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WAVERTON ASIA PACIFIC A USDFUND FACTSHEET - AS AT 31 JANUARY 2017
OBJECTIVES
INVESTMENT STYLE
The fund employs a pragmatic approach to investing in Asia through a
combination of active country / sector allocations and disciplined stock
selection in a reasonably concentrated portfolio (25-40 holdings).
FUND AIM
The Waverton Asia Pacific Fund seeks to achieve capital growth and
generate an income through diversified investment in equities of
Asian-Pacific companies (excluding Japanese equities).
Risk Warning: Past performance is no guideto future performance. The value of holdingsmay fall as well as rise and investors may notget back their initial investment. Importantinformation: Performance displayed is for theA Share Class. Performance is calculated on aNAV to NAV basis and does not take intoaccount any initial fees. Performance isdisplayed net of fees and assumes income isreinvested. *William Hanbury co-managedthe Fund from 1st Jan 2015 and became leadmanager on 1st April.
PERFORMANCE
ROLLING PERFORMANCE – SINCE 1ST APRIL 2015*
Sources: Waverton Investment Management, Morningstar
Fund Benchmark Average peer group
80
90
100
110
Mar 15 May 15 Jul 15 Sep 15 Nov 15 Jan 16 Mar 16 May 16 Jul 16 Sep 16 Nov 16 Jan 17
Period 1 Month 3 Months YTD 1 Year 3 Years 5 Years Inception Oct 05
Portfolio (%) 4.7 -1.7 4.7 21.4 6.5 20.9 116.2
Benchmark (%) 6.2 1.0 6.2 21.2 12.1 22.4 140.9
Morningstar Peer Group (%) 5.9 2.2 5.9 20.9 9.7 22.2 115.2
Quartile 4 4 4 3 3 2 2
DISCRETE CALENDAR YEAR PERFORMANCE
Period 2016 2015 2014 2013 2012
Fund (%) 4.1 -4.8 -2.1 9.9 18.8
Benchmark (%) 5.4 -9.2 4.5 3.2 22.9
STANDARDISED PERFORMANCE
Period 1 year to 31/01/2017 31/01/2016 31/01/2015 31/01/2014 31/01/2013
Fund (%) 21.4 -16.5 5.0 0.7 12.7
PORTFOLIO SUMMARY
COUNTRY
Hong Kong 34.0%
South Korea 14.3%
India 13.7%
China 12.2%
Thailand 8.0%
Taiwan 5.4%
Philippines 4.3%
Singapore 3.2%
Malaysia 2.8%
Others 2.1%
Total 100.0%
TOP 10 HOLDINGS
Baidu, Inc. Sponsored Adr Class A 8.6%
Korea Electric Power Corporation 7.8%
Ck Hutchison Holdings Ltd 7.7%
Indiabulls Housing Finance Ltd. 6.0%
Samsung Electronics Co Ltd Pfd 4.4%
Robinsons Retail Holdings, Inc. 4.3%
China Meidong Auto Holdings Ltd. 4.2%
Reliance Industries Limited Sponsored 4.0%
Hana Microelectronics Public Co., Ltd. 4.0%
Beijing Capital International Airport 3.2%
Total 54.2%
SECTOR
Information Technology 29.5%
Industrials 17.9%
Consumer Discretionary 12.7%
Utilities 9.4%
Real Estate 8.9%
Consumer Staples 8.9%
Financials 6.0%
Energy 4.0%
Health Care 1.7%
Cash 1.0%
Total 100.0%
COMMENTARY
What Trump risk? Since the start of the year Asian stocks have risen 8%, driven, presumably, on expectations that
America's improved growth prospects will trickle down to Asia's economies. The threat of US protectionism, whilst no
doubt feeling very real for Mexico, is being assigned a low probability of occurring in Asia, given the continued rally in stocks
in countries and industries reliant on exports to the US. Unsurprisingly, the fund has lagged; it is our belief that we are
entering a period where, borrowing from Uncle Warren, it is going to pay to be “Fearful when others are greedy”.
We are particularly alive to the risk posed by companies with elevated multiples and/or stretched earnings. The fund's
three largest positions in CKHutchison (+3% YTD), Kepco (+1% YTD) and Baidu (+2.5% YTD), derive earnings from
different countries, in different industries, but all share the characteristics of having limited downside, non-cyclical earnings
and crystal clear, durable, competitive advantages.
During the month we set about buttoning down the hatches, selling some of our less liquid mid cap names like Cosmo Lady
and Wasion, raising some cash for what we believe to be, stormy seas ahead.
FUND DETAILS
FUND FACTS
Launch Date 31st October 2005
Morningstar Category Asia-Pacific Ex-Japan Equity
Benchmark MSCI AC Asia Ex Japan Index
Fund Size $93.0m
No. of Holdings 32
Domicile Ireland
Sedol B0NLMS1
Bloomberg Code WAVAPAU ID
Fund Type OEIC
Base Currency USD
Other Currencies GBP, EUR
Ex Dividend Dates 31st April and 31st October
RISK STATISTICS
3Y Annualised
Fund Volatility (%) 15.6
Index Volatility (%) 15.3
Sharpe Ratio 0.8
Information Ratio -0.3
Tracking Error 5.2
Alpha (%) -0.9
Beta 0.9
Active Share (% - Current) 94.6
FUND INFORMATION
Share class ISIN Minimum investment AMC INC/ACC NAV Historic yield (%) Ongoing charge (%)
A USD IE00B0NLMS18 2,500 USD 1.00% INC 18.75 1.49% 1.31%
A EUR IE00B0NLMP86 1,500 EUR 1.00% INC 21.27 1.45% 1.31%
A GBP IE00B0NLMR01 1,500 GBP 1.00% INC 25.02 1.44% 1.31%
The benchmark was FTSE Allworld Asia Pacific ex Japan TR from inception to 30th September 2014. From 1st October 2014 the benchmark for the
Waverton Asia Pacific Fund is MSCI AC Asia ex Japan.
CONTACT DETAILS
MARKETING CONTACT
Victoria Monk
+44 (0)20 7484 2061
www.waverton.co.uk
ADMINISTRATOR
RBC Investor Services
Risk Warning: past performance is no guide to future performance. The value of holdings may fall as well as rise. All financial investments involve an element
of risk. The level of income from the investment may fluctuate in value. Currency movements may also affect the value of the investment. If the currency in
which the past performance is displayed differs from the currency of the country in which you reside, then you should be aware that due to exchange rate
fluctuations the performance shown may increase or decrease if converted into your local currency. The Fund may invest assets in Emerging Market
Countries. The risks involved in investments in Emerging Market Countries are likely to exceed the risks of investment in more mature markets. For full
details of investment risks please refer to the Prospectus. A copy of the full prospectus and the KIID is available from Waverton Investment Management or
Administrator, RBC Investor Services (Ireland). Sources: Waverton, Morningstar
FUND MANAGER
William Hanbury
FUND MANAGER
Brook Tellwright
ANALYST
Doug Barnett
