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K15913 228890 Japan.Indd ANNUAL REPORT For the fi nancial year ended 31 December 2010 DBS Japan Growth Fund ASSET MANAGEMENT 1 MANAGERS DBS Asset Management Ltd 6 Shenton Way, DBS Building Tower One Singapore 068809 Company Registration No. 198202562H DIRECTORS Amy Yip Yok Tak Deborah Ho TRUSTEE HSBC Institutional Trust Services (Singapore) Limited 21 Collyer Quay, #14-01 HSBC Building Singapore 049320 AUDITORS PricewaterhouseCoopers LLP 8 Cross Street, #17-00 PWC Building Singapore 048424 REGISTRAR RBC Dexia Trust Services Singapore Limited 20 Cecil Street, #28-01 Equity Plaza Singapore 049705 SOLICITORS TO THE MANAGERS Allen & Gledhill LLP One Marina Boulevard, #28-00 Singapore 018989 SOLICITORS TO THE TRUSTEE Shook Lin & Bok LLP 1 Robinson Road, #18-00 AIA Tower Singapore 048542 CUSTODIAN The Northern Trust Company Singapore Branch One George Street, #12-06 Singapore 049145 1 PERFORMANCE SUMMARY Since 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Inception % Chg % Chg % Chg A.G.R. A.G.R. A.G.R. A.G.R. JGF benchmark* 8.70 6.95 2.86 9.14 -9.39 -3.91 -2.51 DBS Japan Growth Fund 9.64 8.13 3.97 -8.95 -8.72 -2.65 0.76 Source: © 2010 Morningstar, Inc. and DBS Asset Management Ltd, returns as at 31 December 2010, SGD, Bid-bid basis with dividends and distributions reinvested, if any. Since 3 Mth 6 Mth 1 Yr 3 Yr 5 Yr 10 Yr Inception % Chg % Chg % Chg A.G.R. A.G.R. A.G.R. A.G.R. JGF benchmark* 8.70 6.95 2.86 9.14 -9.39 -3.91 -2.51 DBS Japan Growth Fund 5.25 3.80 -0.19 -10.18 -9.46 -3.05 0.59 Source: © 2010 Morningstar, Inc. and DBS Asset Management Ltd, returns as at 31 December 2010, SGD, Offer-bid basis with dividends and distributions reinvested, if any. *The benchmark has been changed to TOPIX Index from Nikkei Stock Average 225 Index from 01 June 2004. Since Inception: 31 December 1986 Portfolio Review For the year ended 31 December 2010, the DBS Japan Growth Fund (the “Fund”) outperformed its benchmark by 1.11%, gaining 3.97% (SGD terms, on bid-bid basis) versus the benchmark performance of 2.86%. In the fi rst quarter of 2010, the unit price of the Fund rose by 7.95%, outperforming the benchmark’s 7.00% gain by 0.95% in (SGD terms, on bid-bid basis). In terms of sector allocation, an underweight in Public Utilities and an overweight in Financials contributed positively to the Fund’s performance, an underweight of Service/Other Products had a negative impact. The Fund’s stock selections in Wholesale/ Transportation and Technology contributed positively, while those in Service/Other Products were negative. In the second quarter, the unit price of the Fund fell by 10.92%, underperforming the benchmark’s 9.35% decline by 1.57% in SGD terms. Regarding sector allocations, an underweight in Electric Power & Gas and an overweight in Electric Appliances & Precision Instruments contributed negatively, while an overweight of Retail Trade had a positive impact on the Fund’s performance. Likewise, while stock selections in Financials (ex Banks) and Banks were positive, those in IT & Services, Other and Automobiles & Transportation Equipment dragged on the fund’s performance. In the third quarter, the unit price of the Fund fell 1.38%, outperforming the benchmark decline of 1.61% by 0.24% in SGD terms. Regarding sector allocations, while an underweight of Electric Power & Gas and an overweight of Real Estate contributed positively, they were partially offset by negative contributions from an overweight of Finance & Insurance. On the other hand, stock selections in Manufacturing and Real Estate contributed positively, while those in Finance & Insurance and Transport & Communication performed poorly during the quarter. In the fourth quarter, the unit price of the Fund rose 9.64%, outperforming the benchmark’s gain of 8.70% by 0.94% in Singapore dollar terms. Regarding sector allocations, while underweights of Electric Power & Gas and Foods contributed positively, they were partially offset by negative contributions from an underweight of Machinery and an overweight of Steel & Nonferrous Metals. While stock selections in Transportation & Logistics and Banks contributed positively, those in Electric Appliances & Precision Instruments and Energy Resources had a negative impact on the Fund’s performance. 2 Portfolio Strategy In order to capitalise on the catch-up-rally in the Japanese stock market relative to its global peers, following a severe underperformance in the last two consecutive years, we will maintain the Fund’s basic characteristics by over- weighting high-beta & cyclical stocks such as Financials and Materials, while underweighting defensive sectors such as Public Utilities and Health Care. With regard to stock selections, we will continue to focus on benefi ciaries of strong growth in emerging economies. Additionally, we will accumulate holdings in companies that are poised to benefi t from possible changes in major trends in the domestic economy and interest rates. Market Review In the fi rst quarter of 2010, the Nikkei 225 rose 5.15% to over 11,000, while the TOPIX gained 7.85% to top 970. While favourable macro economic data perked investor sentiments, the Greek debt crisis and yen’s strength weighed on the market. Early January saw a rally as robust overseas economic indicators raised hopes for a global recovery. On 15 January, both the Nikkei 225 and TOPIX posted new highs since 2008 in reaction to a brisk earnings report from Intel Corp. However, the indices fell to monthly lows towards the end of the month in the face of monetary tightening concerns sparked by the raising of China’s reserve ratio, as well as tougher fi nancial regulations proposed by U.S. President Obama. February began on a positive note thanks to improved U.S. economic data, however, new fears related to Greece’s fi nancial status sent the Nikkei 225 below 10,000 on 8 February. Though the market rebounded following the EU’s endorsement of the Greek austerity programme, it headed south again towards month-end, as the yen strengthened and the unfolding debacle in Greece took centre stage once again. Japanese stocks gained traction in March on speculation of further monetary easing by the Bank of Japan and improved U.S. employment data, though the debt crisis in Europe continued to act as a drag. On the 26 March, the market rallied sharply on reports of the EU/IMF joint emergency support package for Greece and the yen weakened to around 92 against the U.S. dollar. In the second quarter, the Nikkei 225 fell 15.40%, and the TOPIX fell 14.04%. Concerns of a global recession re-emerged owing to the European debt crisis, as well as increasing uncertainty about the U.S. economic recovery. A stronger yen was a further drag to investor sentiment. Economic indicators recovered in April, but renewed fears of a deterioration of the European debt crisis, as well as concerns about a revaluation of the Chinese yuan, capped market gains. The market plunged on 19 April as the Goldman Sachs fraud charge triggered fears of tighter U.S. fi nancial regulations. Towards the end of the month, stocks with favorable earnings were bought as the earnings season began in earnest but lacked any strong conviction as market indices fl uctuated refl ecting expectations for an economic recovery on the one hand and concerns about Greece’s fi scal problems on the other. The market kicked off May with a sharp decline following a plunge in overseas stocks that occurred while markets were closed for the Golden Week holidays. The EU’s announcement of a eurozone rescue fund sparked a rebound, but the market declined in the latter half of the month due to the weakness of worldwide markets and yen appreciation. Worries that the European debt crisis might threaten the region’s fi nancial system triggered further risk-off behaviour. In June, the market fell sharply as the yen appreciated to Y108/€ on fears of a debt crisis contagion in Europe. Investors gained some relief following the EU’s announcement on 10 June of additional measures to prevent another sovereign debt crisis. In the latter half of the month, a string of weak U.S. indicators gave rise to doubts about a sustained global economic recovery. With ongoing yen appreciation and the G20’s pledge to cut defi cits fuelling concerns about a negative impact on the economy, the TOPIX declined for seven straight days beginning on 22 June, during which time it hit a new low for the year. In the third quarter, the Nikkei 225 fell by 0.14% to 9,369.35, while the TOPIX declined 1.42% to 829.51. In July, the market rallied on strong earnings results announced by U.S. and Japanese companies. The rallies met with heavy resistance amid intensifying concerns of a global economic slowdown sparked by European fi scal tightening, concerns over a slowdown of growth in the Chinese economy, and a lack of 3 strong economic indicators in the U.S.. Investors’ appetite for risk was also bogged down by the yen’s appreciation against other major currencies. The yen climbed sharply to a 15-year high against the dollar in August. Both the Nikkei 225 and the TOPIX closed August at yearly lows as additional monetary easing by the Bank of Japan (BoJ) failed to meet market expectations. In September, shares rebounded as fears about the U.S. economy eased and investors reacted positively to a pause in yen appreciation following a surprise currency intervention by the Japanese government.
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