Participacoes, Preference Shares 4,833,500 11,246,715 Suzano SA(1) 756,100 9,896,138 TOTVS SA 3,500,400 19,531,335 Vale SA, ADR 3,342,195 56,483,095 WEG SA 2,530,800 35,246,590 276,005,548 China — 37.4% A-Living Smart City Services Co. Ltd. 3,194,500 13,378,203 Alibaba Group Holding Ltd., ADR(1) 753,185 179,077,266 Anhui Conch Cement Co. Ltd., H Shares 2,216,000 14,253,151 China Construction Bank Corp., H Shares 54,801,000 43,998,955 China Education Group Holdings Ltd. 9,550,000 17,703,980 China Gas Holdings Ltd. 4,976,000 20,026,059 China Tourism Group Duty Free Corp. Ltd., A Shares 1,000,917 47,507,859 CIFI Holdings Group Co. Ltd. 39,800,888 37,658,117 Contemporary Amperex Technology Co. Ltd., A Shares 334,100 16,589,095 Country Garden Services Holdings Co.
    [Show full text]
  • Eligible Assets and Credit-To-Asset Ratio for Secured Credit
    Eligible Assets and Credit-to-asset Ratio for Secured Credit Effective from 30 Sep 2021 List of Eligible Assets (Excluding Stocks) Asset Types Credit-to-asset Ratio HKD Time Deposits 100% Foreign Currency Time or Saving Deposits 85% Deposit Plus 70% Structured Investment Deposits (Including Capital Protected Investment Deposits) 70% Unit Trusts*/Bonds*#/Certificates of Deposit/Equity Link Notes/Equity Link Investment with Product Risk Level 1 70% Product Risk Level 2 70% Product Risk Level 3 50% Product Risk Level 4 30% Product Risk Level 5 – *exclude the Non-eligible Products listed below. #For new bonds issued on or after 17 Mar 2020, the timeline for assignment of Credit -to-asset Ratio for Secured Credit Facility will be revised follow: for new bonds issued between 1 Jan to 30 Jun each year, Credit-to-asset Ratio will be assigned in Sep of the same year (where applicable); for new bonds issued between 1 Jul to 31 Dec, Credit-to-asset Ratio will be assigned in Mar of next year (where applicable); Please refer to the relevant bond term sheet or the bond details in our website for the issue date of the relevant bond. Gold 0% (Credit-to-asset Ratio for Gold (Wayfoong Statement Gold) is removed from 20 Dec 2019) List of Non-eligible Products (Capital in Nature Instruments and Other TLAC-eligible Instruments, Hedge Funds, Liquid Alternative Funds are not eligible) Product Type Bond / Fund Code Bond / Fund Name Bonds US404280AN99 HSBC HOLDINGS PLC 4% USD BOND 3/30/2022 Bonds US404280AL34 HSBC HOLDINGS PLC 4.875% USD BOND 1/14/2022 Bonds
    [Show full text]
  • VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND SCHEDULE of INVESTMENTS (Unaudited) DECEMBER 31, 2020
    VONTOBEL EMERGING MARKETS OPPORTUNITIES FUND SCHEDULE OF INVESTMENTS (Unaudited) DECEMBER 31, 2020 ($ reported in thousands) Shares Value Shares Value COMMON STOCKS—99.9% Industrials—continued BOC Aviation Ltd. (Singapore) 2,831,072 $ 24,467 Communication Services—16.7% MTR Corp., Ltd. (Hong Kong) 15,986,249 89,392 Autohome, Inc. ADR (China) 1,034,715 $ 103,078 Techtronic Industries Co., Ltd. NAVER Corp. (South Korea) 497,989 134,090 (Hong Kong) 4,339,588 61,911 NCSoft Corp. (South Korea) 49,846 42,720 NetEase, Inc. (China) 3,744,972 71,301 233,649 NetEase, Inc. ADR (China) 707,326 67,741 Telekom Indonesia Persero Tbk PT (Indonesia) 501,615,900 118,174 Information Technology—26.0% Tencent Holdings Ltd. (China) 5,348,592 389,116 HCL Technologies Ltd. (India) 16,881,660 218,600 Tencent Music Entertainment Group ADR (China)(1) 7,679,722 147,758 Hundsun Technologies, Inc. (China) 4,350,968 69,791 1,073,978 Largan Precision Co., Ltd. (Taiwan) 550,849 62,636 Samsung Electronics Co., Ltd. (South Korea) 1,983,543 147,903 SK Hynix, Inc. (South Korea) 2,774,842 302,696 Consumer Discretionary—14.8% (1) Sunny Optical Technology Group Co., Ltd. (China) 3,908,011 85,546 Alibaba Group Holding Ltd. (China) 6,376,000 191,302 Taiwan Semiconductor Manufacturing Co., Ltd. Alibaba Group Holding Ltd. Sponsored ADR (China)(1) 370,976 86,337 (1)(2) (Taiwan) 22,736,781 428,874 Baozun, Inc. Sponsored ADR (China) 1,111,667 38,186 Taiwan Semiconductor Manufacturing Co., Ltd. Eicher Motors Ltd. (India) 1,771,862 61,373 Sponsored ADR (Taiwan) 642,009 70,005 Lojas Renner S.A.
    [Show full text]
  • Virtus Vontobel Emerging Markets Opportunities Fund Fund Investments As of : 06/30/2021 (Unaudited)
    Virtus Vontobel Emerging Markets Opportunities Fund Fund Investments as of : 06/30/2021 (Unaudited) Percentage of Market Value by Country Brazil 3.8% Vietnam Brazil China 34.1% United Kingdom China Hong Kong 4.8% Thailand India 11.4% Taiwan Indonesia 4.5% South Africa Korea (South) 16.1% Singapore Malaysia 1.2% Peru Mexico 3.0% Mexico Peru 0.9% Malaysia Singapore 2.0% South Africa 2.5% Taiwan 11.3% Thailand 2.7% United Kingdom 1.4% Korea (South) Hong Kong Vietnam 0.4% Indonesia India Total: 100.0% Brazil 3.78% Shares Security Name Market Value 7,699,564 Lojas Renner SA $68,856,127 14,219,505 B3 SA - Brasil Bolsa Balcao $47,886,266 1,175,772 XP Inc $51,204,871 3,969,481 Notre Dame Intermedica Participacoes SA $67,916,449 Brazil Total Market Value: $235,863,713 China 34.05% Shares Security Name Market Value 1,035,731 Autohome Inc $66,245,355 651,221 NetEase Inc $75,053,220 5,060,913 NetEase Inc $114,654,843 4,856,997 Tencent Holdings Ltd $365,324,144 4,796,941 Alibaba Group Holding Ltd $135,920,433 1,041,923 Baozun Inc $36,925,751 2,774,076 China Tourism Group Duty Free Corp Ltd $128,841,082 1,685,849 Meituan $69,567,897 1,073,060 Shenzhou International Group Holdings Ltd $27,101,872 1 3,065,151 Yum China Holdings Inc $203,066,254 1,945,376 Yum China Holdings Inc $126,905,573 8,863,480 Chacha Food Co Ltd $59,122,331 3,242,988 Foshan Haitian Flavouring & Food Co Ltd $64,719,730 14,323,971 Toly Bread Co Ltd $69,165,264 3,269,504 Wuliangye Yibin Co Ltd $150,732,815 2,742,155 BOC Aviation Ltd $23,132,949 4,276,940 Shanghai International Airport
    [Show full text]
  • Semi-Annual Report and Accounts
    Fidelity Active STrategy Société d’investissement à capital variable Established in Luxembourg RCS Luxembourg B 102 944 Semi-Annual Report and Accounts For the period ended 31 March 2018 Unaudited This Semi-Annual Report of the Company does not constitute an offer of Shares. Shares are offered on the basis of the information contained in the current Prospectus (and the documents referred to within it) supplemented by the last available audited Annual Report of the Company and any subsequently published unaudited Semi-Annual Report. Copies of the current Prospectus, latest audited Annual and unaudited Semi- Annual Reports and Portfolio Changes for the Company are available free of charge from the registered office of the Company or from any of the companies registered as distributors of Fidelity Active STrategy or, for investors in Switzerland, from the representative of the Company in this country. Fidelity Active STrategy Contents Introduction 2 Directors and Conducting Officers 3 Investment Manager’s Report 4 . Schedule of Investments Equity Funds Asia Fund 5 Emerging Markets Fund 8 Europe Fund 11 Global Fund 12 UK Fund 14 US Fund 15 . Statement of Net Assets 18 Statement of Net Asset Value per Share 20 Statement of Operations and Changes in Net Assets 21 Notes to the Financial Statements 23 Total Expense Ratio 27 Supplementary Information 28 Directory 29 1 Fidelity Active STrategy Introduction Fidelity Active STrategy (the "Company") is an open-ended investment company established in Luxembourg as a société d'investissement à capital variable (SICAV). Its assets are held in different sub-funds. Each sub-fund holds a separate portfolio of securities and other assets managed in accordance with specific investment objectives.
    [Show full text]
  • 3Q20 Baron Emerging Markets Fund Letter
    September 30, 2020 Baron Emerging Markets Fund Dear Baron Emerging Markets Fund Shareholder: Performance Baron Emerging Markets Fund (the “Fund”) gained 12.92% (Institutional Shares) for the third quarter of 2020, while its principal benchmark index, the MSCI EM Index, appreciated 9.56%. The MSCI EM IMI Growth Index gained 14.11% for the quarter. The Fund outperformed its principal benchmark index, while trailing the all-cap growth proxy, in a quarter that was in many ways an extension of the previous one, as global equities delivered solid returns with broad-based participation. Emerging market (“EM”) and international equities largely kept up with their U.S. counterparts, while various sectors exhibited pockets of intermittent leadership with no clear change in the market’s overall tone. Progress continued with clinical trials for vaccines and therapies to address the COVID-19 health crisis, though some uncertainty remains as to when large-scale vaccination may be achievable and whether adequate scale of fiscal support will be forthcoming in the interim. Though a market correction began late in the third quarter, in our view related to uncertainty regarding a U.S. “Phase 5” fiscal stimulus package as well as the upcoming election, we remain optimistic. Looking forward, we have increasing conviction that COVID-19 will prove to have been the catalyst that pushed global policymakers through the portal of “Modern MICHAEL KASS Retail Shares: BEXFX Monetary Theory,” or what we call “populist QE.” We believe this, together with Institutional Shares: BEXIX the emergence of government-directed lending programs, credit guarantees and PORTFOLIO MANAGER R6 Shares: BEXUX grants, may well usher in a regime change for market leadership, favoring equities over fixed income, and sparking a sustainable period of outperformance for EM and international equities.
    [Show full text]
  • VIP Emerging Markets Fund Holdings
    Percent of Total Holdings VanEck VIP Emerging Markets Fund 11/30/2020 U.S. Dollar Security Name Sedol Port. Shares Weight Total 100.00% Alibaba Group Holding Ltd. Sponsored ADR BP41ZD 7.15% 46,060.00 Tencent Holdings Ltd. BMMV2K 6.84% 159,200.00 HDFC Bank Limited 5.14% 319,600.00 HDFC Bank Limited BK1N46 3.05% 268,200.00 HDFC Bank Limited Sponsored ADR 278164 2.09% 51,400.00 Ping An Insurance (Group) Company of China, Ltd. Class H B01FLR 3.40% 490,000.00 Samsung SDI Co., Ltd 677164 3.11% 10,925.00 Prosus N.V. Class N BJDS7L 2.97% 46,305.00 Meituan Class B BGJW37 2.34% 106,000.00 Wuxi Biologics (Cayman) Inc. BL6B9P 2.11% 361,500.00 Taiwan Semiconductor Manufacturing Co., Ltd. 688910 2.04% 203,000.00 Delivery Hero SE BZCNB4 1.93% 26,800.00 A-Living Smart City Services Co., Ltd. Class H BFWK4M 1.74% 699,250.00 POYA International Co., Ltd. 654182 1.73% 140,010.00 China Education Group Holdings Limited BF1343 1.72% 1,461,000.00 Reliance Industries Limited 1.70% 114,133.00 Reliance Industries Limited 609962 1.64% 107,000.00 Reliance Industries Limited TEMP BM92YZ 0.06% 7,133.00 PT Bank BTPN Syariah Tbk BFNBJ4 1.66% 9,650,000.00 GDS Holdings Ltd. Sponsored ADR Class A BD6FLL 1.58% 29,700.00 Qualitas Controladora S.A.B. de C.V. Class I BYMXF6 1.55% 541,183.00 Yandex NV Class A B5BSZB 1.42% 34,837.00 Cholamandalam Investment and Finance Co.
    [Show full text]
  • Market Value As Equity & Bonds Cash and Cash Equivalents 7.34% Taiwan Semiconductor Manufacturing 4.48% Banca Transilvan Sa
    EATON VANCE EMERGING AND FRONTIER COUNTRIES EQUITY FUND Summary of Holdings as of 8/31/2021 The following summary reflects unaudited holdings. Holdings information may differ if presented as of trade date. Due to rounding, exposures of less than 0.005% may show as 0.00%. Portfolio information subject to change due to active management. This Portfolio represents a portion of the Fund's holdings as of the date noted. Please refer to "Fund Weightings" on the Portfolio tab to determine the percentage of the Fund's holdings invested in the Portfolio as of such date. Type of Investment (excluding derivative exposures): Market Value as % of TNA(1) Equity & Bonds Cash and Cash Equivalents 11.21% Banca Transilvan Sa 3.55% Taiwan Semiconductor Manufacturing 3.42% Tbc Bank Group Plc 3.17% Bank Of Georgia Group Plc 3.14% Commercial International Bank 2.38% Fpt Corp 2.21% Samsung Electronics Ltd 2.12% Georgia Capital Plc 1.72% First Abu Dhabi Bank 1.71% Hellenic Telecommunications Organi 1.63% Al Yah Satellite Communications Co 1.58% Emirates Telecom 1.54% Eurohold Bulgaria 1.48% Bank Of Cyprus Holding Plc 1.47% Petrom Sa 1.41% Military Commercial 1.33% Emirates Nbd 1.30% Credit Agricole Egypt 1.27% Mobile World Investment Corp 1.24% Greek Organisation Of Football Pro 1.16% Vietnam Prosperity Joint Stock Com 1.15% Taaleem Management Services Compan 1.12% Phu Nhuan Jewelry 1.12% Bank Central Asia 1.08% Vietnam Technological And Commerci 1.07% Brd - Groupe Sg Sa 1.07% Nova Ljubljanska Banka 1.04% Sngn Romgaz Sa 1.03% Siauliu Bankas 0.83% Krka Dd 0.81% Abu Dhabi Commercial Bank 0.79% United States Treasury Bill 0.78% Emaar Properties 0.75% Public Bank 0.75% Ab Ignitis Grupe Gdr Reg S 0.74% Viet Capital Securities 0.67% Metalac Ad Gornji Milanovac 0.66% Bank Rakyat Indonesia (persero) 0.66% Eurobank Holdings Sa 0.65% Lucky Cement Ltd 0.64% Alpha Services And Holdings Sa 0.61% Mytilineos Sa 0.61% Aldar Properties 0.60% Eastern Co.
    [Show full text]