December 15
AXA Fund Factsheet
AXA China Growth Fund (INSPIRE™ range of sub-funds)
Source: Lipper, a Thomson Reuters Company
MARKET COMMENTARY
In December 2015, equities of Hong Kong and Taiwan outperformed the
regional MSCI Golden Dragon Index while Chinese equities underperformed.
Macro conditions in China remain challenging as mixed economic data was
released in November 2015. The region declined with the energy sector hit
by oil price volatility.
In December 2015, the Fund underperformed the benchmark MSCI Golden
Dragon Index as country allocation and stock selection detracted. The
overweight in China funded by an underweight in Hong Kong detracted.
Stock wise, Largan Precision came under selling pressure as analysts
downgraded the stock on poor iPhone 6S sales and potential loss of
market share. Positive contribution came from Haier Electronics as value
emerged post its correction, while benefitting from improving property sector
expectations.
Global growth remains slow and Chinese macro data remains weak, albeit
with early signs of stabilisation. Amid economic restructuring, we expect
China’s growth to be supported by monetary and fiscal stimulus. There are
growing expectations for the PBoC (People’s Bank of China) to manage
currency volatility.
The October 2016 implementation of SDR (Special Drawing Rights) inclusion
of the RMB could enhance the attractiveness of Chinese government bonds
and attract global central bank reserves. There could be more volatility
in the near-term but our view towards China remains constructive given
policy support. While investors sit out the political uncertainty of Taiwan’s
presidential elections, earnings expectations are generally quite low. Our
investment strategy is to remain invested in key themes and to focus on
stock picking.
MSCI Golden Dragon Index
Price Index
FUND PERFORMANCE
Price Quote
Authorised In
Dealing
S$0.9874
S$36.10 million
09 Feb 2007
1.60% p.a.
Higher Risk - Narrowly
Focused - Country
(Greater China)
Straits Times,
Business Times,
Lianhe Zaobao,
Thomson Reuters,
www.axa.com.sg
Singapore
Daily
INVESTMENT OBJECTIVE
INVESTdfgdrfdf
To achieve medium-to-long term capital growth of
assets of the fund by investing primarily in equity
and equity-linked securities of companies with
assets in or earnings derived from the People’s
Republic of China.
WHO SHOULD INVEST
May 09
Fund
Aug 11
Suitable for investors who are willing to take on
more risks for higher expected returns, and who
want to participate in the growing economy of
China.
Nov 13
Benchmark
1 MTH 3 MTHS 6 MTHS 1 YR
3 YR^
SINCE
LAUNCH^
-0.65% 1.69%
-16.24% -4.32% 4.94% -0.14%
Fund
-12.17% -0.57% 7.73% 3.09%
Benchmark -0.03% 3.46%
Performance figures are calculated on a single pricing basis, with all dividends
and distributions reinvested, taking into account all charges which would have
been payable upon such reinvestment. The fees and charges payable through
deduction of premium or cancellation of units are excluded in this calculation.
^ annual compounded return.
-
NAV
Fund Size @31 Dec 15
Inception Date
Management Fee
Bid/Offer Spread
Investment Fee
One-time Policy Fee
CPF Category
The China Growth Funds seeks to achieve
its investment objective by investing all or
substantially all of its assets in the LionGlobal
China Growth Fund.
Benchmark
180
160
140
120
100
80
60
40
20
0
Feb 07
FUND DETAILS (As at 31 Dec 15)
December 15
AXA Fund Factsheet
AXA China Growth Fund (INSPIRE™ range of sub-funds)
TARGET ASSET ALLOCATION
Equities 99.8%
ABOUT AXA
AXA Group is a worldwide leader in insurance
and asset management, with 160, 000 employees
serving 102 million clients. At December 2013,
IFRS revenues amounted to Euro 91.3 billion and
IFRS underlying earnings to Euro 4.7 billion.
Cash & Cash Equivalents 0.2%
ABOUT LION GLOBAL INVESTORS LTD
MAJOR HOLDINGS
Tencent Holdings
China Construction Bank H
AIA Group
Taiwan Semiconductor Manufacturing
Ind & Comm Bank of China H
Hong Kong Exchanges & Clearing
Ping An Insurance (Group) Co of China Ltd
China Resources Land Ltd
Hon Hai Precision Industry
China Everbright International Ltd
Lion Global Investors, a member of the OverseaChinese Banking Corporation Limited (OCBC)
Group, is one of the largest asset management
companies in South East Asia, with total assets
under management of S$31.4 billion as at 31
March 2013. Established as an Asian asset
specialist since 1986, Lion Global Investors
offers Asian equities and Asian fixed income
funds to institutional and retail investors globally.
It has one of the largest and most experienced
investment teams dedicated to regional and
global equities and fixed income markets,
with over 40 investment professionals with an
average of 14 years of investment experience.
The company’s commitment to investment
excellence begins with a team-based and
research-intensive approach, combining indepth market insights with comprehensive sector
knowledge.
FOR MORE INFORMATION
Tel: 1800 880 4888
Fax: 6880 5501
Website: www.axa.com.sg
A product summary in relation to the ILP sub-fund is available and may be obtained at AXA Life Insurance Singapore Pte Ltd and
the participating distributors’ offices. Potential investors should read the product summary before deciding whether to subscribe for
units in the ILP sub-fund. Past performance is not necessary a guide to future returns. The value of units in the ILP sub-fund and the
income accruing to the units may fall as well as rise. Returns from the investment are not guaranteed. Investors may not get back the
full amount original invested. The contents of this publication are not intended to be formal research reports. These reports are not to
be construed as offers to sell or the solicitation of offer to buy any security. The material is based on information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be read upon as such. Opinions expressed are current
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