Post on 03-Jul-2019
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Lion Global Investors Ltd65 Chulia Street #18-01OCBC Centre, Singapore 049513
T : +65 6417 6800F : +65 6417 6806
Co Reg No:198601745D
For more information, visit: lionglobalinvestors.comor email: ContactUs@lionglobalinvestors.com
© Lion Global Investors Limited. All rights reserved.
SEMI-ANNUAL REPORT
LIONGLOBAL PLUS SERIES - LionGlobal Multi Income
Fund
For the half year ended 30 June 2018 (Unaudited)
LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
DIRECTORY
ManagerLion Global Investors Limited65 Chulia Street #18-01OCBC CentreSingapore 049513
Directors of Lion Global Investors LimitedMr Khor Hock Seng (Chairman)Mr Ching Wei Hong (Deputy Chairman)Mr Gerard Lee How Cheng (CEO)Mr Norman Ip Ka CheungMr Tan Siew PengMr Ronnie Tan Yew ChyeMs Wee Ai Ning
TrusteeCiticorp Trustee (Singapore) Limited5 Changi Business Park CrescentLevel 5, Singapore 486027
CustodianCitibank NA, Singapore Branch5 Changi Business Park CrescentLevel 5, Singapore 486027
RegistrarHSBC Institutional Trust Services (Singapore) Limited21 Collyer Quay#13-02 HSBC BuildingSingapore 049320
Independent AuditorPricewaterhouseCoopers LLP7 Straits View, Marina OneEast Tower, Level 12Singapore 018936
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
PERFORMANCE OF THE FUNDFor the half-year ended 30 June 2018
Past performance is not necessarily indicative of future performance. Cumulative returns for the Fund are calculated up to 30 June 2018 in SGD terms, based on single pricing, with dividends reinvested net of all charges payable upon reinvestment.
Time Period Fund Returns (%)
Benchmark Returns (%)(1-Month Singapore
Interbank Offered Rate + 1.75%)
3 months -0.3 0.8
6 months -1.5 1.5
1 year 2.5 2.9
3 years* 0.2 2.7
5 years* 2.2 2.5
10 years* 0.9 2.3
Since Inception* (21 February 2007)
0.0 2.5
Source: Morningstar/Lion Global Investors Ltd. Data as of 30 June 2018.*Returns more than 1 year are annualised.
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
REVIEW
For the half-year ended 30 June 2018, the Fund returned -1.5%, outperforming the benchmark 1-Month Singapore Interbank Offered Rate + 1.75% which returned 1.5%, in SGD terms
The year started off with a bang and investors continued their push into emerging markets and Asia equities and bond markets. The USD weakened in the beginning of the year as the world was on a synchronized recovery path.
This rosy picture took a dramatic turn and markets started to become more volatile as the US 10 year government bond yields rose almost 50 basis points (bps) from 2.4% to 2.9 to 3.0% mark. Economic data also started coming in weaker from US, Europe and Japan. Most participants explained that this is seasonal softness due to cold weather, holidays and higher year end inventories.
The Federal Reserve (Fed) delivered its March rate hike and UST 10 year bond yields hovered at about 3%. To make things worse, the US-China trade spats deteriorated to a US-China trade (technology) war. US President Trump, who is due for mid-term elections in November wanted to push and fulfil his campaign promises – “bring back jobs to America and make America great again”.
The USD reversed its decline, credit spreads started widening and stock markets, especially in Asia, Europe and Japan started wobbling. Fears of an all-out global trade war scared investors and risk premiums rose to reflect those fears and uncertainty.
The Fund registered a decline 1.5% as a result of recent market developments. Both bonds and equities contributed negatively to performances. There was no reprieve in fixed income as yields rose and credit spreads widened. The Fund’s equity exposure also dragged performance year to date. For equities, while positive contribution came from developed market equities in US and Japan, negative contribution came from Asian (ex Japan) equities.
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
STRATEGY AND OUTLOOK
The direct impact from trade tariffs on growth this year is minimal. The main downside risk to global growth comes from a possible sentiment shock related to the threat of a war on trade hitting global capital expenditure. In the US, the solid expansion should continue, supported by steady job gains, a pick-up in household spending from tax cuts and growth in business spending. In China, growth is expected to moderate heading into the 2nd half 2018. The government will continue to make incremental rather than broad moves to support the economy. Financial deleveraging is expected to continue but at a less intense pace as China is seriously committed to rotating growth away from manufacturing dependence toward a model more balanced with domestic demand.
The US administration will continue to ratchet up the noise and threat levels against China and other major trading partners for a wide spectrum of industries and products in order to extract some concessions. While an outright full-scale global trade war is not imminent yet, the contagion into business sentiments and financial condition tightening due to a stronger USD will increase uncertainty in financial markets.
Equity markets are likely to trade with a softer bias until there is greater clarity and some signs pointing to a resolution to the trade tariffs and threats. While valuations have come off in particular for Asian markets, we expect that US will continue to outperform. We are keeping the overall equity allocation lower and wait for the trade storm clouds to pass.
Headline and core inflation have moved closer to 2% in the US, but remains moderate in other developed markets. Higher oil prices and possible pass through from tariffs present upside risks. The Fed is likely to proceed with an interest rate increase for the third time in September 2018 while keeping the option open for a fourth hike in December 2018, which is dependent on the strength of the economy and inflation outlook
Returns from the bond market will be limited to carry as the Fed is on track with at least one more rate increase this year while credit spreads have widened. We expect 10-year US Treasury to trade in a range of 2.70% to 3.0% unless US growth or inflation comes in stronger than expected. Singapore rates will also rise in tandem with US rates as a reversal of the USD/SGD has seen swap rates widening. We expect some steepening on the longer end of the Singapore Government Securities curve as longer dated issuances are expected by some Stat Boards such as Land Transport Authority in the coming months.
As of date 26 July 2018
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
DISCLOSURES ON THE FUND1
For the half year ended 30 June 2018 (Unaudited)
1. DISTRIBUTION OF INVESTMENTS AS AT 30 JUNE 2018
Fair Value
Percentage of total net assets attributable to
unitholders$ %
a) By Asset Class
Equities 2,234,657 11.3
Debt Securities (including accrued interest on debt securities) 8,749,069 44.6
Funds 6,512,872 33.2
Financial Derivatives (26,953) (0.1)
Cash and other net assets 2,162,858 11.0
Net assets attributable to unitholders 19,632,503 100.0
b) By Credit Rating of Debt Securities
A3 1,355,550 6.9
Baa2 1,536,434 7.8
Baa3 250,425 1.3
Ba2 642,292 3.3
Unrated 4,867,739 24.8
Accrued interest on debt securities 96,629 0.5
Total debt securities 8,749,069 44.6
c) By Derivative Type
Foreign exchange forward contracts (21,107) (0.1)
Future contracts (5,846) *
(26,953) (0.1)
The total net realised gains and unrealised losses from financial derivatives at the end of the period were $20,237 and $26,953 respectively.
* denotes amount less than 0.1%1 As required by the Code on Collective Investment Schemes.
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
2. TOP 10 HOLDINGS
As at 30 June 2018
Fair Value
Percentage of total net assets attributable to
unitholders$ %
LGlobal Funds - Asian High Conviction Equity 1,402,921 7.1
LionGlobal Disruptive Innovation Fund 1,357,742 6.9
Sembcorp Industries Limited Series MTN Var Perpetual 1,002,590 5.1
MAS Bill Series 28 ZCP 20/07/2018 999,235 5.1
Korean Reinsurance Company Var due 21/10/2044 948,513 4.8
China Taiping Insurance Holdings Company Limited Var Perpetual 825,258 4.2
Nikkei 225 Exchange Traded Fund 779,477 4.0
Malayan Banking Berhad Var Perpetual 753,173 3.8
LionGlobal Asia Bond Fund 725,120 3.7
Nippon Life Insurance Company Var due 18/10/2042 691,341 3.5
As at 30 June 2017
Fair Value
Percentage of total net assets attributable to
unitholders$ %
LGlobal Funds - Asian High Conviction Equity 1,770,633 7.5
Sembcorp Industries Limited Series MTN Var Perpetual 1,023,850 4.3
Housing & Development Board Series MTN 2.505% due 27/06/2024 1,023,730 4.3
Far East Horizon Limited 4.25% due 30/10/2017 1,007,640 4.3
Korean Reinsurance Company Var due 21/10/2044 978,512 4.2
Doosan Infracore Company Limited Var due 05/10/2042 962,638 4.1
China Taiping Insurance Holdings Company Limited Var Perpetual 861,220 3.7
SK E&S Company Limited Var Perpetual (29/11/2049) 821,979 3.5
LionGlobal Disruptive Innovation Fund 784,216 3.3
Capitaland Limited Conv 1.85% due 19/06/2020 743,719 3.2
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
3. RELATED PARTY TRANSACTIONS
For the period from 1 January 2018 to 30 June 2018
$
Interest expenses incurred with a bank which is a related company of the Trustee 43
Transaction fees charged by a related company of the Trustee 901
Custodian fees charged by a related company of the Trustee 4,751
Bank service fees charged by a bank which is a related company of the Trustee 281
Cash and bank balances placed with a financial institution related to the Trustee as at 30 June 2018 were amounted to $1,256,621.
4. FINANCIAL RATIOS
30 June 2018
30 June 2017
% %
Expense ratio1 (excludes underlying fund’s expense ratios) 1.61 1.62
Expense ratio1 (includes underlying fund’s expense ratios) 1.79 1.73
Portfolio turnover ratio2 21 46
1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 June 2018 was based on total operating expenses of $357,689 (30 June 2017: $412,476) divided by the average net asset value of $22,151,624 (30 June 2017: $25,530,812) for the year. The total operating expenses do not include brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances.
The expense ratio is the sum of the Fund’s expense ratio and the weighted average of the underlying fund’s unaudited expense ratios of 0.17% (2017: 0.11%). The expense ratios of the underlying funds are unaudited. There is no requirement for the expense ratios of the underlying funds to be published or audited.
2 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the value of purchases or sales of the underlying investments being purchase of $4,535,769 (30 June 2017: $11,341,342) divided by the weighted average daily net asset value of $21,266,045 (30 June 2017: $24,679,099).
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
5. GLOBAL EXPOSURE
The global exposure relating to derivative instruments is calculated using the commitment approach by converting the derivative positions into equivalent positions in the underlying assets embedded in those derivatives.
The global exposure of the Sub-Fund to financial derivative instruments or embedded financial derivative instruments will not exceed 100% of the net asset value of the Sub-Fund at any time.
6. COLLATERAL
Nil
7. SECURITIES LENDING OR REPURCHASE TRANSACTIONS
Nil
8. INVESTMENT IN OTHER UNIT TRUSTS, MUTUAL FUNDS AND COLLECTIVE INVESTMENT SCHEMES
Fair value at 30 June
2018
Percentage of total net assets attributable to unitholders at
30 June 2018
$ %
LGlobal Funds – Asian High Conviction Equity 1,402,921 7.1
Lionglobal Disruptive Innovation Fund 1,357,742 6.9
Nikkei 225 Exchange Traded Fund 779,477 4.0
LionGlobal Asia Bond Fund 725,120 3.7
LionGlobal Singapore Fixed Income Fund Class A 545,584 2.8
Vanguard Industrials ETF 471,090 2.4
Ishares Russell Mid-Cap ETF 447,763 2.3
Ishares Comex Gold Trust 438,724 2.2
Ishares Dax De ETF 344,451 1.8
9. BORROWINGS
Nil
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
10. SOFT DOLLAR COMMISSION RECEIVED BY THE MANAGERS
The soft dollar commissions if applicable from various brokers for the year were utilised on research and advisory services, economic and political analyses, portfolio analyses, market analyses, data and quotation analyses and computer hardware and software used for and in support of the investment process of fund managers. Goods and services received were for the benefit of the scheme and there was no churning of trades. These brokers also execute trades for other funds managed by the managers. The trades are conducted on best available terms and in accordance with best practices.
11. OTHER MATERIAL INFORMATION
There is no other material information that will adversely impact the valuation of the Sub-Fund.
12. SUPPLEMENTAL INFORMATION ON UNDERLYING SUB-FUNDS
Not applicable
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
STATEMENT OF TOTAL RETURNFor the half year ended 30 June 2018 (Unaudited)
LionGlobal Multi Income Fund
For the half year ended
30 June 2018
For the half year ended
30 June 2017$ $
IncomeDividends 55,699 107,049
Interest on cash and bank balances 4,924 582
60,623 107,631
Less: Expenses Audit fee 7,614 (3,125)
Custodian fees 4,751 4,848
Management fee 131,736 152,976
Less: Management fee rebate (5,109) -
Professional fees 11,752 12,480
Registration fee 8,124 8,189
Transaction cost 24,245 49,574
Trustee fee 2,635 3,060
Valuation and administration fees 4,680 5,275
Miscellaneous expenses 7,884 5,869
198,312 239,146
Net expenses (137,689) (131,515)
Net gains or losses on value of investments and financial derivatives
Net (losses)/gains on investments (177,156) 491,061
Net (losses)/gains on foreign exchange forward contracts (83,215) 311,008
Net losses on foreign exchange spot contracts (11,623) (10,234)
Net gains/(losses) on future contracts 98,085 (83,235)
Net loss on options contracts (9,963) -
Net foreign exchange gains 17,176 348,174
(166,696) 1,056,774
Total (deficit)/return for the period before income tax (304,385) 925,259
Less: Income tax (7,135) (16,778)
Total (deficit)/return for the period (311,520) 908,481
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
STATEMENT OF FINANCIAL POSITIONAs at 30 June 2018 (Unaudited)
LionGlobal Multi Income Fund
As at 30 June
2018
As at 31 December
2017$ $
ASSETSPortfolio of investments 17,496,598 21,820,220
Receivables 21,402 19,529
Due from brokers 222,460 5,461
Financial derivatives at fair value 5,530 79,384
Fixed deposit 1,202,922 -
Cash and bank balances 1,256,621 738,580
Total assets 20,205,533 22,663,174
LIABILITIES Payables 540,547 503,181
Financial derivatives at fair value 32,483 4,722
Total liabilities 573,030 507,903
EQUITY Net assets attributable to unitholders 19,632,503 22,155,271
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the half year ended 30 June 2018 (Unaudited)
LionGlobal Multi Income Fund
30 June2018
31 December2017
$ $Net assets attributable to unitholders at the
beginning of the financial period/year 22,155,271 25,093,476
OperationsChange in net assets attributable to unitholders
resulting from operations (311,520) 1,831,526
Unitholders’ contributions/(withdrawals)Creation of units 115,822 243,137
Cancellation of units (1,974,881) (4,314,660)
Change in net assets attributable to unitholders resulting from net creation and cancellation of units (1,859,059) (4,071,523)
Distributions (352,189) (698,208)
Total decrease in net assets attributable to unitholders (2,522,768) (2,938,205)
Net assets attributable to unitholders at the beginning of the financial period/year 19,632,503 22,155,271
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
STATEMENT OF PORTFOLIOAs at 30 June 2018 (Unaudited)
Holdings at30 June
2018
Fair value at 30 June
2018
Percentage of total net assets attributable to unitholders at
30 June2018
$ %By Geography (Primary)
QUOTED
EQUITIES AND FUNDS
SINGAPORELionGlobal Disruptive Innovation Fund 1,107,457 1,357,742 6.9
LionGlobal Asia Bond Fund 781,379 725,120 3.7
LionGlobal Singapore Fixed Income Fund Class A 335,125 545,584 2.8
Lion-Phillip S-REIT ETF 125,000 122,375 0.6
2,750,821 14.0
UNITED STATESVanguard Industrials ETF 2,544 471,090 2.4
Ishares Russell Mid-Cap ETF 1,548 447,763 2.3
Ishares Comex Gold Trust 26,769 438,724 2.2
Financial Select Sector SPDR Fund ETF 6,688 242,477 1.2
1,600,054 8.2
LUXEMBOURGLGlobal Funds - Asian High
Conviction Equity 116,357 1,402,921 7.1
JAPANNikkei 225 Exchange Traded Fund 2,740 779,477 4.0
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
Holdings at30 June
2018
Fair value at 30 June
2018
Percentage of total net assets attributable to unitholders at
30 June2018
$ %CHINABaidu Inc 428 141,809 0.7
Tencent Holdings Limited 2,000 136,881 0.7
Ping An Insurance (Group) Company of China Limited H Shares 7,500 94,110 0.5
China Construction Bank Corporation H Shares 65,000 81,901 0.4
Weibo Corporation Spon 617 74,672 0.4
AAC Technologies Holdings Inc 3,500 67,215 0.4
596,588 3.1
SOUTH KOREA LG Household & Health Care Limited 98 167,373 0.8
Shinhan Financial Group Company Limited 2,128 112,729 0.6
Samsung Electronics Company Limited 1,650 94,170 0.5
POSCO 188 75,671 0.4
449,943 2.3
HONG KONGHSBC Holdings PLC 14,400 184,195 0.9
AIA Group Limited 8,400 100,148 0.5
Hong Kong Exchanges and Clearing Limited 2,400 98,437 0.5
382,780 1.9
TAIWANAdvantech Company Limited 16,499 148,311 0.8
Fubon Financial Holding Company Limited 55,000 125,690 0.6
Mediatek Inc 8,000 107,332 0.5
381,333 1.9
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
Holdings at30 June
2018
Fair value at 30 June
2018
Percentage of total net assets attributable to unitholders at
30 June2018
$ %GERMANYIshares Dax De ETF 2,037 344,451 1.8
MALAYSIAGamuda Berhad 53,600 59,161 0.3
UNQUOTED
CHINAChina Forestry Holdings Company
Limited* 2,654,000 - -
TOTAL EQUITIES AND FUNDS 8,747,529 44.6
* This security has been suspended from trading prior to current financial period and its fair value represents the Manager’s best estimates.
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
Holdings at30 June
2018
Fair value at 30 June
2018
Percentage of total net assets attributable to unitholders at
30 June2018
$ %QUOTED
DEBT SECURITIES
SINGAPORESembcorp Industries Limited Series
MTN Var Perpetual 1,000,000 1,002,590 5.1
MAS Bill Series 28 ZCP 20/07/2018 1,000,000 999,235 5.1
Ascendas Real Estate Investment Trust Var Perpetual 500,000 511,295 2.6
Sembcorp Industries Limited Series EMTN Var Perpetual 500,000 501,255 2.6
Cambridge MTN Private Limited Series MTN 3.5% 05/11/2018 250,000 250,425 1.3
Capitaland Limited Conv 1.85% due 19/06/2020 250,000 244,900 1.2
3,509,700 17.9
CHINAChina Taiping Insurance Holdings
Company Limited Var Perpetual 600,000 825,258 4.2
China Life Insurance Company Limited Var due 03/07/2075 500,000 664,209 3.4
Moon Wise Global Limited Var Perpetual 250,000 345,988 1.8
1,835,455 9.4
SOUTH KOREAKorean Reinsurance Company Var due
21/10/2044 700,000 948,513 4.8
MALAYSIAMalayan Banking Berhad Var Perpetual 750,000 753,173 3.8
JAPANNippon Life Insurance Company Var
due 18/10/2042 500,000 691,341 3.5
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
Holdings at30 June
2018
Fair value at 30 June
2018
Percentage of total net assets attributable to unitholders at
30 June2018
$ %INDIAMarble II Pte Limited SRE 5.3% due
Limited SRE 5.3% due 20/06/2022 500,000 642,292 3.3
INDONESIAFederal International Series MTN
4.125% due 10/05/2021 200,000 271,966 1.4
Accrued interest receivable on debt securities 96,629 0.5
TOTAL DEBT SECURITIES 8,749,069 44.6
Portfolio of investments 17,496,598 89.2
Other net assets 2,135,905 10.8
Net assets attributable to unitholders 19,632,503 100.0
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
Percentage of total net assetsattributable to unitholders at
30 June2018
31 December2017
% %By Geography (Summary)
Singapore 31.9 27.6
China 12.5 14.1
United States 8.2 9.7
Japan 7.5 10.1
Luxembourg 7.1 9.1
South Korea 7.1 6.4
Malaysia 4.1 3.4
Asia Pacific - 4.5
India 3.3 3.1
Hongkong 1.9 1.8
Taiwan 1.9 1.9
Germany 1.8 4.4
Indonesia 1.4 -
Australia - 2.0
88.7 98.1
Accrued interest receivable on debt securities 0.5 0.4
Portfolio of investments 89.2 98.5
Other net assets 10.8 1.5
Net assets attributable to unitholders 100.0 100.0
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LIONGLOBAL PLUS SERIES- LionGlobal Multi Income Fund
Fair value at30 June
2018
Percentage of total net assetsattributable to unitholders at
30 June2018
31 December 2017
$ % %By Industry (Secondary)
Funds 6,512,872 33.2 42.8
Financial 5,316,522 26.9 29.5
Industrial 1,563,006 8.0 6.9
Technology 1,412,682 7.2 7.5
Real Estate 1,352,608 6.9 6.8
Sovereign 999,235 5.1 1.1
Consumer, Non-cyclical 167,373 0.9 -
Basic Materials 75,671 0.4 1.5
Energy - - 1.1
Consumer, Cyclical - - 0.9
17,399,969 88.6 98.1
Accrued interest receivable on debt securities 96,629 0.5 0.4
Portfolio of investments 17,496,598 89.1 98.5
Other net assets 2,135,905 10.9 1.5
Net assets attributable to unitholders 19,632,503 100.0 100.0
DISCLAIMER
This publication is for information only. It is not a recommendation, offer or solicitation for the purchase or sale of any securities or investments and does not have regard to your specific investment objectives, financial situation, tax position or needs. Applications for units in our funds must be made on forms accompanying the prospectus. You should read the prospectus and Product Highlights Sheet which is available and may be obtained from Lion Global Investors Limited (“LGI”) or any of its distributors, consider if a fund is suitable for you and seek such advice from a financial adviser if necessary, before deciding whether to invest in the fund. Investments in our funds are not obligations of, deposits in, guaranteed or insured by LGI or any of its affiliates and are subject to investment risks including the possible loss of the principal amount invested. The performance of a fund is not guaranteed and the value of units in a fund and the income accruing to the units, if any, may rise or fall. Past performance, as well as any predictions, projections, or forecasts are not necessarily indicative of the future or likely performance of a fund. Dividend distributions, which may be either out of income and/or capital, are not guaranteed and subject to LGI’s discretion. Any such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value of the fund. Any information (which includes opinions and estimates) is subject to change or correction at any time without notice and is not to be relied on as advice. You are advised to conduct your own independent assessment and investigation of the relevance, accuracy, adequacy and reliability of any information contained herein and no warranty is given and no liability is accepted for any loss arising directly or indirectly as a result of you acting on such information. The fund may, where permitted by the prospectus, invest in financial derivative instruments for hedging purposes or for the purpose of efficient portfolio management. LGI, its related companies, their directors and/or employees may hold units of a fund and be engaged in purchasing or selling units of a fund for themselves or their clients. Lion Global Investors® Limited (UEN/ Registration No. 198601745D) is a Singapore incorporated company, and is not related to any asset or fund management entity that is domiciled in Europe or the United States.
This publication may be translated into the Chinese language. In the event of any ambiguity, discrepancy or omission between the English and Chinese versions, the English version shall apply and prevail. In the event of any ambiguity, discrepancy or omission between this publication and the prospectus, the contents of the prospectus shall apply and prevail.
A m
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Lion Global Investors Ltd65 Chulia Street #18-01OCBC Centre, Singapore 049513
For more information, visit: lionglobalinvestors.com or email: ContactUs@lionglobalinvestors.com
Co Reg No:198601745D