FOR INSTITUTIONALINVESTORS ONLY
Dec 2020

MULTI-ASSET
Our capabilities and investment approach
Agile and experienced team
The Multi-Asset Portfolio Management Team at Nikko AM is headquartered in Singapore and consists of highly experienced
investment specialists with diverse but complementary areas of expertise. The team of portfolio managers, quantitative analysts
and a senior strategist is nimble enough to make key decisions quickly. Being in a small team enables each member to takeownership of the investment process, bringing out the best of their diverse skillsets.

Asia-centered, with a global mindset
Most of the Multi-Asset team members reside in the Asia-Pacific region—across Singapore, Tokyo and Sydney—while one member
is stationed in New York. The team shares the same investment philosophy, but its members bring a diverse set of skills, capabilities,
insights and cultural backgrounds. Being based in Asia, where wealth is burgeoning and markets are less transparent compared totheir developed counterparts, gives the team a different perspective.

Pragmatic investment philosophy
Nikko AM’s Multi-Asset investment philosophy captures market inefficiencies through a disciplined Multi-Asset class process,aiming at superior, long-term and repeatable returns. Our investment philosophy is centered on:
1.
2.
3.

Valuation being the principal driver of future returns.
A qualitative fundamental process is best supported with quantitative rigour.
Proactive downside protection produces superior long-term returns.

Bottom-up insights from Nikko AM’s global investment professionals
The Multi-Asset Team is supported by Nikko AM investment professionals around the world. The core team sits alongside the Asianequities and fixed income teams to glean bottom-up insights. It also works closely with the emerging markets bond team in London
and the global equities team in Edinburgh to help to paint a mosaic from various perspectives helping to make final decisions. Inaddition, the alternatives team based in Tokyo provides insights which have allowed the Multi-Asset team to streamline its
quantitative inputs.

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The investment process
Nikko AM’s Multi-Asset Team’s investment style is a unique, holistic approach to asset management, centered in Singapore andbuilt by the team from the ground up. The key is balance and understanding through multiple quantitative and qualitative lensthat lead to efficient decision making.
The investment process includes four distinct phases that lead to the final portfolio.
1. Develop the Foundation Portfolio to match the risk/return objective of the Strategy. This component drives the majorityof the Strategy’s returns and risks.
2. Ongoing asset class research allows the Portfolio Managers to adjust their positioning to capitalise on current market
conditions.
3. The Team implements a proactive approach to downside risk protection to help limit losses.
4. The portfolio is implemented and monitored to ensure the best outcome for the client.

Three key principles-

Understand the real drivers ofasset price returns via dedicatedin-house research.

-

Allocate to appropriately priced
risk – disciplined portfolio
construction is essential, as asset
class diversification is not risk
diversification.

-

Focus on downside risk – aproactive approach to limiting
losses.

Contact Us
Japan—Nikko Asset Management Co., Ltd.
Tel: +81(0)3-6447-6000
Email: InternationalSalesPlanningDept@nikkoam.com
Website: https://en.nikkoam.com/

New Zealand—Nikko Asset Management New Zealand Limited
Tel: +64-9-307-6363
Email: NZenquiries@nikkoam.com
Website: https://www.nikkoam.co.nz/Singapore—Nikko Asset Management Asia Limited
Tel: +65-6500-5700, 1-800-535-8025
Email (Intermediaries): SGContactUs@nikkoam.com(Institutions): SGinstitbusinessdev@nikkoam.com
Website: https://www.nikkoam.com.sg/EMEA—Nikko Asset Management Europe Ltd
Tel: +44 (0)20 7796 9866
Email: Emarketing@nikkoam.com
Website: https://emea.nikkoam.com/

Australia—Nikko AM Limited
Tel: +61-2-8072-6300
Email: enquiries.au@nikkoam.com
Website: https://www.nikkoam.com.au/

en.nikkoam.com

Americas—Nikko Asset Management Americas, Inc.
Tel: +1-212-610-6100
Email: USsalesinquiries@nikkoam.com
Website: https://americas.nikkoam.com/
Hong Kong—Nikko Asset Management Hong Kong Limited
Tel: +852-3940-3900
Email: HKinstitbiz@nikkoam.com

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Important Information
This document is prepared by Nikko Asset Management Co., Ltd. and/or its affiliates (Nikko AM) and is for distribution only under suchcircumstances as may be permitted by applicable laws. This document does not constitute investment advice or a personal recommendation and
it does not consider in any way the suitability or appropriateness of the subject matter for the individual circumstances of any recipient.
This document is for information purposes only and is not intended to be an offer, or a solicitation of an offer, to buy or sell any investments orparticipate in any trading strategy. Moreover, the information in this material will not affect Nikko AM’s investment strategy in any way. The
information and opinions in this document have been derived from or reached from sources believed in good faith to be reliable but have notbeen independently verified. Nikko AM makes no guarantee, representation or warranty, express or implied, and accepts no responsibility orliability for the accuracy or completeness of this document. No reliance should be placed on any assumptions, forecasts, projections, estimates orprospects contained within this document. This document should not be regarded by recipients as a substitute for the exercise of their own
judgment. Opinions stated in this document may change without notice.
In any investment, past performance is neither an indication nor guarantee of future performance and a loss of capital may occur. Estimates offuture performance are based on assumptions that may not be realised. Investors should be able to withstand the loss of any principal investment.
The mention of individual stocks, sectors, regions or countries within this document does not imply a recommendation to buy or sell.
Nikko AM accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this document, provided
that nothing herein excludes or restricts any liability of Nikko AM under applicable regulatory rules or requirements.
All information contained in this document is solely for the attention and use of the intended recipients. Any use beyond that intended by Nikko
AM is strictly prohibited.
Japan: The information contained in this document pertaining specifically to the investment products is not directed at persons in Japan nor is it
intended for distribution to persons in Japan. Registration Number: Director of the Kanto Local Finance Bureau (Financial Instruments firms) No.
368 Member Associations: The Investment Trusts Association, Japan/Japan Investment Advisers Association.
United Kingdom and rest of Europe: This document constitutes a financial promotion for the purposes of the Financial Services and Markets Act
2000 (as amended) (FSMA) and the rules of the Financial Conduct Authority (the FCA) in the United Kingdom (the FCA Rules).
This document is communicated by Nikko Asset Management Europe Ltd, which is authorised and regulated in the United Kingdom by the FCA(122084). It is directed only at (a) investment professionals falling within article 19 of the Financial Services and Markets Act 2000 (FinancialPromotions) Order 2005, (as amended) (the Order) (b) certain high net worth entities within the meaning of article 49 of the Order and (c) persons
to whom this document may otherwise lawfully be communicated (all such persons being referred to as relevant persons) and is only available tosuch persons and any investment activity to which it relates will only be engaged in with such persons.
United States: This document is for information purposes only and is not intended to be an offer, or a solicitation of an offer, to buy or sell any
investments. This document should not be regarded as investment advice. This document may not be duplicated, quoted, discussed or otherwise
shared without prior consent. Any offering or distribution of a Fund in the United States may only be conducted via a licensed and registeredbroker-dealer or a duly qualified entity.
Singapore: This document is for information only with no consideration given to the specific investment objective, financial situation andparticular needs of any specific person. You should seek advice from a financial adviser before making any investment. In the event that you
choose not to do so, you should consider whether the investment selected is suitable for you. This publication has not been reviewed by theMonetary Authority of Singapore. Nikko Asset Management Asia Limited is a regulated entity in Singapore.
Hong Kong: This document is for information only with no consideration given to the specific investment objective, financial situation andparticular needs of any specific person. You should seek advice from a financial adviser before making any investment. In the event that you
choose not to do so, you should consider whether the investment selected is suitable for you. The contents of this document have not beenreviewed by the Securities and Futures Commission or any regulatory authority in Hong Kong. Nikko Asset Management Hong Kong Limited is alicensed corporation in Hong Kong.
Australia: Nikko AM Limited ABN 99 003 376 252 (Nikko AM Australia) is responsible for the distribution of this information in Australia. Nikko
AM Australia holds Australian Financial Services Licence No. 237563 and is part of the Nikko AM Group. This material and any offer to provide
financial services are for information purposes only. This material does not take into account the objectives, financial situation or needs of any
individual and is not intended to constitute personal advice, nor can it be relied upon as such. This material is intended for, and can only beprovided and made available to, persons who are regarded as Wholesale Clients for the purposes of section 761G of the Corporations Act 2001(Cth) and must not be made available or passed on to persons who are regarded as Retail Clients for the purposes of this Act. If you are in any
doubt about any of the contents, you should obtain independent professional advice
New Zealand: Nikko Asset Management New Zealand Limited (Company No. 606057, FSP22562) is the licensed Investment Manager of Nikko AM
NZ Investment Scheme, Nikko AM NZ Wholesale Investment Scheme and the Nikko AM KiwiSaver Scheme.

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NIKKO ASSET MANAGEMENT

This material is for the use of researchers, financial advisers and wholesale investors (in accordance with Schedule 1, Clause 3 of the Financial
Markets Conduct Act 2013 in New Zealand). This material has been prepared without taking into account a potential investor’s objectives, financial
situation or needs and is not intended to constitute personal financial advice, and must not be relied on as such. Recipients of this material, who
are not wholesale investors, or the named client, or their duly appointed agent, should consult an Authorised Financial Adviser and the relevant
Product Disclosure Statement or Fund Fact Sheet (available on our website www.nikkoam.co.nz).
Kingdom of Bahrain: The document has not been approved by the Central Bank of Bahrain which takes no responsibility for its contents. No
offer to the public to purchase the Strategy will be made in the Kingdom of Bahrain and this document is intended to be read by the addressee
only and must not be passed to, issued to, or shown to the public generally.
Kuwait: This document is not for general circulation to the public in Kuwait. The Strategy has not been licensed for offering in Kuwait by theKuwaiti Capital Markets Authority or any other relevant Kuwaiti government agency. The offering of the Strategy in Kuwait on the basis a private
placement or public offering is, therefore, restricted in accordance with Decree Law No. 7 of 2010 and the bylaws thereto (as amended). No privateor public offering of the Strategy is being made in Kuwait, and no agreement relating to the sale of the Strategy will be concluded in Kuwait. Nomarketing or solicitation or inducement activities are being used to offer or market the Strategy in Kuwait.
Kingdom of Saudi Arabia: This document is communicated by Nikko Asset Management Europe Ltd (Nikko AME), which is authorised andregulated by the Financial Services and Markets Act 2000 (as amended) (FSMA) and the rules of the Financial Conduct Authority (the FCA) in theUnited Kingdom (the FCA Rules). This document should not be reproduced, redistributed, or sent directly or indirectly to any other party or
published in full or in part for any purpose whatsoever without a prior written permission from Nikko AME.
This document does not constitute investment advice or a personal recommendation and does not consider in any way the suitability or
appropriateness of the subject matter for the individual circumstances of any recipient. In providing a person with this document, Nikko AME is
not treating that person as a client for the purposes of the FCA Rules other than those relating to financial promotion and that person will nottherefore benefit from any protections that would be available to such clients.
Nikko AME and its associates and/or its or their officers, directors or employees may have or have had positions or material interests, may at any
time make purchases and/or sales as principal or agent, may provide or have provided corporate finance services to issuers or may provide or
have provided significant advice or investment services in any investments referred to in this document or in related investments. Relevant
confidential information, if any, known within any company in the Nikko AM group or Sumitomo Mitsui Trust Bank group and not available toNikko AME because of regulations or internal procedure is not reflected in this document. The investments mentioned in this document may not
be eligible for sale in some states or countries, and they may not be suitable for all types of investors.
Oman: The information contained in this document nether constitutes a public offer of securities in the Sultanate of Oman as contemplated by
the Commercial companies law of Oman (Royal decree 4/74) or the Capital Markets Law of Oman (Royal Decree80/98, nor does it constitute anoffer to sell, or the solicitation of any offer to buy non-Omani securities in the Sultanate of Oman as contemplated by Article 139 of the Executive
Regulations to the Capital Market law (issued by Decision No. 1/2009). This document is not intended to lead to the conclusion of any contract ofwhatsoever nature within the territory of the Sultanate of Oman.
United Arab Emirates (excluding DIFC): This document and the information contained herein, do not constitute, and is not intended toconstitute, a public offer of securities in the United Arab Emirates and accordingly should not be construed as such. The Strategy is only being
offered to a limited number of investors in the UAE who are (a) willing and able to conduct an independent investigation of the risks involved in
an investment in such Strategy, and (b) upon their specific request.
The Strategy has not been approved by or licensed or registered with the UAE Central Bank, the Securities and Commodities Authority or any
other relevant licensing authorities or governmental agencies in the UAE. This document is for the use of the named addressee only and should
not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration thereof).
No transaction will be concluded in the UAE and any inquiries regarding the Strategy should be made to Nikko Asset Management Europe Ltd.

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