# Asia Pacific Multi Asset Fund
## For the year ended 30 September 2020
Performance
For the year ended 30 September 2020, the value of Asia Pacific Multi Asset – A Accumulation Shares increased by 5.22% compared to an increase of 10.62% in the benchmark, the 50% MSCI AC Asia Pacific ex Japan TR Index, 50% Markit IBOXX ALBI Index.
Fund return: Source: Lipper, Basis: total return, published NAV to NAV, net of annual charges, gross income reinvested, USD.
Benchmark return: Source: Lipper, RIMES Basis: close of business return, income reinvested, gross of expenses, USD.
Please remember that past performance is not a guide to future returns. The price of shares and the revenue from them may fall as well as rise. Investors may not get back the amount originally invested.
Market review
Asian risk assets logged gains in the year under review, with equities outpacing bonds. Sentiment was buoyant through end-2019 on easing US-China trade tensions. But the Covid-19
pandemic caused markets to plunge in the new year as widespread lockdowns crippled business activity. As restrictions eased,
the global economy began to recover. This, coupled with sustained large-scale policy stimulus, helped both stocks and bonds to more than recoup their losses. Subsequently, the Federal Reserve’s revamped approach to handling inflation, seen to keep interest rates lower for longer, heaped pain on bonds with global curves steepening. As the outlook for the global economy improved on account of positive vaccine developments, global nominal bond yields rose, driven by higher inflation expectations. In the final month, markets pulled back as various parts of the world saw a resurgence in infection numbers and prospects of further lockdowns soured the mood.
Across assets classes, equities stood out in their performance amid robust investor risk appetite. In particular, North Asian markets such as China, South Korea and Taiwan, which were among the first to contain the virus effectively, led gains. Within fixed income, regional local-currency government bonds outperformed
US-dollar bonds, thanks to rate cuts by regional policymakers and a weakening US dollar. Asian credit also held up well. During the March sell-off, it fared better than broader emerging markets; Asian investment-grade bonds even outperformed their US counterparts. Later, while US high-yield default rates quickly rose to 9%, Asia peaked below 3%. Performance for Asian currencies was a mixed bag. Currencies initially depreciated on the back of higher risk aversion amid a global slowdown. Subsequently, demand for beaten-down emerging-market assets drove these assets higher against the US dollar.
Portfolio review
The portfolio underperformed the benchmark during the review period. The key detractors were tactical asset allocation contribution and quant equities active return, due to negative contribution from stock selection. On the other hand, listed closed-end fund strategy outperformed, while other asset classes were roughly in-line with benchmark.
In the final quarter of 2019, as research analyses and signposts indicated a cyclical rebound ahead, we raised equity exposure considerably and increased overall portfolio duration concurrently to hedge against downside risks. This move captured the global equity rally till mid-February. The market then took a beating as the Covid-19 outbreak and plunging oil prices triggered a massive selloff across most asset classes. Markets were extremely dislocated during the indiscriminate correction, which took place in a short span of time. Hence, we were cautious not to be too reactive and avoided reducing risk significantly through fire sales of underlying holdings at depressed prices with no or little liquidity. This paid off as risk sentiment improved markedly after. Equity market prices rebounded amid economic policy support, and as governments appeared to control the spread of the virus. In the second half of the review period, we maintained moderate levels of risk in the portfolio, balancing between capturing the
market rally and keeping risk under control. For instance, we added to Japanese yen for downside protection and switched some allocation from structural winners such as e-sport equity,
to pro-cyclical sectors such as consumer discretionary and industrials.
In the equity portion, we were kept busy in the second half,
as market volatility presented us with attractive opportunities. In line with the trend of rising mainland consumption,
we introduced six new holdings in China and Hong Kong.
We subscribed to the initial public offering of two Chinese companies, Hangzhou Tigermed and KE Holdings. Clinical contract researcher Hangzhou Tigermed, the largest domestic player, sought a secondary listing in Hong Kong. It could benefit from rising research spending on innovative drugs in the mainland, given a supportive policy backdrop and low penetration levels.
Meanwhile, KE Holdings owns brand leaders, property brokerage Lianjia as well as housing transactions platform Beike. We believe the company can build on powerful network effects by bringing agents onto the same platform and driving industry consolidation. We also introduced environment protection business China
Conch Venture, Macau casino operator Sands China, internet data centre provider GDS and lender China Merchants Bank.
Separately, we initiated companies that are leveraged on emerging structural trends. Two of them are South Korean. Lithium-ion battery maker Samsung SDI is one of five dominant global players in the electric-vehicle battery market, for which the barriers to entry are substantial. Greater support for clean energy is also likely to boost demand for EV batteries. Samsung Biologics is the world’s largest biopharmaceutical contract manufacturer, a high-quality business in a fast-growing sector. In Australia, we also bought Goodman Group, which owns, develops and manages industrial real estate, such as logistics facilities, warehouses and business parks, across 17 countries. Its properties, located along key transport corridors, should benefit from global trends for prime industrial assets.
The Asian fixed-income portion was performing well prior to Covid-19 given that we were long credit risk as markets rallied.
We reduced our risk position as valuations became less attractive, but amid the Covid-19 drawdown, the Fund underperformed the benchmark as it was still long on credit risk. In the second half of the fiscal year, the portfolio outperformed the benchmark again. With valuations more attractive, the Fund has more credit risk as at end-September 2020, compared to a year ago. Over the course of the fiscal year, we increased exposure to subordinated financials. As compared to 2008, Covid-19 is not a banking or financial crisis. Besides, central banks have responded aggressively and provided ample liquidity. We favour reaching for yield in the lower levels of the capital structure of higher-quality banks. The portfolio’s exposure to the Philippines also increased following an uptick in relatively rare corporate issuance from the country. On the other hand, we reduced exposure to higher rated quasi-sovereigns,
most notably in the second half of the period. We became more comfortable with the pace of economic recovery and saw less need to hold these defensive positions.
Outlook
As we move into the last quarter of the year, we expect economic activity to continue to normalise, albeit at a more moderate pace as the world learns to live with the virus for a while longer.
We believe that the role of governments and central banks will be key to navigating the next few quarters. The support provided to businesses and households will underpin consumption and business sentiment. The outcome of the US elections will have a material impact on fiscal support, regulation and US foreign policy. Additionally, positive developments in Covid-19 vaccines will have a meaningful impact on the outlook for the global economy and financial markets. Going forward, we keep a risk-on portfolio and are likely to gradually build higher equity exposure to pockets that will benefit from the cyclical recovery.
Multi-Asset Solutions APAC Team
October 2020
Statement of Net Assets
As at 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Assets |  |  |
| Investments in securities at market value | 2.2 | 39,982 |
| Cash at bank |  | 3,695 |
| Amounts held at futures clearing houses |  |  |
| and brokers |  | 1,993 |
| Interest and dividends receivable |  | 270 |
| Subscriptions receivable |  | 6 |
| Receivable for investments sold |  | 534 |
| Unrealised gains on forward currency |  |  |
| exchange contracts | 2.6 | 97 |
| Unrealised gains on option contracts | 2.9 | 29 |
| Total assets |  | 46,606 |
| Liabilities |  |  |
| Payable for investments purchased |  | 631 |
| Taxes and expenses payable |  | 60 |
| Redemptions payable |  | 162 |
| Unrealised losses on future contracts | 2.7 | 155 |
| Other liabilities |  | 29 |
| Total liabilities |  | 1,037 |
| Net assets at the end of the year |  | 45,569 |

Statement of Changes in Net Assets
For the year from 1 October 2019 to 30 September 2020
Statement of Operations
| Notes | US$’000 |
| --- | --- |
| Income |  |  |
| Investment income | 2.3 | 1,317 |
| Stocklending income | 16 | 1 |
| Bank interest |  | 22 |
| Total income |  | 1,340 |
| Expenses |  |  |
| Management fees | 4.2 | 601 |
| Operating, administrative and |  |  |
| servicing fees | 4.3 | 138 |
| Distribution fees | 4.1 | 7 |
| Other operational expenses |  | 1 |
| Total expenses |  | 747 |
| Net gains from investments |  | 593 |
| Realised losses on investments |  | (1,776) |
| Realised gains on forward currency |  |  |
| exchange contracts |  | 434 |
| Realised gains on future contracts |  | 860 |
| Realised losses on option contracts |  | (387) |
| Realised currency exchange losses |  | (38) |
| Net realised losses |  | (907) |
| Decrease in unrealised depreciation |  |
| on investments | 3,269 |
| Decrease in unrealised depreciation on |  |
| forward currency exchange contracts | 174 |
| Increase in unrealised depreciation on |  |
| future contracts | (155) |
| Decrease in unrealised depreciation on |  |
| option contracts | 30 |
| Unrealised currency exchange gains | 24 |
| Net unrealised gains |  | 3,342 |
| Net increase in assets as a result of operations |  | 3,028 |

For the year from 1 October 2019 to 30 September 2020
| Notes | US$’000 |
| --- | --- |
| Net assets at the beginning of the year |  | 52,841 |
| Net gains from investments |  | 593 |
| Net realised losses |  | (907) |
| Net unrealised gains |  | 3,342 |
| Proceeds from shares issued |  | 837 |
| Payments for shares redeemed |  | (11,075) |
| Net equalisation paid | 10 | (50) |
| Dividends paid | 5 | (12) |
| Net assets at the end of the year |  | 45,569 |

Share Transactions
For the year from 1 October 2019 to 30 September 2020
| A Acc EUR | A Acc Hedged CHF | A Acc Hedged EUR | A Acc Hedged SGD | A Acc USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 974,714 | 59,440 | 45,177 | 915 | 96,696 |
| Shares issued during the year | 10,245 | 281 | 1,344 | - | 994 |
| Shares redeemed during the year | (190,847) | (9,896) | (12,872) | - | (21,132) |
| Shares outstanding at the end of the year | 794,112 | 49,825 | 33,649 | 915 | 76,558 |
| Net asset value per share | 13.4681 | 144.2977 | 163.1152 | 10.2685 | 205.4532 |

| A QInc USD | W Acc USD | W QInc USD | X Acc EUR | X Acc USD |
| --- | --- | --- | --- | --- |
| Shares outstanding at the beginning of the year | 30,854 | 28,199 | 40,893 | 6,744 | 133,797 |
| Shares issued during the year | 215 | 189 | 16,226 | 1,035 | - |
| Shares redeemed during the year | (14,362) | (9,697) | (15,956) | (1,389) | (3,475) |
| Shares outstanding at the end of the year | 16,707 | 18,691 | 41,163 | 6,390 | 130,322 |
| Net asset value per share | 10.1297 | 12.1286 | 11.7188 | 13.5893 | 12.1882 |

| X QInc USD |
| --- |
| Shares outstanding at the beginning of the year	48,505 Shares issued during the year	- Shares redeemed during the year	(4,808) |
| Shares outstanding at the end of the year	43,697 |
| Net asset value per share	10.5296 |

The accompanying notes form an integral part of these financial statements.
Portfolio Statement
As at 30 September 2020
| Total Nominal/	Market Value	Net Assets Security	Coupon (%)	Maturity	Quantity	US$’000	% |
| --- |
| Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market 78.69% Equities 33.19% Australia 3.59% AGL Energy	1,264	12	0.03 Aristocrat Leisure	11,316	245	0.54 ASX	606	36	0.08 Aurizon Holdings	1,031	3	0.01 Australia & New Zealand Banking	3,391	42	0.09 BHP	1,796	46	0.10 BHP (UK)	6,449	138	0.30 Brambles	1,835	14	0.03 Coca-Cola Amatil	2,713	19	0.04 Cochlear	1,190	169	0.37 Coles	1,564	19	0.04 Commonwealth Bank of Australia	831	38	0.08 CSL	1,940	400	0.89 Evolution Mining	1,206	5	0.01 Fisher & Paykel Healthcare	3,677	80	0.18 Fortescue Metals	2,110	25	0.05 Goodman	10,036	130	0.28 Magellan Financial	267	11	0.02 Medibank Private	7,159	13	0.03 Newcrest Mining	191	4	0.01 REA	62	5	0.01 Sonic Healthcare	1,129	27	0.06 Stockland	1,395	4	0.01 Wesfarmers	1,963	63	0.14 Woolworths	279	7	0.02 Xero	1,074	77	0.17 |
| 1,632	3.59 |
| Belgium 0.18% Budweiser	28,500	83	0.18 |
| China 8.64% Alibaba	1,297	380	0.84 A-Living Services	750	4	0.01 Anhui Conch Cement	15,000	103	0.23 ANTA Sports Products	2,000	21	0.05 Autohome (ADR)	108	10	0.02 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| AviChina Industry & Technology | 8,000 | 5 | 0.01 |
| BAIC Motor | 9,000 | 4 | 0.01 |
| Baidu | 210 | 27 | 0.06 |
| Brilliance Auto | 14,000 | 13 | 0.03 |
| BYD Electronic | 500 | 3 | 0.01 |
| CGN Power | 27,000 | 6 | 0.01 |
| China Communications Services 'H' | 2,000 | 1 | - |
| China Conch Venture | 9,500 | 44 | 0.10 |
| China Construction Bank | 65,000 | 42 | 0.09 |
| China Fund | 12,800 | 322 | 0.71 |
| China Galaxy | 27,500 | 15 | 0.03 |
| China Lesso Group | 2,000 | 4 | 0.01 |
| China Life Insurance | 14,000 | 31 | 0.07 |
| China Medical System | 7,000 | 8 | 0.02 |
| China Merchants Bank 'H' | 11,000 | 52 | 0.11 |
| China Pacific Insurance | 6,800 | 19 | 0.04 |
| China Railway | 27,000 | 13 | 0.03 |
| China Railway Signal & Communication | 18,000 | 6 | 0.01 |
| China Resources Cement | 8,000 | 11 | 0.02 |
| China Resources Land | 42,000 | 189 | 0.42 |
| China Shenhua Energy | 2,500 | 4 | 0.01 |
| China Vanke | 5,400 | 16 | 0.04 |
| CITIC | 31,000 | 23 | 0.05 |
| CNOOC | 73,000 | 70 | 0.15 |
| Country Garden | 4,000 | 5 | 0.01 |
| Country Garden Services | 2,000 | 13 | 0.03 |
| CRRC | 5,000 | 2 | - |
| CSPC Pharmaceutical | 6,000 | 12 | 0.03 |
| Dali Foods | 3,500 | 2 | - |
| Fuyao Glass Industry (Stuttgart Listing) | 2,800 | 10 | 0.02 |
| GDS Holdings | 956 | 78 | 0.17 |
| GF Securities | 10,600 | 13 | 0.03 |
| GSX Techedu | 40 | 4 | 0.01 |
| Haier Electronics | 1,000 | 4 | 0.01 |
| Haitian International | 3,000 | 7 | 0.02 |
| Haitong Securities | 4,400 | 4 | 0.01 |
| Hangzhou Tigermed Consulting | 2,900 | 41 | 0.09 |
| Hengan International | 2,500 | 18 | 0.04 |
| Huatai Securities | 10,800 | 18 | 0.04 |
| JD.Com | 662 | 51 | 0.11 |
| KE Holdings | 450 | 28 | 0.06 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Kingsoft | 1,000 | 5 | 0.01 |
| Lenovo | 34,000 | 22 | 0.05 |
| Li Ning | 2,500 | 12 | 0.03 |
| Logan Property | 4,000 | 6 | 0.01 |
| Longfor Properties | 1,000 | 6 | 0.01 |
| Meituan Dianping | 7,000 | 218 | 0.48 |
| Momo | 295 | 4 | 0.01 |
| NetEase | 75 | 34 | 0.07 |
| New China Life Insurance | 700 | 3 | 0.01 |
| New Oriental | 548 | 82 | 0.18 |
| NIO | 533 | 11 | 0.02 |
| PICC Property and Casualty | 18,000 | 13 | 0.03 |
| Pinduodu | 141 | 10 | 0.02 |
| Ping An Insurance | 27,500 | 282 | 0.62 |
| Seazen | 6,000 | 5 | 0.01 |
| Shandong Weigao | 4,000 | 8 | 0.02 |
| Shanghai Pharmaceuticals | 1,000 | 2 | - |
| Shenzhou International | 300 | 5 | 0.01 |
| Sinopharm | 6,400 | 13 | 0.03 |
| Sun Art Retail | 8,000 | 9 | 0.02 |
| Sunac China Holdings | 2,000 | 8 | 0.02 |
| Sunny Optical Technology | 900 | 14 | 0.03 |
| TAL Education | 179 | 14 | 0.03 |
| Tencent | 16,700 | 1,102 | 2.41 |
| Topsports International | 6,000 | 8 | 0.02 |
| Vipshop | 552 | 9 | 0.02 |
| Want Want China | 27,000 | 19 | 0.04 |
| Weichai Power | 8,000 | 16 | 0.04 |
| WuXi Biologics (Cayman) | 6,500 | 158 | 0.35 |
| Xiaomi | 7,600 | 20 | 0.04 |
| Xinyi Solar | 8,000 | 13 | 0.03 |
| Yangzijiang Shipbuilding | 8,400 | 6 | 0.01 |
| Yuexiu Property | 38,000 | 7 | 0.02 |
| Zhejiang Expressway 'H' | 8,000 | 6 | 0.01 |
| Zhongsheng | 2,000 | 12 | 0.03 |
| Zoomlion | 3,000 | 3 | 0.01 |
| ZTE | 2,000 | 5 | 0.01 |
| 3SBio | 5,000 | 6 | 0.01 |
|  |  | 3,932 | 8.64 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Hong Kong 1.84% |  |  |  |
| Agile | 4,000 | 5 | 0.01 |
| AIA | 30,400 | 297 | 0.64 |
| ASM Pacific Technology | 3,500 | 36 | 0.08 |
| BOC Hong Kong | 6,500 | 17 | 0.04 |
| Bosideng | 16,000 | 5 | 0.01 |
| China Mobile | 500 | 3 | 0.01 |
| China Resources Pharmaceutical | 8,500 | 4 | 0.01 |
| CK Asset | 1,000 | 5 | 0.01 |
| Dairy Farm International | 2,000 | 8 | 0.02 |
| Far East Horizon | 11,000 | 9 | 0.02 |
| Hong Kong Exchanges & Clearing | 4,986 | 233 | 0.51 |
| Jardine Strategic | 3,100 | 62 | 0.14 |
| Kingboard | 3,000 | 10 | 0.02 |
| Kingboard Laminates | 5,000 | 7 | 0.01 |
| Lee & Man Paper | 6,000 | 4 | 0.01 |
| Sino Biopharmaceutical | 3,000 | 3 | 0.01 |
| Sinotruk Hong Kong | 3,000 | 8 | 0.02 |
| Sun Hung Kai Properties | 500 | 6 | 0.01 |
| Swire Properties | 19,400 | 51 | 0.11 |
| Techtronic Industries | 2,500 | 33 | 0.07 |
| Tingyi (Cayman Islands) | 10,000 | 18 | 0.04 |
| WH | 21,000 | 17 | 0.04 |
|  |  | 841 | 1.84 |
| India 3.49% |  |  |  |
| Adani Ports and Special Economic Zones | 2,409 | 11 | 0.02 |
| Ambuja Cements | 1,048 | 3 | 0.01 |
| Ashoka Indian Equity Investment Trust | 200,000 | 300 | 0.67 |
| Asian Paints | 2,414 | 65 | 0.14 |
| Aurobindo Pharma | 1,362 | 15 | 0.03 |
| Bajaj Auto | 329 | 13 | 0.03 |
| Bajaj Finance | 85 | 4 | 0.01 |
| Bandhan Bank | 2,693 | 10 | 0.02 |
| Britannia | 53 | 3 | 0.01 |
| Cipla | 1,008 | 11 | 0.02 |
| Coal India | 6,598 | 10 | 0.02 |
| Dr Reddy's Laboratories | 157 | 11 | 0.02 |
| HCL Technologies | 2,318 | 25 | 0.06 |
| Hero MotoCorp | 464 | 20 | 0.04 |
| Hindustan Unilever | 3,472 | 97 | 0.21 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Housing Development Finance | 10,461 | 245 | 0.55 |
| Infosys | 3,792 | 52 | 0.11 |
| ITC | 35,700 | 83 | 0.18 |
| Kotak Mahindra Bank | 8,183 | 140 | 0.31 |
| Marico | 1,460 | 7 | 0.02 |
| Maruti Suzuki India | 41 | 4 | 0.01 |
| Motherson Sumi Systems | 2,620 | 4 | 0.01 |
| Nestle India | 109 | 24 | 0.05 |
| Page Industries | 26 | 8 | 0.02 |
| Petronet LNG | 3,210 | 10 | 0.02 |
| Piramal Enterprises | 210 | 4 | 0.01 |
| Reliance Industries | 414 | 25 | 0.06 |
| Rural Electrification | 2,507 | 3 | 0.01 |
| SBI Life Insurance | 6,000 | 66 | 0.14 |
| Shree Cement | 13 | 4 | 0.01 |
| Shriram Transp InrShriram Transport Finance | 424 | 4 | 0.01 |
| State Bank of India | 2,144 | 5 | 0.01 |
| Sun Pharmaceutical | 1,688 | 11 | 0.03 |
| Tata Consultancy Services | 6,154 | 207 | 0.45 |
| Tech Mahindra | 587 | 6 | 0.01 |
| UltraTech Cement | 836 | 46 | 0.10 |
| United Phosphorus | 1,596 | 11 | 0.02 |
| WIPRO | 4,481 | 19 | 0.04 |
|  |  | 1,586 | 3.49 |
| Indonesia 0.64% |  |  |  |
| Astra International | 252,100 | 76 | 0.17 |
| Bank Central Asia | 103,300 | 188 | 0.40 |
| Bank Mandiri | 29,700 | 10 | 0.02 |
| Indofood | 12,500 | 8 | 0.02 |
| United Tractors | 7,600 | 12 | 0.03 |
|  |  | 294 | 0.64 |
| Macao 0.23% Sands China | 27,200 | 105 | 0.23 |
| Malaysia 0.24% |  |  |  |
| Hartalega Holdings | 1,200 | 5 | 0.01 |
| Hong Leong Financial | 1,100 | 4 | 0.01 |
| Malayan Banking | 10,900 | 19 | 0.04 |
| Petronas Chemicals | 3,800 | 5 | 0.01 |
| Petronas Gas | 1,900 | 8 | 0.02 |
| Public Bank | 4,800 | 18 | 0.04 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Sime Darby | 12,900 | 8 | 0.02 |
| Telekom Malaysia | 3,000 | 3 | 0.01 |
| Top Glove | 17,400 | 34 | 0.07 |
| Westports | 4,600 | 4 | 0.01 |
|  |  | 108 | 0.24 |
| Netherlands 0.29% ASML | 364 | 134 | 0.29 |
| New Zealand 0.08% a2 Milk Fisher & Paykel Healthcare | 756 1,322 | 8 29 | 0.02 0.06 |
|  |  | 37 | 0.08 |
| Philippines 0.39% |  |  |  |
| Ayala Land | 173,600 | 105 | 0.24 |
| Bank of the Philippine Islands | 31,330 | 42 | 0.09 |
| GT Capital | 460 | 4 | 0.01 |
| International Container Terminal Services | 4,750 | 11 | 0.02 |
| Metrobank | 8,500 | 7 | 0.01 |
| Robinsons Land | 9,900 | 3 | 0.01 |
| Universal Robina | 1,740 | 5 | 0.01 |
|  |  | 177 | 0.39 |
| Singapore 1.34% |  |  |  |
| CapitaLand | 24,946 | 49 | 0.11 |
| City Developments | 11,800 | 66 | 0.14 |
| DBS | 9,468 | 138 | 0.30 |
| Jardine Cycle & Carriage | 500 | 7 | 0.01 |
| Keppel | 8,900 | 29 | 0.06 |
| Oversea-Chinese Banking | 23,995 | 148 | 0.34 |
| Singapore Exchange | 4,300 | 29 | 0.06 |
| Singapore Technologies Engineering | 7,400 | 19 | 0.04 |
| Singapore Telecommunications | 60,100 | 93 | 0.20 |
| United Overseas Bank | 300 | 4 | 0.01 |
| Venture | 1,200 | 17 | 0.04 |
| Wilmar International | 3,800 | 12 | 0.03 |
|  |  | 611 | 1.34 |
| South Korea 3.87% BGF Retail Celltrion | 26 59 | 3 13 | 0.01 0.03 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| CJ | 76 | 5 | 0.01 |
| CJ CheilJedang | 31 | 10 | 0.02 |
| Coway | 228 | 15 | 0.03 |
| Daelim Industrial | 28 | 2 | - |
| DB Insurance | 235 | 9 | 0.02 |
| Hana Financial | 1,424 | 34 | 0.08 |
| Hankook Tire & Technology | 174 | 5 | 0.01 |
| Hyundai Glovis | 38 | 5 | 0.01 |
| Hyundai Motor | 23 | 4 | 0.01 |
| Kakao | 19 | 6 | 0.01 |
| Kia Motors | 305 | 12 | 0.03 |
| Kumho Petrochemical | 89 | 8 | 0.02 |
| LG Chem | 203 | 113 | 0.25 |
| LG Electronics | 194 | 15 | 0.03 |
| LG Household & Health Care | 9 | 11 | 0.02 |
| LG Innotek | 76 | 10 | 0.02 |
| Medy-Tox | 1 | - | - |
| Naver | 111 | 28 | 0.06 |
| NCSoft | 23 | 16 | 0.03 |
| Orion | 69 | 8 | 0.02 |
| Pearl Abyss | 32 | 6 | 0.01 |
| POSCO | 19 | 3 | 0.01 |
| Samsung | 37 | 5 | 0.01 |
| Samsung Biologics | 77 | 45 | 0.10 |
| Samsung Electro-Mechanics | 134 | 16 | 0.04 |
| Samsung Electronics | 3,759 | 187 | 0.41 |
| Samsung Electronics (PREF) | 17,463 | 755 | 1.67 |
| Samsung Engineering | 839 | 8 | 0.02 |
| Samsung SDI | 119 | 44 | 0.10 |
| Shinhan Financial | 785 | 19 | 0.04 |
| SK Hynix | 221 | 16 | 0.03 |
| S-1 | 81 | 6 | 0.01 |
| Weiss Korea Opportunity Fund | 130,000 | 318 | 0.70 |
|  |  | 1,760 | 3.87 |
| Sweden 0.01% Vinda International | 2,000 | 7 | 0.01 |
| Taiwan 3.01% Asia Cement Chailease | 9,000 6,000 | 13 27 | 0.03 0.06 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Chailease (Subscription) | 173 | 1 | - |
| Chicony Electronics | 2,000 | 6 | 0.01 |
| China Life Insurance | 13,000 | 9 | 0.02 |
| CTBC Financial Holding | 51,000 | 32 | 0.07 |
| Delta Electronics | 2,000 | 13 | 0.03 |
| E.Sun Financial | 38,000 | 34 | 0.07 |
| Foxconn Technology | 5,000 | 9 | 0.02 |
| Fubon Financial | 27,000 | 39 | 0.08 |
| Hon Hai Precision Industry | 6,000 | 16 | 0.04 |
| Lite-On Technology | 11,000 | 17 | 0.04 |
| Nien Made Enterprise | 1,000 | 12 | 0.03 |
| Pegatron | 3,000 | 7 | 0.01 |
| Quanta Computer | 10,000 | 26 | 0.06 |
| Realtek Semiconductor | 1,000 | 13 | 0.03 |
| Taishin Financial | 47,000 | 21 | 0.05 |
| Taiwan Cement | 11,289 | 16 | 0.04 |
| TSMC | 66,000 | 986 | 2.16 |
| Uni-President Enterprises | 1,000 | 2 | - |
| United Microelectronic | 32,000 | 32 | 0.07 |
| Yuanta Financial | 52,360 | 32 | 0.07 |
| Zhen Ding Technology | 2,000 | 9 | 0.02 |
|  |  | 1,372 | 3.01 |
| Thailand 0.48% |  |  |  |
| Central Pattana (Alien) | 29,300 | 40 | 0.08 |
| Charoen Pokphand (Alien) | 7,900 | 7 | 0.02 |
| DTAC (Alien) | 3,400 | 3 | 0.01 |
| Home Product Center (Alien) | 35,900 | 16 | 0.04 |
| Intouch (Alien) | 10,700 | 18 | 0.04 |
| Muangthai Capital (Alien) | 3,600 | 6 | 0.01 |
| PTT Exploration & Production (Alien) | 4,300 | 11 | 0.02 |
| Siam Cement (Alien) | 10,500 | 108 | 0.23 |
| Srisawad Corporation Public Company (Alien) | 3,500 | 5 | 0.01 |
| Thai Union (Alien) | 16,600 | 7 | 0.02 |
|  |  | 221 | 0.48 |
| United Kingdom 2.71% |  |  |  |
| Fidelity China Special Situations | 61,400 | 263 | 0.58 |
| JPMorgan Global Emerging Markets Income Trust | 140,000 | 208 | 0.46 |
| Rio Tinto | 1,187 | 71 | 0.16 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Rio Tinto (Australian Listing) |  |  | 541 | 37 | 0.08 |
| Schroder AsiaPacific Fund |  |  | 25,000 | 165 | 0.36 |
| Schroders Asian Total Return Investment |  |  | 48,000 | 264 | 0.57 |
| VinaCapital Vietnam Opportunity Fund |  |  | 55,000 | 228 | 0.50 |
|  |  |  |  | 1,236 | 2.71 |
| United States 2.16% |  |  |  |  |  |
| Colgate-Palmolive |  |  | 350 | 7 | 0.01 |
| James Hardie Industries |  |  | 133 | 3 | 0.01 |
| Morgan Stanley China A Share Fund |  |  | 20,450 | 432 | 0.95 |
| Taiwan Fund |  |  | 20,488 | 475 | 1.04 |
| Yum China |  |  | 1,113 | 59 | 0.13 |
| 51Job (ADR) |  |  | 127 | 10 | 0.02 |
|  |  |  |  | 986 | 2.16 |
| Total Equities |  |  |  | 15,122 | 33.19 |
| Bonds 45.50% |  |  |  |  |  |
| Corporate Bonds 18.38% |  |  |  |  |  |
| Australia 0.48% |  |  |  |  |  |
| Santos Finance (EMTN) | 5.2500 | 13/03/29 | 200,000 | 220 | 0.48 |
| China 8.03% |  |  |  |  |  |
| Beijing Environment BVI | 5.3000 | 18/10/21 | 200,000 | 206 | 0.45 |
| Bluestar Finance | VAR | PERP | 200,000 | 207 | 0.46 |
| China Aoyuan Property | 7.1500 | 07/09/21 | 250,000 | 185 | 0.41 |
| China Construction Bank | VAR | 27/02/29 | 200,000 | 214 | 0.47 |
| China Mengniu Dairy | 3.0000 | 18/07/24 | 200,000 | 210 | 0.46 |
| Contemporary Ruiding Development | 2.6250 | 17/09/30 | 200,000 | 200 | 0.44 |
| Eastern Air Overseas Hong Kong | 2.8000 | 16/11/20 | 250,000 | 183 | 0.40 |
| Gansu Provincial Highway Aviation Tourism |  |  |  |  |  |
| Investment Group | 3.8750 | 05/07/22 | 200,000 | 203 | 0.44 |
| Geely Sweden Finance | 4.8750 | 15/11/21 | 200,000 | 200 | 0.44 |
| Huarong Finance 2017 | 3.2000 | 27/04/21 | 250,000 | 184 | 0.40 |
| Longfor Group | 3.9500 | 16/09/29 | 200,000 | 214 | 0.47 |
| Poly Real Estate Finance | 3.9500 | 05/02/23 | 200,000 | 208 | 0.46 |
| Powerchina Real Estate | 4.5000 | 06/12/21 | 200,000 | 206 | 0.45 |
| Seazen | 6.0000 | 12/08/24 | 400,000 | 401 | 0.87 |
| Shanghai Port Group Development | 3.3750 | 18/06/29 | 200,000 | 218 | 0.48 |
| Shimao Property | 6.1250 | 21/02/24 | 200,000 | 213 | 0.47 |
| Wuhan Metro Group | VAR | PERP | 200,000 | 208 | 0.46 |
|  |  |  |  | 3,660 | 8.03 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| India 2.84% |  |  |  |  |  |
| Adani Transmission | 4.0000 | 03/08/26 | 200,000 | 207 | 0.46 |
| GMR Hyderabad International Airport | 5.3750 | 10/04/24 | 200,000 | 199 | 0.44 |
| Indiabulls Housing Finance | 8.8500 | 26/09/26 | 50,000,000 | 685 | 1.49 |
| REC | 3.5000 | 12/12/24 | 200,000 | 204 | 0.45 |
|  |  |  |  | 1,295 | 2.84 |
| Indonesia 0.49% Bank Mandiri Persero Tbk PT (EMTN) | 4.7500 | 13/05/25 | 200,000 | 221 | 0.49 |
| Japan 0.44% Nissan Motor | 4.3450 | 17/09/27 | 200,000 | 201 | 0.44 |
| Kuwait 0.47% MEGlobal Canada ULC (EMTN) | 5.0000 | 18/05/25 | 200,000 | 216 | 0.47 |
| Philippines 1.30% |  |  |  |  |  |
| Globe Telecom | 2.5000 | 23/07/30 | 200,000 | 194 | 0.43 |
| ICTSI Treasury (EMTN) | 5.8750 | 17/09/25 | 200,000 | 222 | 0.48 |
| Jollibee Worldwide | VAR | PERP | 200,000 | 178 | 0.39 |
|  |  |  |  | 594 | 1.30 |
| Singapore 1.81% |  |  |  |  |  |
| DBS (EMTN) | VAR | 11/12/28 | 200,000 | 218 | 0.48 |
| Parkway Pantai (EMTN) | VAR | PERP | 200,000 | 201 | 0.44 |
| United Overseas Bank (EMTN) | VAR | PERP | 200,000 | 205 | 0.45 |
| Vena Energy Capital Pte (EMTN) | 3.1330 | 26/02/25 | 200,000 | 199 | 0.44 |
|  |  |  |  | 823 | 1.81 |
| South Korea 0.47% Busan Bank (GMTN) | 3.6250 | 25/07/26 | 200,000 | 212 | 0.47 |
| Thailand 0.60% Bangkok Bank PUB (HK) Minor International | 9.0250 VAR | 15/03/29 PERP | 50,000 200,000 | 70 204 | 0.15 0.45 |
|  |  |  |  | 274 | 0.60 |
| United Arab Emirates 1.45% |  |  |  |  |  |
| Emirates Airline | 4.5000 | 06/02/25 | 85,712 | 86 | 0.19 |
| Emirates (EMTN) | 3.0500 | 06/03/23 | 500,000 | 373 | 0.82 |
| Esic Sukuk (EMTN) | 3.9390 | 30/07/24 | 200,000 | 202 | 0.44 |
|  |  |  |  | 661 | 1.45 |

| Security | Coupon (%) | Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| Total Corporate Bonds |  |  |  | 8,377 | 18.38 |
| Government Bonds 27.12% |  |  |  |  |  |
| China 6.19% |  |  |  |  |  |
| China (People's Republic of) | 2.6800 | 21/05/30 | 10,000,000 | 1,413 | 3.10 |
| China (People's Republic of) | 1.9900 | 09/04/25 | 10,000,000 | 1,406 | 3.09 |
|  |  |  |  | 2,819 | 6.19 |
| India 5.76% |  |  |  |  |  |
| India (Republic of) | 7.3200 | 28/01/24 | 100,000,000 | 1,453 | 3.18 |
| India (Republic of) | 5.2200 | 15/06/25 | 34,120,000 | 458 | 1.01 |
| National Highways Authority of India | 7.7000 | 13/09/29 | 50,000,000 | 713 | 1.57 |
|  |  |  |  | 2,624 | 5.76 |
| Indonesia 7.28% |  |  |  |  |  |
| Indonesia (Republic of) | 7.0000 | 15/09/30 | 19,452,000,000 | 1,315 | 2.87 |
| Indonesia (Republic of) | 8.3750 | 15/03/34 | 9,000,000,000 | 650 | 1.43 |
| Indonesia (Republic of) | 6.5000 | 15/06/25 | 8,486,000,000 | 589 | 1.29 |
| Indonesia (Republic of) | 7.5000 | 15/04/40 | 721,000,000 | 49 | 0.11 |
| Indonesia (Republic of) (EMTN) | 5.2500 | 17/01/42 | 400,000 | 507 | 1.11 |
| Lembaga Pembiayaan Ekspor Indonesia (EMTN) | 3.8750 | 06/04/24 | 200,000 | 213 | 0.47 |
|  |  |  |  | 3,323 | 7.28 |
| Malaysia 6.16% |  |  |  |  |  |
| Malaysia (Government of) | 3.9550 | 15/09/25 | 3,889,000 | 1,011 | 2.22 |
| Malaysia (Government of) | 4.2320 | 30/06/31 | 2,000,000 | 542 | 1.19 |
| Malaysia (Government of) | 3.7570 | 22/05/40 | 2,084,000 | 529 | 1.16 |
| Malaysia (Government of) | 3.8280 | 05/07/34 | 1,300,000 | 340 | 0.75 |
| Malaysia (Government of) | 4.0650 | 15/06/50 | 1,000,000 | 252 | 0.55 |
| Malaysia (Government of) | 3.4800 | 15/03/23 | 531,000 | 132 | 0.29 |
|  |  |  |  | 2,806 | 6.16 |
| Pakistan 0.91% Pakistan (Republic of) Pakistan (Republic of) | 8.2500 6.8750 | 30/09/25 05/12/27 | 200,000 200,000 | 214 200 | 0.47 0.44 |
|  |  |  |  | 414 | 0.91 |
| South Korea 0.82% Korea (Republic of) | 2.0000 | 10/03/49 | 400,000,000 | 374 | 0.82 |
| Total Government Bonds |  |  |  | 12,360 | 27.12 |
| Total Bonds |  |  |  | 20,737 | 45.50 |

| Security	Coupon (%)	Maturity | Nominal/ Quantity | Market Value US$’000 | Total Net Assets % |
| --- | --- | --- | --- |
| Total Transferable securities and money market instruments admitted to an official exchange listing or dealt on another regulated market |  | 35,859 | 78.69 |
| Other transferable securities and money market instruments nil |  |  |  |
| Equities nil |  |  |  |
| Thailand nil |  |  |  |
| Siam Cement (Alien) | 1,324 | - | - |
| Total Equities |  | - | - |
| Total Other transferable securities and money market instruments |  | - | - |
| Open Ended Investment Funds 9.05% |  |  |  |
| Aberdeen Standard SICAV I - Asian Credit Bond Fund Z Acc USD † | 107,886 | 1,436 | 3.16 |
| Aberdeen Standard SICAV I - China A Share Equity Fund Z Acc USD † | 34,752 | 754 | 1.65 |
| Aberdeen Standard SICAV I - China Onshore Bond Fund Z Acc USD † | 84,016 | 874 | 1.92 |
| VanEck Vectors Gold Miners UCITS ETF | 16,400 | 684 | 1.50 |
| VanEck Vectors Video Gaming and eSports UCITS ETF | 10,000 | 375 | 0.82 |
|  |  | 4,123 | 9.05 |
| Total Open Ended Investment Funds |  | 4,123 | 9.05 |

Derivatives (0.06%)
Future contracts (0.33%)
| Future | Maturity | Notional | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- |
| CBT US Ultra Bond | 21/12/20 | 1 | (10) | (0.02) |
| CBT US 10 Year Note | 21/12/20 | 6 | 2 | - |
| CBT US 2 Year Note | 31/12/20 | (1) | - | - |
| CBT US 5 Year Note | 31/12/20 | 15 | - | - |
| CME S&P 500 E-mini | 18/12/20 | 5 | (5) | (0.01) |
| CME XAI E-mini Industrial | 18/12/20 | 12 | (16) | (0.04) |
| EUX Euro Stoxx50 | 18/12/20 | 23 | (28) | (0.05) |
| HKG Mini-Hang Seng Index | 29/10/20 | 3 | 1 | - |
| HKG MSCI AC Asia ex Japan Net Total Return Index | 18/12/20 | 85 | (109) | (0.23) |
| OSE Nikkei 225 | 10/12/20 | 4 | 6 | 0.01 |
| SFE Australia 10 Year Bond | 15/12/20 | 9 | 14 | 0.03 |
| SGX FTSE China A50 | 29/10/20 | 61 | (9) | (0.02) |
| SGX MSCI Indonesia | 26/10/20 | 42 | (1) | - |
| Unrealised losses on future contracts |  |  | (155) | (0.33) |

Forward currency exchange contracts 0.21%
| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | CHF | USD | 16/12/20 | 7,252,366 | 7,928,882 | (16) | (0.04) |
| BNP Paribas | EUR | USD | 01/10/20 | 2,928 | 3,415 | - | - |
| BNP Paribas | EUR | USD | 05/10/20 | 4,096 | 4,797 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 5,556,818 | 6,557,490 | (30) | (0.07) |
| BNP Paribas | EUR | USD | 16/12/20 | 11,535 | 13,707 | - | - |
| BNP Paribas | EUR | USD | 16/12/20 | 297 | 354 | - | - |
| BNP Paribas | KRW | USD | 06/11/20 | 532,332,639 | 450,000 | 7 | 0.02 |
| BNP Paribas | MYR | USD | 09/12/20 | 4,760,000 | 1,136,499 | 6 | 0.01 |
| BNP Paribas | SGD | USD | 16/12/20 | 9,474 | 6,919 | - | - |
| BNP Paribas | THB | USD | 06/11/20 | 44,000,000 | 1,403,822 | (15) | (0.03) |
| BNP Paribas | THB | USD | 06/11/20 | 29,000,000 | 925,246 | (10) | (0.02) |
| BNP Paribas | USD | CHF | 16/12/20 | 164,665 | 152,424 | (2) | - |
| BNP Paribas | USD | CNH | 17/11/20 | 581,048 | 4,000,000 | (6) | (0.01) |
| BNP Paribas | USD | EUR | 16/12/20 | 132,136 | 113,239 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/20 | 14,975 | 12,586 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 13,812 | 11,844 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 4,804 | 4,096 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 3,420 | 2,928 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 655 | 551 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 99 | 84 | - | - |
| BNP Paribas | USD | EUR | 16/12/20 | 28 | 24 | - | - |
| BNP Paribas | USD | KRW | 06/11/20 | 100,000 | 118,655,416 | (2) | - |
| BNP Paribas | USD | MYR | 09/12/20 | 1,122,174 | 4,700,000 | (6) | (0.01) |
| BNP Paribas | USD | MYR | 09/12/20 | 150,000 | 627,000 | (1) | - |
| BNP Paribas | USD | MYR | 09/12/20 | 100,000 | 418,000 | - | - |
| BNP Paribas | USD | TWD | 16/10/20 | 500,000 | 14,398,250 | 2 | - |
| BNP Paribas | USD | TWD | 16/10/20 | 470,000 | 13,574,511 | - | - |
| Citigroup | CNY | USD | 17/11/20 | 12,403,800 | 1,800,000 | 22 | 0.05 |
| Citigroup | CNY | USD | 17/11/20 | 2,480,760 | 360,000 | 4 | 0.01 |
| Citigroup | KRW | USD | 06/11/20 | 2,465,736,000 | 2,080,000 | 37 | 0.07 |
| Citigroup | KRW | USD | 06/11/20 | 2,347,191,000 | 1,980,000 | 35 | 0.07 |
| Citigroup | PHP | USD | 09/10/20 | 13,342,590 | 270,000 | 5 | 0.01 |
| Citigroup | PHP | USD | 09/10/20 | 10,871,740 | 220,000 | 4 | 0.01 |
| Citigroup | USD | EUR | 29/10/20 | 700,000 | 594,194 | 3 | 0.01 |
| Citigroup | USD | EUR | 20/11/20 | 916,670 | 780,000 | 1 | - |
| Goldman Sachs | IDR | USD | 23/10/20 | 1,475,500,000 | 100,000 | (1) | - |
| Goldman Sachs | SGD | USD | 13/11/20 | 954,198 | 700,000 | (1) | - |
| Goldman Sachs | SGD | USD | 13/11/20 | 613,413 | 450,000 | (1) | - |
| HSBC | HKD | USD | 05/10/20 | 35,850 | 4,626 | - | - |
| HSBC | IDR | USD | 23/10/20 | 19,394,700,000 | 1,300,000 | 1 | - |
| HSBC | PHP | USD | 09/10/20 | 32,331,000 | 650,000 | 17 | 0.04 |

| Counterparty | Buy | Sell | Settlement | Buy Amount | Sell Amount | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| HSBC | PHP | USD | 09/10/20 | 20,890,800 | 420,000 | 11 | 0.02 |
| HSBC | USD | IDR | 23/10/20 | 1,120,000 | 16,709,280,000 | (1) | - |
| Royal Bank of Canada | USD | AUD | 20/11/20 | 903,025 | 1,241,000 | 13 | 0.03 |
| Royal Bank of Canada | USD | KRW | 06/11/20 | 250,000 | 292,596,125 | (1) | - |
| Royal Bank of Canada | USD | KRW | 06/11/20 | 210,000 | 245,780,745 | (1) | - |
| Royal Bank of Canada | USD | KRW | 06/11/20 | 100,000 | 118,533,840 | (2) | - |
| Royal Bank of Canada | USD | KRW | 06/11/20 | 100,000 | 118,533,840 | (2) | - |
| State Street | EUR | USD | 20/11/20 | 780,000 | 924,504 | (9) | (0.02) |
| State Street | JPY | USD | 20/11/20 | 374,025,000 | 3,505,924 | 41 | 0.08 |
| State Street | SGD | USD | 13/11/20 | 1,010,000 | 737,987 | 2 | - |
| State Street | SGD | USD | 13/11/20 | 249,396 | 182,229 | - | - |
| State Street | USD | EUR | 20/11/20 | 907,944 | 778,000 | (5) | (0.01) |
| State Street | USD | HKD | 03/12/20 | 1,379,774 | 10,700,000 | (1) | - |
| State Street | USD | HKD | 03/12/20 | 915,551 | 7,100,000 | - | - |
| State Street | USD | IDR | 23/10/20 | 200,000 | 2,968,600,000 | 1 | - |
| UBS | CNH | USD | 17/11/20 | 1,373,137 | 200,000 | 2 | - |
| UBS | INR | USD | 08/12/20 | 96,349,110 | 1,300,000 | - | - |
| UBS | USD | INR | 08/12/20 | 1,150,000 | 85,231,905 | - | - |
| UBS | USD | KRW | 06/11/20 | 220,000 | 259,353,600 | (3) | (0.01) |
| Unrealised gains on forward currency exchange contracts |  |  | 97 | 0.21 |

Option contracts 0.06%
| Option | Type | Expiry | Notional | Unrealised Gains/(Losses) US$’000 | Total Net Assets % |
| --- | --- | --- | --- | --- | --- |
| S&P 500 | PUT | 18/12/20 | 5 | 29 | 0.06 |
| Unrealised gains on option contracts |  |  |  | 29 | 0.06 |
| Unrealised losses on derivatives |  |  |  | (29) | (0.06) |
| Total investments |  |  |  | 39,953 | 87.68 |
| Other net assets | 5,616 | 12.32 |
| Total net assets |  |  |  | 45,569 | 100.00 |

† 
Managed by subsidiaries of Standard Life Aberdeen plc.
Currently forward positions are not collateralised.

Translation (ENFR, 2020-09-30):
# Asia Pacific Multi Asset Fund
### Pour l’exercice clos le 30 septembre 2020
Performances
Pour l’exercice clos le 30 septembre 2020, la valeur des Actions de capitalisation de Classe A du Fonds Asia Pacific Multi Asset a augmenté de 5,22 % par rapport à une hausse de 10,62 % de l’indice de référence, composé à 50 % de l’indice MSCI AC Asia Pacific ex Japan TR et à 50 % de l’indice Markit IBOXX ALBI.
Rendement du Fonds : Source : Lipper, Base : rendement total, variation de la Valeur Nette d’Inventaire publiée, net de frais annuels, bénéfice brut réinvesti, en USD.
Rendement de l’indice de référence : Source : Lipper, Base RIMES : rendement à la clôture des bureaux, bénéfice réinvesti, brut de frais, en USD.
Veuillez garder à l’esprit que les performances passées ne préjugent pas des résultats futurs. Le cours des actions et les revenus qui en découlent peuvent évoluer à la hausse comme à la baisse et les investisseurs sont susceptibles de ne pas récupérer le montant initialement investi.
Commentaires sur le marché
Les actifs à risque asiatiques ont enregistré des gains au cours de l’exercice considéré, les actions dépassant les obligations. La confiance a été soutenue jusqu’à la fin de l’année 2019 en raison de l’apaisement des tensions commerciales entre les États-Unis et la Chine. Cependant, la pandémie de Covid-19 a entraîné une chute des marchés au cours de la nouvelle année, les confinements généralisés ayant paralysé l’activité des entreprises. À mesure que les restrictions s’atténuaient, l’économiemondiale a commencé à se redresser. Cette amélioration, associée à des mesures de relance à grande échelle soutenues, ont aidé les actions comme les obligations à récupérer davantage que ce qu’elles avaient perdu. Par la suite, la nouvelle approche de la Réserve fédérale en matière de gestion de l’inflation, considérée comme maintenant les taux d’intérêt plus bas pendant une période prolongée, a pesé sur les obligations dont les courbes mondiales s’accentuaient. Alors que les perspectives de l’économie mondiale se sont améliorées en raison de l’évolution positive des vaccins, les rendements des obligations nominales mondiales ont augmenté, sous l’effet de prévisions d’inflation plus
élevées. Au cours du dernier mois, les marchés ont reculé, car plusieurs régions du monde ont constaté une recrudescence du nombre de contaminations et des perspectives de nouveaux confinements ontplombé la confiance.
Sur l’ensemble des classes d’actifs, les actions se sont distinguées au regard d’un appétit pour le risque prononcé des investisseurs. Plus particulièrement, les marchés d’Asie du Nord comme la Chine, la Corée du Sud et Taïwan, qui ont été parmi les premiers à contenir efficacement le virus, se sont inscrits en tête des gains.
Dans le segment du revenu fixe, les obligations d’État régionales en devise locale ont surperformé les obligations en dollars US, grâce à la baisse des taux par les responsables politiques régionaux et à l’affaiblissementdu dollar US. Le crédit asiatique a également bien résisté. Au cours du mouvement de liquidation du mois de mars, il s’est mieux comporté que les marchés émergents au sens large ; les obligations asiatiques de qualité investment grade ont même surperformé leurs homologues américaines. Par la suite, alors que les taux de défaut du haut rendement américain ont rapidement augmenté à 9 %, l’Asie a atteint un pic inférieur à 3 %. Les devises asiatiques ont affiché une performance mitigée. Les devises se
sont d’abord dépréciées en raison d’une aversion au risque plus élevée dans un contexte de ralentissement mondial. Par la suite, la demande pour des titres de marchés émergents en repli a fait grimper ces actifs par rapport au dollar US.
Commentaires sur le portefeuille
Le portefeuille a sous-performé son indice de référence sur la période considérée. Les principaux mauvais élèves de la performance ont été la contribution de l’allocation tactique des actifs et le rendement dynamique des actions quantitatives, en raison de la contribution négative de la sélection des titres.
D’autre part, la stratégie axée sur les fonds de type fermé cotés a surperformé, tandis que d’autres classes d’actifs étaient
globalement dans la lignée de la performance de l’indice de référence.
Au dernier trimestre 2019, alors que les analyses des recherches et les indicateurs pointaientvers un rebond cyclique à venir, nous avons considérablement accentué notre exposition aux actions et augmenté la duration globale du portefeuillede manière simultanée afin de nous couvrir contre les risques baissiers. Cette mesure a tiré parti de la reprise des actions mondiales jusqu’à la mi-février. Le marché a ensuite subi une correction alors que l’épidémie de Covid-19 et l’effondrement des prix du pétrole ont déclenché des ventes massives sur la plupart des classes d’actifs. Les marchés ont été extrêmement perturbés lors de la correction aveugle qui s’est produite dans un très court laps de temps. Par conséquent, nous avons pris garde à ne pas réagir dans la précipitation et nous avons évité de réduire le risque de manière significative au travers de ventes en catastrophe de titres sous- jacents à des prix faibles avec aucune ou peu de liquidité. Cela a porté ses fruits, car l’appétit pour le risque s’est sensiblement amélioré par la suite. Les cours des marchés d’actions ont rebondi dans un contexte de soutien de la politique économique et de maîtrise de la propagation du virus par les gouvernements. Au cours du second semestre de la période considérée, nous avons maintenu des niveaux de risque modérés dans le portefeuille, en maintenant l’équilibre entre tirer parti de la reprise du marché et garder le risque sous contrôle. Par exemple, nous avons renforcé notre exposition au yen japonais pour avoir une protection contre le risque de baisse et avons remplacé une partie de l’allocation des titres structurels phare tels que les titres d’e-sport par des secteurs procycliques tels que la consommation discrétionnaire et l’industrie.
Du côté des actions, nous avons été très occupés au second semestre, la volatilité du marché nous offrant des opportunités attrayantes. Dans la lignée de la tendance à la hausse de la consommation en Chine continentale, nous avons introduitsix nouvelles participations en Chine et à Hong Kong. Nous avons pris part à l’introduction en Bourse de deux sociétés chinoises, Hangzhou Tigermed et KE Holdings. Le chercheur sous contrat clinique Hangzhou Tigermed, le plus grand acteur sur le plan national, a recherché une cotation secondaire à Hong Kong. Il pourrait bénéficier de la hausse des dépenses de recherche sur les médicaments innovants en Chine continentale, compte tenu d’un contexte politique favorable et de faibles niveaux de
pénétration. En parallèle, KE Holdings détient des leaders de marque, la société de courtage immobilier Lianjia ainsi que la plateforme de transactions immobilières Beike. Nous pensons que la société peut tirer parti des effets de réseau puissants en intégrant les agents sur la même plateforme et en favorisant la consolidation du secteur. Nous avons également initié une position dans la société de protection de l’environnement China Conch Venture, l’opérateur de casinos de Macau Sands China, le fournisseur de centres de données internet GDS et le prêteur China Merchants Bank. Indépendamment, nous avons pris des positions dans des sociétés qui sont exploitées sur les tendances structurelles émergentes. Deux d’entre elles sont sud-coréennes. Le fabricant de batteries lithium-ion Samsung SDI est l’un des cinq principaux acteurs mondiaux du marché des batteries pour véhicules électriques, pour lesquels les barrières à l’entrée sont importantes. Un soutien accru à l’énergie propre est également susceptible de stimuler la demande de batteries pour véhicules électriques. Samsung Biologics est le plus grand producteur sous contrat de produits biopharmaceutiques au monde, une entreprise de grande qualité dans un secteur en croissance rapide. En Australie, nous avons également acheté Goodman Group, qui possède, développe et gère des biens immobiliers industriels, tels que des installations logistiques, des entrepôts et des parcs d’entreprises, dans 17 pays. Ses biens, situés le long de couloirs de transit clés, devraient bénéficier des tendances mondiales pour les actifs industriels de premier ordre.
Les participations du portefeuille investies dans le revenu fixe asiatique ont bien performé avant la Covid-19, carnous avions une position à long terme sur le risque de crédit alors que les marchés se redressaient. Nous avons réduit notre exposition au risque, car les valorisations sont devenues moins attrayantes, mais dans un contexte de repli dû à la Covid-19, le Fonds a sous-performé l’indice de référence, puisqu’il avaittoujours une exposition longue sur le risque de crédit. Au second semestre de l’exercice, le portefeuille a encore surperformé l’indice de référence. Avec des valorisations plus attrayantes, le Fonds présente un risque de crédit plus élevé à fin septembre 2020 qu’il y a un an. Au cours de l’exercice, nous avons accentuénotre exposition aux titres financiers subordonnés. Contrairementà 2008, la Covid-19 n’est pas une crise bancaire ou financière. En outre, les banques centrales ont réagi avec vigueur et fourni une liquidité suffisante. Nous privilégions la recherche de rendement à des niveaux inférieurs de la structure de capital des banques de qualité supérieure. L’exposition du portefeuille aux Philippines a également augmenté suite à une hausse relativement rare des émissions d’entreprises du pays. D’autre part, nous avons réduit l’exposition aux titres quasi-souverains mieux notés, plus particulièrement au second semestre de la période. Nous sommes devenus plus à l’aise avec le rythme de la reprise économique et avons constaté moins de besoin de conserver ces positions défensives.
Perspectives
Au cours du dernier trimestre de l’année, nous prévoyons que l’activité économique continuera de se normaliser, bien qu’à un rythme plus modéré au fur et à mesure que le monde apprend à vivre avec le virus pendant un certain temps.
Nous pensons que le rôle des gouvernements et des banques
centrales sera essentiel pour tenir le cap dans les prochains trimestres. Le soutien apporté aux entreprises et aux ménages soutiendra la consommation et la confiance des entreprises. Le résultat des élections américaines aura un impact significatif sur l’aide budgétaire, la réglementation et la politique étrangère américaine. En outre, les développements positifs des vaccins contre la Covid-19 auront un impact notablesur les perspectives de l’économie mondiale et des marchés financiers. À l’avenir, nous conserverons un portefeuille axé sur le risque et sommes susceptibles de renforcer progressivement notre exposition aux actions de niches qui bénéficierontde la reprise cyclique.
Équipe Multi-Asset Solutions APAC
Octobre 2020
État de l’actif net
Au 30 septembre 2020
| Notes | en milliers d’USD |
| --- | --- |
| Actif |  |  |
| Placements en valeurs mobilières à la valeur de marché | 2.2 | 39 982 |
| Avoirs bancaires |  | 3 695 |
| Montants détenus auprès de chambres de compensation et de courtiers en valeurs à terme |  | 1 993 |
| Intérêts et dividendes à recevoir |  | 270 |
| Souscriptions à recevoir |  | 6 |
| Ventes de placements à recevoir |  | 534 |
| Plus-values latentes sur contrats de change à terme | 2.6 | 97 |
| Plus-values latentes sur contrats d’options | 2.9 | 29 |
| Total de l’actif |  | 46 606 |
| Passif |  |  |
| Achats de placements à payer |  | 631 |
| Impôts et charges à payer |  | 60 |
| Rachats d’actions à payer |  | 162 |
| Moins-values latentes sur contrats à terme | 2.7 | 155 |
| Autres passifs |  | 29 |
| Total du passif |  | 1 037 |
| Actif net en fin d’exercice |  | 45 569 |

État des variations de l’actif net
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
État des opérations
| Notes | en milliers d’USD |
| --- | --- |
| Revenus |  |  |
| Revenus d’investissement | 2.3 | 1 317 |
| Revenus des prêts de titres | 16 | 1 |
| Intérêts bancaires |  | 22 |
| Total des revenus |  | 1 340 |
| Charges |  |  |
| Commissions de gestion | 4.2 | 601 |
| Frais d’exploitation, d’administration et de service | 4.3 | 138 |
| Commissions de distribution | 4.1 | 7 |
| Autres frais de fonctionnement |  | 1 |
| Total des charges |  | 747 |
| Plus-values nettes sur investissements |  | 593 |
| Moins-values réalisées sur investissements |  | (1 776) |
| Plus-values réalisées sur contrats de change à terme |  | 434 |
| Plus-values réalisées sur contrats à terme |  | 860 |
| Moins-values réalisées sur contrats d’options |  | (387) |
| Moins-values de change réalisées |  | (38) |
| Moins-values nettes réalisées |  | (907) |
| Diminution de la moins-value latentesur investissements |  | 3 269 |
| Diminution de la moins-value latentesur contrats de change à terme |  | 174 |
| Augmentation de la moins-value latente sur contrats à terme |  | (155) |
| Diminution de la moins-value latentesur contrats d’options |  | 30 |
| Plus-values de change latentes |  | 24 |
| Plus-values nettes latentes |  | 3 342 |
| Augmentation nette de l’actif résultant |  |  |
| des opérations |  | 3 028 |

Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
| Notes | en milliers d’USD |
| --- | --- |
| Actif net en début d’exercice |  | 52 841 |
| Plus-values nettes sur investissements |  | 593 |
| Moins-values nettes réalisées |  | (907) |
| Plus-values nettes latentes |  | 3 342 |
| Produits des émissions d’actions |  | 837 |
| Paiements des actions rachetées |  | (11 075) |
| Régularisation nette versée | 10 | (50) |
| Dividendes distribués | 5 | (12) |
| Actif net en fin d’exercice |  | 45 569 |

Transactions d’Actions
Pour l’exercice allant du 1er octobre 2019 au 30 septembre 2020
|  | A Acc EUR | A Acc Hedged CHF | A Acc Hedged EUR | A Acc Hedged SGD | A Acc USD |
| --- | --- | --- | --- | --- | --- |
| Actions en circulation en début d’exercice | 974 714 | 59 440 | 45 177 | 915 | 96 696 |
| Actions émises durant l’exercice | 10 245 | 281 | 1 344 | - | 994 |
| Actions rachetées durant l’exercice | (190 847) | (9 896) | (12 872) | - | (21 132) |
| Actions en circulation en fin d’exercice | 794 112 | 49 825 | 33 649 | 915 | 76 558 |
| Valeur nette d’inventaire par action | 13,4681 | 144,2977 | 163,1152 | 10,2685 | 205,4532 |
|  |
|  | A QInc USD | W Acc USD | W QInc USD | X Acc EUR | X Acc USD |
| Actions en circulation en début d’exercice | 30 854 | 28 199 | 40 893 | 6 744 | 133 797 |
| Actions émises durant l’exercice | 215 | 189 | 16 226 | 1 035 | - |
| Actions rachetées durant l’exercice | (14 362) | (9 697) | (15 956) | (1 389) | (3 475) |
| Actions en circulation en fin d’exercice | 16 707 | 18 691 | 41 163 | 6 390 | 130 322 |
| Valeur nette d’inventaire par action | 10,1297 | 12,1286 | 11,7188 | 13,5893 | 12,1882 |
|  |
| X QInc USD |
| Actions en circulation en début d’exercice |  |  |  |  | 48 505 |
| Actions émises durant l’exercice |  |  |  |  | - |
| Actions rachetées durant l’exercice |  |  |  |  | (4 808) |
| Actions en circulation en fin d’exercice |  |  |  |  | 43 697 |
| Valeur nette d’inventaire par action |  |  |  |  | 10,5296 |

Les notes annexes font partie intégrante des présents états financiers.
État du portefeuille-titres
Au 30 septembre 2020
| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé 78,69 % |
| Actions 33,19 % |  |  |  |
| Australie 3,59 % |  |  |  |
| AGL Energy | 1 264 | 12 | 0,03 |
| Aristocrat Leisure | 11 316 | 245 | 0,54 |
| ASX | 606 | 36 | 0,08 |
| Aurizon Holdings | 1 031 | 3 | 0,01 |
| Australia & New Zealand Banking | 3 391 | 42 | 0,09 |
| BHP | 1 796 | 46 | 0,10 |
| BHP (UK) | 6 449 | 138 | 0,30 |
| Brambles | 1 835 | 14 | 0,03 |
| Coca-Cola Amatil | 2 713 | 19 | 0,04 |
| Cochlear | 1 190 | 169 | 0,37 |
| Coles | 1 564 | 19 | 0,04 |
| Commonwealth Bank of Australia | 831 | 38 | 0,08 |
| CSL | 1 940 | 400 | 0,89 |
| Evolution Mining | 1 206 | 5 | 0,01 |
| Fisher & Paykel Healthcare | 3 677 | 80 | 0,18 |
| Fortescue Metals | 2 110 | 25 | 0,05 |
| Goodman | 10 036 | 130 | 0,28 |
| Magellan Financial | 267 | 11 | 0,02 |
| Medibank Private | 7 159 | 13 | 0,03 |
| Newcrest Mining | 191 | 4 | 0,01 |
| REA | 62 | 5 | 0,01 |
| Sonic Healthcare | 1 129 | 27 | 0,06 |
| Stockland | 1 395 | 4 | 0,01 |
| Wesfarmers | 1 963 | 63 | 0,14 |
| Woolworths | 279 | 7 | 0,02 |
| Xero | 1 074 | 77 | 0,17 |
|  |  | 1 632 | 3,59 |
| Belgique 0,18 % |  |  |  |
| Budweiser | 28 500 | 83 | 0,18 |
| Chine 8,64 % |  |  |  |
| Alibaba | 1 297 | 380 | 0,84 |
| A-Living Services | 750 | 4 | 0,01 |
| Anhui Conch Cement | 15 000 | 103 | 0,23 |
| ANTA Sports Products | 2 000 | 21 | 0,05 |
| Autohome (ADR) | 108 | 10 | 0,02 |

| Titre | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| AviChina Industry & Technology | 8 000 | 5 | 0,01 |
| BAIC Motor | 9 000 | 4 | 0,01 |
| Baidu | 210 | 27 | 0,06 |
| Brilliance Auto | 14 000 | 13 | 0,03 |
| BYD Electronic | 500 | 3 | 0,01 |
| CGN Power | 27 000 | 6 | 0,01 |
| China Communications Services « H » | 2 000 | 1 | - |
| China Conch Venture | 9 500 | 44 | 0,10 |
| China Construction Bank | 65 000 | 42 | 0,09 |
| China Fund | 12 800 | 322 | 0,71 |
| China Galaxy | 27 500 | 15 | 0,03 |
| China Lesso Group | 2 000 | 4 | 0,01 |
| China Life Insurance | 14 000 | 31 | 0,07 |
| China Medical System | 7 000 | 8 | 0,02 |
| China Merchants Bank « H » | 11 000 | 52 | 0,11 |
| China Pacific Insurance | 6 800 | 19 | 0,04 |
| China Railway | 27 000 | 13 | 0,03 |
| China Railway Signal & Communication | 18 000 | 6 | 0,01 |
| China Resources Cement | 8 000 | 11 | 0,02 |
| China Resources Land | 42 000 | 189 | 0,42 |
| China Shenhua Energy | 2 500 | 4 | 0,01 |
| China Vanke | 5 400 | 16 | 0,04 |
| CITIC | 31 000 | 23 | 0,05 |
| CNOOC | 73 000 | 70 | 0,15 |
| Country Garden | 4 000 | 5 | 0,01 |
| Country Garden Services | 2 000 | 13 | 0,03 |
| CRRC | 5 000 | 2 | - |
| CSPC Pharmaceutical | 6 000 | 12 | 0,03 |
| Dali Foods | 3 500 | 2 | - |
| Fuyao Glass Industry (Stuttgart Listing) | 2 800 | 10 | 0,02 |
| GDS Holdings | 956 | 78 | 0,17 |
| GF Securities | 10 600 | 13 | 0,03 |
| GSX Techedu | 40 | 4 | 0,01 |
| Haier Electronics | 1 000 | 4 | 0,01 |
| Haitian International | 3 000 | 7 | 0,02 |
| Haitong Securities | 4 400 | 4 | 0,01 |
| Hangzhou Tigermed Consulting | 2 900 | 41 | 0,09 |
| Hengan International | 2 500 | 18 | 0,04 |
| Huatai Securities | 10 800 | 18 | 0,04 |
| JD.Com | 662 | 51 | 0,11 |
| KE Holdings | 450 | 28 | 0,06 |

| Titre | Nominal / Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Kingsoft | 1 000 | 5 | 0,01 |
| Lenovo | 34 000 | 22 | 0,05 |
| Li Ning | 2 500 | 12 | 0,03 |
| Logan Property | 4 000 | 6 | 0,01 |
| Longfor Properties | 1 000 | 6 | 0,01 |
| Meituan Dianping | 7 000 | 218 | 0,48 |
| Momo | 295 | 4 | 0,01 |
| NetEase | 75 | 34 | 0,07 |
| New China Life Insurance | 700 | 3 | 0,01 |
| New Oriental | 548 | 82 | 0,18 |
| NIO | 533 | 11 | 0,02 |
| PICC Property and Casualty | 18 000 | 13 | 0,03 |
| Pinduodu | 141 | 10 | 0,02 |
| Ping An Insurance | 27 500 | 282 | 0,62 |
| Seazen | 6 000 | 5 | 0,01 |
| Shandong Weigao | 4 000 | 8 | 0,02 |
| Shanghai Pharmaceuticals | 1 000 | 2 | - |
| Shenzhou International | 300 | 5 | 0,01 |
| Sinopharm | 6 400 | 13 | 0,03 |
| Sun Art Retail | 8 000 | 9 | 0,02 |
| Sunac China Holdings | 2 000 | 8 | 0,02 |
| Sunny Optical Technology | 900 | 14 | 0,03 |
| TAL Education | 179 | 14 | 0,03 |
| Tencent | 16 700 | 1 102 | 2,41 |
| Topsports International | 6 000 | 8 | 0,02 |
| Vipshop | 552 | 9 | 0,02 |
| Want Want China | 27 000 | 19 | 0,04 |
| Weichai Power | 8 000 | 16 | 0,04 |
| WuXi Biologics (Cayman) | 6 500 | 158 | 0,35 |
| Xiaomi | 7 600 | 20 | 0,04 |
| Xinyi Solar | 8 000 | 13 | 0,03 |
| Yangzijiang Shipbuilding | 8 400 | 6 | 0,01 |
| Yuexiu Property | 38 000 | 7 | 0,02 |
| Zhejiang Expressway « H » | 8 000 | 6 | 0,01 |
| Zhongsheng | 2 000 | 12 | 0,03 |
| Zoomlion | 3 000 | 3 | 0,01 |
| ZTE | 2 000 | 5 | 0,01 |
| 3SBio | 5 000 | 6 | 0,01 |
|  |  | 3 932 | 8,64 |

| Titre | Nominal / Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Hong Kong 1,84 % |  |  |  |
| Agile | 4 000 | 5 | 0,01 |
| AIA | 30 400 | 297 | 0,64 |
| ASM Pacific Technology | 3 500 | 36 | 0,08 |
| BOC Hong Kong | 6 500 | 17 | 0,04 |
| Bosideng | 16 000 | 5 | 0,01 |
| China Mobile | 500 | 3 | 0,01 |
| China Resources Pharmaceutical | 8 500 | 4 | 0,01 |
| CK Asset | 1 000 | 5 | 0,01 |
| Dairy Farm International | 2 000 | 8 | 0,02 |
| Far East Horizon | 11 000 | 9 | 0,02 |
| Hong Kong Exchanges & Clearing | 4 986 | 233 | 0,51 |
| Jardine Strategic | 3 100 | 62 | 0,14 |
| Kingboard | 3 000 | 10 | 0,02 |
| Kingboard Laminates | 5 000 | 7 | 0,01 |
| Lee & Man Paper | 6 000 | 4 | 0,01 |
| Sino Biopharmaceutical | 3 000 | 3 | 0,01 |
| Sinotruk Hong Kong | 3 000 | 8 | 0,02 |
| Sun Hung Kai Properties | 500 | 6 | 0,01 |
| Swire Properties | 19 400 | 51 | 0,11 |
| Techtronic Industries | 2 500 | 33 | 0,07 |
| Tingyi (Cayman Islands) | 10 000 | 18 | 0,04 |
| WH | 21 000 | 17 | 0,04 |
|  |  | 841 | 1,84 |
| Inde 3,49 % |  |  |  |
| Adani Ports and Special Economic Zones | 2 409 | 11 | 0,02 |
| Ambuja Cements | 1 048 | 3 | 0,01 |
| Ashoka Indian Equity Investment Trust | 200 000 | 300 | 0,67 |
| Asian Paints | 2 414 | 65 | 0,14 |
| Aurobindo Pharma | 1 362 | 15 | 0,03 |
| Bajaj Auto | 329 | 13 | 0,03 |
| Bajaj Finance | 85 | 4 | 0,01 |
| Bandhan Bank | 2 693 | 10 | 0,02 |
| Britannia | 53 | 3 | 0,01 |
| Cipla | 1 008 | 11 | 0,02 |
| Coal India | 6 598 | 10 | 0,02 |
| Dr Reddy’s Laboratories | 157 | 11 | 0,02 |
| HCL Technologies | 2 318 | 25 | 0,06 |
| Hero MotoCorp | 464 | 20 | 0,04 |
| Hindustan Unilever | 3 472 | 97 | 0,21 |

| Titre | Nominal / Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Housing Development Finance | 10 461 | 245 | 0,55 |
| Infosys | 3 792 | 52 | 0,11 |
| ITC | 35 700 | 83 | 0,18 |
| Kotak Mahindra Bank | 8 183 | 140 | 0,31 |
| Marico | 1 460 | 7 | 0,02 |
| Maruti Suzuki India | 41 | 4 | 0,01 |
| Motherson Sumi Systems | 2 620 | 4 | 0,01 |
| Nestle India | 109 | 24 | 0,05 |
| Page Industries | 26 | 8 | 0,02 |
| Petronet LNG | 3 210 | 10 | 0,02 |
| Piramal Enterprises | 210 | 4 | 0,01 |
| Reliance Industries | 414 | 25 | 0,06 |
| Rural Electrification | 2 507 | 3 | 0,01 |
| SBI Life Insurance | 6 000 | 66 | 0,14 |
| Shree Cement | 13 | 4 | 0,01 |
| Shriram Transp InrShriram Transport Finance | 424 | 4 | 0,01 |
| State Bank of India | 2 144 | 5 | 0,01 |
| Sun Pharmaceutical | 1 688 | 11 | 0,03 |
| Tata Consultancy Services | 6 154 | 207 | 0,45 |
| Tech Mahindra | 587 | 6 | 0,01 |
| UltraTech Cement | 836 | 46 | 0,10 |
| United Phosphorus | 1 596 | 11 | 0,02 |
| WIPRO | 4 481 | 19 | 0,04 |
|  |  | 1 586 | 3,49 |
| Indonésie 0,64 % |  |  |  |
| Astra International | 252 100 | 76 | 0,17 |
| Bank Central Asia | 103 300 | 188 | 0,40 |
| Bank Mandiri | 29 700 | 10 | 0,02 |
| Indofood | 12 500 | 8 | 0,02 |
| United Tractors | 7 600 | 12 | 0,03 |
|  |  | 294 | 0,64 |
| Macau 0,23 % |  |  |  |
| Sands China | 27 200 | 105 | 0,23 |
| Malaisie 0,24 % |  |  |  |
| Hartalega Holdings | 1 200 | 5 | 0,01 |
| Hong Leong Financial | 1 100 | 4 | 0,01 |
| Malayan Banking | 10 900 | 19 | 0,04 |
| Petronas Chemicals | 3 800 | 5 | 0,01 |
| Petronas Gas | 1 900 | 8 | 0,02 |
| Public Bank | 4 800 | 18 | 0,04 |

| Titre | Nominal / Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Sime Darby | 12 900 | 8 | 0,02 |
| Telekom Malaysia | 3 000 | 3 | 0,01 |
| Top Glove | 17 400 | 34 | 0,07 |
| Westports | 4 600 | 4 | 0,01 |
|  |  | 108 | 0,24 |
| Pays-Bas 0,29 % |  |  |  |
| ASML | 364 | 134 | 0,29 |
| Nouvelle-Zélande 0,08 % |  |  |  |
| a2 Milk | 756 | 8 | 0,02 |
| Fisher & Paykel Healthcare | 1 322 | 29 | 0,06 |
|  |  | 37 | 0,08 |
| Philippines 0,39 % |  |  |  |
| Ayala Land | 173 600 | 105 | 0,24 |
| Bank of the Philippine Islands | 31 330 | 42 | 0,09 |
| GT Capital | 460 | 4 | 0,01 |
| International Container Terminal Services | 4 750 | 11 | 0,02 |
| Metrobank | 8 500 | 7 | 0,01 |
| Robinsons Land | 9 900 | 3 | 0,01 |
| Universal Robina | 1 740 | 5 | 0,01 |
|  |  | 177 | 0,39 |
| Singapour 1,34 % |  |  |  |
| CapitaLand | 24 946 | 49 | 0,11 |
| City Developments | 11 800 | 66 | 0,14 |
| DBS | 9 468 | 138 | 0,30 |
| Jardine Cycle & Carriage | 500 | 7 | 0,01 |
| Keppel | 8 900 | 29 | 0,06 |
| Oversea-Chinese Banking | 23 995 | 148 | 0,34 |
| Singapore Exchange | 4 300 | 29 | 0,06 |
| Singapore Technologies Engineering | 7 400 | 19 | 0,04 |
| Singapore Telecommunications | 60 100 | 93 | 0,20 |
| United Overseas Bank | 300 | 4 | 0,01 |
| Venture | 1 200 | 17 | 0,04 |
| Wilmar International | 3 800 | 12 | 0,03 |
|  |  | 611 | 1,34 |
| Corée du Sud 3,87 % |  |  |  |
| BGF Retail | 26 | 3 | 0,01 |
| Celltrion | 59 | 13 | 0,03 |

| Titre | Nominal / Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| CJ | 76 | 5 | 0,01 |
| CJ CheilJedang | 31 | 10 | 0,02 |
| Coway | 228 | 15 | 0,03 |
| Daelim Industrial | 28 | 2 | - |
| DB Insurance | 235 | 9 | 0,02 |
| Hana Financial | 1 424 | 34 | 0,08 |
| Hankook Tire & Technology | 174 | 5 | 0,01 |
| Hyundai Glovis | 38 | 5 | 0,01 |
| Hyundai Motor | 23 | 4 | 0,01 |
| Kakao | 19 | 6 | 0,01 |
| Kia Motors | 305 | 12 | 0,03 |
| Kumho Petrochemical | 89 | 8 | 0,02 |
| LG Chem | 203 | 113 | 0,25 |
| LG Electronics | 194 | 15 | 0,03 |
| LG Household & Health Care | 9 | 11 | 0,02 |
| LG Innotek | 76 | 10 | 0,02 |
| Medy-Tox | 1 | - | - |
| Naver | 111 | 28 | 0,06 |
| NCSoft | 23 | 16 | 0,03 |
| Orion | 69 | 8 | 0,02 |
| Pearl Abyss | 32 | 6 | 0,01 |
| POSCO | 19 | 3 | 0,01 |
| Samsung | 37 | 5 | 0,01 |
| Samsung Biologics | 77 | 45 | 0,10 |
| Samsung Electro-Mechanics | 134 | 16 | 0,04 |
| Samsung Electronics | 3 759 | 187 | 0,41 |
| Samsung Electronics (PREF) | 17 463 | 755 | 1,67 |
| Samsung Engineering | 839 | 8 | 0,02 |
| Samsung SDI | 119 | 44 | 0,10 |
| Shinhan Financial | 785 | 19 | 0,04 |
| SK Hynix | 221 | 16 | 0,03 |
| S-1 | 81 | 6 | 0,01 |
| Weiss Korea Opportunity Fund | 130 000 | 318 | 0,70 |
|  |  | 1 760 | 3,87 |
| Suède 0,01 % |  |  |  |
| Vinda International | 2 000 | 7 | 0,01 |
| Taïwan 3,01 % |  |  |  |
| Asia Cement | 9 000 | 13 | 0,03 |
| Chailease | 6 000 | 27 | 0,06 |

| Titre | Nominal / Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- |
| Chailease (Subscription) | 173 | 1 | - |
| Chicony Electronics | 2 000 | 6 | 0,01 |
| China Life Insurance | 13 000 | 9 | 0,02 |
| CTBC Financial Holding | 51 000 | 32 | 0,07 |
| Delta Electronics | 2 000 | 13 | 0,03 |
| E.Sun Financial | 38 000 | 34 | 0,07 |
| Foxconn Technology | 5 000 | 9 | 0,02 |
| Fubon Financial | 27 000 | 39 | 0,08 |
| Hon Hai Precision Industry | 6 000 | 16 | 0,04 |
| Lite-On Technology | 11 000 | 17 | 0,04 |
| Nien Made Enterprise | 1 000 | 12 | 0,03 |
| Pegatron | 3 000 | 7 | 0,01 |
| Quanta Computer | 10 000 | 26 | 0,06 |
| Realtek Semiconductor | 1 000 | 13 | 0,03 |
| Taishin Financial | 47 000 | 21 | 0,05 |
| Taiwan Cement | 11 289 | 16 | 0,04 |
| TSMC | 66 000 | 986 | 2,16 |
| Uni-President Enterprises | 1 000 | 2 | - |
| United Microelectronic | 32 000 | 32 | 0,07 |
| Yuanta Financial | 52 360 | 32 | 0,07 |
| Zhen Ding Technology | 2 000 | 9 | 0,02 |
|  |  | 1 372 | 3,01 |
| Thaïlande 0,48 % |  |  |  |
| Central Pattana (Alien) | 29 300 | 40 | 0,08 |
| Charoen Pokphand (Alien) | 7 900 | 7 | 0,02 |
| DTAC (Alien) | 3 400 | 3 | 0,01 |
| Home Product Center (Alien) | 35 900 | 16 | 0,04 |
| Intouch (Alien) | 10 700 | 18 | 0,04 |
| Muangthai Capital (Alien) | 3 600 | 6 | 0,01 |
| PTT Exploration & Production (Alien) | 4 300 | 11 | 0,02 |
| Siam Cement (Alien) | 10 500 | 108 | 0,23 |
| Srisawad Corporation Public Company (Alien) | 3 500 | 5 | 0,01 |
| Thai Union (Alien) | 16 600 | 7 | 0,02 |
|  |  | 221 | 0,48 |
| Royaume-Uni 2,71 % |  |  |  |
| Fidelity China Special Situations | 61 400 | 263 | 0,58 |
| JPMorgan Global Emerging Markets Income Trust | 140 000 | 208 | 0,46 |
| Rio Tinto | 1 187 | 71 | 0,16 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Rio Tinto (Australian Listing) |  |  | 541 | 37 | 0,08 |
| Schroder AsiaPacific Fund |  |  | 25 000 | 165 | 0,36 |
| Schroders Asian Total Return Investment |  |  | 48 000 | 264 | 0,57 |
| VinaCapital VietnamOpportunity Fund |  |  | 55 000 | 228 | 0,50 |
|  |  |  |  | 1 236 | 2,71 |
| États-Unis 2,16 % |  |  |  |  |  |
| Colgate-Palmolive |  |  | 350 | 7 | 0,01 |
| James Hardie Industries |  |  | 133 | 3 | 0,01 |
| Morgan Stanley China A Share Fund |  |  | 20 450 | 432 | 0,95 |
| Taiwan Fund |  |  | 20 488 | 475 | 1,04 |
| Yum China |  |  | 1 113 | 59 | 0,13 |
| 51Job (ADR) |  |  | 127 | 10 | 0,02 |
|  |  |  |  | 986 | 2,16 |
| Total Actions |  |  |  | 15 122 | 33,19 |
| Obligations 45,50 % |  |  |  |  |  |
| Obligations d’entreprises 18,38 % |  |  |  |  |  |
| Australie 0,48 % |  |  |  |  |  |
| Santos Finance (EMTN) | 5,2500 | 13/03/2029 | 200 000 | 220 | 0,48 |
| Chine 8,03 % |  |  |  |  |  |
| Beijing Environment BVI | 5,3000 | 18/10/2021 | 200 000 | 206 | 0,45 |
| Bluestar Finance | VAR | PERP | 200 000 | 207 | 0,46 |
| China Aoyuan Property | 7,1500 | 07/09/2021 | 250 000 | 185 | 0,41 |
| China Construction Bank | VAR | 27/02/2029 | 200 000 | 214 | 0,47 |
| China Mengniu Dairy | 3,0000 | 18/07/2024 | 200 000 | 210 | 0,46 |
| Contemporary Ruiding Development | 2,6250 | 17/09/2030 | 200 000 | 200 | 0,44 |
| Eastern Air Overseas Hong Kong | 2,8000 | 16/11/2020 | 250 000 | 183 | 0,40 |
| Gansu Provincial Highway Aviation Tourism Investment Group | 3,8750 | 05/07/2022 | 200 000 | 203 | 0,44 |
| Geely Sweden Finance | 4,8750 | 15/11/2021 | 200 000 | 200 | 0,44 |
| Huarong Finance 2017 | 3,2000 | 27/04/2021 | 250 000 | 184 | 0,40 |
| Longfor Group | 3,9500 | 16/09/2029 | 200 000 | 214 | 0,47 |
| Poly Real Estate Finance | 3,9500 | 05/02/2023 | 200 000 | 208 | 0,46 |
| Powerchina Real Estate | 4,5000 | 06/12/2021 | 200 000 | 206 | 0,45 |
| Seazen | 6,0000 | 12/08/2024 | 400 000 | 401 | 0,87 |
| Shanghai Port Group Development | 3,3750 | 18/06/2029 | 200 000 | 218 | 0,48 |
| Shimao Property | 6,1250 | 21/02/2024 | 200 000 | 213 | 0,47 |
| Wuhan Metro Group | VAR | PERP | 200 000 | 208 | 0,46 |
|  |  |  |  | 3 660 | 8,03 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Inde 2,84 % |  |  |  |  |  |
| Adani Transmission | 4,0000 | 03/08/2026 | 200 000 | 207 | 0,46 |
| GMR Hyderabad International Airport | 5,3750 | 10/04/2024 | 200 000 | 199 | 0,44 |
| Indiabulls Housing Finance | 8,8500 | 26/09/2026 | 50 000 000 | 685 | 1,49 |
| REC | 3,5000 | 12/12/2024 | 200 000 | 204 | 0,45 |
|  |  |  |  | 1 295 | 2,84 |
| Indonésie 0,49 % |  |  |  |  |  |
| Bank Mandiri Persero Tbk PT (EMTN) | 4,7500 | 13/05/2025 | 200 000 | 221 | 0,49 |
| Japon 0,44 % |  |  |  |  |  |
| Nissan Motor | 4,3450 | 17/09/2027 | 200 000 | 201 | 0,44 |
| Koweït 0,47 % |  |  |  |  |  |
| MEGlobal Canada ULC (EMTN) | 5,0000 | 18/05/2025 | 200 000 | 216 | 0,47 |
| Philippines 1,30 % |  |  |  |  |  |
| Globe Telecom | 2,5000 | 23/07/2030 | 200 000 | 194 | 0,43 |
| ICTSI Treasury (EMTN) | 5,8750 | 17/09/2025 | 200 000 | 222 | 0,48 |
| Jollibee Worldwide | VAR | PERP | 200 000 | 178 | 0,39 |
|  |  |  |  | 594 | 1,30 |
| Singapour 1,81 % |  |  |  |  |  |
| DBS (EMTN) | VAR | 11/12/2028 | 200 000 | 218 | 0,48 |
| Parkway Pantai (EMTN) | VAR | PERP | 200 000 | 201 | 0,44 |
| United Overseas Bank (EMTN) | VAR | PERP | 200 000 | 205 | 0,45 |
| Vena Energy Capital Pte (EMTN) | 3,1330 | 26/02/2025 | 200 000 | 199 | 0,44 |
|  |  |  |  | 823 | 1,81 |
| Corée du Sud 0,47 % |  |  |  |  |  |
| Busan Bank (GMTN) | 3,6250 | 25/07/2026 | 200 000 | 212 | 0,47 |
| Thaïlande 0,60 % |  |  |  |  |  |
| Bangkok Bank PUB (HK) | 9,0250 | 15/03/2029 | 50 000 | 70 | 0,15 |
| Minor International | VAR | PERP | 200 000 | 204 | 0,45 |
|  |  |  |  | 274 | 0,60 |
| Émirats arabes unis 1,45 % |  |  |  |  |  |
| Emirates Airline | 4,5000 | 06/02/2025 | 85 712 | 86 | 0,19 |
| Emirates (EMTN) | 3,0500 | 06/03/2023 | 500 000 | 373 | 0,82 |
| Esic Sukuk (EMTN) | 3,9390 | 30/07/2024 | 200 000 | 202 | 0,44 |
|  |  |  |  | 661 | 1,45 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Total Obligations d’entreprises |  |  |  | 8 377 | 18,38 |
| Obligations d’État 27,12 % |  |  |  |  |  |
| Chine 6,19 % |  |  |  |  |  |
| République populaire de Chine | 2,6800 | 21/05/2030 | 10 000 000 | 1 413 | 3,10 |
| République populaire de Chine | 1,9900 | 09/04/2025 | 10 000 000 | 1 406 | 3,09 |
|  |  |  |  | 2 819 | 6,19 |
| Inde 5,76 % |  |  |  |  |  |
| République indienne | 7,3200 | 28/01/2024 | 100 000 000 | 1 453 | 3,18 |
| République indienne | 5,2200 | 15/06/2025 | 34 120 000 | 458 | 1,01 |
| National Highways Authority of India | 7,7000 | 13/09/2029 | 50 000 000 | 713 | 1,57 |
|  |  |  |  | 2 624 | 5,76 |
| Indonésie 7,28 % |  |  |  |  |  |
| République indonésienne | 7,0000 | 15/09/2030 | 19 452 000 000 | 1 315 | 2,87 |
| République indonésienne | 8,3750 | 15/03/2034 | 9 000 000 000 | 650 | 1,43 |
| République indonésienne | 6,5000 | 15/06/2025 | 8 486 000 000 | 589 | 1,29 |
| République indonésienne | 7,5000 | 15/04/2040 | 721 000 000 | 49 | 0,11 |
| République indonésienne (EMTN) | 5,2500 | 17/01/2042 | 400 000 | 507 | 1,11 |
| Lembaga Pembiayaan Ekspor Indonesia (EMTN) | 3,8750 | 06/04/2024 | 200 000 | 213 | 0,47 |
|  |  |  |  | 3 323 | 7,28 |
| Malaisie 6,16 % |  |  |  |  |  |
| Gouvernement malaisien | 3,9550 | 15/09/2025 | 3 889 000 | 1 011 | 2,22 |
| Gouvernement malaisien | 4,2320 | 30/06/2031 | 2 000 000 | 542 | 1,19 |
| Gouvernement malaisien | 3,7570 | 22/05/2040 | 2 084 000 | 529 | 1,16 |
| Gouvernement malaisien | 3,8280 | 05/07/2034 | 1 300 000 | 340 | 0,75 |
| Gouvernement malaisien | 4,0650 | 15/06/2050 | 1 000 000 | 252 | 0,55 |
| Gouvernement malaisien | 3,4800 | 15/03/2023 | 531 000 | 132 | 0,29 |
|  |  |  |  | 2 806 | 6,16 |
| Pakistan 0,91 % |  |  |  |  |  |
| République du Pakistan | 8,2500 | 30/09/2025 | 200 000 | 214 | 0,47 |
| République du Pakistan | 6,8750 | 05/12/2027 | 200 000 | 200 | 0,44 |
|  |  |  |  | 414 | 0,91 |
| Corée du Sud 0,82 % |  |  |  |  |  |
| République coréenne | 2,0000 | 10/03/2049 | 400 000 000 | 374 | 0,82 |
| Total Obligations d’État |  |  |  | 12 360 | 27,12 |
| Total Obligations |  |  |  | 20 737 | 45,50 |

| Titre | Coupon (%) | Échéance | Nominal/ Quantité | Valeur de marché en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- |
| Total Valeurs mobilières et instruments du marché monétaire admis à la cote officielle d’une Bourse ou négociés sur un autre marché réglementé |  | 35 859 | 78,69 |
| Autres valeurs mobilières et instruments du marché monétaire - néant |
| Actions - néant |  |  |  |  |  |
| Thaïlande - néant |  |  |  |  |  |
| Siam Cement (Alien) |  |  | 1 324 | - | - |
| Total Actions |  |  |  | - | - |
| Total Autres valeurs mobilières et instruments du marché monétaire |  |  | - | - |
| Fonds d’investissement à capital variable 9,05 % |  |  |  |  |  |
| Aberdeen Standard SICAV I - Asian Credit Bond Fund Z Acc USD† |  | 107 886 | 1 436 | 3,16 |
| Aberdeen Standard SICAV I - China A Share Equity Fund Z Acc USD† |  | 34 752 | 754 | 1,65 |
| Aberdeen Standard SICAV I - China Onshore Bond Fund Z Acc USD† |  | 84 016 | 874 | 1,92 |
| VanEck Vectors Gold Miners UCITS ETF |  |  | 16 400 | 684 | 1,50 |
| VanEck Vectors Video Gaming and eSports UCITS ETF |  | 10 000 | 375 | 0,82 |
|  |  |  |  | 4 123 | 9,05 |
| Total Fonds d’investissement à capital variable |  |  |  | 4 123 | 9,05 |
| Dérivés (0,06 %) |  |  |  |  |  |
| Contrats à terme (0,33 %) |  |  |  |  |  |
| Contrat à terme |  | Échéance | Notionnel | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| CBT US Ultra Bond | 21/12/2020 | 1 | (10) | (0,02) |
| CBT US 10 Year Note | 21/12/2020 | 6 | 2 | - |
| CBT US 2 Year Note | 31/12/2020 | (1) | - | - |
| CBT US 5 Year Note | 31/12/2020 | 15 | - | - |
| CME S&P 500 E-mini | 18/12/2020 | 5 | (5) | (0,01) |
| CME XAI E-mini Industrial | 18/12/2020 | 12 | (16) | (0,04) |
| EUX Euro Stoxx50 | 18/12/2020 | 23 | (28) | (0,05) |
| Indice HKG Mini-Hang Seng | 29/10/2020 | 3 | 1 | - |
| Indice HKG MSCI AC Asia ex Japan Net Total Return | 18/12/2020 | 85 | (109) | (0,23) |
| OSE Nikkei 225 | 10/12/2020 | 4 | 6 | 0,01 |
| SFE Australia 10 Year Bond | 15/12/2020 | 9 | 14 | 0,03 |
| SGX FTSE China A50 | 29/10/2020 | 61 | (9) | (0,02) |
| SGX MSCI Indonesia | 26/10/2020 | 42 | (1) | - |
| Moins-values latentes sur contrats à terme |  |  |  | (155) | (0,33) |

Contrats de change à terme 0,21 %
| Contrepartie | Achat | Vente | Règlement | Montant acheté | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BNP Paribas | CHF | USD | 16/12/2020 | 7 252 366 | 7 928 882 | (16) | (0,04) |
| BNP Paribas | EUR | USD | 01/10/2020 | 2 928 | 3 415 | - | - |
| BNP Paribas | EUR | USD | 05/10/2020 | 4 096 | 4 797 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 5 556 818 | 6 557 490 | (30) | (0,07) |
| BNP Paribas | EUR | USD | 16/12/2020 | 11 535 | 13 707 | - | - |
| BNP Paribas | EUR | USD | 16/12/2020 | 297 | 354 | - | - |
| BNP Paribas | KRW | USD | 06/11/2020 | 532 332 639 | 450 000 | 7 | 0,02 |
| BNP Paribas | MYR | USD | 09/12/2020 | 4 760 000 | 1 136 499 | 6 | 0,01 |
| BNP Paribas | SGD | USD | 16/12/2020 | 9 474 | 6 919 | - | - |
| BNP Paribas | THB | USD | 06/11/2020 | 44 000 000 | 1 403 822 | (15) | (0,03) |
| BNP Paribas | THB | USD | 06/11/2020 | 29 000 000 | 925 246 | (10) | (0,02) |
| BNP Paribas | USD | CHF | 16/12/2020 | 164 665 | 152 424 | (2) | - |
| BNP Paribas | USD | CNH | 17/11/2020 | 581 048 | 4 000 000 | (6) | (0,01) |
| BNP Paribas | USD | EUR | 16/12/2020 | 132 136 | 113 239 | (1) | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 14 975 | 12 586 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 13 812 | 11 844 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 4 804 | 4 096 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 3 420 | 2 928 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 655 | 551 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 99 | 84 | - | - |
| BNP Paribas | USD | EUR | 16/12/2020 | 28 | 24 | - | - |
| BNP Paribas | USD | KRW | 06/11/2020 | 100 000 | 118 655 416 | (2) | - |
| BNP Paribas | USD | MYR | 09/12/2020 | 1 122 174 | 4 700 000 | (6) | (0,01) |
| BNP Paribas | USD | MYR | 09/12/2020 | 150 000 | 627 000 | (1) | - |
| BNP Paribas | USD | MYR | 09/12/2020 | 100 000 | 418 000 | - | - |
| BNP Paribas | USD | TWD | 16/10/2020 | 500 000 | 14 398 250 | 2 | - |
| BNP Paribas | USD | TWD | 16/10/2020 | 470 000 | 13 574 511 | - | - |
| Citigroup | CNY | USD | 17/11/2020 | 12 403 800 | 1 800 000 | 22 | 0,05 |
| Citigroup | CNY | USD | 17/11/2020 | 2 480 760 | 360 000 | 4 | 0,01 |
| Citigroup | KRW | USD | 06/11/2020 | 2 465 736 000 | 2 080 000 | 37 | 0,07 |
| Citigroup | KRW | USD | 06/11/2020 | 2 347 191 000 | 1 980 000 | 35 | 0,07 |
| Citigroup | PHP | USD | 09/10/2020 | 13 342 590 | 270 000 | 5 | 0,01 |
| Citigroup | PHP | USD | 09/10/2020 | 10 871 740 | 220 000 | 4 | 0,01 |
| Citigroup | USD | EUR | 29/10/2020 | 700 000 | 594 194 | 3 | 0,01 |
| Citigroup | USD | EUR | 20/11/2020 | 916 670 | 780 000 | 1 | - |
| Goldman Sachs | IDR | USD | 23/10/2020 | 1 475 500 000 | 100 000 | (1) | - |
| Goldman Sachs | SGD | USD | 13/11/2020 | 954 198 | 700 000 | (1) | - |
| Goldman Sachs | SGD | USD | 13/11/2020 | 613 413 | 450 000 | (1) | - |
| HSBC | HKD | USD | 05/10/2020 | 35 850 | 4 626 | - | - |
| HSBC | IDR | USD | 23/10/2020 | 19 394 700 000 | 1 300 000 | 1 | - |
| HSBC | PHP | USD | 09/10/2020 | 32 331 000 | 650 000 | 17 | 0,04 |

| Contrepartie | Achat | Vente | Règlement | Montant acheté |  | Montant vendu | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| HSBC | PHP | USD | 09/10/2020 | 20 890 800 |  | 420 000 | 11 | 0,02 |
| HSBC | USD | IDR | 23/10/2020 | 1 120 000 | 16 709 280 000 | (1) | - |
| Royal Bank of Canada | USD | AUD | 20/11/2020 | 903 025 |  | 1 241 000 | 13 | 0,03 |
| Royal Bank of Canada | USD | KRW | 06/11/2020 | 250 000 |  | 292 596 125 | (1) | - |
| Royal Bank of Canada | USD | KRW | 06/11/2020 | 210 000 |  | 245 780 745 | (1) | - |
| Royal Bank of Canada | USD | KRW | 06/11/2020 | 100 000 |  | 118 533 840 | (2) | - |
| Royal Bank of Canada | USD | KRW | 06/11/2020 | 100 000 |  | 118 533 840 | (2) | - |
| State Street | EUR | USD | 20/11/2020 | 780 000 |  | 924 504 | (9) | (0,02) |
| State Street | JPY | USD | 20/11/2020 | 374 025 000 |  | 3 505 924 | 41 | 0,08 |
| State Street | SGD | USD | 13/11/2020 | 1 010 000 |  | 737 987 | 2 | - |
| State Street | SGD | USD | 13/11/2020 | 249 396 |  | 182 229 | - | - |
| State Street | USD | EUR | 20/11/2020 | 907 944 |  | 778 000 | (5) | (0,01) |
| State Street | USD | HKD | 03/12/2020 | 1 379 774 |  | 10 700 000 | (1) | - |
| State Street | USD | HKD | 03/12/2020 | 915 551 |  | 7 100 000 | - | - |
| State Street | USD | IDR | 23/10/2020 | 200 000 | 2 968 600 000 | 1 | - |
| UBS | CNH | USD | 17/11/2020 | 1 373 137 |  | 200 000 | 2 | - |
| UBS | INR | USD | 08/12/2020 | 96 349 110 |  | 1 300 000 | - | - |
| UBS | USD | INR | 08/12/2020 | 1 150 000 |  | 85 231 905 | - | - |
| UBS | USD | KRW | 06/11/2020 | 220 000 |  | 259 353 600 | (3) | (0,01) |
| Plus-values latentes sur contrats de change à terme |  |  |  | 97 | 0,21 |
| Contrats d’options 0,06 % |
| Option |  |  | Type | Date d’expiration | Notionnel | Plus-/(moins-) values latentes en milliers d’USD | Total de l’actif net % |
| S&P 500 |  | OPTION DE VENTE | 18/12/2020 | 5 | 29 | 0,06 |
| Plus-values latentes sur contrats d’options |  |  |  |  | 29 | 0,06 |
| Moins-values latentes sur dérivés |  |  |  |  |  | (29) | (0,06) |
| Total des placements |  |  |  |  |  |  | 39 953 | 87,68 |
| Autres actifs nets |  |  |  |  |  |  | 5 616 | 12,32 |
| Total de l’actif net |  |  |  |  |  |  | 45 569 | 100,00 |

† Géré par des filiales de Standard Life Aberdeen plc.
Actuellement, les positions à terme ne sont pas garanties.