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2019Semi-Annual Report

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2019Semi-Annual Report VALUE PARTNERS TAIWAN FUND SEMI-ANNUAL 2019 REPORT For the six months ended 31 December 2019 Value Partners Hong Kong Limited 43rd Floor, The Center 99 Queen’s Road Central, Hong Kong Tel: (852) 2880 9263 Fax: (852) 2565 7975 Email: [email protected] Website: www.valuepartners-group.com In the event of inconsistency, the English text of this Semi-Annual Report shall prevail over the Chinese text. This report shall not constitute an offer to sell or a solicitation of an offer to buy units in any of the funds. Subscriptions are to be made only on the basis of the information contained in the explanatory memorandum, as supplemented by the latest semi-annual and annual reports. VALUE PARTNERS TAIWAN FUND (A Cayman Islands Unit Trust) CONTENTS Pages General information 2 - 3 Manager’s report 4 - 10 Statement of financial position (unaudited) 11 Investment portfolio (unaudited) 12 - 13 Investment portfolio movements (unaudited) 14 SEMI-ANNUAL REPORT 2019 For the six months ended 31 December 2019 1 VALUE PARTNERS TAIWAN FUND (A Cayman Islands Unit Trust) GENERAL INFORMATION Manager Legal Advisors Value Partners Hong Kong Limited With respect to Cayman Islands law 43rd Floor, The Center Maples and Calder 99 Queen’s Road Central P.O. Box 309, Ugland House Hong Kong Grand Cayman, KY1-1104 Cayman Islands Directors of the Manager Dato’ Seri Cheah Cheng Hye With respect to Taiwan law Mr. So Chun Ki Louis Russin & Vecchi Mr. Ho Man Kei, Norman Bank Tower, 9th Floor 205 Tun Hwa North Road Trustee, Registrar, Administrator and Taipei, Taiwan, R.O.C. Principal Office HSBC Trustee (Cayman) Limited With respect to Hong Kong and International law Principle address: Deacons Strathvale House 5th Floor, Alexandra House 90 North Church Street 18 Chater Road Central George Town Hong Kong Grand Cayman KY1-1106 Auditor Cayman Islands PricewaterhouseCoopers P.O. Box 258 GT Registered address: Stravale House P.O. Box 309 South Church Street Ugland House George Town Grand Cayman Grand Cayman KY1-1104 KY1-1104 Cayman Islands Cayman Islands Custodian, Registrar’s Agent and Information available from: Administrator’s Agent Value Partners Hong Kong Limited HSBC Institutional Trust Services (Asia) 43rd Floor, The Center Limited 99 Queen’s Road Central 1 Queen’s Road Central Hong Kong Hong Kong Investor hotline : (852) 2143 0688 Fax : (852) 2565 7975 Email : [email protected] Website : www.valuepartners-group.com SEMI-ANNUAL REPORT 2019 2 For the six months ended 31 December 2019 VALUE PARTNERS TAIWAN FUND (A Cayman Islands Unit Trust) GENERAL INFORMATION (Continued) Recent awards and achievements Corporate awards 2019 • Asia Asset Management 2019 Best of the Best Awards China: Best WFOE House – Asia Asset Management 2018 • I&M Professional Investment Awards 2018 House Performance Awards: Offshore China Equity (10-Year) – Insights and Mandate • Benchmark Fund of the Year Awards 2018, Hong Kong Greater China Equity House: Outstanding Achiever – Benchmark • Benchmark Fund of the Year Awards 2018, Hong Kong Asia ex-Japan Equity House: Best-In-Class – Benchmark 2017 • Benchmark Fund of the Year Awards 2017, Hong Kong Manager of the Year - Greater China Equity (Outstanding Award) Dato’ Seri Cheah Cheng Hye and Mr. Louis So (Value Partners’ Co-CIOs) – Benchmark • AsiaHedge Awards 2017 Management Firm of the Year: Value Partners – AsiaHedge SEMI-ANNUAL REPORT 2019 For the six months ended 31 December 2019 3 VALUE PARTNERS TAIWAN FUND (A Cayman Islands Unit Trust) MANAGER'S REPORT Performance review During the second half of 2019, Value Partners Taiwan Fund (the “Fund”) gained 18.3% in USD terms. For reference, the Taiwan Stock Exchange Index (“TWSE”) rose 19.9% while the MSCI Taiwan Index increased by 24.1% over the same period, respectively. On a year-to-date basis, the Fund was up 27.2%. For reference, the aforementioned indices were up 32.2% and 36.4% over the same period, respectively. Increasing resilience amid volatility While 2019 was the year of volatility driven by the US-China trade developments, the Taiwan equity market is showing resilience. While the market experienced a strong start at the beginning of the year as a result of trade optimism, the Huawei trade ban in May intensified the US-China trade tensions and triggered significant market volatility along with trade developments. Nonetheless, the market was turning resilient to the trade standoffs in the second half of the year on the back of China’s aggressive pursuit of semiconductor development and the continuous supply chain reshuffle efforts. With solid technology leadership in semiconductor and electronic parts manufacturing, many Taiwanese companies benefitted from the trade dispute and saw a stronger outlook for orders. The supply chain reshuffle also helped mitigate the negative tariff impact. The market thus remained solid despite the additional tariff announced in August and further rallied in the fourth quarter on the accelerating 5G networking builds and the initial trade talk breakthrough. On December 13th, US and China tentatively reached the phase one trade agreement that US will indefinitely postpone the new 15% tariffs (previously set to start from December 15th) on US$160 billion of Chinese imports including smartphone, laptop and other key consumer electronics. SEMI-ANNUAL REPORT 2019 4 For the six months ended 31 December 2019 VALUE PARTNERS TAIWAN FUND (A Cayman Islands Unit Trust) MANAGER’S REPORT (Continued) Reviving growth in Taiwan For the full-year 2019, overall exports declined 1.4%1 YoY to US$329.3 billion with the technology sector cushioning the macro headwinds. Technology related exports made up nearly half of total exports and had resumed growth momentum since mid-2019 on back of increasing supply chain flexibility and growing 5G/ semiconductor demand. Total exports thus returned back to positive growth in the fourth quarter, up 1.9%1 YoY vs. 3.1%1 YoY decline in the first three quarters. With improving exports, the Taiwanese government revised up 2019 full-year GDP growth forecast twice in August and November to 2.6%2 YoY from 2.2%2 YoY (estimated in May). Looking into 2020, the government expects improving export outlook, continuing capital investments on advanced technology and capacity reshoring. The government now forecasts 2020 GDP growth to be 2.7%2 YoY and the real exports of goods and services to grow by 3.1%2 year-on-year. Portfolio update and outlook In 2019, the Taiwan equity market closed out the best year since 2009 with the technology sector strength outrunning the macro headwinds. While the US-China trade disputes did bring volatility to the supply chain, the technology sector experienced a strong rally during the year (sector share price +51.0%), supported by decent fundamentals on 5G upcycle and the efforts of supply chain reshuffle. SEMI-ANNUAL REPORT 2019 For the six months ended 31 December 2019 5 VALUE PARTNERS TAIWAN FUND (A Cayman Islands Unit Trust) MANAGER’S REPORT (Continued) Portfolio update and outlook (Continued) The Fund went up by 27.2% throughout 2019 while the MSCI Taiwan Index and the TWSE index were up 36.4% and 32.2% respectively. We switched out from last year end’s more defensive positioning in telecom stocks and increased our positions in bottom-up technology sector names. The switch was still a bit late while the market looked through the risk of corporate earnings downside earlier than our expectation. We hold up to 10% weighting in TSMC as our top holding (due to the fund’s single stock limit) and the stock rallied 57% throughout 2019 driven by stronger 5G demand and more aggressive China semiconductor developments, contributing the most to the fund’s gain during the year. We continue to like TSMC’s solid position and technology leadership and believe the company will consistently deliver 20-30% return on equity and increase its cash dividend payout in the coming years. The fund’s weighting in TSMC, however, is lower than the indexes’ 21-34% weightings and this was a drag for less gain relatively in 2019. Having said that, many of our non-index stock picks performed well this year. Tripod is a leading supplier of multilayer rigid printed circuit board (PCB) with diversified exposure in server/ networking, smartphone, automobile and memory. The company’s share price rose over 60% during the year on continuous margin beat. We have invested in this quality stock since the beginning of the year and continued to hold it as one of our top five holdings. The company consistently delivered solid revenue growth and margin expansions throughout cycles given its diversified product portfolio and strong knowledge in process control. We like its sustainable earnings momentum and decent shareholder return with more than 5% cash dividend yield. SEMI-ANNUAL REPORT 2019 6 For the six months ended 31 December 2019 VALUE PARTNERS TAIWAN FUND (A Cayman Islands Unit Trust) MANAGER’S REPORT (Continued) Portfolio update and outlook (Continued) During the fourth quarter of 2019, we have taken profit on some technology positions due to rich valuations after the share price rally. We are mindful on some large cap companies’ relative high valuations and would like to increase positions in the names which are still trading at an attractive valuation with solid earnings drivers. We have been switching to some overlooked technology and industrial names. Looking into 2020, the tentative US-China trade agreements and the gradual recovery of global demand should support Taiwan’s export-oriented economy. Meanwhile, we expect Taiwanese companies to deliver strong fundamentals in 2020, benefiting from the increasing supply chain flexibility (after reshuffle), the government’s supportive stance and the ongoing big trends such as 5G, IoT and China semiconductor developments. We would stick to valuation discipline and continue to look for companies which are overlooked by the market.
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