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Axa Greater China Multi-Factor Advantage Fund Reports And AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND REPORTS AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 TABLE OF CONTENTS PAGES Manager’s report 1 Performance table (unaudited) 2 Report of the Trustee to the unitholders of AXA Greater China Multi-Factor Advantage Fund 3 Statement of responsibilities of the Manager and the Trustee 4 Independent auditor’s report 5-7 Statement of net assets 8 Statement of comprehensive income 9 Statement of changes in net assets attributable to unitholders 10 Statement of cash flows 11 Notes to the financial statements 12-30 Investment portfolio (unaudited) 31-35 Movement in investment portfolio (unaudited) 36-42 General information 43 ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND MANAGER’S REPORT ​​AXA Greater China Multi-Factor Advantage Fund Annual Review for 2020 Market Comments Despite the global coronavirus pandemic that led to societal lockdowns, equity markets posted strong growth globally. Chinese equities had largely outperformed the rest of the world early in the year due to their efforts to mitigate the spread of the virus within their region. Favourable economic news, monetary stimulus and vaccine optimism outweighed concerns of increasing infections globally over the course of the year. However, US-China tensions simmered throughout, causing bouts of concerns with investors. Against this backdrop, the benchmark MSCI Zhong Hua index rose 25.13% in US dollar terms. Portfolio Comments The portfolio delivered absolute robust gains over the year but underperformed its benchmark index, gross of fees and expenses. Underperformance was largely driven from the portfolio’s exposure to value and away from growth. Value’s exposure based on both lower multiples of book assets and earnings weighed on performance; tailwinds to value remained as investors gravitated towards growth-oriented stocks. Industry positioning in aggregate proved detrimental to relative returns, it was the underweight to telecoms that went unrewarded. Subsequently, the overweight positions in China Telecom, China Mobile and China Unicom all featured among the largest stock detractors to returns. The industry underperformed the broader market and those stocks were further pressured from a delisting order issued by President Trump in November barring Americans from purchasing US listed securities with alleged ties to China’s military. Stock selection proved beneficial to performance particularly within the consumer discretionary sector. Stock picking within the consumer-tech industry was well rewarded as the industry displayed resilience over the course of the pandemic. Overweight positions in JD.Com, VIPShop, Baidu and Meituan all featured among the largest individual stock contributors. Meanwhile, the underweight to one of China’s largest securities, Alibaba, also featured among the top stock picks. Alibaba found itself under pressure from Chinese Antitrust regulators, causing its share price to fall towards the end of the year. AXA Investment Managers Asia Limited 27th April 2021 - 1 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND PERFORMANCE TABLE (UNAUDITED) AS AT 31ST DECEMBER 2020 Net asset Net asset Total value per value per net asset “A” class “M” class Financial year ended value units units a 31st December 2018 US$32,659,811 US$101.05 US$109.92 31st December 2019 US$35,030,820 US$115.68 US$126.54 31st December 2020 US$30,971,572 US$139.37 US$153.37 HIGHEST OFFER / LOWEST BID PRICES “A” class units “M” class units The highest The lowest The highest The lowest Financial year offer price bid price offer price bid price a 2011 US$82.00 US$55.79 US$84.19 US$57.67 2012 US$78.74 US$62.21 US$82.21 US$64.45 2013 US$84.74 US$68.52 US$89.04 US$71.81 2014 US$89.68 US$74.32 US$94.85 US$78.20 2015 US$108.04 US$77.01 US$114.77 US$81.93 2016 US$90.84 US$66.08 US$97.41 US$70.58 2017 US$123.87 US$81.89 US$133.83 US$88.07 2018 US$137.32 US$97.14 US$148.49 US$105.52 2019 US$120.43 US$97.56 US$131.21 US$106.12 2020 US$139.93 US$91.48 US$153.99 US$100.18 a - 2 - REPORT OF THE TRUSTEE TO THE UNITHOLDERS OF ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND We hereby confirm that, in our opinion, the Manager of the Fund has, in all material respects, managed the Fund in accordance with the provisions of the Trust Deed dated 28th April 1993, as amended and supplemented from time to time (the “Trust Deed”), for the year ended 31st December 2020. For and on behalf of HSBC Institutional Trust Services (Asia) Limited as the Trustee of the AXA Greater China Multi-Factor Advantage Fund Hong Kong, 27th April 2021 - 3 - ​​AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND STATEMENT OF RESPONSIBILITIES OF THE MANAGER AND THE TRUSTEE Manager’s Responsibilities The Manager of the Fund is required by the Code on Unit Trusts and Mutual Funds issued by the Securities and Futures Commission of Hong Kong (the “SFC Code”) and the Trust Deed to prepare financial statements for each annual accounting period which give a true and fair view of the financial position of the Fund at the end of that period and of the transactions for the period then ended. In preparing these financial statements, the Manager is required to: - select suitable accounting policies and then apply them consistently; - make judgments and estimates that are prudent and reasonable; and - prepare the financial statements on the basis that the Fund will continue in operation unless it is inappropriate to presume this. The Manager is also required to manage the Fund in accordance with the Trust Deed and take reasonable steps for the prevention and detection of fraud and other irregularities. Trustee’s Responsibilities The Trustee of the Fund is required by the SFC Code and the Trust Deed to: - ensure that the Fund in all material respects is managed in accordance with the Trust Deed and that the investment and borrowing powers are complied with; - satisfy itself that sufficient accounting and other records have been maintained; - safeguard the property of the Fund and rights attaching thereto; and - report to the unitholders for each annual accounting period should the Manager not managing the Fund in accordance with the Trust Deed. - 4 - INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND Report on the Audit of the Financial Statements Opinion What we have audited The financial statements ofAXA Greater China Multi-Factor Advantage Fund (the “Fund”) set out on pages 8 to 30, which comprise: • the statement of net assets as at 31st December 2020; • the statement of comprehensive income for the year then ended; • the statement of changes in net assets attributable to unitholders for the year then ended; • the statement of cash flows for the year then ended; and • the notes to the financial statements, which include a summary of significant accounting policies. Our opinion In our opinion, the financial statements give a true and fair view of the financial position of the Fund as at 31st December 2020, and of its financial transactions and cash flows for theyear then ended in accordance with Hong Kong Financial Reporting Standards (“HKFRSs”) issued by the Hong Kong Institute of Certified Public Accountants (“HKICPA”). Basis for Opinion We conducted our audit in accordance with Hong Kong Standards on Auditing (“HKSAs”) issued by the HKICPA. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Fund in accordance with the HKICPA’s Code of Ethics for Professional Accountants (the “Code”), and we have fulfilled our other ethical responsibilities in accordance with the Code. Other Information The Trustee and the Manager (the “Management”) of the Fund are responsible for the other information. The other information comprises all of the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. - 5 - INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF AXA GREATER CHINA MULTI-FACTOR ADVANTAGE FUND (CONTINUED) Responsibilities of the Management for the Financial Statements The Management of the Fund is responsible for the preparation of the financial statements that give a true and fair view in accordance with HKFRSs issued by the HKICPA, and for such internal control as the Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Management of the Fund is responsible for assessing the Fund’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Management either intends to liquidate the Fund or to cease operations, or has no realistic alternative but to do so.
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