PineBridge Fund Series Unaudited Interim Financial Statements
30 June 2013
PINEBRIDGE ASIAN FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge Asian Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-9
Statement of net assets
10
Statement of comprehensive income
11
Statement of changes in equity
12
Statement of cash flows
13
PineBridge Asian Fund Management and Professional Service Details Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American
Hong Kong
International Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge Asian Fund Investment Report For the six months ended 30 June 2013 Manager’s Market Perspective Market Overview The first six months of 2013 saw a pullback of the emerging markets in Asia. The bigger markets actually continued to perform poorly while the smaller markets continued to outperform (although seeing some huge profit taking towards the end of the 2nd quarter of the year). PineBridge Asian Fund managed a small 0.3% gain for the 1st half of 2013 although this is much better than the benchmark negative return of 6.14%. As such, the PB Asian Fund was able to bet the benchmark by 6.44%. We were able to do well because of our general underweight in China and Korea as well our overweight in markets that did well like the Philippines. We also had strong stock selections in Malaysia and Taiwan. On a sectorial basis, we were overweight in Consumer Discretionary, IT, which outperformed the market and underweight in Materials, which underperform the market. Market Outlook and Strategy Moving forward, the Fund will move up its position in Taiwan and Malaysia while continuing to underweight Indonesia, Thailand and Korea.
2
PineBridge Asian Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO Market Holding
Value
% of Net
Shares
US$
Assets
BANK OF CHINA LTD H SHS
8,400,000
3,454,428
2.78%
CHINA EVERBRIGHT INTERNATIONAL LTD
1,050,000
812,170
0.65%
CHINA LONGYUAN POWER GROUP CORP H SHS
1,020,000
1,057,213
0.85%
LISTED EQUITIES HONG KONG
CHINA MOBILE LTD
451,000
4,709,424
3.79%
2,334,800
1,643,420
1.32%
490,000
1,339,178
1.08%
CHINA STATE CONSTRUCTION INTL HLDGS LTD
1,060,000
1,650,741
1.33%
CIMC ENRIC HOLDINGS LTD
1,700,000
2,643,032
2.13%
CNOOC LTD
1,558,000
2,643,197
2.13%
CSR CORP LTD H SHS
1,120,000
658,399
0.53%
DONGFENG MOTOR GRP CO LTD H SHS
830,000
1,108,521
0.89%
ENN ENERGY HOLDINGS LTD
387,000
2,062,969
1.66%
GALAXY ENTERTAINMENT GROUP LTD
255,000
1,249,194
1.01%
CHINA PETROLEUM & CHEMICAL CORP H SHS CHINA RESOURCES LAND LTD
HENGAN INTL GROUP CO LTD
158,000
1,721,155
1.39%
HUTCHISON TELECOMMUNICATIONS HK HLDG LTD
1,500,000
792,832
0.64%
INDUSTRIAL AND COMM BANK OF CHINA H SHS
5,763,000
3,632,986
2.92%
LENOVO GROUP LTD
1,572,000
1,424,669
1.15%
529,600
1,413,268
1.14%
90,000
581,281
0.47%
MGM CHINA HOLDINGS LTD ORIENT OVERSEAS INTERNATIONAL LTD PETROCHINA CO LTD H SHS
1,380,000
1,467,707
1.18%
PING AN INSURANCE (GRP) CO OF CHINA 'H'
259,000
1,742,916
1.40%
SANDS CHINA LTD
451,000
2,125,055
1.71%
TECHTRONIC INDUSTRIES CO LTD
680,000
1,627,021
1.31%
75,000
2,941,214
2.37%
120,000
1,008,637
0.81%
TENCENT HLDGS LTD WHARF (HOLDINGS) LTD INDONESIA ASTRA INTERNATIONAL TBK
1,030,000
726,487
0.58%
BANK NEGARA INDONESIA
4,790,000
2,075,374
1.67%
15,000,000
521,438
0.42%
1,200,000
628,749
0.51%
PAKUWON JATI TBK TOWER BERSAMA INFRASTRUCTURE TBK KOREA BAIKSAN CO LTD
153,980
826,960
0.67%
HANA FINANCIAL HOLDINGS
61,200
1,774,117
1.43%
HANA TOUR SERVICE INC
23,000
1,441,770
1.16%
KB FINANCIAL GROUP INC
62,050
1,850,151
1.49%
KIA MOTORS CORP
27,000
1,461,822
1.18%
NHN CORP
10,440
2,644,149
2.13%
PARADISE CO LTD
42,000
847,695
0.68%
SAMSUNG ELECTRONICS CO LTD
6,810
7,967,809
6.41%
SK HYNIX INC
72,000
1,958,513
1.58%
SK TELECOM CO LTD
19,500
3,570,205
2.87%
3
PineBridge Asian Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market Holding
Value
% of Net
Shares
US$
Assets
BERJAYA SPORTS TOTO BHD
600,000
824,399
0.66%
GENTING MALAYSIA BHD
804,000
983,355
0.79%
1,350,000
1,230,939
0.99%
LISTED EQUITIES MALAYSIA
MAH SING GROUP BHD MALAYAN BANKING BHD ORD (M.REG)
511,100
1,671,259
1.35%
TENAGA NASIONAL BERHAD
1,065,100
2,776,192
2.23%
TROPICANA CORP BHD
2,025,000
1,203,349
0.97%
GT CAPITAL HOLDINGS INC
61,500
1,126,036
0.91%
PHILIPPINE LONG DISTANCE TELEPHONE CO
14,000
947,950
0.76%
CAPITALAND LTD
1,015,000
2,466,333
1.98%
CAPITAMALLS ASIA LTD
1,553,000
2,235,987
1.80%
EZION HLDG LTD
1,538,000
2,572,332
2.07%
KEPPEL CORP LTD
177,000
1,452,250
1.17%
UNITED OVERSEAS BANK LTD
155,000
2,428,543
1.95%
CHIPBOND TECHNOLOGY CORP
1,359,000
3,326,667
2.68%
CTBC FINANCIAL HOLDING CO LTD (FORMERLY KNOWN AS CHINATRUST FINANCIAL HOLDING CO)
2,896,763
1,789,614
1.44%
E.SUN FINANCIAL HOLDING CO LTD
PHILIPPINES
SINGAPORE
TAIWAN
1,106,000
674,076
0.54%
ECLAT TEXTILE CO LTD
630,000
4,647,473
3.74%
GEMTEK TECHNOLOGY CORP
600,000
637,448
0.51%
KINDOM CONSTRUCTION CO LTD
600,000
759,342
0.61%
1,320,000
971,558
0.78%
MEDIATEK INC
231,826
2,690,714
2.17%
TAIFLEX SCIENTIFIC CO LTD
890,000
1,194,532
0.96%
1,647,833
6,091,703
4.90%
105,000
950,257
0.76%
108,000
1,545,828
1.24%
2,024,971
1,267,231
1.02%
TOTAL INVESTMENTS*
122,271,233
98.40%
TOTAL INVESTMENTS, AT COST*
105,023,618
KING YUAN ELECTRONICS CO LTD
TAIWAN SEMICONDUCTOR MANUFACTURING CO THAILAND ADVANCED INFORMATION SERVICE PCL (F/R) SIAM CEMENT PUBLIC CO LTD-NVDR SINO THAI ENG & CONST PLC (FOREIGN)
* Investments are accounted for on a trade date basis. 4
PineBridge Asian Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
AGRICULTURAL BANK OF CHINA H SHS
1,700,000
-
(1,700,000)
-
BANK OF CHINA LTD H SHS
8,400,000
-
-
8,400,000
BAOXIN AUTO GROUP LTD
-
1,000,000
(1,000,000)
-
CHINA COAL ENERGY CO H SHS
-
820,000
(820,000)
-
693,000
-
(693,000)
-
-
1,550,000
(500,000)
1,050,000 1,020,000
LISTED EQUITIES HONG KONG
CHINA COMM CONSTRUCTION CO LTD H SHS CHINA EVERBRIGHT INTERNATIONAL LTD CHINA LONGYUAN POWER GROUP CORP H SHS
-
1,020,000
-
371,000
80,000
-
451,000
1,796,000
538,800
-
2,334,800
CHINA RESOURCES LAND LTD
690,000
-
(200,000)
490,000
CHINA SHENHUA ENERGY CO LTD H SHS
220,000
-
(220,000)
-
-
1,060,000
-
1,060,000
CHINA MOBILE LTD CHINA PETROLEUM & CHEMICAL CORP H SHS
CHINA STATE CONSTRUCTION INTL HLDGS LTD CIMC ENRIC HOLDINGS LTD
-
1,700,000
-
1,700,000
CNOOC LTD
1,558,000
-
-
1,558,000
CSR CORP LTD H SHS
1,000,000
120,000
-
1,120,000
DONGFENG MOTOR GRP CO LTD H SHS
830,000
-
-
830,000
ENN ENERGY HOLDINGS LTD
387,000
-
-
387,000 255,000
GALAXY ENTERTAINMENT GROUP LTD
-
255,000
-
1,250,000
-
(1,250,000)
-
93,000
65,000
-
158,000
HUTCHISON TELECOMMUNICATIONS HK HLDG LTD
-
3,000,000
(1,500,000)
1,500,000
INDUSTRIAL AND COMM BANK OF CHINA H SHS INTIME RETAIL GROUP CO LTD (FORMERLY KNOWN AS INTIME DEPARTMENT STORE GROUP CO LTD)
6,963,000
-
(1,200,000)
5,763,000
1,260,000
-
(1,260,000)
-
LENOVO GROUP LTD
1,542,000
780,000
(750,000)
1,572,000
-
529,600
-
529,600
90,000
-
-
90,000
1,380,000
-
-
1,380,000
259,000
-
-
259,000
1,001,000
-
(550,000)
451,000
SUNAC CHINA HOLDINGS LTD
-
1,650,000
(1,650,000)
-
TECHTRONIC INDUSTRIES CO LTD
-
680,000
-
680,000 75,000
GREENTOWN CHINA HOLDINGS LTD HENGAN INTL GROUP CO LTD
MGM CHINA HOLDINGS LTD ORIENT OVERSEAS INTERNATIONAL LTD PETROCHINA CO LTD H SHS PING AN INSURANCE (GRP) CO OF CHINA 'H' SANDS CHINA LTD
TENCENT HLDGS LTD TERMBRAY PETRO-KING OILFIELD WHARF (HOLDINGS) LTD
63,000
37,000
(25,000)
-
1,200,000
(1,200,000)
-
275,000
102,000
(257,000)
120,000
1,030,000
-
-
1,030,000
INDONESIA ASTRA INTERNATIONAL TBK BANK MANDIRI
710,000
-
(710,000)
-
BANK NEGARA INDONESIA
-
4,790,000
-
4,790,000
DYANDARA MEDIA INTL TBK
-
8,138,000
(8,138,000)
-
5
PineBridge Asian Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
-
15,000,000
-
15,000,000
LISTED EQUITIES INDONESIA (CONTINUED) PAKUWON JATI TBK SURYA CITRA MEDIA TBK
1,307,500
-
(1,307,500)
-
TOWER BERSAMA INFRASTRUCTURE TBK
1,400,000
1,000,000
(1,200,000)
1,200,000
WASKITA KARYA PERSERO TBK
6,597,000
-
(6,597,000)
-
BAIKSAN CO LTD
-
180,000
(26,020)
153,980
BS FINANCIAL GROUP INC
-
110,000
(110,000)
-
CJ CORP
-
11,800
(11,800)
-
KOREA
HANA FINANCIAL HOLDINGS
-
61,200
-
61,200
HANA TOUR SERVICE INC
23,000
-
-
23,000
HYUNDAI ENGINEERING AND CONSTRUCT CO LTD
27,500
-
(27,500)
-
KB FINANCIAL GROUP INC
62,050
-
-
62,050
KIA MOTORS CORP
34,200
27,000
(34,200)
27,000
KOREA ELECTRIC POWER CORP LG CHEM LTD LG DISPLAY CO LTD LG ELECTRONICS INC NEXEN TIRE CORP NHN CORP PARADISE CO LTD SAMSUNG ELECTRONICS CO LTD
-
58,000
(58,000)
-
3,350
-
(3,350)
-
17,000
-
(17,000)
-
-
12,000
(12,000)
113,000
-
(113,000)
-
-
10,440
-
10,440
-
42,000
-
42,000
8,640
-
(1,830)
6,810
SEEGENE INC
16,000
4,000
(20,000)
-
SK HYNIX INC
71,000
36,000
(35,000)
72,000
-
9,600
(9,600)
-
SK TELECOM CO LTD
17,000
2,500
-
19,500
SKC CO LTD
32,000
-
(32,000)
-
460,000
-
(460,000)
600,000
SK INNOVATION CO LTD
MALAYSIA AXIATA GROUP BHD BERJAYA SPORTS TOTO BHD
-
600,000
-
GAMUDA BERHAD
667,000
-
(667,000)
-
GENTING MALAYSIA BHD
804,000
-
-
804,000
IHH HEALTHCARE BHD
161,800
-
(161,800)
-
MAH SING GROUP BHD
-
2,350,000
(1,000,000)
1,350,000
341,100
170,000
-
511,100
TENAGA NASIONAL BERHAD
-
1,065,100
-
1,065,100
TROPICANA CORP BHD
-
2,025,000
-
2,025,000
MALAYAN BANKING BHD ORD (M.REG)
6
PineBridge Asian Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
61,500
-
-
61,500
LISTED EQUITIES PHILIPPINES GT CAPITAL HOLDINGS INC PHILIPPINE LONG DISTANCE TELEPHONE CO
-
14,000
-
14,000
2,076,500
-
(2,076,500)
-
273,000
-
(273,000)
-
CAPITALAND LTD
1,015,000
-
-
1,015,000
CAPITAMALLS ASIA LTD
1,553,000
-
-
1,553,000
EZION HLDG LTD
1,598,000
-
(60,000)
1,538,000
PUREGOLD PRICE CLUB INC SECURITY BANK CORP SINGAPORE
KEPPEL CORP LTD
177,000
-
-
177,000
-
35,400
(35,400)
-
OVERSEAS UNION ENTERPRISE LTD
450,000
-
(450,000)
-
UNITED OVERSEAS BANK LTD
155,000
-
-
155,000
KEPPEL REIT
TAIWAN CHAILEASE HOLDINGS CO LTD
-
250,000
(250,000)
-
CHIPBOND TECHNOLOGY CORP
1,689,000
-
(330,000)
1,359,000
CTBC FINANCIAL HOLDING CO LTD (FORMERLY KNOWN AS CHINATRUST FINANCIAL HOLDING CO)
2,667,596
229,167
-
2,896,763
E.SUN FINANCIAL HOLDING CO LTD ECLAT TEXTILE CO LTD GEMTEK TECHNOLOGY CORP GIGA SOLAR MATERIALS CORP HON HAI PRECISION INDUSTRY CO LTD KINDOM CONSTRUCTION CO LTD KING YUAN ELECTRONICS CO LTD MEDIATEK INC MEGA FINANCIAL HLDGS CO LTD TAIFLEX SCIENTIFIC CO LTD TAIWAN SEMICONDUCTOR MANUFACTURING CO
-
1,106,000
-
1,106,000
780,000
-
(150,000)
630,000
-
600,000
-
600,000 -
-
85,000
(85,000)
607,800
-
(607,800)
-
-
600,000
-
600,000
4,850,000
-
(3,530,000)
1,320,000
246,826
-
(15,000)
231,826
2,512,125
-
(2,512,125)
-
-
890,000
-
890,000
1,710,833
-
(63,000)
1,647,833
-
105,000
-
105,000
THAILAND ADVANCED INFORMATION SERVICE PCL (F/R) KRUNG THAI BANK PUBLIC CO LTD (F/R)
-
1,700,000
(1,700,000)
-
103,000
5,000
-
108,000
SINO THAI ENG & CONST PLC (FOREIGN)
3,729,500
1,065,571
(2,770,100)
2,024,971
SUPALAI PCL (FOREIGN REG)
1,350,000
500,000
(1,850,000)
-
-
229,167
(229,167)
-
SIAM CEMENT PUBLIC CO LTD-NVDR
UNLISTED RIGHTS TAIWAN CHINATRUST FINANCIAL HLDG RTS (FEB2013)
7
PineBridge Asian Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge Asian Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund seeks long-term capital appreciation by investing in the equity securities of companies which are expected to benefit from the development and growth of the Asian economies outside of Japan. The equity securities in which the Fund may invest will include common stock, preferred stock and securities convertible or exchangeable for such equity securities, or which carry warrants to purchase such equity securities. 30 June 2013
30 June 2012
30 June 2011
US$
US$
US$
122,271,233
96,018,575
123,715,835
5,096
3,969
3,838
1,697,343
1,443,717
1,517,576
Investments and investment income Total value of investments Interest on bank deposits Dividend income (net of withholding tax) Net foreign currency losses
(160,419)
Net income excluding capital appreciation
1,005,839
(37,319)
(1,613)
847,166
1,353,280
1,978,849
(1,174,736)
Net (depreciation) / appreciation of investments and derivative financial instruments - realized and unrealized
(815,117)
Performance table Net asset value Total net asset value
Net asset value per unit
Number of units in issue
US$
US$
Units
30 June 2013 - Provident Fund units
124,260,856
38.18
3,254,451
31 December 2012 - Provident Fund units
137,399,467
38.07
3,609,546
31 December 2011 - Provident Fund units
98,435,960
31.37
3,137,787
8
PineBridge Asian Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (Continued) Performance record for the past 10 years Highest issue price per unit US$
Lowest redemption price per unit US$
Investment return (Note 1) %
-
-
-
41.52
36.10
0.30
-
-
-
31 December 2012 - Provident Fund units
38.16
30.51
21.34
31 December 2011 - Standard units
36.25
35.59
-
31 December 2011 - Provident Fund units
41.21
28.28
(20.29)
31 December 2010 - Standard units
36.50
27.53
12.57
31 December 2010 - Provident Fund units
40.47
30.18
15.40
31 December 2009 - Standard units
31.48
15.08
73.58
31 December 2009 - Provident Fund units
34.17
17.51
66.46
31 December 2008 - Standard units
40.33
14.45
(55.38)
31 December 2008 - Provident Fund units
42.36
16.80
(51.89)
31 December 2007 - Standard units
46.59
28.44
33.12
31 December 2007 - Provident Fund units
48.53
30.07
32.93
31 December 2006 - Standard units
30.54
21.61
35.25
31 December 2006 - Provident Fund units
32.10
23.00
34.70
31 December 2005 - Standard units
22.58
16.70
31.60
31 December 2005 - Provident Fund units
23.84
17.72
31.09
31 December 2004 - Standard units
17.52
13.56
9.57
31 December 2004 - Provident Fund units
18.41
14.47
10.29
31 December 2003 - Standard units
15.66
9.43
47.84
31 December 2003 - Provident Fund units
16.49
10.14
46.31
30 June 2013 - Standard units - Accumulation (Note 2) 30 June 2013 - Provident Fund units 31 December 2012 - Standard units
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period. Note 2: The “Standard units” have been renamed to “Standard units – Accumulation” with effect from 27 June 2013. 9
PineBridge Asian Fund Statement of Net Assets As at 30 June 2013 (Unaudited) 30 June 2013 US$
31 December 2012 US$ (Audited)
Assets Current assets Investments Interest receivable Dividends receivable Amounts receivable on subscription Amounts receivable from brokers Cash and cash equivalents
122,271,233 2 650,266 181,743 2,372,219 144,708
127,082,583 44 452,813 9,993,304
Total assets
125,620,171
137,528,744
Liabilities Current liabilities Derivative financial instruments Amounts payable on redemption Amounts payable to brokers Accounts payable and accrued expenses
17 113,727 1,211,048 34,523
124 87,822 41,331
Total liabilities
1,359,315
129,277
124,260,856
137,399,467
Equity Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
________________________ Director
________________________ Director
10
PineBridge Asian Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited) 30 June 2013 US$
30 June 2012 US$
5,096 1,890,322
3,969 1,608,744
(815,117) (160,419)
1,978,849 (37,319)
Total investment income
919,882
3,554,243
Expenses Trustee's fee Custodian and administration fees Audit fee Bank charges Legal and professional fees Other expenses Transaction costs
33,861 68,771 8,028 105 2,047 8,583 414,786
26,823 69,639 7,968 1,000 6,179 451,592
Total operating expenses
536,181
563,201
Net profit before tax
383,701
2,991,042
Income Interest on bank deposits Dividend income Net (losses) / gains on investments and derivative financial instruments Net foreign currency losses
Withholding tax
(192,979) 190,722
Total comprehensive income
11
(165,027) 2,826,015
PineBridge Asian Fund Statement of Changes in Equity For the six months ended 30 June 2013 (Unaudited) 30 June 2013 US$
30 June 2012 US$
137,399,467
98,435,960
11,948,031
5,887,248
Payments on redemption of 659,428 (30 June 2012: 102,772) units
(25,277,364)
(3,520,984)
Net (decrease) / increase from unit transactions
(13,329,333)
2,366,264
Net assets attributable to unitholders at 1 January Proceeds from issue of 304,333 (30 June 2012: 172,749) units
Total comprehensive income Net assets attributable to unitholders at 30 June
12
190,722
2,826,015
124,260,856
103,628,239
PineBridge Asian Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited) 30 June 2013 US$
30 June 2012 US$
190,722
2,826,015
Cash flows from operating activities Total comprehensive income Adjustment for: Dividend income Interest on bank deposits Withholding tax
(1,890,322) (5,096) 192,979
(1,608,744) (3,969) 165,027
Operating (loss) / profit before working capital changes
(1,511,717)
1,378,329
4,811,350 (2,372,219) (107) 1,211,048 (6,808)
(1,766,652) (1,223,066) 723 745,386 (5,000)
Net decrease / (increase) in investments Net increase in amounts receivable from brokers Net change in derivative financial instruments Net increase in amounts payable to brokers Net decrease in accounts payable and accrued expenses Cash generated from / (used in) operations Dividend income received Interest on bank deposits received Net cash generated from operating activities
2,131,547
(870,280)
1,047,077 5,138
966,973 3,961
3,183,762
100,654
Cash flows from financing activities Proceeds from issue of units Payments on redemption of units
12,219,101 (25,251,459)
5,950,812 (3,485,168)
Net cash (used in) / generated from financing activities
(13,032,358)
2,465,644
Net (decrease) / increase in cash and cash equivalents
(9,848,596)
2,566,298
Cash and cash equivalents at the beginning of the period
9,993,304
4,098,983
144,708
6,665,281
144,708
6,665,281
Cash and cash equivalents at the end of the period Analysis of balance of cash and cash equivalents Cash at banks
13
PINEBRIDGE ASIAN BOND FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge Asian Bond Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-11
Statement of net assets
12
Statement of comprehensive income
13
Statement of changes in equity
14
Statement of cash flows
15
PineBridge Asian Bond Fund Management and Professional Service Details Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American International
Hong Kong
Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2013 Manager’s Market Perspective 1H2013 was half good and half bad to Asian bond markets. It was buoyant by strong market momentum in 1Q2013 as fund flow continued to favor higher yielding assets, such as high yield bonds and local currency bonds. Asian bond market was no exception. Despite heavy bond supply in 1Q2013, it was easily absorbed by strong fund inflow and asset rebalancing into EM/Asia assets. We saw credit spreads to grind in and Asian FX to appreciate against USD, while high yield and high beta sectors outperformed. However, the market made a U-turn in May and June when the Fed chairman hinted a potential QE tapering by end this year on the back of benign US economic date. Asian markets, both equities and bonds, plummeted amidst concerns on imminent interest rate hike and higher long-term interest rates. Volatility was shot off the roof, with Asian G3 bond total return in June falling more than 3%, one of the worst months in Asian bond market since financial crisis in 2008. Bond valuation suffered from poor liquidity and widening credit spreads. Technicals also turned negative as redemption fear and cash outflow from bond funds exacerbated the fall. Meanwhile, the concern over China slowdown and impending banking crisis, as well as growing deficit in selective Asian countries such as India and Indonesia, trigged a more broad-based asset rebalancing from Asia/EM markets to development markets, especially into USD and US investment markets. Market Outlook and Strategy Looking ahead, while we think there is no immediate rate hike pressure in the US before 2015, we believe the improving underlying economic trend in the US remains intact. Hence, we think US interest rates will continue to edge higher, albeit not in a liner manner. Given the current policy stance of the Chinese government to aim for long term economic growth through various structural reforms, near term downside risk in growth will inevitably heighten. That said, hard-landing scenario is currently not our base case. Meanwhile, economic conditions in most of other Asian countries have declined, with deficit growing and economic activity receding. Selective country such as Indian has even experienced twin deficit issues. We expect more reforms on both monetary and fiscal fronts to happen. As a result, economic growth in Asian is likely to be low in near term, which will in turn cap or reduce the pace of credit compression in Asian bonds. In view of steepening and rising yield curves in the US, we continue to be defensive in duration strategy by staying neutral to short against benchmark. We have also turned more cautious and negative to countries that have growing macro challenges. At the same time, we have reduced the beta of the portfolio in view of expected heightened market volatility.
2
PineBridge Asian Bond Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO Nominal
Market
Value
Value
% of Net
US$
US$
Assets
AIA GROUP LTD 1.75% 13MAR2018 REGS
1,500,000
1,447,800
1.05%
AUST & NZ BANKING GROUP 3.45% 8AUG2022
1,500,000
1,493,625
1.08%
AXIS BANK LTD/DUBAI 5.125% 5SEP2017 REGS
1,950,000
1,973,997
1.43%
AZURE ORBIT INTL FIN 3.75% 6MAR2023 REGS
1,500,000
1,387,500
1.01%
BANGKOK BANK PCL (HK) 3.25% 18OCT2015
1,000,000
1,028,100
0.75%
BANGKOK BANK PCL (HK) 3.875% 27SEP2022
1,500,000
1,420,500
1.03%
LISTED/QUOTED INVESTMENTS UNITED STATES DOLLAR BONDS
BANGKOK BANK PCL (HK) 4.8% 18OCT2020
500,000
518,750
0.38%
BANK OF CHINA HONG KONG 5.55% 11FEB2020
3,500,000
3,675,000
2.67%
BESTGAIN REAL ESTATE 2.625% 13MAR2018
2,000,000
1,838,700
1.33%
BOC AVIATION PTE LTD 4.375% 2MAY2023
1,700,000
1,543,175
1.12%
CHINA OVERSEAS FIN CA LTD 5.5% 10NOV20
1,500,000
1,560,375
1.13%
CHINA OVERSEAS FINANCE 4.875% 15FEB2017
2,000,000
2,115,700
1.53%
CHINA RESOURCES CEMENT 2.125% 5OCT2017
2,000,000
1,904,280
1.38%
CHINA RESOURCES LAND 4.625% 19MAY2016
2,000,000
2,093,600
1.52%
CITIC SECURITIES FIN 2013 2.5% 3MAY2018
2,800,000
2,624,300
1.90%
CLP POWER HK FINANCING 4.75% 12JUL2021
1,000,000
1,055,200
0.77%
CLP POWER HK FINANCING 4.75% 19MAR2020
1,000,000
1,063,300
0.77%
CMT MTN PTE LTD 3.731% 21MAR2018 EMTN
2,000,000
2,049,700
1.49%
CNPC HK OVERSEAS CAPITAL 4.5% 28APR2021
1,500,000
1,545,000
1.12%
COSCO FINANCE CO LTD 4% 3DEC2022
1,000,000
891,650
0.65%
CRCC YUXIANG LTD 3.5% 16MAY2023 REGS
1,500,000
1,354,800
0.98%
DAH SING BANK LTD 6.625% 11FEB2020 EMTN
3,500,000
3,801,175
2.76%
DBS BANK LTD SINGAPORE VAR 21SEP2022
1,500,000
1,501,275
1.09%
500,000
519,900
0.38%
EXPORT-IMPORT BK KOREA 4.375% 15SEP2021
1,000,000
1,015,750
0.74%
EXPORT-IMPORT BK KOREA 5.125% 29JUN2020
1,000,000
1,067,350
0.77%
EXPORT-IMPORT BK OF KOREA 1.75% 27FEB18
800,000
752,920
0.55%
HARVEST OPERATIONS CORP 2.125% 14MAY2018
2,000,000
1,895,200
1.37%
HONG LEONG BANK BHD 3.75% 17MAR2016
1,000,000
1,043,100
0.76%
HONGKONG LAND FIN CO LTD 4.5% 1JUN2022
1,000,000
1,007,400
0.73%
500,000
487,325
0.35%
1,500,000
1,347,711
0.98%
500,000
515,900
0.37%
HUTCHISON WHAMPOA INTL 4.625% 13JAN2022
1,500,000
1,535,850
1.11%
HYUNDAI CAPITAL SVS 3.5% 13SEP2017 REGS
1,000,000
1,022,000
0.74%
ICICI BANK LTD/DUBAI 4.7% 21FEB2018 REGS
1,000,000
1,011,200
0.73%
500,000
518,700
0.38%
INDUSTRIAL BK OF KOREA 2.375% 17JUL2017
1,000,000
973,900
0.71%
IOI INVESTMENT BHD 4.375% 27JUN2022 EMTN
2,500,000
2,337,875
1.70%
KASIKORNBANK PCL/HK 3% 20MAR2018 EMTN
1,000,000
988,250
0.72%
EXPORT-IMPORT BK KOREA 4% 11JAN2017
HUTCHISON WHAMPOA INTL 2% 8NOV2017 REGS HUTCHISON WHAMPOA INTL 3.25% 8NOV2022 HUTCHISON WHAMPOA INTL 3.5% 13JAN2017
ICICI BANK LTD/DUBAI 4.75% 25NOV2016
3
PineBridge Asian Bond Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Nominal
Market
Value
Value
% of Net
US$
US$
Assets
KIA MOTORS CORP 3.625% 14JUN2016
1,000,000
1,042,900
0.76%
KOREA DEV BANK 3.5% 22AUG2017
1,000,000
1,018,050
0.74%
KOREA DEVELOPMENT BANK 4% 9SEP2016
500,000
530,875
0.39%
KOREA DEVELOPMENT BK 3.25% 9MAR2016
500,000
515,600
0.37%
KOREA EAST-WEST POWER 2.5% 16JUL2017
1,500,000
1,466,550
1.06%
KOREA EXCHANGE BANK 2% 2APR2018 EMTN
1,000,000
933,400
0.68%
500,000
497,700
0.36%
1,000,000
1,034,850
0.75%
500,000
512,675
0.37%
KOREA GAS CORP 2.25% 25JUL2017 REGS
1,000,000
967,550
0.70%
KOREA HOUSING FINANCE 3.5% 15DEC2016
1,000,000
1,050,200
0.76%
KOREA HYDRO & NUCLEAR 3.125% 16SEP2015
1,000,000
1,030,500
0.75%
KOREA NATIONAL OIL CORP 2.875% 9NOV2015
1,000,000
1,025,450
0.74%
KOREA SOUTHERN PWR 1.875% 5FEB2018 REGS
2,000,000
1,891,200
1.37%
MALAYAN BANKING BHD VAR 20SEP2022 EMTN
2,000,000
1,952,600
1.42%
MEGA ADVANCE INV 5% 12MAY2021 REGS
1,000,000
1,035,300
0.75%
MIZUHO FIN GR CAYMAN 2 4.2% 18JUL2022
2,500,000
2,470,875
1.79%
NATL FED OF FISHERIES COOP 3.5% 3MAY2017
1,000,000
1,020,750
0.74%
NONGHYUP BANK 2.25% 19SEP2017 REGS
1,500,000
1,443,150
1.05%
ONGC VIDESH LTD 2.5% 7MAY2018
2,000,000
1,850,800
1.34%
OVERSEA-CHINESE BANKING 3.15% 11MAR2023
1,500,000
1,454,550
1.06%
OVERSEA-CHINESE BANKING VAR 15NOV2022
2,000,000
2,012,100
1.46%
PETRONAS CAPITAL LTD 5.25% 12AUG2019
1,500,000
1,640,100
1.19% 0.38%
LISTED/QUOTED INVESTMENTS
UNITED STATES DOLLAR BONDS (CONTINUED)
KOREA EXCHANGE BANK 3.125% 26JUN2017 KOREA FINANCE CORP 3.25% 20SEP2016 KOREA FINANCE CORP 4.625% 16NOV2021
PRIME HOLDINGS LABUAN 5.375% 22SEP2014
500,000
518,425
PSA INTERNATIONAL PTE 3.875% 11FEB2021
1,000,000
1,022,200
0.74%
PTT GLOBAL CHEMICAL PCL 4.25% 19SEP2022
1,500,000
1,440,750
1.05%
RELIANCE HLDGS USA INC 5.4% 14FEB2022
1,500,000
1,544,925
1.12%
RELIANCE HOLDINGS USA 4.5% 19OCT2020
1,000,000
990,700
0.72%
RHB BANK BHD 3.25% 11MAY2017 EMTN
2,000,000
2,002,700
1.45%
SIAM COMMERCIAL BK 3.375% 19SEP2017 REGS
1,500,000
1,509,450
1.10%
SINOPEC CAPITAL 2013 1.875% 24APR2018
1,500,000
1,443,675
1.05%
SINOPEC GR OS DEV 2012 2.75% 17MAY2017
1,000,000
1,007,800
0.73%
SK TELECOM CO LTD 2.125% 1MAY2018 REGS
1,000,000
958,700
0.70%
SKYSEA INTL CAP MGMT 4.875% 7DEC2021
2,500,000
2,558,000
1.86%
SSG RESOURCES LTD 4.25% 4OCT2022
1,000,000
963,600
0.70%
500,000
461,400
0.33%
SUN HUNG KAI PPTY CAP 4% 2NOV2020
1,500,000
1,488,600
1.08%
SUN HUNG KAI PROP (CAP) 3.5% 2NOV2016
1,000,000
1,033,250
0.75%
SUN HUNG KAI PROPERTIES 5.375% 8MAR2017
1,000,000
1,093,000
0.79%
SWIRE PACIFIC MTN FIN 5.625% 30MAR2016
1,000,000
1,094,550
0.79%
STATE GRID OVERSEAS INV 3.125% 22MAY2023
4
PineBridge Asian Bond Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Nominal
Market
Value
Value
% of Net
US$
US$
Assets
SWIRE PACIFIC MTN FIN 6.25% 18APR2018
1,500,000
1,715,018
1.24%
SWIRE PROPERTIES 4.375% 18JUN2022 EMTN
2,000,000
1,978,600
1.44%
TEMASEK FINANCIAL I LTD 4.3% 25OCT2019
1,000,000
1,084,850
0.79%
US TREASURY NOTES 0.5% 15JUN2016
1,000,000
995,400
0.72%
500,000
490,300
0.36%
1,000,000
981,300
0.71%
LISTED/QUOTED INVESTMENTS UNITED STATES DOLLAR BONDS (CONTINUED)
US TREASURY NOTES 0.75% 31OCT2017 US TREASURY NOTES 1% 31MAY2018 US TREASURY NOTES 1.25% 31OCT2019
500,000
484,450
0.35%
WANT WANT CHINA FIN LTD 1.875% 14MAY2018
1,500,000
1,407,825
1.02%
WESTPAC BANKING CORP VAR 28FEB2023
1,500,000
1,499,250
1.09%
WHARF FINANCE LTD 4.625% 8FEB2017 EMTN
1,000,000
1,041,100
0.76%
WING HANG BANK LTD VAR PERP 29APR2049
3,200,000
3,244,160
2.35%
WING LUNG BANK 3.5% 7NOV2022 EMTN
2,000,000
1,952,600
1.42%
YUEXIU REIT MTN CO 3.1% 14MAY2018
2,500,000
2,344,750
1.70%
ZIJIN INTL FINANCE 4.25% 30JUN2016
2,940,000
3,045,987
2.21%
129,722,873
94.13%
1,022,990
0.74%
1,022,990
0.74%
TOTAL INVESTMENTS*
130,745,863
94.87%
TOTAL INVESTMENTS, AT COST*
135,397,139
BONDS (TOTAL) CERTIFICATE OF DEPOSIT CHINA MERCHANTS BK/HK 3.75% CD 21OCT2014
1,000,000
CERTIFICATE OF DEPOSIT (TOTAL)
* Investments are accounted for on a trade date basis.
5
PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
US$
US$
US$
US$
-
1,500,000
-
1,500,000
AMBER CIRCLE FDG LTD 2% 4DEC2017 REGS
1,250,000
750,000
(2,000,000)
-
AMBER CIRCLE FDG LTD 3.25% 4DEC2022 REGS
1,500,000
-
(1,500,000)
-
AUST & NZ BANKING GROUP 3.45% 8AUG2022
1,000,000
500,000
-
1,500,000
AXIS BANK LTD/DUBAI 5.125% 5SEP2017 REGS
-
1,950,000
-
1,950,000
AZURE ORBIT INTL FIN 3.75% 6MAR2023 REGS
-
2,500,000
(1,000,000)
1,500,000
BANGKOK BANK PCL (HK) 3.25% 18OCT2015
1,000,000
-
-
1,000,000
BANGKOK BANK PCL (HK) 3.875% 27SEP2022
1,500,000
-
-
1,500,000
-
500,000
-
500,000
1,000,000
2,500,000
-
3,500,000
BESTGAIN REAL ESTATE 2.625% 13MAR2018
-
2,850,000
(850,000)
2,000,000
BK OF TOKYO-MITSUBISHI 1.65% 26FEB2018
-
1,500,000
(1,500,000)
-
BOC AVIATION PTE LTD 4.375% 2MAY2023
-
2,500,000
(800,000)
1,700,000
LISTED/QUOTED INVESTMENTS UNITED STATES DOLLAR BONDS AIA GROUP LTD 1.75% 13MAR2018 REGS
BANGKOK BANK PCL (HK) 4.8% 18OCT2020 BANK OF CHINA HONG KONG 5.55% 11FEB2020
CHINA OS FIN CAYMAN V 5.35% 15NOV2042 CHINA OVERSEAS FIN CA LTD 5.5% 10NOV20 CHINA OVERSEAS FINANCE 4.875% 15FEB2017 CHINA RAILWAY LTD 3.85% 5FEB2023
650,000
-
(650,000)
-
1,500,000
-
-
1,500,000
-
2,000,000
-
2,000,000
-
2,000,000
(2,000,000)
-
CHINA RESOURCES CEMENT 2.125% 5OCT2017
2,000,000
-
-
2,000,000
CHINA RESOURCES GAS 4.5% 5APR2022 REGS
1,500,000
-
(1,500,000)
-
CHINA RESOURCES LAND 4.625% 19MAY2016
2,000,000
1,000,000
(1,000,000)
2,000,000
CITIC SECURITIES FIN 2013 2.5% 3MAY2018
-
2,800,000
-
2,800,000
CLP POWER HK FINANCING 4.75% 12JUL2021
-
1,000,000
-
1,000,000
CLP POWER HK FINANCING 4.75% 19MAR2020
1,000,000
-
-
1,000,000
CMT MTN PTE LTD 3.731% 21MAR2018 EMTN
1,000,000
1,000,000
-
2,000,000
CNOOC FIN 2011 LTD 4.25% 26JAN2021 REGS
1,000,000
-
(1,000,000)
-
CNPC HK OVERSEAS CAPITAL 4.5% 28APR2021
1,500,000
-
-
1,500,000
COSCO FINANCE CO LTD 4% 3DEC2022
1,000,000
-
-
1,000,000
CRCC YUXIANG LTD 3.5% 16MAY2023 REGS
-
2,000,000
(500,000)
1,500,000
DAH SING BANK LTD 6.625% 11FEB2020 EMTN
1,000,000
2,500,000
-
3,500,000
DBS BANK LTD SINGAPORE VAR 21SEP2022
1,500,000
-
-
1,500,000
-
500,000
-
500,000
EXPORT-IMPORT BK KOREA 4.375% 15SEP2021
1,000,000
-
-
1,000,000
EXPORT-IMPORT BK KOREA 5.125% 29JUN2020
1,000,000
-
-
1,000,000
EXPORT-IMPORT BK OF KOREA 1.75% 27FEB18
-
800,000
-
800,000
HAINAN AIRLINES HK 3.625% 7FEB2020 REGS
-
1,000,000
(1,000,000)
-
1,000,000
-
(1,000,000)
-
500,000
-
(500,000)
-
-
2,000,000
-
2,000,000
HONG LEONG BANK BHD 3.75% 17MAR2016
1,000,000
-
-
1,000,000
HONGKONG LAND FIN CO LTD 4.5% 1JUN2022
1,000,000
-
-
1,000,000
500,000
-
-
500,000
EXPORT-IMPORT BK KOREA 4% 11JAN2017
HANA BANK 3.5% 25OCT2017 REGS HANA BANK 4.25% 14JUN2017 REGS HARVEST OPERATIONS CORP 2.125% 14MAY2018
HUTCHISON WHAMPOA INTL 2% 8NOV2017 REGS
6
PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
US$
US$
US$
US$
1,500,000
-
-
1,500,000
LISTED/QUOTED INVESTMENTS UNITED STATES DOLLAR BONDS (CONTINUED) HUTCHISON WHAMPOA INTL 3.25% 8NOV2022 HUTCHISON WHAMPOA INTL 3.5% 13JAN2017 HUTCHISON WHAMPOA INTL 4.625% 13JAN2022 HYSAN MTN LTD 3.5% 16JAN2023 EMTN
500,000
-
-
500,000
1,000,000
500,000
-
1,500,000
-
1,000,000
(1,000,000)
-
HYUNDAI CAPITAL SVS 3.5% 13SEP2017 REGS
1,000,000
-
-
1,000,000
ICICI BANK LTD/DUBAI 4.7% 21FEB2018 REGS
-
1,000,000
-
1,000,000
ICICI BANK LTD/DUBAI 4.75% 25NOV2016
-
500,000
-
500,000
INDUSTRIAL BK OF KOREA 2.375% 17JUL2017
-
1,000,000
-
1,000,000
IOI INVESTMENT BHD 4.375% 27JUN2022 EMTN
1,500,000
1,000,000
-
2,500,000
KASIKORNBANK PCL/HK 3% 20MAR2018 EMTN
1,000,000
-
-
1,000,000
KIA MOTORS CORP 3.625% 14JUN2016
1,000,000
-
-
1,000,000
KOREA DEV BANK 3.5% 22AUG2017
1,000,000
1,000,000
(1,000,000)
1,000,000
KOREA DEVELOPMENT BANK 4% 9SEP2016
-
500,000
-
500,000
KOREA DEVELOPMENT BK 3.25% 9MAR2016
-
500,000
-
500,000
KOREA EAST-WEST POWER 2.5% 16JUL2017
1,500,000
500,000
(500,000)
1,500,000
-
1,000,000
-
1,000,000
KOREA EXCHANGE BANK 3.125% 26JUN2017
1,500,000
-
(1,000,000)
500,000
KOREA FINANCE CORP 2.25% 7AUG2017
2,000,000
-
(2,000,000)
-
KOREA FINANCE CORP 3.25% 20SEP2016
-
1,000,000
-
1,000,000
KOREA FINANCE CORP 4.625% 16NOV2021
-
500,000
-
500,000
KOREA GAS CORP 2.25% 25JUL2017 REGS
-
1,000,000
-
1,000,000
KOREA HOUSING FINANCE 1.625% 15SEP2018
-
1,500,000
(1,500,000)
-
KOREA EXCHANGE BANK 2% 2APR2018 EMTN
KOREA HOUSING FINANCE 3.5% 15DEC2016
-
1,000,000
-
1,000,000
KOREA HYDRO & NUCLEAR 3.125% 16SEP2015
1,000,000
-
-
1,000,000
KOREA NATIONAL OIL CORP 2.875% 9NOV2015
1,000,000
-
-
1,000,000
KOREA SOUTHERN PWR 1.875% 5FEB2018 REGS
-
2,000,000
-
2,000,000
MALAYAN BANKING BHD VAR 20SEP2022 EMTN
1,500,000
1,000,000
(500,000)
2,000,000
MEGA ADVANCE INV 5% 12MAY2021 REGS
1,000,000
-
-
1,000,000
MIZUHO FIN GR CAYMAN 2 4.2% 18JUL2022
1,500,000
1,000,000
-
2,500,000
NATL FED OF FISHERIES COOP 3.5% 3MAY2017
1,000,000
-
-
1,000,000
NIPPON TEL & TEL CORP 2.15% 26FEB2020
-
2,000,000
(2,000,000)
-
NONGHYUP BANK 2.25% 19SEP2017 REGS
1,500,000
-
-
1,500,000
ONGC VIDESH LTD 2.5% 7MAY2018
-
2,000,000
-
2,000,000
OVERSEA-CHINESE BANKING 3.15% 11MAR2023
1,500,000
-
-
1,500,000
OVERSEA-CHINESE BANKING VAR 15NOV2022
1,500,000
500,000
-
2,000,000
-
1,500,000
-
1,500,000
500,000
-
-
500,000
PSA INTERNATIONAL PTE 3.875% 11FEB2021
1,000,000
-
-
1,000,000
PTT GLOBAL CHEMICAL PCL 4.25% 19SEP2022
1,500,000
-
-
1,500,000
PTT PCL 3.375% 25OCT2022 REGS
1,000,000
-
(1,000,000)
-
340,000
-
(340,000)
-
PETRONAS CAPITAL LTD 5.25% 12AUG2019 PRIME HOLDINGS LABUAN 5.375% 22SEP2014
PTT PCL 4.5% 25OCT2042 REGS
7
PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
US$
US$
US$
US$
PTTEP CANADA INTL FIN 6.35% 12JUN2042
1,000,000
-
(1,000,000)
-
QTEL INTL FIN LTD 3.25% 21FEB2023 REGS
500,000
-
(500,000)
-
RELIANCE HLDGS USA INC 5.4% 14FEB2022
1,000,000
500,000
-
1,500,000
RELIANCE HOLDINGS USA 4.5% 19OCT2020
1,000,000
-
-
1,000,000
RHB BANK BHD 3.25% 11MAY2017 EMTN
2,000,000
-
-
2,000,000
SIAM COMMERCIAL BK 3.375% 19SEP2017 REGS
1,500,000
-
-
1,500,000
LISTED/QUOTED INVESTMENTS UNITED STATES DOLLAR BONDS (CONTINUED)
SINOPEC CAPITAL 2013 1.875% 24APR2018
-
1,500,000
-
1,500,000
SINOPEC GR OS DEV 2012 2.75% 17MAY2017
1,000,000
-
-
1,000,000
SINOPEC GR OS DEV 2012 3.9% 17MAY2022
1,000,000
-
(1,000,000)
-
SK TELECOM CO LTD 2.125% 1MAY2018 REGS
1,000,000
-
-
1,000,000
SKYSEA INTL CAP MGMT 4.875% 7DEC2021
1,000,000
1,500,000
-
2,500,000
SSG RESOURCES LTD 4.25% 4OCT2022
-
1,000,000
-
1,000,000
STATE GRID OVERSEAS INV 3.125% 22MAY2023
-
1,500,000
(1,000,000)
500,000
STATE GRID OVERSEAS INV 4.375% 22MAY2043
-
2,000,000
(2,000,000)
-
SUMITOMO MITSUI BANKING 1.5% 18JAN2018
-
500,000
(500,000)
-
SUMITOMO MITSUI BANKING 4.85% 1MAR2022
1,000,000
-
(1,000,000)
-
SUN HUNG KAI PPTY CAP 4% 2NOV2020
1,500,000
-
-
1,500,000
SUN HUNG KAI PROP (CAP) 3.5% 2NOV2016
1,000,000
-
-
1,000,000
-
1,300,000
(1,300,000)
-
2,000,000
-
(2,000,000)
-
-
1,000,000
-
1,000,000
500,000
-
(500,000)
-
SUN HUNG KAI PROP (CAP) 3.625% 16JAN2023 SUN HUNG KAI PROP CAP 4.5% 14FEB2022 SUN HUNG KAI PROPERTIES 5.375% 8MAR2017 SWIRE PACIFIC MTN FIN 4.5% 28FEB2022 SWIRE PACIFIC MTN FIN 5.625% 30MAR2016
-
1,000,000
-
1,000,000
SWIRE PACIFIC MTN FIN 6.25% 18APR2018
1,500,000
-
-
1,500,000
SWIRE PROPERTIES 4.375% 18JUN2022 EMTN
2,000,000
-
-
2,000,000
TALENT YIELD INV LTD 4.5% 25APR2022 REGS
1,000,000
-
(1,000,000)
-
TEMASEK FINANCIAL I LTD 2.375% 23JAN2023
500,000
-
(500,000)
1,000,000
TEMASEK FINANCIAL I LTD 4.3% 25OCT2019
1,000,000
-
-
THAI OIL PCL 3.625% 23JAN2023 REGS
-
1,000,000
(1,000,000)
-
US TREASURY NOTES 0.5% 15JUN2016
-
1,000,000
-
1,000,000
US TREASURY NOTES 0.75% 31OCT2017 US TREASURY NOTES 0.875% 31JAN2018 US TREASURY NOTES 1% 31MAY2018
500,000
-
-
500,000
-
1,500,000
(1,500,000)
-
-
1,000,000
-
1,000,000
1,000,000
-
(500,000)
500,000
500,000
-
(500,000)
-
-
2,500,000
(1,000,000)
1,500,000
WESTPAC BANKING CORP VAR 28FEB2023
1,500,000
-
-
1,500,000
WHARF FINANCE LTD 4.625% 8FEB2017 EMTN
1,500,000
-
(500,000)
1,000,000
WING HANG BANK LTD VAR PERP 29APR2049
2,000,000
1,200,000
-
3,200,000
US TREASURY NOTES 1.25% 31OCT2019 US TREASURY NOTES 1.625% 15NOV2022 WANT WANT CHINA FIN LTD 1.875% 14MAY2018
8
PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
US$
US$
US$
US$
WING LUNG BANK 3.5% 7NOV2022 EMTN
-
2,000,000
-
2,000,000
YUEXIU REIT MTN CO 3.1% 14MAY2018
-
2,500,000
-
2,500,000
1,600,000
1,840,000
(500,000)
2,940,000
1,000,000
-
-
1,000,000
LISTED/QUOTED INVESTMENTS UNITED STATES DOLLAR BONDS (CONTINUED)
ZIJIN INTL FINANCE 4.25% 30JUN2016 CERTIFICATE OF DEPOSIT CHINA MERCHANTS BK/HK 3.75% CD 21OCT2014
9
PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge Asian Bond Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund seeks to provide a stable return and long term capital growth through investing in a wide range of debt securities within the Asian region. The Fund shall predominately invest in fixed income securities issued by corporations, bank and sovereigns in the Asian markets. 30 June 2013
30 June 2012
US$
US$
130,745,863
43,532,166
3,191
1,447
2,146,403
387,334
125
1,163
2,051,428
337,413
(6,938,945)
717,271
Total net asset value
Net asset value per unit
Number of units in issue
US$
US$
Units
137,815,538
10.58
13,020,247
98,214,257
11.00
8,932,150
Investments and investment income Total value of investments Interest on bank deposits Interest on investments Net foreign currency gains Net income excluding capital (depreciation) / appreciation Net (depreciation)/appreciation of investments and derivative financial instruments - realized and unrealized Performance table Net asset value
30 June 2013 - Provident Fund units 31 December 2012 - Provident Fund units
10
PineBridge Asian Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (continued) Performance record since inception Highest issue price per unit US$
Lowest redemption price per unit US$
Investment return (Note 2) %
-
-
-
30 June 2013 - Provident Fund units (Note 1)
11.21
10.53
31 December 2012 – Standard units (Note 3)
-
-
-
11.01
9.99
9.96
30 June 2013 - Standard units - Accumulation (Note 3)
31 December 2012 - Provident Fund units (Note 1)
(3.76)
Note 1: The Fund started to issue Provident Fund units on 10 February 2012. Note 2: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period. Note 3: No Standard units were issued by the Fund since inception. The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
11
PineBridge Asian Bond Fund Statement of Net Assets As at 30 June 2013 (Unaudited)
30 June 2013 US$
31 December 2012 US$ (Audited)
Assets Current assets Investments Interest receivable on investments Derivative financial instruments Bank interest receivable Amounts receivable on subscription Amounts receivable from brokers Cash and cash equivalents
130,745,863 1,279,815 2 354 360,082 942,148 11,389,670
96,196,715 775,666 8 191,381 1,259,643
Total assets
144,717,934
98,423,413
Liabilities Current liabilities Derivative financial instruments Amounts payable on redemption Amounts payable to brokers Accounts payable and accrued expenses
244 201,300 6,651,856 48,996
102 151,641 57,413
Total liabilities
6,902,396
209,156
137,815,538
98,214,257
Equity Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
________________________ Director
________________________ Director
12
PineBridge Asian Bond Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited)
30 June 2013 US$
Period from 10 February 2012 (date of commencement of operations) to 30 June 2012 US$
Income Interest on bank deposits Interest on investments Net (losses) / gains on investments and derivative financial instruments Net foreign currency gains
3,191 2,146,403
1,447 387,334
(6,938,945) 125
717,271 1,163
Total investment (loss) / income
(4,789,226)
1,107,215
Expenses Trustee's fee Custodian and administration fees Audit fee Bank charges Legal and professional fees Preliminary expenses Other expenses
29,145 55,853 7,561 122 532 5,078
5,212 16,361 6,573 402 20,783 3,200
Total operating expenses
98,291
52,531
(4,887,517)
Total comprehensive (loss) / income
13
1,054,684
PineBridge Asian Bond Fund Statement of Changes in Equity For the six months ended 30 June 2013 (Unaudited)
30 June 2013 US$
Period from 10 February 2012 (date of commencement of operations) to 30 June 2012 US$
Balance at the beginning of the period
98,214,257
-
Proceeds from issue of 4,471,893 (30 June 2012: 4,936,214) units
48,728,277
50,246,053
Payments on redemption of 383,796 (30 June 2012: 89,906) units
(4,239,479)
Net increase from unit transactions
44,488,798
49,332,002
Total comprehensive (loss) / income
(4,887,517)
1,054,684
137,815,538
Balance at the end of the period
14
(914,051)
50,386,686
PineBridge Asian Bond Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited)
30 June 2013 US$
Period from 10 February 2012 (date of commencement of operations) to 30 June 2012 US$
Total comprehensive (loss) / income
(4,887,517)
1,054,684
Adjustment for: Interest on investments Interest on bank deposits
(2,146,403) (3,191)
(387,334) (1,447)
Operating (loss) / profit before working capital changes
(7,037,111)
665,903
Cash flows from operating activities
Net increase in investments Net increase in amounts receivable from brokers Net change in derivative financial instruments Net increase in amounts payable to brokers Net (decrease) / increase in accounts payable and accrued expenses Cash used in operations Interest on investments received / receivable Interest on bank deposits received
(34,549,148) (942,148) 140 6,651,856 (8,417)
(43,532,166) 1,165 15,911,312 34,728
(35,884,828)
(26,919,058)
1,642,254 2,845
(35,816) 1,441
(34,239,729)
(26,953,433)
48,559,576 (4,189,820)
28,365,587 (893,673)
Net cash generated from financing activities
44,369,756
27,471,914
Net increase in cash and cash equivalents
10,130,027
518,481
1,259,643
-
11,389,670
518,481
11,389,670
518,481
Net cash used in operating activities Cash flows from financing activities Proceeds from issue of units Payments on redemption of units
Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Analysis of balance of cash and cash equivalents Cash at banks
15
PINEBRIDGE EUROPE EQUITY FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge Europe Equity Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-18
Statement of net assets
19
Statement of comprehensive income
20
Statement of changes in equity
21
Statement of cash flows
22
PineBridge Europe Equity Fund Management and Professional Service Details Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American
Hong Kong
International Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 Manager’s Market Perspective Asset Class Overview The first half of 2013 has been steady overall for European Equities, providing a return of 2.18%. The region continues to underperform the other developed markets. While Europe remains lacklustre in terms of economic growth and faces on-going risks regarding the high levels of government debt and increasing unemployment in the peripheral nations, European Central Bank continues to demonstrate its resolution towards maintaining the Eurozone, and providing the necessary liquidity to give the politicians the time to instigate the structural reforms required for recovery. Steps have been taken towards the creation of a community wide banking union and even German Chancellor Angel Merkel appears to be softening her tone somewhat regarding austerity. In addition to the steps being taken within the European region, any pick-up in global growth would be very beneficial for helping to improve the trade outlook. On this front the signs from the developed markets continue to improve. As regards the breakdown within the European index during the first calendar half the best performances came from the Health Care and Consumer Staples sectors. Both sectors gained as a result of investors seeking better income yields than the alternative very low bond yields available during the first four months of the period. By contrast the weakest performances came from the Materials and Energy sectors. For Materials this was primarily due to the slowing demand from China for raw materials such as iron ore and copper. In the case of Energy the majority of the larger oil companies have been facing rising costs for finding and extracting crude oil combined with more sophisticated governments unwilling to give away as much of the value as they have in the past. Portfolio Review Within the portfolio the strongest contributions to performance during the period came from the Information Technology and Consumer Staples sectors, with Health Care and Telecoms being the weakest. The three highest individual contributors were; Adidas, the German sportswear manufacturer, Baloise, the French insurance group, and British American Tobacco. At the other end of the scale the largest detractors were; Sandvik, the Swedish engineering group, Novartis, the Swiss listed pharmaceuticals company, and Vodafone, the UK listed wireless telecoms network operator. Portfolio Outlook Looking ahead into the second half of 2013 we see many signs for optimism despite the many obvious areas of concern. For Europe specifically our focus is on the German Federal elections on the 22nd of September. In the run up to this event politicians will be reticent to commit too much more to the Euro project without the democratic mandate to do so. However, all of the major mainstream parties are essentially pro-Europe and so once the new government is formed we are likely to see renewed moves towards fiscal integration to the benefit of the peripheral nations, and equity investors. In the meantime the ECB must continue to carry the weight. With all this in mind we look forward with confidence in Europe into the remainder of the year and beyond. Volatility will almost certainly increase but for the committed investor, prepared to look through the short term concerns, there are many attractive investments in the region.
2
PineBridge Europe Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO Market
LISTED EQUITIES
Holding
Value
% of Net
Shares
HK$
Assets
1,722
686,372
0.18%
21,480
623,263
0.17%
2,711
951,073
0.26%
AUSTRIA ANDRITZ AG IMMOFINANZ IMMOBILIEN ANLAGEN AG OMV AG BELGIUM ANHEUSER-BUSCH INBEV NV BELGACOM SA COLRUYT SA DELHAIZE GROUP KBC GROUPE
7,509
5,191,939
1.40%
12,327
2,147,947
0.58%
7,059
2,883,588
0.77%
247
118,592
0.03%
1,900
549,478
0.15%
DENMARK A P MOLLER - MAERSK A/S
38
2,113,878
0.57%
CARLSBERG A/S - B
2,662
1,851,034
0.50%
NOVO NORDISK ORDINARY 'B' FREE
2,638
3,193,120
0.86%
252
161,327
0.04%
TRYGVESTA AS FINLAND ELISA COMMUNICATIONS OYJ SERIES 'A'
6,882
1,044,360
0.28%
18,028
518,725
0.14%
192
60,777
0.02%
3,369
384,547
0.10%
13,249
1,008,632
0.27%
AEROPORTS DE PARIS
2,776
2,096,781
0.56%
AIR LIQUIDE
3,403
3,263,967
0.88%
ALSTOM RGPT
1,046
266,071
0.07%
NOKIA OYJ NOKIAN RENKAAT OYJ POHJOLA BANK PLC A SHS UPM - KYMMENE CORP FRANCE
ATOS
1,392
802,456
0.22%
AXA
32,623
4,978,653
1.34%
BNP PARIBAS
13,177
5,591,935
1.50%
BOUYGUES
6,389
1,266,675
0.34%
CARREFOUR
8,228
1,757,716
0.47%
CHRISTIAN DIOR SA
1,681
2,107,387
0.57%
CNP ASSURANCES
5,377
599,340
0.16%
CREDIT AGRICOLE
16,585
1,107,163
0.30%
DANONE
6,931
4,040,410
1.09%
DASSAULT SYSTEMES
3,112
2,956,854
0.79%
ELECTRICITE DE FRANCE
9,227
1,663,752
0.45%
EUROPEAN AERONAUTIC DEFENCE & SPACE CO
3,814
1,583,461
0.43%
EUTELSAT COMMUNICATIONS
3,488
769,107
0.21%
3
PineBridge Europe Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market Holding
Value
% of Net
Shares
HK$
Assets
IMERYS
3,449
1,641,491
0.44%
LAFARGE
1,527
729,296
0.20%
LEGRAND SA
5,843
2,105,370
0.57%
410
523,323
0.14%
3,774
2,621,280
0.70%
28,074
912,799
0.24%
LISTED EQUITIES FRANCE (CONTINUED)
L'OREAL MICHELIN (CIE GLE DES ETABL) CL B NATIXIS ORANGE (FORMERLY KNOWN AS FRANCE TELECOM SA)
29,651
2,178,759
0.59%
PUBLICIS GROUPE SA
5,008
2,769,533
0.74%
SAFRAN SA
2,850
1,156,152
0.31%
SANOFI
3,070
2,471,243
0.66%
SOCIETE GENERALE
8,356
2,230,269
0.60%
TOTAL SA
3,885
1,473,110
0.40%
16,892
2,484,843
0.67%
ADIDAS AG
5,865
4,936,007
1.33%
ALLIANZ SE REGS
3,450
3,922,233
1.05%
AXEL SPRINGER
1,669
552,480
0.15%
BADISCHE ANILIN & SODAFABRIK AG
6,259
4,366,253
1.17%
BAYER AG
8,410
6,955,112
1.87%
BAYERISCHE MOTOREN WERKE
7,230
4,916,651
1.32%
183
217,392
0.06%
VIVENDI SA GERMANY
BRENNTAG CELESIO AG
465
78,947
0.02%
5,539
375,590
0.10%
89
92,409
0.02%
DAIMLER REG
3,096
1,452,358
0.39%
DEUTSCHE BANK - REG SHS
7,714
2,521,313
0.68%
514
261,388
0.07%
DEUTSCHE POST AG
11,549
2,232,828
0.60%
DEUTSCHE TELEKOM REG
57,278
5,177,024
1.39%
COMMERZBANK CONTINENTAL AG
DEUTSCHE BOERSE AG
FRESENIUS SE & CO KGAA
250
239,988
0.06%
6,693
4,072,324
1.09%
409
210,514
0.06%
HUGO BOSS
1,020
876,441
0.24%
INFINEON TECHNOLOGIES AG
2,303
149,830
0.04%
980
459,349
0.12%
MERCK KGAA
1,470
1,742,817
0.47%
METRO AG
2,574
632,888
0.17%
MUENCHENER RUECKVERSICHERUNGS G (REG)
1,449
2,066,314
0.56%
881
692,073
0.19%
1,396
306,690
0.08%
HENKEL AG & CO KGAA HOCHTIEF AG-AKTIEN
LANXESS AG
SIEMENS AG (REGISTERED) UNITED INTERNET AG REG SHS
4
PineBridge Europe Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market LISTED EQUITIES
Holding
Value
% of Net
Shares
HK$
Assets
3,285
213,551
0.06%
4,363
1,870,277
0.50%
GREECE GREEK ORG OF FOOTBALL PROGNOSTICS IRELAND KERRY GROUP PLC-A ITALY ASSICURAZIONI GENERALI SPA
4,143
562,111
0.15%
97,876
192,959
0.05%
5,796
53,002
0.01%
ENEL SPA
98,146
2,391,357
0.64%
ENTE NAZIONALE INROCARBURI SPA
37,608
5,999,873
1.61%
760
41,261
0.01%
111,962
1,393,425
0.37%
82,271
444,163
0.12%
2,437
379,676
0.10%
AEGON REG
43,311
2,250,255
0.60%
AHOLD
24,011
2,775,884
0.75%
257
112,545
0.03%
3,250
1,991,839
0.54%
510
358,661
0.10%
8,148
3,550,860
0.95%
380
107,629
0.03%
KONINKLIJKE KPN N V
2,443
39,444
0.01%
KONINKLIJKE PHILIPS
2,389
505,885
0.14%
ROYAL DUTCH SHELL PLC A SHS
37,350
9,268,479
2.49%
WOLTERS KLUWER N.V.
11,893
1,954,489
0.52%
7,988
248,524
0.07%
3,800
114,871
0.03%
BANCA MONTE DEI PASCHI DI SIENA SPA BANCO POPOLARE SPA
FIAT SPA INTESA SANPAOLO TELECOM ITALIA SPA TENARIS SA NETHERLANDS
AKZO NOBEL NV ASML HOLDING NV GEMALTO HEINEKEN HLDG NV KONINKLIJKE BOSKALIS WESTMINSTER-CVA
NORWAY NORSK HYDRO ASA PORTUGAL PORTUGAL TELECOM SGPS SA REG SPAIN ACCIONA SA
793
325,101
0.09%
8,504
2,111,145
0.57%
BANCO BILBAO VIZCAYA ARGENTARIA SA
18,074
1,177,693
0.32%
BANCO DE SABADELL SA
18,774
242,004
0.06%
BANCO POPULAR ESPANOL
10,583
251,973
0.07%
BANCO SANTANDER SA
78,883
3,909,413
1.05%
AMADEUS IT HOLDING A SHS
5
PineBridge Europe Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market Holding
Value
% of Net
Shares
HK$
Assets
BANKIA
22,201
133,326
0.04%
CAIXABANK
27,551
657,640
0.18%
ENAGAS SA
1,893
363,342
0.10%
FERROVIAL
14,365
1,783,441
0.48%
7,554
1,182,996
0.32%
19,485
799,012
0.21%
61
58,489
0.02%
10,913
1,788,471
0.48%
ALFA-LAVAL AB
15,757
2,483,350
0.67%
ASSA ABLOY AB SERIES 'B'
10,200
3,083,681
0.83%
ATLAS COPCO AB A SHARES
23,346
4,350,822
1.17%
BOLIDEN AB
1,706
163,187
0.04%
ERICSSON 'B'
15
1,311
0.00%
6,752
1,392,697
0.37%
305
46,665
0.01%
SANDVIK AB
42,726
3,941,944
1.06%
SWEDBANK AB A SHS
15,168
2,683,666
0.72%
ACTELION LTD-REG
2,762
1,289,138
0.35%
ARYZTA
6,614
2,880,860
0.77%
BALOISE HOLDING AG-REG
5,219
3,932,148
1.06%
360
2,554,359
0.69%
17,201
3,534,474
0.95%
LISTED EQUITIES SPAIN (CONTINUED)
GAS NATURAL SDG SA IBERDROLA S.A. INDITEX REPSOL YPF S.A. SWEDEN
HEXAGON AB-B SHS LUNDIN PETROLEUM AB
SWITZERLAND
BARRY CALLEBAUT AG-REG CREDIT SUISSE GROUP AG - REG SHS EMS-CHEMIE HOLDING REG
513
1,176,150
0.32%
HOLCIM LTD - REGS
95
51,315
0.01%
LINDT & SPRUENGLI AG-PC
57
1,658,906
0.45%
NESTLE SA CHAM & VEVEY REG SHS
13,419
6,819,065
1.83%
NOVARTIS REG
16,048
8,832,971
2.37%
776
1,627,949
0.44%
6,432
12,398,732
3.33%
95
102,552
0.03%
PARTNERS GROUP HOLDING ROCHE HOLDING - GENUSSCHEINE SCHINDLER HOLDING AG-PART CERT SONOVA HOLDING AG - REG SWISS RE LTD SWISSCOM AG REG
750
616,442
0.17%
1,663
958,983
0.26%
190
644,611
0.17%
62,143
2,812,548
0.76%
3,821
741,798
0.20%
UNITED KINGDOM ABERDEEN ASSET MANAGEMENT PLC AGGREKO PLC
6
PineBridge Europe Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market LISTED EQUITIES
Holding
Value
% of Net
Shares
HK$
Assets
12,958
1,539,713
0.41%
UNITED KINGDOM (CONTINUED) AMEC PLC ANGLO AMERICAN PLC
4,874
729,550
0.20%
ANTOFAGASTA PLC
14,328
1,346,755
0.36%
ARM HOLDINGS PLC
15,382
1,445,825
0.39%
ASSOCIATED BRITISH FOODS PLC
18,486
3,792,086
1.02%
ASTRAZENECA PLC
12,279
4,522,273
1.22%
9,208
369,716
0.10%
BABCOCK INTERNATIONAL GROUP PLC
19,008
2,478,835
0.67%
BAE SYSTEMS PLC
65,030
2,944,749
0.79%
BARCLAYS PLC
57,359
1,888,359
0.51%
BG GROUP PLC
25,621
3,388,191
0.91%
BHP BILLITON PLC
30,449
6,055,288
1.63%
178,630
9,614,797
2.58%
BRITISH AMERICAN TOBACCO PLC
10,734
4,273,709
1.15%
BRITISH SKY BROADCASTING PLC
33,978
3,181,696
0.85%
BT GROUP PLC
60,801
2,222,726
0.60%
BURBERRY GROUP PLC
13,221
2,111,813
0.57%
CENTRICA PLC
94,436
4,021,768
1.08%
6,000
1,757,167
0.47%
DIAGEO PLC EVRAZ PLC
981 40,444
218,053 461,920
0.06% 0.12%
GLAXOSMITHKLINE PLC
12,372
2,410,643
0.65%
HARGREAVES LANSDOWN PLC
10,325
1,084,024
0.29%
148,987
12,013,471
3.23%
IMI PLC
1,996
292,629
0.08%
INTERCONTINENTAL HOTELS GROUP PLC
2,082
445,056
0.12%
ITV
51,277
849,369
0.23%
LLOYDS BANKING GROUP PLC
76,183
568,900
0.15%
MARKS & SPENCER GROUP PLC
28,968
1,475,126
0.40%
AVIVA PLC
BP PLC
CRODA INTERNATIONAL PLC
HSBC HOLDINGS PLC ORD
MEGGITT PLC
6,915
423,095
0.11%
58,192
5,132,605
1.38%
NEXT PLC ORD
4,336
2,336,681
0.63%
PRUDENTIAL PLC
1,466
186,328
0.05%
REXAM PLC
62,472
3,526,911
0.95%
ROLLS-ROYCE HOLDINGS PLC
22,795
3,056,247
0.82%
ROYAL BANK OF SCOTLAND GROUP PLC
16,131
521,620
0.14%
ROYAL DUTCH SHELL PLC B SHS
3,353
862,637
0.23%
SCHRODERS PLC
4,696
1,212,042
0.33%
SHIRE PLC
9,732
2,399,075
0.64%
SMITHS GROUP PLC
5,665
876,079
0.24%
NATIONAL GRID PLC
7
PineBridge Europe Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market Holding
Value
% of Net
Shares
HK$
Assets
95,001
3,882,964
1.04%
9,087
1,075,450
0.29%
168,217
3,736,086
1.00%
23,866
7,171,881
1.93%
32
139
0.00%
2,712,605
32,072
0.01%
TOTAL INVESTMENTS*
367,466,570
98.79%
TOTAL INVESTMENTS, AT COST*
347,285,438
LISTED EQUITIES UNITED KINGDOM (CONTINUED) STANDARD LIFE PLC TULLOW OIL PLC VODAFONE GROUP PLC UNITED STATES OF AMERICA ISHARES EUROPE ETF LISTED RIGHTS SPAIN REPSOL YPF BONUS RTS (JUN2013) UNLISTED EQUITIES UNITED KINGDOM ROLLS-ROYCE HLDGS-C ENT SHS (JUL2013)
* Investments are accounted for on a trade date basis. 8
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
LISTED EQUITIES AUSTRIA ANDRITZ AG
1,813
-
(91)
1,722
-
22,615
(1,135)
21,480
OMV AG
2,843
1,963
(2,095)
2,711
RAIFFEISEN BANK INTERNATIONAL
1,194
-
(1,194)
-
6,298
-
(6,298)
-
905
8,000
(1,396)
7,509
10,260
4,904
(2,837)
12,327
6,915
517
(373)
7,059
-
561
(314)
247
KBC GROUPE
1,215
2,000
(1,315)
1,900
UMICORE
3,383
-
(3,383)
-
24
21
(7)
38
-
1
(1)
-
2,338
1,717
(1,393)
2,662
-
6,145
(6,145)
-
IMMOFINANZ IMMOBILIEN ANLAGEN AG
BELGIUM AGEAS ANHEUSER-BUSCH INBEV NV BELGACOM SA COLRUYT SA DELHAIZE GROUP
DENMARK A P MOLLER - MAERSK A/S A P MOLLER-MAERSK A/S A SHS CARLSBERG A/S - B COLOPLAST A/S B SHS DSV A/S
3,686
-
(3,686)
-
NOVO NORDISK ORDINARY 'B' FREE
2,565
201
(128)
2,638
TRYGVESTA AS
3,269
265
(3,282)
252
-
7,245
(363)
6,882
-
4,869
(4,869)
-
29,065
-
(11,037)
18,028
FINLAND ELISA COMMUNICATIONS OYJ SERIES 'A' FORTUM OYJ NOKIA OYJ NOKIAN RENKAAT OYJ
-
192
-
192
4,125
1,113
(1,869)
3,369
STORA ENSO OYJ - R SHARES
-
11,864
(11,864)
-
UPM - KYMMENE CORP
-
13,249
-
13,249
ACCOR SA
5,219
5,150
(10,369)
-
AEROPORTS DE PARIS
2,922
-
(146)
2,776
POHJOLA BANK PLC A SHS
FRANCE
AIR LIQUIDE
993
5,594
(3,184)
3,403
4,198
1,101
(4,253)
1,046
35
-
(35)
-
ATOS
1,747
387
(742)
1,392
AXA
34,347
-
(1,724)
32,623
BNP PARIBAS
13,373
500
(696)
13,177
ALSTOM RGPT ARKEMA
9
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
BOUYGUES
6,726
-
(337)
6,389
CAP GEMINI SA
2,179
-
(2,179)
-
-
8,228
-
8,228
-
2,990
(2,990)
-
3,497
-
(1,816)
1,681
LISTED EQUITIES FRANCE (CONTINUED)
CARREFOUR CASINO GUICHARD-PERRACHON SA CHRISTIAN DIOR SA CNP ASSURANCES
-
5,661
(284)
5,377
CREDIT AGRICOLE
-
16,585
-
16,585
DANONE
9,274
-
(2,343)
6,931
DASSAULT SYSTEMES
3,276
-
(164)
3,112
ELECTRICITE DE FRANCE
9,714
-
(487)
9,227
EUROPEAN AERONAUTIC DEFENCE & SPACE CO
4,850
-
(1,036)
3,814
676
3,488
(676)
3,488
-
434
(434)
3,449
EUTELSAT COMMUNICATIONS GDF SUEZ IMERYS JC DECAUX SA LAFARGE LEGRAND SA L'OREAL MICHELIN (CIE GLE DES ETABL) CL B NATIXIS ORANGE (FORMERLY KNOWN AS FRANCE TELECOM SA) PERNOD-RICARD SA PUBLICIS GROUPE SA RENAULT SA SAFRAN SA SANOFI
474
3,157
(182)
1,353
2,821
(4,174)
-
-
1,527
-
1,527
7,173
-
(1,330)
5,843
-
410
-
410
3,535
416
(177)
3,774
38,929
12,050
(22,905)
28,074
21,312
9,906
(1,567)
29,651
3,293
-
(3,293)
-
-
5,237
(229)
5,008
-
1,500
(1,500)
-
77
3,000
(227)
2,850
3,033
199
(162)
3,070
666
14,682
(6,992)
8,356
STMICROELECTRONICS NV
8,958
-
(8,958)
-
TOTAL SA
5,373
-
(1,488)
3,885
SOCIETE GENERALE
VINCI
1,575
-
(1,575)
-
17,784
-
(892)
16,892
7,334
-
(1,469)
5,865
ALLIANZ SE REGS
-
3,492
(42)
3,450
AXEL SPRINGER
-
1,669
-
1,669
BADISCHE ANILIN & SODAFABRIK AG
8,108
3,634
(5,483)
6,259
BAYER AG
8,854
-
(444)
8,410
BAYERISCHE MOTOREN WERKE
5,392
2,108
(270)
7,230
VIVENDI SA GERMANY ADIDAS AG
10
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
BEIERSDORF AG
2,400
224
(2,624)
-
BRENNTAG
1,861
183
(1,861)
183
646
465
(646)
465 5,539
LISTED EQUITIES GERMANY (CONTINUED)
CELESIO AG COMMERZBANK
51,565
17,250
(63,276)
CONTINENTAL AG
1,974
-
(1,885)
89
DAIMLER REG
3,179
4,393
(4,476)
3,096
DEUTSCHE BANK - REG SHS
8,894
650
(1,830)
7,714
560
1,314
(1,360)
514
DEUTSCHE BOERSE AG DEUTSCHE POST AG
8,179
3,938
(568)
11,549
DEUTSCHE TELEKOM REG
60,306
-
(3,028)
57,278
FRESENIUS SE & CO KGAA
1,220
1,500
(2,470)
250
HENKEL AG & CO KGAA
8,471
4,971
(6,749)
6,693
HOCHTIEF AG-AKTIEN
-
410
(1)
409
572
1,020
(572)
1,020
2,424
-
(121)
2,303
810
-
(810)
-
1,844
-
(1,844)
-
948
700
(668)
980
LINDE AG
3,346
-
(3,346)
-
MERCK KGAA
1,547
-
(77)
1,470
-
4,898
(2,324)
2,574
MUENCHENER RUECKVERSICHERUNGS G (REG)
1,525
-
(76)
1,449
RWE AG
7,757
-
(7,757)
-
337
2,849
(3,186)
-
SIEMENS AG (REGISTERED)
2,122
-
(1,241)
881
SUEDZUCKER AG
1,982
-
(1,982)
-
-
1,469
(73)
1,396
2,999
-
(2,999)
-
-
3,285
-
3,285
ELAN CORP PLC
-
11,885
(11,885)
-
KERRY GROUP PLC-A
-
4,363
-
4,363
-
4,362
(219)
4,143
3,246
-
(3,246)
-
HUGO BOSS INFINEON TECHNOLOGIES AG K+S KABEL DEUTSCHLAND HOLDING LANXESS AG
METRO AG
SAP
UNITED INTERNET AG REG SHS GREECE COCA-COLA HBC GREECE S.A.I.C GREEK ORG OF FOOTBALL PROGNOSTICS IRELAND
ITALY ASSICURAZIONI GENERALI SPA ATLANTIA S.P.A.
11
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
181,797
-
(83,921)
97,876
-
34,763
(28,967)
5,796
139,290
-
(41,144)
98,146 37,608
LISTED EQUITIES ITALY (CONTINUED) BANCA MONTE DEI PASCHI DI SIENA SPA BANCO POPOLARE SPA ENEL SPA ENTE NAZIONALE INROCARBURI SPA
28,657
10,848
(1,897)
FIAT INDUSTRIAL SPA
7,412
-
(7,412)
-
FIAT SPA
3,291
800
(3,331)
760
161,299
-
(49,337)
111,962
1,104
-
(1,104)
-
SNAM SPA
45,860
-
(45,860)
-
TELECOM ITALIA SPA
86,620
-
(4,349)
82,271
TENARIS SA
1,234
2,437
(1,234)
2,437
UNICREDIT
21,995
-
(21,995)
-
INTESA SANPAOLO SAIPEM SPA
NETHERLANDS AEGON REG
45,600
-
(2,289)
43,311
AHOLD
44,401
21,375
(41,765)
24,011
-
6,345
(6,088)
257
4,754
-
(1,504)
3,250
AKZO NOBEL NV ASML HOLDING NV DE MASTER BLENDERS 1753
11,202
-
(11,202)
-
GEMALTO
1,126
-
(616)
510
HEINEKEN HLDG NV
9,540
-
(1,392)
8,148
HEINEKEN NV
2,561
4,371
(6,932)
-
-
400
(20)
380
KONINKLIJKE DSM NV
5,527
-
(5,527)
-
KONINKLIJKE KPN N V
20,670
-
(18,227)
2,443
KONINKLIJKE PHILIPS
1,415
1,100
(126)
2,389
42,150
-
(4,800)
37,350
888
-
(888)
-
-
11,893
-
11,893
AKER SOLUTIONS ASA
4,611
-
(4,611)
-
DNB ASA
2,402
-
(2,402)
-
-
14,210
(6,222)
7,988
4,961
-
(4,961)
-
-
200
(200)
-
KONINKLIJKE BOSKALIS WESTMINSTER-CVA
ROYAL DUTCH SHELL PLC A SHS SBM OFFSHORE NV WOLTERS KLUWER N.V. NORWAY
NORSK HYDRO ASA STATOIL ASA YARA INTERNATIONAL ASA PORTUGAL BANCO ESPIRITO SANTO (BES) REG
77,515
-
(77,515)
-
PORTUGAL TELECOM SGPS SA REG
-
4,000
(200)
3,800
12
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
16,241
-
(16,241)
-
-
834
(41)
793
8,953
-
(449)
8,504
LISTED EQUITIES SPAIN ABERTIS INFRAESTRUCTURAS SA ACCIONA SA AMADEUS IT HOLDING A SHS BANCO BILBAO VIZCAYA ARGENTARIA SA
7,020
11,406
(352)
18,074
BANCO DE SABADELL SA
18,346
34,981
(34,553)
18,774
BANCO POPULAR ESPANOL
96,891
-
(86,308)
10,583
9,401
82,117
(12,635)
78,883
13,117
22,076
(12,992)
22,201
BANCO SANTANDER SA BANKIA CAIXABANK
-
28,017
(466)
27,551
27,760
-
(27,760)
-
DISTRIBUIDORA INTL DE ALIMENTACION
2,200
-
(2,200)
-
ENAGAS SA
9,988
1,993
(10,088)
1,893
FERROVIAL
17,127
-
(2,762)
14,365
GAS NATURAL SDG SA
14,157
-
(6,603)
7,554
IBERDROLA S.A.
36,466
7,595
(24,576)
19,485
CORPORACION MAPFRE SA
INDITEX
339
1,789
(2,067)
61
9,798
8,018
(6,903)
10,913
ALFA-LAVAL AB
7,641
11,236
(3,120)
15,757
ASSA ABLOY AB SERIES 'B'
9,625
10,200
(9,625)
10,200
24,695
2,937
(4,286)
23,346
BOLIDEN AB
9,217
-
(7,511)
1,706
ELEKTA AB B SHS
1,691
-
(1,691)
-
39,974
-
(39,959)
15
-
10,144
(10,144)
-
313
-
(313)
-
HEXAGON AB-B SHS
-
6,752
-
6,752
HUSQVARNA AB B SHS
-
13,400
(13,400)
-
2,003
2,373
(4,071)
305
-
44,411
(1,685)
42,726
12,316
-
(12,316)
-
-
15,540
(15,540)
-
7,327
-
(7,327)
-
REPSOL YPF S.A. SWEDEN
ATLAS COPCO AB A SHARES
ERICSSON 'B' GETINGE AB B SHS HENNES & MAURITZ AB 'B' SHARES
LUNDIN PETROLEUM AB SANDVIK AB SCANIA AB B SHARES SKF AB-B SHS SVENSKA HANDELSBANKEN 'A' SHARES SWEDBANK AB A SHS VOLVO (AB) 'B'
5,573
11,488
(1,893)
15,168
21,657
-
(21,657)
-
18,622
9,779
(28,401)
-
SWITZERLAND ABB LTD (REGISTERED)
13
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
LISTED EQUITIES SWITZERLAND (CONTINUED) ABB LTD (REGISTERED)
18,622
9,779
(28,401)
-
ACTELION LTD-REG
2,208
700
(146)
2,762
ADECCO SA (REGISTERED)
3,059
1,317
(4,376)
-
ARYZTA BALOISE HOLDING AG-REG BANQUE CANTONALE VAUDOISE-REG BARRY CALLEBAUT AG-REG CREDIT SUISSE GROUP AG - REG SHS EMS-CHEMIE HOLDING REG GAM HOLDING LTD GEBERIT AG-REG HOLCIM LTD - REGS LINDT & SPRUENGLI AG-PC NESTLE SA CHAM & VEVEY REG SHS
557
6,270
(213)
6,614
5,683
207
(671)
5,219
35
-
(35)
-
-
360
-
360
17,679
409
(887)
17,201
-
513
-
513
5,128
-
(5,128)
-
-
2,666
(2,666)
-
3,584
100
(3,589)
95
-
59
(2)
57
18,217
556
(5,354)
13,419
NOVARTIS REG
8,573
9,460
(1,985)
16,048
PARTNERS GROUP HOLDING
1,158
-
(382)
776
ROCHE HOLDING - GENUSSCHEINE
6,669
200
(437)
6,432
-
100
(5)
95
1,773
-
(1,023)
750
588
-
(588)
-
-
1,750
(87)
1,663
SWISSCOM AG REG
547
190
(547)
190
TRANSOCEAN LTD
51
-
(51)
-
1,076
-
(1,076)
-
3I GROUP PLC
56,596
-
(56,596)
-
ABERDEEN ASSET MANAGEMENT PLC
65,428
-
(3,285)
62,143
ADMIRAL GROUP PLC
7,798
-
(7,798)
-
AGGREKO PLC
1,077
5,546
(2,802)
3,821
-
13,286
(328)
12,958
SCHINDLER HOLDING AG-PART CERT SONOVA HOLDING AG - REG SWISS PRIME SITE REG SWISS RE LTD
UBS AG REGISTERED SHARES UNITED KINGDOM
AMEC PLC ANGLO AMERICAN PLC
15,492
-
(10,618)
4,874
ANTOFAGASTA PLC
6,634
8,451
(757)
14,328
ARM HOLDINGS PLC
-
16,058
(676)
15,382
ASSOCIATED BRITISH FOODS PLC
23,832
-
(5,346)
18,486
ASTRAZENECA PLC
16,185
610
(4,516)
12,279
AVIVA PLC
70,949
37,022
(98,763)
9,208
BABCOCK INTERNATIONAL GROUP PLC
18,889
1,067
(948)
19,008
BAE SYSTEMS PLC
68,467
-
(3,437)
65,030
14
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
LISTED EQUITIES UNITED KINGDOM (CONTINUED) BARCLAYS PLC
155,991
-
(98,632)
57,359
BG GROUP PLC
25,811
5,380
(5,570)
25,621
BHP BILLITON PLC
28,984
4,955
(3,490)
30,449
212,694
4,800
(38,864)
178,630
23,678
-
(12,944)
10,734
-
24,840
(24,840)
-
BRITISH SKY BROADCASTING PLC
28,146
7,628
(1,796)
33,978
BT GROUP PLC
72,318
22,343
(33,860)
60,801
BP PLC BRITISH AMERICAN TOBACCO PLC BRITISH LAND CO PLC REIT (GBP)
BUNZL PLC
3,475
-
(3,475)
-
BURBERRY GROUP PLC
6,101
7,426
(306)
13,221
CARNIVAL PLC
2,730
3,732
(6,462)
-
CENTRICA PLC
60,712
36,772
(3,048)
94,436
COBHAM PLC
5,697
9,239
(14,936)
6,000
CRODA INTERNATIONAL PLC DIAGEO PLC EVRAZ PLC FRESNILLO PLC GLAXOSMITHKLINE PLC HARGREAVES LANSDOWN PLC HSBC HOLDINGS PLC ORD IMI PLC INMARSAT LTD INTERCONTINENTAL HOTELS GROUP PLC ITV JOHNSON MATTHEY PLC LLOYDS BANKING GROUP PLC MARKS & SPENCER GROUP PLC
-
10,258
(4,258)
891
1,032
(942)
981
-
42,582
(2,138)
40,444
338
-
(338)
-
55,936
1,642
(45,206)
12,372
-
12,505
(2,180)
10,325
166,659
-
(17,672)
148,987 1,996
-
2,101
(105)
2,584
-
(2,584)
-
17,915
-
(15,833)
2,082
112,251
-
(60,974)
51,277
2,496
-
(2,496)
-
404,968
-
(328,785)
76,183 28,968
3,496
39,848
(14,376)
MEGGITT PLC
-
6,915
-
6,915
NATIONAL GRID PLC
-
60,341
(2,149)
58,192
NEXT PLC ORD
4,565
-
(229)
4,336
PRUDENTIAL PLC
1,466
-
-
1,466
645
-
(645)
-
REXAM PLC
16,565
94,705
(48,798)
62,472
RIO TINTO PLC (REG)
10,886
-
(10,886)
-
RANDGOLD RESOURCES LTD
ROLLS-ROYCE HOLDINGS PLC ROYAL BANK OF SCOTLAND GROUP PLC ROYAL DUTCH SHELL PLC B SHS SCHRODERS PLC
15
-
24,000
(1,205)
22,795
15,904
16,131
(15,904)
16,131
5,442
-
(2,089)
3,353
-
4,744
(48)
4,696
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
SHIRE PLC
9,646
600
(514)
9,732
SMITHS GROUP PLC
8,487
-
(2,822)
5,665
STANDARD CHARTERED PLC
2,478
-
(2,478)
-
114,442
-
(19,441)
95,001
-
92,720
(92,720)
-
3,099
6,324
(336)
9,087
LISTED EQUITIES UNITED KINGDOM (CONTINUED)
STANDARD LIFE PLC TESCO PLC ORD TULLOW OIL PLC UNILEVER PLC
7,866
-
(7,866)
-
213,256
10,385
(55,424)
168,217
22,438
1,428
-
23,866
-
5,539
(5,539)
-
-
2,443
(2,443)
-
BANCO BILBAO VIZCAYA BONUS RTS (APR2013)
-
7,020
(7,020)
-
BANCO SANTANDER BONUS RTS (JAN2013)
-
9,401
(9,401)
-
BANCO SANTANDER BONUS RTS (APR2013)
-
91,518
(91,518)
-
BANKIA RTS (APR2013)
-
125
(125)
-
IBERDROLA BONUS RTS (DEC2012)
-
36,466
(36,466)
-
9,798
-
(9,798)
-
-
10,634
(10,602)
32
VODAFONE GROUP PLC UNITED STATES OF AMERICA ISHARES EUROPE ETF LISTED RIGHTS GERMANY COMMERZBANK RTS (MAY2013) NETHERLANDS KONINKLIJKE KPN RTS (APR2013) SPAIN
REPSOL BONUS RTS (DEC2012) REPSOL YPF BONUS RTS (JUN2013) UNLISTED EQUITIES UNITED KINGDOM REXAM B SHARE
-
16,565
(16,565)
-
ROLLS-ROYCE HLDGS-C ENT SHS (JUL2013)
-
2,712,605
-
2,712,605
16
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge Europe Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund seeks to provide capital appreciation through a managed portfolio of shares in European Companies. 30 June 2013
30 June 2012
30 June 2011
HK$
HK$
HK$
367,466,570
386,865,891
494,068,638
1,682
3,785
1,715
7,845,865
8,689,920
12,407,617
Investments and investment income Total value of investments Interest on bank deposits Dividend income (net of withholding tax and capital gains tax) Net foreign currency losses
(539,528)
Net income excluding capital appreciation
6,111,707
Net appreciation / (depreciation) of investments and derivative financial instruments - realized and unrealized
5,261,998
(314,194) 6,721,299
(339,084)
(859,018) 8,876,864
49,434,419
Performance table Net asset value Total net
Net asset
Number of units
asset value
value per unit
in issue
HK$
HK$
Units
30 June 2013 - Provident Fund units
371,964,753
17.04
21,833,336
31 December 2012- Provident Fund units
414,723,269
16.60
24,990,066
31 December 2011 - Provident Fund units
392,619,222
13.75
28,556,417
17
PineBridge Europe Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (Continued) Performance record for the past 10 years
30 June 2013 - Standard units - Accumulation (Note 2) 30 June 2013 - Provident Fund units 31 December 2012 - Standard units (Note 2) 31 December 2012 - Provident Fund units 31 December 2011 - Standard units (Note 2) 31 December 2011 - Provident Fund units 31 December 2010 - Standard units (Note 2) 31 December 2010 - Provident Fund units 31 December 2009 - Standard units (Note 2) 31 December 2009 - Provident Fund units 31 December 2008 - Standard units (Note 2) 31 December 2008 - Provident Fund units 31 December 2007 - Standard units (Note 2) 31 December 2007 - Provident Fund units 31 December 2006 - Standard units (Note 2) 31 December 2006 - Provident Fund units 31 December 2005 - Standard units (Note 2) 31 December 2005 - Provident Fund units 31 December 2004 - Standard units (Note 2) 31 December 2004 - Provident Fund units 31 December 2003 - Standard units (Note 2) 31 December 2003 - Provident Fund units
Highest issue price per unit HK$
Lowest redemption price per unit HK$
Investment return (Note 1) %
-
-
-
18.40
16.59
2.66
-
-
-
16.76
13.03
20.71
-
-
-
17.97
12.57
-
-
-
16.41
12.30
1.01
-
-
-
15.86
8.46
35.09
(11.41)
-
-
21.15
9.30
-
-
-
-
22.61
18.65
14.16
-
-
-
18.83
14.20
33.87
-
-
-
14.11
12.38
9.62
-
-
-
12.81
10.20
19.92
-
-
-
10.69
6.84
32.84
(47.00)
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period. Note 2: No Standard units were issued by the Fund for the period ended 30 June 2013 and the years ended 31 December 2003, 31 December 2004, 31 December 2005, 31 December 2006, 31 December 2007, 31 December 2008, 31 December 2009, 31 December 2010, 31 December 2011 and 31 December 2012. The “Standard units” have been renamed to “Standard units – Accumulation” with effect from 27 June 2013. 18
PineBridge Europe Equity Fund Statement of Net Assets As at 30 June 2013 (Unaudited) 30 June 2013 HK$
31 December 2012 HK$ (Audited)
Assets Current assets Investments Interest receivable Derivative financial instruments Dividends receivable Other receivables Amounts receivable on subscription Cash and cash equivalents
367,466,570 60 1 882,445 9,843 343,917 3,890,447
411,438,554 13 366,450 4,674 164,826 3,392,959
Total assets
372,593,283
415,367,476
Liabilities Current liabilities Derivative financial instruments Amounts payable on redemption Accounts payable and accrued expenses
87 425,726 202,717
44 390,480 253,683
Total liabilities
628,530
644,207
371,964,753
414,723,269
Equity Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
________________________ Director
________________________ Director
19
PineBridge Europe Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited)
Income Interest on bank deposits Dividend income Net gains / (losses) on investments and derivative financial instruments Net foreign currency losses
30 June 2013 HK$
30 June 2012 HK$
1,682 9,979,802
3,785 10,889,810
5,261,998 (539,528)
(339,084) (314,194)
14,703,954
10,240,317
97,822 421,832 57,753 5,276 8,123 68,403 537,103
104,637 529,566 53,670 5,118 48,560 916,661
1,196,312
1,658,212
Net profit before tax Withholding tax and capital gains tax
13,507,642 (2,133,937)
8,582,105 (2,199,890)
Total comprehensive income
11,373,705
6,382,215
Total investment income Expenses Trustee's fee Custodian and administration fees Audit fee Bank charges Legal and professional fee Other expenses Transaction costs Total operating expenses
20
PineBridge Europe Equity Fund Statement of Changes in Equity For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
414,723,269
392,619,222
Proceeds from issue of 1,808,488 (30 June 2012: 2,052,034) units
30,992,780
30,889,418
Payments on redemption of 4,965,218 (30 June 2012: 2,190,920) units
(85,125,001)
(31,881,375)
Net decrease from unit transactions
(54,132,221)
(991,957)
Total comprehensive income
11,373,705
6,382,215
371,964,753
398,009,480
Balance at the beginning of the period
Balance at the end of the period
21
PineBridge Europe Equity Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
Total comprehensive income
11,373,705
6,382,215
Adjustment for: Dividend income Interest on bank deposits Withholding tax and capital gains tax
(9,979,802) (1,682) 2,133,937
(10,889,810) (3,785) 2,199,890
3,526,158
(2,311,490)
43,971,984 42 (5,169) (50,966)
(3,977,737) (3) (12,945)
47,442,049
(6,302,175)
7,329,870 1,635
8,985,989 3,970
54,773,554
2,687,784
Proceeds from issue of units Payments on redemption of units
30,813,689 (85,089,755)
31,233,159 (31,725,069)
Net cash used in financing activities
(54,276,066)
(491,910)
Cash flows from operating activities
Operating profit / (loss) before working capital changes Net decrease / (increase) in investments Net change in derivative financial instruments Net increase in other receivables Net decrease in accounts payable and accrued expenses Cash generated from / (used in) operations Dividend income received Interest on bank deposits received Net cash generated from operating activities Cash flows from financing activities
497,488
2,195,874
Cash and cash equivalents at the beginning of the period
3,392,959
8,587,947
Cash and cash equivalents at the end of the period
3,890,447
10,783,821
3,890,447
10,783,821
Net increase in cash and cash equivalents
Analysis of balance of cash and cash equivalents Cash at banks
22
PINEBRIDGE GLOBAL BOND FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge Global Bond Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-14
Statement of net assets
15
Statement of comprehensive income
16
Statement of changes in net assets attributable to unitholders
17
Statement of cash flows
18
PineBridge Global Bond Fund Management and Professional Service Details Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American International
Hong Kong
Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2013 Manager’s Market Perspective Portfolio Overview Portfolio returns were impacted both by FX and yield curve strategies into the end of the period as fixed income markets responded disproportionately to messaging from the US FOMC suggesting a reduction in the size of asset purchases earlier than investors had expected. The Fund’s overweight positions in commodity based currencies such as the Australian dollar underperformed as investors feared portfolio withdrawals, impacting both bond and FX pricing. FX strategy provided some offset via a structurally underweight Japanese yen position which performed well in light of the authorities reflationary policy stance, an underweight UK sterling bias similarly performed well in line with a weak UK fundamental picture. Country allocation positioning in the Eurozone was of benefit via a structural overweight in the Italian and Irish sovereign markets versus both France and Germany. Portfolio Outlook Our proprietary interest rate framework is cautious on bond yields in recognition of a negative technical backdrop driven by both momentum and (diminished) risk aversion. Regionally the fundamental picture is more supportive in the Eurozone where the ECB appears to be altering its rhetoric to provide greater “forward” rate guidance in order to dampen yield volatility. With a similar approach recently employed by the UK’s MPC we see greater divergence occurring between the US FOMC and other central banks which continues to support an underweight US duration strategy. US activity indicators underpinned by both housing activity and employment continue to support a firm growth footing supporting an above consensus 2014 GDP forecast, albeit assuming a tapering of FOMC asset purchases around year end. Regionally, the Eurozone remains a concern from a growth perspective albeit recent data have shown improvement from a low base. The specture of political disruption within the EU remains in both Greece and Portugal although the proximity of German federal elections in September will likely keep issues contained in the near term. In Japan, lower relative volatility in long dated bond yields provide a degree of stability for fixed income investors supporting neutral positioning from a duration perspective whilst we continue to underweight the yen versus the US dollar, driven by interest rate differentials. From a broad FX perspective the US dollar appears well positioned from a fundamental perspective, thus supporting higher interest rate differentials. The outlook for commodity linked currencies remains closely tied to China where we see the rebalancing of economic growth away from commodity intensive areas as a medium term theme. Our Euroarea strategy continues to support an underweight in France consistent with a weak political/economic backdrop whilst a structural overweight in Italy continues to be justified on a yield to risk adjusted basis and relatively benign political backdrop. Whilst corporate investment grade rated credits present better value as we enter Q3, from a sector perspective beta sensitivity will continue to be a key influence leaving us with a preference for greater cyclical sensitivity.
2
PineBridge Global Bond Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO
LISTED/QUOTED INVESTMENTS
Nominal
Market
Value
Value
% of Net
Local currency
US$
Assets
BONDS AUSTRALIAN DOLLAR NATIONAL BK OF ABU DHABI 5% 7MAR2018 MTN
750,000
697,191
0.19%
1,600,000
1,595,944
0.43%
CANADA (GOVT OF) 1.5% 1MAR2017
1,900,000
1,806,286
0.49%
CANADA (GOVT OF) 3.75% 1JUN2019
1,600,000
1,674,191
0.45%
800,000
1,037,263
0.28%
NORTHERN TERRITORY TSY 5.75% 20NOV2016 CANADIAN DOLLAR
CANADA (GOVT OF) 5% 1JUN2037 DENMARK DANISH KRONE DENMARK (KINGDOM OF) 2.5% 15NOV2016
2,000,000
373,282
0.10%
DENMARK (KINGDOM OF) 3% 15NOV2021
7,000,000
1,366,766
0.37%
ANGLO AMERICAN CAP PLC 2.5% 18SEP2018
1,000,000
1,306,674
0.35%
ANHEUSER-BUSCH INBEV 2% 16DEC2019 EMTN
1,300,000
1,701,132
0.46%
AUSTRIA (REP OF) 3.5% 15SEP2021 SER EMTN
6,890,000
10,141,655
2.74%
AUSTRIA (REP OF) 4.15% 15MAR2037
2,120,000
3,416,106
0.92%
BARCLAYS BANK PLC 3.5% 18MAR2015
1,100,000
1,497,298
0.40%
BELGIUM (KINGDOM OF) 3.25% 28SEP2016
2,500,000
3,509,856
0.95%
BELGIUM (KINGDOM OF) 4% 28MAR2018
1,900,000
2,779,101
0.75%
BELGIUM (KINGDOM OF) 4.25% 28SEP2022 65
2,000,000
2,990,146
0.81%
BMW FINANCE 2.125% 13JAN2015 EMTN
1,150,000
1,531,977
0.41%
BP CAPITAL MARKETS PLC 2.994% 18FEB2019
1,500,000
2,081,730
0.56%
COMPASS GROUP PLC 3.125% 13FEB2019 EMTN
500,000
690,463
0.19%
ENEL FINANCE INTL 4.875% 11MAR2020 EMTN
1,200,000
1,678,585
0.45%
FINLAND (REP OF) 1.875% 15APR2017
4,060,000
5,520,463
1.49%
575,000
751,150
0.20%
FRANCE (GOVT OF) BTAN 2.5% 25JUL2016
1,500,000
2,063,783
0.56%
FRANCE (GOVT OF) OAT 4% 25APR2060
1,000,000
1,458,357
0.39%
FRANCE (GOVT OF) OAT 4.5% 25APR2041
650,000
1,032,650
0.28%
FRANCE, GOVERNMENT OF 4.75% 25APR2035
500,000
810,312
0.22%
GENERAL ELECTRIC SCF 3.75% 22JUL2014
1,200,000
1,618,839
0.44%
GERMANY (REP OF) 2% 4JAN2022
1,410,000
1,918,271
0.52%
800,000
1,113,478
0.30%
1,270,000
2,368,884
0.64%
EURO
FINLAND (REP OF) 2.625% 4JUL2042
GERMANY (REP OF) 2.75% 8APR2016 GERMANY, FEDERAL REP 6.25% S94 4JAN24 GOLDMAN SACHS GROUP 3.25% 1FEB2023 EMTN
500,000
650,202
0.18%
IRELAND (GOVT OF) 3.9% 20MAR2023
1,200,000
1,542,280
0.42%
IRELAND (GOVT OF) 4.6% 18APR2016
2,770,000
3,871,122
1.04%
IRELAND, REPUBLIC OF 4.5% 18APR2020
2,550,000
3,481,810
0.94%
ITALY (REP OF) 3.5% 1NOV2017
2,500,000
3,286,495
0.89%
ITALY (REP OF) 4% 1SEP2020
5,600,000
7,344,596
1.98%
ITALY (REP OF) 4.5% 1FEB2018
1,600,000
2,187,272
0.59%
3
PineBridge Global Bond Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Nominal
Market
Value
Value
% of Net
Local currency
US$
Assets
ITALY (REP OF) 4.75% 1MAY2017
3,750,000
5,164,834
1.39%
ITALY (REP OF) 4.75% 1SEP2021
5,400,000
7,338,476
1.98%
ITALY (REP OF) 5% 1SEP2040
3,210,000
4,178,942
1.13%
500,000
696,882
0.19%
LINDE FINANCE BV 1.75% 11JUN2019 EMTN
1,300,000
1,701,607
0.46%
LLOYDS TSB BANK 4.625% 2FEB2017 EMTN
1,500,000
2,151,622
0.58%
MEXICO (UTD STATES OF) 2.75% 22APR2023
1,000,000
1,244,699
0.34%
NETHERLANDS (GOVT OF) 2.75% 15JAN2015
2,000,000
2,709,352
0.73%
PETROBRAS GLOBAL FINANCE 3.25% 1APR2019
1,300,000
1,680,427
0.45%
ROYAL BK OF SCOTLAND PLC 5.75% 21MAY2014
1,000,000
1,362,053
0.37%
SABMILLER PLC 4.5% 20JAN2015 EMTN
1,700,000
2,345,069
0.63%
SCHLUMBERGER FINANCE BV 2.75% 1DEC2015
950,000
1,297,640
0.35%
SKANDINAVISKA ENSKILDA 3.75% 19MAY2016
750,000
1,049,819
0.28%
STANDARD CHARTERED PLC 4.125% 18JAN2019
1,100,000
1,572,251
0.42%
TELENOR 2.5% 22MAY2025 EMTN
1,025,000
1,284,233
0.35%
UNEDIC 1.75% 27FEB2015
900,000
1,199,654
0.32%
XSTRATA FINANCE CANADA LTD 5.25% 13JUN17
750,000
1,077,561
0.29%
LISTED/QUOTED INVESTMENTS BONDS (CONTINUED) EURO (CONTINUED)
JPMORGAN CHASE & CO 5.25% 14JAN2015 EMTN
POUND STERLING EXPERIAN FINANCE PLC 4.75% 23NOV2018
500,000
839,971
0.23%
GLAXOSMITHKLINE CAPITAL 5.25% 10APR2042
800,000
1,364,561
0.37%
PEPSICO INC 2.5% 1NOV2022 EMTN
500,000
717,715
0.19%
TRANSPORT FOR LONDON 3.625% 15MAY2045
360,000
501,227
0.14%
UK (GILTS) 1.75% 7SEP2022
2,350,000
3,379,244
0.91%
UK (GILTS) 3.75% 7SEP2019
1,300,000
2,224,684
0.60%
770,000
1,382,482
0.37%
2,920,000
5,068,728
1.37%
BANK OF AMERICA CORP 1.805% 27NOV2015
200,000,000
2,086,973
0.56%
BK NEDERLANDSE GEMEENTEN 1.85% 7NOV2016
300,000,000
3,200,465
0.86%
DNB BANK ASA 1% 16JUL2015 EMTN
100,000,000
1,013,644
0.27%
ELECTRICITE DE FRANCE 1.63% 9OCT2014
200,000,000
2,053,299
0.55%
EUROPEAN INVESTMENT BANK 1.4% 20JUN2017
100,000,000
1,060,030
0.29%
EUROPEAN INVESTMENT BANK 1.9% 26JAN2026
500,000,000
5,496,045
1.48%
HSBC FINANCE CORP 2.54% 16FEB2021 12BR
200,000,000
2,060,095
0.56%
ITALY (REP OF) 4.5% 8JUN2015
210,000,000
2,235,493
0.60%
JAPAN GOVT 10YR BOND #307 1.3% 20MAR2020
360,000,000
3,835,048
1.04%
JAPAN GOVT 10YR BOND #314 1.1% 20MAR2021
200,000,000
2,089,021
0.56%
UK (GILTS) 4.5% 7SEP2034 UK TREASURY 4.25% 7MAR2036 JAPANESE YEN
4
PineBridge Global Bond Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Nominal
Market
Value
Value
% of Net
Local currency
US$
Assets
JAPAN GOVT 20YR BOND #133 1.8% 20DEC2031
200,000,000
2,079,391
0.56%
JAPAN GOVT 20YR BOND #94 2.1% 20MAR2027
330,000,000
3,737,111
1.01%
JAPAN GOVT 30YR BOND #31 2.2% 20SEP2039
250,000,000
2,752,026
0.74%
JAPAN GOVT 30YR BOND #33 2% 20SEP2040
462,500,000
4,886,793
1.32%
JAPAN GOVT 30YR BOND #38 1.8% 20MAR2043
190,000,000
1,909,899
0.52%
JAPAN GOVT 40YR BOND #4 2.2% 20MAR2051
133,000,000
1,465,224
0.40%
JAPAN, GOVT OF 2% 20MAR2025 SER 77
400,000,000
4,512,315
1.22%
JPMORGAN CHASE & CO 1.32% 9FEB2017
200,000,000
2,078,438
0.56%
ONTARIO (PROV OF) CANADA 1.65% 8JUN2020
120,000,000
1,294,552
0.35%
POLAND (GOVT OF) 1.05% 8NOV2017 12
200,000,000
2,015,037
0.54%
RABOBANK NEDERLAND 1.85% 12APR2017 EMTN
150,000,000
1,595,656
0.43%
10,900,000
3,414,042
0.92%
2,800,000
910,420
0.25%
15,000,000
1,243,595
0.34%
1,000,000
82,820
0.02%
7,800,000
6,389,975
1.72%
LISTED/QUOTED INVESTMENTS BONDS (CONTINUED) JAPANESE YEN (CONTINUED)
MALAYSIAN RINGGIT MALAYSIA (GOVT OF) 3.314% 31OCT2017 0512 MALAYSIA (GOVT OF) 4.16% 15JUL2021 0111 MEXICAN PESO MEXICAN BONOS DE DESARROLL 7.25% 15DEC16 MEXICO (UTD STATES OF) 7.75% 13NOV2042 M NEW ZEALAND DOLLAR NEW ZEALAND (GOVT OF) 6% 15APR15 SR 415 NORWAY KRONA NORWAY (GOVT OF) 3.75% 25MAY2021
2,600,000
474,454
0.13%
NORWAY (GOVT OF) 4.25% 19MAY2017
10,700,000
1,940,079
0.52%
NORWAY (GOVT OF) 5% 15MAY2015
16,900,000
2,979,591
0.80%
4,500,000
1,389,539
0.38%
SINGAPORE (GOVT OF) 2.375% 1APR2017
5,050,000
4,243,227
1.15%
SINGAPORE (GOVT OF) 2.5% 1JUN2019
1,975,000
1,627,461
0.44%
SOUTH AFRICA (REP OF) 6.75% 31MAR2021
6,500,000
629,106
0.17%
SOUTH AFRICA (REP OF) 7.25% 15JAN2020
6,560,000
657,533
0.18%
POLISH ZLOTY POLAND (GOVT OF) 5.75% 25APR2014 SINGAPORE DOLLAR
SOUTH AFRICAN RAND
5
PineBridge Global Bond Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Nominal
Market
Value
Value
% of Net
Local currency
US$
Assets
SWEDEN (GOVT OF) 3% 12JUL2016 1050
21,000,000
3,273,975
0.88%
SWEDEN (KINGDOM OF) 3.5% 1JUN2022 1054 (FORMERLY KNOWN AS SWEDEN (GOVT OF) 3.5% 1JUN2022 1054)
15,245,000
2,519,999
0.68%
LISTED/QUOTED INVESTMENTS BONDS (CONTINUED) SWEDISH KRONA
UNITED STATES DOLLAR ALICORP 3.875% 20MAR2023 REGS AMAZON.COM INC 2.5% 29NOV2022 BAE SYSTEMS HLDGS INC 4.95% 1JUN2014
320,000
293,245
0.08%
1,300,000
1,186,341
0.32%
603,000
622,506
0.17%
2,000,000
1,964,400
0.53%
950,000
956,175
0.26%
BB&T CORP 3.2% 15MAR2016
1,700,000
1,787,771
0.48%
BESTGAIN REAL ESTATE 2.625% 13MAR2018
1,000,000
918,460
0.25%
798,000
768,330
0.21%
BRITISH TELECOMMUNICATIONS 2% 22JUN2015
1,500,000
1,530,225
0.41%
BURLINGTON NORTHERN SANTA 4.4% 15MAR2042
1,200,000
1,113,624
0.30% 0.23%
BANGKOK BANK PCL (HK) 2.75% 27MAR2018 BARRICK GOLD CORP 1.75% 30MAY2014
BP CAPITAL MARKETS PLC 1.375% 10MAY2018
CITIGROUP INC 6.375% 12AUG2014
800,000
844,848
DEUTSCHE TELEKOM INTL 3.125% 11APR2016
1,500,000
1,570,275
0.42%
DIRECTV HOLDINGS LLC 5.15% 15MAR2042
1,200,000
1,080,348
0.29%
ENSCO PLC 3.25% 15MAR2016
1,500,000
1,568,715
0.42%
FIFTH THIRD BANCORP 3.5% 15MAR2022
1,700,000
1,691,789
0.46%
HSBC BANK PLC 3.1% 24MAY2016 REGS
1,500,000
1,572,495
0.42%
INVERSIONES CMPC 4.375% 15MAY2023 REGS
1,000,000
955,400
0.26%
IPIC GMTN LTD 3.75% 1MAR2017 REGS
1,500,000
1,574,610
0.42%
ISRAEL (STATE OF) 3.15% 30JUN2023
1,400,000
1,318,142
0.36%
LATVIA (REP OF) 2.75% 12JAN2020 REGS
1,000,000
931,510
0.25%
MATTEL INC 2.5% 1NOV2016
1,500,000
1,548,975
0.42%
NESTLE HOLDINGS INC 1.375% 21JUN2017
1,570,000
1,552,165
0.42%
625,000
765,869
0.21%
PEARSON FUNDING TWO 4% 17MAY2016 144A
1,500,000
1,579,680
0.43%
PKO FINANCE 4.63% 26SEP2022 REGS
1,525,000
1,497,886
0.40%
800,000
834,240
0.23%
SABMILLER HOLDINGS INC 4.95% 15JAN2042
1,200,000
1,189,608
0.32%
STANDARD CHARTERED PLC 3.85% 27APR2015
1,200,000
1,256,647
0.34%
SUN HUNG KAI PROP (CAP) 3.625% 16JAN2023
1,000,000
921,640
0.25%
SWEDISH EXPORT CREDIT 1.75% 30MAY2017
1,500,000
1,525,410
0.41%
SWIRE PROPERTIES 4.375% 18JUN2022 EMTN
1,180,000
1,172,731
0.32%
TAKEDA PHARM CO 1.625% 17MAR2017 144A
2,000,000
1,990,280
0.54%
TESCO PLC 2% 5DEC2014 REGS
1,000,000
1,013,140
0.27%
TESCO PLC 5.5% 15NOV2017
1,500,000
1,684,200
0.45%
TOYOTA MOTOR CREDIT CORP 1.75% 22MAY2017
1,500,000
1,494,495
0.40%
NEW ENG TEL & TEL 7.875% 15NOV2029
QUEST DIAGNOSTICS INC 3.2% 1APR2016
6
PineBridge Global Bond Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED)
LISTED/QUOTED INVESTMENTS
Nominal
Market
Value
Value
% of Net
Local currency
US$
Assets
1,500,000
1,466,355
0.40%
200,000
181,056
0.05%
1,400,000
1,275,422
0.34%
BONDS (CONTINUED) UNITED STATES DOLLAR (CONTINUED) TURKIYE GARANTI BANKASI 4% 13SEP2017 TURKIYE HALK BANKASI 3.875% 5FEB2020 US TREASURY BONDS 3% 15MAY2042 US TREASURY BONDS 3.125% 15FEB2042
1,320,000
1,235,747
0.33%
US TREASURY NOTES 0.25% 15DEC2014
12,150,000
12,152,848
3.28%
US TREASURY NOTES 0.75% 15JUN2014
7,240,000
7,279,028
1.96%
US TREASURY NOTES 1.25% 30SEP2015
6,640,000
6,761,128
1.82%
US TREASURY NOTES 1.875% 31AUG2017
6,030,000
6,211,607
1.68%
US TREASURY NOTES 2% 15FEB2022
2,020,000
1,974,550
0.53%
US TREASURY NOTES 2.125% 31DEC2015
5,900,000
6,136,461
1.66%
US TREASURY NOTES 2.375% 30JUN2018
5,530,000
5,794,403
1.56%
US TREASURY NOTES 2.75% 28FEB2018
7,700,000
8,214,035
2.22%
US TREASURY NOTES 2.75% 30NOV2016
7,750,000
8,243,154
2.22%
US TREASURY NOTES 2.75% 31DEC2017
6,140,000
6,546,055
1.77%
US TREASURY NOTES 4.375% 15FEB2038
3,360,000
3,934,612
1.06%
US TREASURY NOTES 4.375% 15NOV2039
2,465,000
2,889,442
0.78%
WESTPAC BANKING CORP 1.125% 25SEP2015
1,150,000
1,154,784
0.31%
TOTAL INVESTMENTS*
347,388,576
93.74%
TOTAL INVESTMENTS, AT COST*
358,227,037
* Investments are accounted for on a trade date basis. 7
PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
Local currency
Local currency
Local currency
Local currency
LISTED/QUOTED INVESTMENTS BONDS ALICORP 3.875% 20MAR2023 REGS
-
320,000
-
320,000
AMAZON.COM INC 2.5% 29NOV2022
1,300,000
-
-
1,300,000
ANGLO AMERICAN CAP PLC 2.5% 18SEP2018
1,000,000
-
-
1,000,000
ANHEUSER-BUSCH INBEV 2% 16DEC2019 EMTN
1,300,000
-
-
1,300,000
AUSTRALIA (GOVT OF) 5.75% 15MAY2021 124
1,790,000
2,310,000
(4,100,000)
-
AUSTRIA (REP OF) 3.5% 15SEP2021 SER EMTN
3,300,000
3,590,000
-
6,890,000
AUSTRIA (REP OF) 4.15% 15MAR2037
2,120,000
-
-
2,120,000
603,000
-
-
603,000
BANGKOK BANK PCL (HK) 2.75% 27MAR2018
2,000,000
-
-
2,000,000
BANK OF AMERICA CORP 1.805% 27NOV2015
200,000,000
-
-
200,000,000
BAE SYSTEMS HLDGS INC 4.95% 1JUN2014
BANK OF SCOTLAND PLC 5.625% 23MAY2013
740,000
-
(740,000)
-
1,100,000
-
-
1,100,000
950,000
-
-
950,000
120,000,000
-
(120,000,000)
-
1,700,000
-
-
1,700,000
BELGIUM (KINGDOM OF) 2.25% 22JUN2023 68
-
6,000,000
(6,000,000)
-
BELGIUM (KINGDOM OF) 3.25% 28SEP2016
-
2,500,000
-
2,500,000
BELGIUM (KINGDOM OF) 4% 28MAR2018
-
1,900,000
-
1,900,000
BELGIUM (KINGDOM OF) 4.25% 28SEP2022 65
-
5,000,000
(3,000,000)
2,000,000
BESTGAIN REAL ESTATE 2.625% 13MAR2018
-
1,000,000
-
1,000,000
300,000,000
-
-
300,000,000
1,150,000
-
-
1,150,000
-
798,000
-
798,000
945,000
-
(945,000)
-
BP CAPITAL MARKETS PLC 2.994% 18FEB2019
1,500,000
-
-
1,500,000
BRITISH TELECOMMUNICATIONS 2% 22JUN2015
1,500,000
-
-
1,500,000
BURLINGTON NORTHERN SANTA 4.4% 15MAR2042
1,200,000
-
-
1,200,000
CANADA (GOVT OF) 1.5% 1MAR2017
1,900,000
-
-
1,900,000
CANADA (GOVT OF) 3.75% 1JUN2019
1,600,000
-
-
1,600,000
CANADA (GOVT OF) 5% 1JUN2037
800,000
-
-
800,000
CHILE (REP OF) 3.625% 30OCT2042
1,500,000
-
(1,500,000)
-
CITIGROUP INC 6.375% 12AUG2014
800,000
-
-
800,000
COMPASS GROUP PLC 3.125% 13FEB2019 EMTN
500,000
-
-
500,000
DAIMLER INTL FIN BV 3.5% 6JUN2019 EMTN
780,000
-
(780,000)
-
DENMARK (KINGDOM OF) 2.5% 15NOV2016
2,000,000
-
-
2,000,000
DENMARK (KINGDOM OF) 3% 15NOV2021
7,000,000
-
-
7,000,000
250,000,000
-
(250,000,000)
-
-
1,500,000
-
1,500,000
BARCLAYS BANK PLC 3.5% 18MAR2015 BARRICK GOLD CORP 1.75% 30MAY2014 BAYERISCHE LANDESBK GIRO 1.4% 22APR2013 BB&T CORP 3.2% 15MAR2016
BK NEDERLANDSE GEMEENTEN 1.85% 7NOV2016 BMW FINANCE 2.125% 13JAN2015 EMTN BP CAPITAL MARKETS PLC 1.375% 10MAY2018 BP CAPITAL MARKETS PLC 2.5% 6NOV2022
DEUTSCHE BAHN FIN BV 1.65% 1DEC2014 EMTN DEUTSCHE TELEKOM INTL 3.125% 11APR2016 DIRECTV HOLDINGS LLC 5.15% 15MAR2042
1,200,000
-
-
1,200,000
DNB BANK ASA 1% 16JUL2015 EMTN
100,000,000
-
-
100,000,000
ELECTRICITE DE FRANCE 1.63% 9OCT2014
200,000,000
-
-
200,000,000
1,200,000
-
-
1,200,000
ENEL FINANCE INTL 4.875% 11MAR2020 EMTN
8
PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
Local currency
Local currency
Local currency
Local currency
LISTED/QUOTED INVESTMENTS BONDS (CONTINUED) ENSCO PLC 3.25% 15MAR2016
1,500,000
-
-
1,500,000
EUROPEAN INVESTMENT BANK 1.4% 20JUN2017
410,000,000
-
(310,000,000)
100,000,000
EUROPEAN INVESTMENT BANK 1.9% 26JAN2026
200,000,000
300,000,000
-
500,000,000
1,000,000
-
(1,000,000)
-
500,000
-
-
500,000
FIFTH THIRD BANCORP 3.5% 15MAR2022
1,700,000
-
-
1,700,000
FINLAND (REP OF) 1.875% 15APR2017
4,060,000
-
-
4,060,000
575,000
-
-
575,000
FRANCE (GOVT OF) BTAN 2.5% 25JUL2016
4,990,000
-
(3,490,000)
1,500,000
FRANCE (GOVT OF) OAT 3% 25APR2022
2,500,000
-
(2,500,000)
-
FRANCE (GOVT OF) OAT 3.5% 25APR2020
1,150,000
-
(1,150,000)
-
FRANCE (GOVT OF) OAT 3.5% 25APR2026
800,000
-
(800,000)
-
1,000,000
-
-
1,000,000
FRANCE (GOVT OF) OAT 4.5% 25APR2041
650,000
-
-
650,000
FRANCE, GOVERNMENT OF 4.75% 25APR2035
500,000
-
-
500,000
256,000,000
-
(256,000,000)
-
GENERAL ELEC CAP CORP 5.5% 4JUN2014
3,000,000
3,000,000
(6,000,000)
-
GENERAL ELECTRIC SCF 3.75% 22JUL2014
1,200,000
-
-
1,200,000
GERMANY (REP OF) 2% 4JAN2022
1,810,000
-
(400,000)
1,410,000
GERMANY (REP OF) 2.75% 8APR2016
2,000,000
-
(1,200,000)
800,000
GERMANY (REP OF) 3.5% 4JUL2019
1,150,000
1,100,000
(2,250,000)
-
GERMANY (REP OF) 4.25% 4JUL2018 08
1,050,000
-
(1,050,000)
-
GERMANY, FEDERAL REP 6.25% S94 4JAN24
1,270,000
-
-
1,270,000
800,000
-
-
800,000
-
500,000
-
500,000
1,500,000
-
-
1,500,000
200,000,000
-
-
200,000,000
-
1,000,000
-
1,000,000
1,500,000
-
-
1,500,000
EUROPEAN INVESTMENT BANK 3% 28SEP2022 EXPERIAN FINANCE PLC 4.75% 23NOV2018
FINLAND (REP OF) 2.625% 4JUL2042
FRANCE (GOVT OF) OAT 4% 25APR2060
GENERAL ELEC CAP CORP 2% 22FEB2017 MTN
GLAXOSMITHKLINE CAPITAL 5.25% 10APR2042 GOLDMAN SACHS GROUP 3.25% 1FEB2023 EMTN HSBC BANK PLC 3.1% 24MAY2016 REGS HSBC FINANCE CORP 2.54% 16FEB2021 12BR INVERSIONES CMPC 4.375% 15MAY2023 REGS IPIC GMTN LTD 3.75% 1MAR2017 REGS IRELAND (GOVT OF) 3.9% 20MAR2023
-
1,200,000
-
1,200,000
2,770,000
-
-
2,770,000
IRELAND, REPUBLIC OF 4.5% 18APR2020
-
2,550,000
-
2,550,000
ISRAEL (STATE OF) 3.15% 30JUN2023
-
1,750,000
(350,000)
1,400,000
ITALY (REP OF) 3% 15JUN2015
3,930,000
-
(3,930,000)
-
ITALY (REP OF) 3% 1APR2014
3,000,000
1,500,000
(4,500,000)
-
ITALY (REP OF) 3% 1NOV2015
1,650,000
-
(1,650,000)
-
ITALY (REP OF) 3.5% 1NOV2017
2,500,000
-
-
2,500,000 5,600,000
IRELAND (GOVT OF) 4.6% 18APR2016
ITALY (REP OF) 4% 1SEP2020
600,000
7,600,000
(2,600,000)
ITALY (REP OF) 4.25% 1FEB2015
3,070,000
-
(3,070,000)
-
ITALY (REP OF) 4.5% 1FEB2018
1,600,000
-
-
1,600,000
ITALY (REP OF) 4.5% 8JUN2015
210,000,000
-
-
210,000,000
-
3,750,000
-
3,750,000
ITALY (REP OF) 4.75% 1MAY2017
9
PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
Local currency
Local currency
Local currency
Local currency
5,400,000
LISTED/QUOTED INVESTMENTS BONDS (CONTINUED) ITALY (REP OF) 4.75% 1SEP2021
-
5,400,000
-
ITALY (REP OF) 5% 1MAR2022
3,000,000
-
(3,000,000)
-
ITALY (REP OF) 5% 1SEP2040
3,210,000
-
-
3,210,000
JAPAN GOVT 10YR BOND #307 1.3% 20MAR2020
50,000,000
310,000,000
-
360,000,000
JAPAN GOVT 10YR BOND #314 1.1% 20MAR2021
-
200,000,000
-
200,000,000
JAPAN GOVT 20YR BOND #133 1.8% 20DEC2031
200,000,000
-
-
200,000,000
JAPAN GOVT 20YR BOND #94 2.1% 20MAR2027
330,000,000
-
-
330,000,000
JAPAN GOVT 30YR BOND #31 2.2% 20SEP2039
250,000,000
-
-
250,000,000
JAPAN GOVT 30YR BOND #33 2% 20SEP2040
462,500,000
-
-
462,500,000
-
190,000,000
-
190,000,000
JAPAN GOVT 40YR BOND #4 2.2% 20MAR2051
133,000,000
-
-
133,000,000
JAPAN, GOVT OF 2% 20MAR2025 SER 77
235,000,000
305,000,000
(140,000,000)
400,000,000
JPMORGAN CHASE & CO 1.32% 9FEB2017
200,000,000
-
-
200,000,000
JPMORGAN CHASE & CO 5.25% 14JAN2015 EMTN
500,000
-
-
500,000
KREDIT FUER WIEDERAUFBAU 1.35% 20JAN2014
330,000,000
-
(330,000,000)
-
LANDWIRTSCHAFT RENTENBK 1.375% 25APR2013
250,000,000
-
(250,000,000)
-
LANDWIRTSCHAFTLICHE 1.5% 20JUN2014 EMTN
200,000,000
-
(200,000,000)
-
LATVIA (REP OF) 2.75% 12JAN2020 REGS
1,000,000
-
-
1,000,000
LINDE FINANCE BV 1.75% 11JUN2019 EMTN
1,300,000
-
-
1,300,000
LLOYDS TSB BANK 4.625% 2FEB2017 EMTN
1,500,000
-
-
1,500,000
-
10,900,000
-
10,900,000
2,800,000
-
-
2,800,000
-
1,500,000
-
1,500,000
15,000,000
-
-
15,000,000
MEXICO (UTD STATES OF) 2.75% 22APR2023
-
1,000,000
-
1,000,000
MEXICO (UTD STATES OF) 7.75% 13NOV2042 M
-
1,000,000
-
1,000,000
NATIONAL BK OF ABU DHABI 5% 7MAR2018 MTN
-
750,000
-
750,000
870,000
-
(870,000)
-
1,570,000
-
-
1,570,000 2,000,000
JAPAN GOVT 30YR BOND #38 1.8% 20MAR2043
MALAYSIA (GOVT OF) 3.314% 31OCT2017 0512 MALAYSIA (GOVT OF) 4.16% 15JUL2021 0111 MATTEL INC 2.5% 1NOV2016 MEXICAN BONOS DE DESARROLL 7.25% 15DEC16
NATL BANK OF ABU DHABI 3% 13AUG2019 NESTLE HOLDINGS INC 1.375% 21JUN2017 NETHERLANDS (GOVT OF) 2.75% 15JAN2015
-
3,000,000
(1,000,000)
625,000
-
-
625,000
NEW ZEALAND (GOVT OF) 6% 15APR15 SR 415
-
7,800,000
-
7,800,000
NORTHERN TERRITORY TSY 5.75% 20NOV2016
1,600,000
-
-
1,600,000
NORWAY (GOVT OF) 3.75% 25MAY2021
2,600,000
-
-
2,600,000
NORWAY (GOVT OF) 4.25% 19MAY2017
10,700,000
-
-
10,700,000
NORWAY (GOVT OF) 5% 15MAY2015
16,900,000
-
-
16,900,000
120,000,000
-
-
120,000,000 1,500,000
NEW ENG TEL & TEL 7.875% 15NOV2029
ONTARIO (PROV OF) CANADA 1.65% 8JUN2020 PEARSON FUNDING TWO 4% 17MAY2016 144A
-
1,500,000
-
500,000
-
-
500,000
PETROBRAS GLOBAL FINANCE 3.25% 1APR2019
1,300,000
-
-
1,300,000
PKO FINANCE 4.63% 26SEP2022 REGS
1,525,000
-
-
1,525,000
PEPSICO INC 2.5% 1NOV2022 EMTN
10
PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
Local currency
Local currency
Local currency
Local currency
LISTED/QUOTED INVESTMENTS BONDS (CONTINUED) POLAND (GOVT OF) 1.05% 8NOV2017 12
200,000,000
-
-
200,000,000
POLAND (GOVT OF) 5.75% 25APR2014
500,000
4,000,000
-
4,500,000
QATAR (STATE OF) 4.5% 20JAN2022 REGS
850,000
-
(850,000)
-
200,000,000
-
(200,000,000)
-
800,000
-
-
800,000
QUEBEC, PROVINCE OF 1.6% 9MAY2013 QUEST DIAGNOSTICS INC 3.2% 1APR2016 RABOBANK NEDERLAND 1.85% 12APR2017 EMTN
-
150,000,000
-
150,000,000
ROYAL BK OF SCOTLAND PLC 5.75% 21MAY2014
1,000,000
-
-
1,000,000
SABMILLER HOLDINGS INC 4.95% 15JAN2042
1,200,000
-
-
1,200,000
SABMILLER PLC 4.5% 20JAN2015 EMTN
1,700,000
-
-
1,700,000
950,000
-
-
950,000
SINGAPORE (GOVT OF) 2.375% 1APR2017
3,050,000
2,000,000
-
5,050,000
SINGAPORE (GOVT OF) 2.5% 1JUN2019
SCHLUMBERGER FINANCE BV 2.75% 1DEC2015
3,950,000
-
(1,975,000)
1,975,000
SKANDINAVISKA ENSKILDA 3.75% 19MAY2016
750,000
-
-
750,000
SLOVENIA (REP OF) 5.5% 26OCT2022 144A
690,000
-
(690,000)
-
SOUTH AFRICA (REP OF) 6.75% 31MAR2021
6,500,000
-
-
6,500,000
SOUTH AFRICA (REP OF) 7.25% 15JAN2020
6,560,000
-
-
6,560,000
STANDARD CHARTERED PLC 3.85% 27APR2015
1,200,000
-
-
1,200,000
STANDARD CHARTERED PLC 4.125% 18JAN2019
1,100,000
-
-
1,100,000
STATOIL ASA 5.125% 30APR2014 REGS
1,500,000
-
(1,500,000)
-
SUN HUNG KAI PROP (CAP) 3.625% 16JAN2023
-
1,000,000
-
1,000,000
SWEDEN (GOVT OF) 3% 12JUL2016 1050
-
21,000,000
-
21,000,000
11,345,000
3,900,000
-
15,245,000
SWEDISH EXPORT CREDIT 1.75% 30MAY2017
1,500,000
-
-
1,500,000
SWIRE PROPERTIES 4.375% 18JUN2022 EMTN
1,180,000
-
-
1,180,000
580,000
-
(580,000)
-
TAKEDA PHARM CO 1.625% 17MAR2017 144A
2,000,000
-
-
2,000,000
TELECOM ITALIA SPA 5.375% EMTN 29JAN2019
1,200,000
-
(1,200,000)
1,025,000
SWEDEN (KINGDOM OF) 3.5% 1JUN2022 1054 (FORMERLY KNOWN AS SWEDEN (GOVT OF) 3.5% 1JUN2022 1054)
SWITZERLAND (GOVT OF) 2% 28APR2021
TELENOR 2.5% 22MAY2025 EMTN
-
1,025,000
-
TELENOR ASA 1.75% 15JAN2018 EMTN
1,500,000
-
(1,500,000)
-
TESCO PLC 2% 5DEC2014 REGS
1,000,000
-
-
1,000,000
TESCO PLC 5.5% 15NOV2017 TOYOTA MOTOR CREDIT CORP 1.75% 22MAY2017 TRANSPORT FOR LONDON 3.625% 15MAY2045 TURKIYE GARANTI BANKASI 4% 13SEP2017 TURKIYE HALK BANKASI 3.875% 5FEB2020
-
1,500,000
-
1,500,000
1,500,000
-
-
1,500,000
-
360,000
-
360,000
1,500,000
-
-
1,500,000
-
200,000
-
200,000
1,050,000
-
(1,050,000)
-
UK (GILTS) 1% 7SEP2017
-
1,000,000
(1,000,000)
-
UK (GILTS) 1.75% 7SEP2022
-
2,350,000
-
2,350,000
UK (GILTS) 3.75% 7SEP2019
-
1,300,000
-
1,300,000
UK (GILTS) 3.75% 7SEP2020
1,100,000
-
(1,100,000)
-
UK (GILTS) 4% 7MAR2022
1,950,000
-
(1,950,000)
-
UBS STAMFORD CT 2.25% 12AUG2013 BKNT
11
PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
Local currency
Local currency
Local currency
Local currency
770,000
-
-
770,000
600,000
-
(600,000)
-
3,220,000
-
(300,000)
2,920,000
900,000
-
-
900,000
-
1,400,000
-
1,400,000
LISTED/QUOTED INVESTMENTS BONDS (CONTINUED) UK (GILTS) 4.5% 7SEP2034 UK (GILTS) 5% 7MAR2018 UK TREASURY 4.25% 7MAR2036 UNEDIC 1.75% 27FEB2015 US TREASURY BONDS 3% 15MAY2042 US TREASURY BONDS 3.125% 15FEB2042
1,320,000
-
-
1,320,000
US TREASURY NOTES 0.25% 15DEC2014
7,350,000
7,600,000
(2,800,000)
12,150,000
US TREASURY NOTES 0.75% 15JUN2014
10,240,000
-
(3,000,000)
7,240,000
US TREASURY NOTES 1.25% 30SEP2015
9,840,000
2,000,000
(5,200,000)
6,640,000
US TREASURY NOTES 1.75% 15MAY2022
7,450,000
-
(7,450,000)
-
US TREASURY NOTES 1.875% 31AUG2017
5,280,000
750,000
-
6,030,000
US TREASURY NOTES 2% 15FEB2022
2,020,000
-
-
2,020,000
US TREASURY NOTES 2.125% 31DEC2015
5,900,000
-
-
5,900,000
US TREASURY NOTES 2.375% 30JUN2018
5,530,000
-
-
5,530,000
US TREASURY NOTES 2.75% 28FEB2018
3,000,000
4,700,000
-
7,700,000
US TREASURY NOTES 2.75% 30NOV2016
6,100,000
1,650,000
-
7,750,000
US TREASURY NOTES 2.75% 31DEC2017
6,140,000
-
-
6,140,000
US TREASURY NOTES 4.375% 15FEB2038
3,360,000
-
-
3,360,000
US TREASURY NOTES 4.375% 15NOV2039
2,465,000
-
-
2,465,000
750,000
-
(750,000)
-
-
850,000
(850,000)
-
1,150,000
-
-
1,150,000
750,000
-
-
750,000
VOLKSWAGEN INTL FIN 1.6% 20NOV2017 REGS VOLKSWAGEN INTL FIN 2% 14JAN2020 WESTPAC BANKING CORP 1.125% 25SEP2015 XSTRATA FINANCE CANADA LTD 5.25% 13JUN17
12
PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge Global Bond Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund seeks a high level of return from a combination of current income and capital appreciation by investing in a portfolio of debt securities denominated in US dollars and a variety of foreign currencies. 30 June 2013
30 June 2012
30 June 2011
US$
US$
US$
347,388,576
347,418,277
353,329,946
2,015
2,737
2,895
4,562,353
4,559,639
5,351,266
(118,001)
34,055
4,090,461
4,243,841
5,242,130
(21,877,795)
(1,223,969)
11,076,997
Investments and investment income Total value of investments Interest on bank deposits Interest on investments (net of withholding tax) Net foreign currency (losses) / gains
(215,506)
Net income excluding capital appreciation Net (depreciation) / appreciation of investments and derivative financial instruments - realized and unrealized Performance table Net asset value
Total net
Net asset
Number of units
asset value
value per unit
in issue
US$
US$
Units
8,796,361
18.05
487,280
30 June 2013 - Provident Fund units
361,785,400
19.76
18,305,875
31 December 2012 - Standard units
10,261,647
19.09
537,417
355,897,200
20.78
17,126,170
10,059,935
18.49
543,932
314,935,613
19.89
15,835,397
30 June 2013 - Standard units - Accumulation
31 December 2012 - Provident Fund units 31 December 2011 - Standard units 31 December 2011 - Provident Fund units
13
PineBridge Global Bond Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (continued) Performance record for the past 10 years Highest issue price per unit US$
Lowest redemption price per unit US$
Investment return (Note 1) %
30 June 2013 - Standard units – Accumulation (Note 2)
19.02
17.98
(5.47)
30 June 2013 - Provident Fund units
20.70
19.68
(4.91)
31 December 2012 - Standard units
19.25
18.32
3.24
31 December 2012 - Provident Fund units
20.91
19.74
4.49
31 December 2011 - Standard units
19.25
17.50
3.89
31 December 2011 - Provident Fund units
20.61
18.61
5.14
31 December 2010 - Standard units
18.73
16.40
2.72
31 December 2010 - Provident Fund units
19.87
17.31
3.94
31 December 2009 - Standard units
18.19
14.90
5.66
31 December 2009 - Provident Fund units
19.05
15.69
5.98
31 December 2008 - Standard units
16.91
14.59
5.77
31 December 2008 - Provident Fund units
17.60
15.35
6.12
31 December 2007 - Standard units
15.78
13.82
10.13
31 December 2007 - Provident Fund units
16.45
14.42
10.32
31 December 2006 - Standard units
14.44
13.09
6.29
31 December 2006 - Provident Fund units
15.02
13.62
6.65
31 December 2005 - Standard units
14.21
13.00
(6.78)
31 December 2005 - Provident Fund units
14.63
13.50
(6.02)
31 December 2004 - Standard units
14.22
12.41
9.50
31 December 2004 - Provident Fund units
14.64
12.79
9.85
31 December 2003 - Standard units
12.98
11.29
13.61
31 December 2003 - Provident Fund units
13.33
11.57
13.92
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period. Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013. 14
PineBridge Global Bond Fund Statement of Net Assets As at 30 June 2013 (Unaudited)
30 June 2013 US$
31 December 2012 US$ (Audited)
Assets Current assets Investments Interest receivable on investments Derivative financial instruments Bank interest receivable Amounts receivable on subscription Cash and cash equivalents
347,388,576 3,044,511 48,478 446 754,115 33,903,931
360,065,398 3,437,325 11 1,206,109 4,258,867
Total assets
385,140,057
368,967,710
Liabilities Current liabilities Derivative financial instruments Amounts payable on redemption Amounts payable to brokers Accounts payable and accrued expenses
194 624,196 13,881,719 52,187
168 1,077,889 1,666,353 64,453
Liabilities (excluding net assets attributable to unitholders)
14,558,296
2,808,863
370,581,761
366,158,847
Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
________________________ Director
________________________ Director
15
PineBridge Global Bond Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited)
30 June 2013 US$
30 June 2012 US$
Income Interest on bank deposits Interest on investments Net losses on investments and derivative financial instruments Net foreign currency losses Other income
2,015 4,759,456 (21,877,795) (215,506) -
2,737 4,657,271 (1,223,969) (118,001) 189,201
Total investment (loss) / income
(17,331,830)
3,507,239
Expenses Management fee Trustee's fee Custodian and administration fees Audit fee Bank charges Legal and professional fee Other expenses
29,373 87,092 124,846 7,444 45 532 9,069
28,693 85,316 127,057 6,915 (4,188) 6,180
Total operating expenses
258,401
249,973
(17,590,231)
3,257,266
Net (loss) / profit before tax Withholding tax
(197,103) (17,787,334)
Net (loss) / profit after tax Adjustment for difference in valuation inputs
-
(Decrease) / increase in net assets attributable to unitholders from operations
16
(17,787,334)
(97,632) 3,159,634 (139,762)
3,019,872
PineBridge Global Bond Fund Statement of Changes in Net Assets Attributable to Unitholders For the six months ended 30 June 2013 (Unaudited)
30 June 2013 US$
30 June 2012 US$
366,158,847
324,995,548
62,425,736
49,790,113
(40,215,488)
(21,697,910)
22,210,248
28,092,203
(Decrease) / increase in net assets attributable to unitholders from operations
(17,787,334)
3,019,872
Net assets attributable to unitholders at 30 June (at last traded market prices)
370,581,761
Net assets attributable to unitholders at 1 January (at last traded market prices) Proceeds from issue of 3,116,423 (30 June 2012: 2,483,117) units Payments on redemption of 1,986,855 (30 June 2012: 1,082,703) units Net increase from unit transactions
17
356,107,623
PineBridge Global Bond Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited)
30 June 2013 US$
30 June 2012 US$
(17,787,334)
3,019,872
Adjustment for: Interest on investments Interest on bank deposits Withholding tax Adjustment for difference in valuation inputs
(4,759,456) (2,015) 197,103 -
(4,657,271) (2,737) 97,632 139,762
Operating loss before working capital changes
(22,351,702)
(1,402,742)
12,676,822 (48,452) 12,215,366 (12,266)
(31,001,994) 1,060,826 (511,127) (4,017,223) (2,047)
2,479,768
(35,874,307)
4,955,167 1,580
4,865,484 2,804
7,436,515
(31,006,019)
62,877,730 (40,669,181)
49,854,925 (21,285,423)
Net cash generated from financing activities
22,208,549
28,569,502
Net increase / (decrease) in cash and cash equivalents
29,645,064
(2,436,517)
Cash and cash equivalents at the beginning of the period
4,258,867
7,306,832
33,903,931
4,870,315
33,903,931
4,870,315
Cash flows from operating activities (Decrease) / increase in net assets attributable to unitholders from operations
Net decrease / (increase) in investments Net decrease in amounts receivable from brokers Net change in derivative financial instruments Net increase / (decrease) in amounts payable to brokers Net decrease in accounts payable and accrued expenses Cash generated from / (used in) operations Interest on investments received Interest on bank deposits received Net cash generated from / (used in) operating activities Cash flows from financing activities Proceeds from issue of units Payments on redemption of units
Cash and cash equivalents at the end of the period Analysis of balance of cash and cash equivalents Cash at banks
18
PINEBRIDGE GREATER CHINA EQUITY FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge Greater China Equity Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-12
Statement of net assets
13
Statement of comprehensive income
14
Statement of changes in equity
15
Statement of cash flows
16
PineBridge Greater China Equity Fund Management and Professional Service Details Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American International
Hong Kong
Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2013 Manager’s Market Perspective Asset Class Overview Greater China equity markets were generally strong during first five months of 2013, on the back of strong foreign fund inflow due to better yields, currency appreciation and better growth prospect in emerging markets relative to developed markets. In June, however, equities fell sharply on concerns over QE tapering and liquidity tightening in China. SHIBOR spiked and peaked at 13.4% on 20th of June as a result of liquidity squeeze in the interbank market and money market funds. Taiwan market outperformed particularly in second quarter, driven by pickup in gross fixed capital investment, subsidy to auto replacement, positive earnings momentum and sentiment in financial sector, and the Capital Gain Tax amendment which exempted retail investors from taxation. Portfolio Overview During the six months, the fund increased the weightings on consumer discretionary, utilities, industrials, information technologies, while reduced weightings on financial, energy, telecommunication service and material sectors. Weighting on financials was reduced on the sector’s poor earnings growth outlook due to slower macro growth and higher asset quality risk. Utility weighting was increased due to our continuously positive outlook on renewable energy. Portfolio Outlook Going into second half of the year, we expect earnings downgrades for some sectors which started in June will continue before the earnings season, as the economy in 1H was weaker than expected. We prefer stocks with high earnings visibility, strong policy support, healthy balance sheet and reasonable valuations, which should outperform in the volatile market.
2
PineBridge Greater China Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO Market
LISTED EQUITIES
Holding
Value
% of Net
Shares
HK$
Assets
HONG KONG AAC TECHNOLOGIES HOLDINGS INC
572,000
25,053,600
0.42%
16,928,000
54,169,600
0.92%
AIA GROUP LTD
7,059,400
231,901,290
3.93%
ANHUI CONCH CEMENT CO LTD H SHARES
1,202,000
25,242,000
0.43%
ANTON OILFIELD SERVICES GROUP
9,016,000
50,489,600
0.86%
APT SATELLITE HOLDINGS LTD
1,065,000
5,868,150
0.10%
103,800
8,869,710
0.15%
43,388,000
138,407,720
2.35%
AGRICULTURAL BANK OF CHINA H SHS
ASM PACIFIC TECHNOLOGY LTD BANK OF CHINA LTD H SHS BANK OF COMMUNICATIONS CO LTD H SHS BEIJING JINGNENG CLEAN ENGY CO LTD H SHS BOC HONG KONG HOLDINGS LTD BYD CO LTD H SHS BYD ELECTRONIC CO LTD CHEUNG KONG (HOLDINGS) LTD CHINA COMMUNICATION SVS CORP LTD H SHS CHINA CONSTRUCTION BANK H SHS CHINA EVERBRIGHT INTERNATIONAL LTD CHINA EVERBRIGHT LTD CHINA LIFE INSURANCE CO LTD H SHS
5,141,000
25,705,000
0.44%
14,932,000
43,750,760
0.74%
3,198,500
76,284,225
1.29%
318,500
8,185,450
0.14%
3,407,000
14,104,980
0.24%
453,000
47,655,600
0.81%
7,566,000
37,073,400
0.63%
41,817,000
229,575,330
3.89%
6,274,000
37,644,000
0.64%
504,000
5,150,880
0.09%
2,511,000
46,202,400
0.78%
14,649,000
117,777,960
2.00%
CHINA MINSHENG BANKING CORP LTD H SHS
2,879,500
21,855,405
0.37%
CHINA MOBILE LTD H SHS
1,551,000
125,631,000
2.13%
CHINA OILFIELD SERVICES LTD
1,224,000
18,580,320
0.31%
934,000
19,006,900
0.32%
CHINA PACIFIC INSURANCE GR CO LTD H SHS
1,985,600
49,143,600
0.83%
CHINA PETROLEUM & CHEMICAL CORP H SHS
8,715,600
47,587,176
0.81%
CHINA RAILWAY CONSTRUCTION CORP H SHS
2,428,000
16,364,720
0.28%
CHINA RESOURCES LAND LTD
1,980,000
41,976,000
0.71%
647,000
12,810,600
0.22%
CHINA LONGYUAN POWER GROUP CORP H SHS
CHINA OVERSEAS LAND & INVESTMENT LIMITED
CHINA SHENHUA ENERGY CO LTD H SHS CHINA SHIPPING DEVELOPMENT CO LTD H SHS
2,700,000
9,207,000
0.16%
CHINA STATE CONSTRUCTION INTL HLDGS LTD
19,886,000
240,222,880
4.07%
CHINA TELECOM CORP LTD H SHS
6,910,000
25,567,000
0.43%
CIMC ENRIC HOLDINGS LTD
4,840,000
58,370,400
0.99%
CITIC SECURITIES CO LTD H SHS
1,167,000
16,081,260
0.27%
CNOOC LTD
10,418,000
137,100,880
2.32%
COSCO PACIFIC LTD
1,028,000
10,362,240
0.18%
COUNTRY GARDEN HOLDINGS CO LTD
2,828,000
11,481,680
0.19%
CSR CORP LTD H SHS
2,331,000
10,629,360
0.18%
DORSETT HOSPITALITY INTERNATIONAL LTD
5,824,000
10,483,200
0.18%
ENN ENERGY HOLDINGS LTD
5,730,000
236,935,500
4.01%
GALAXY ENTERTAINMENT GROUP LTD
1,657,000
62,966,000
1.07%
GREAT WALL MOTOR COMPANY LTD H SHS
2,518,000
84,227,100
1.43%
3
PineBridge Greater China Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market Holding
Value
% of Net
Shares
HK$
Assets
3,737,000
47,385,160
0.80%
382,289
32,303,420
0.55%
HILONG HOLDING LTD
6,692,000
30,515,520
0.52%
HONG KONG & CHINA GAS CO LTD
3,946,140
74,818,814
1.27%
241,700
28,303,070
0.48%
HOSA INTERNATIONAL LTD
3,538,000
10,897,040
0.18%
HUADIAN FUXIN ENERGY CORP LTD H SHS
9,166,000
20,256,860
0.34%
HUANENG RENEWABLES CORP LTD H SHS
12,340,000
34,675,400
0.59%
LISTED EQUITIES HONG KONG (CONTINUED) GREENTOWN CHINA HOLDINGS LTD HENGAN INTL GROUP CO LTD
HONG KONG EXCHANGES AND CLEARING LTD
HUTCHISON WHAMPOA LTD
746,000
60,836,300
1.03%
43,256,685
211,525,190
3.58%
KINGSOFT CORP LTD
1,368,000
17,537,760
0.30%
LENOVO GROUP LTD
4,724,000
33,209,720
0.56%
LI & FUNG LIMITED
2,162,000
23,046,920
0.39%
LINK REIT
3,954,512
150,864,633
2.56%
MAN WAH HOLDINGS LTD
3,054,400
29,719,312
0.50%
MELCO INTERNATIONAL DEVELOPMENT LTD
1,566,000
22,957,560
0.39%
NEW WORLD DEVELOPMENT CO LTD
2,201,000
23,638,740
0.40%
NWS HOLDINGS LTD
1,399,000
16,704,060
0.28%
253,000
12,675,300
0.21%
PACIFIC TEXTILES HOLDINGS LTD
1,837,000
15,981,900
0.27%
PETROCHINA CO LTD H SHS
3,920,000
32,340,000
0.55%
PICC PROPERTY & CASUALTY CO LTD H SHS
1,530,000
13,387,500
0.23%
916,000
47,815,200
0.81%
3,796,000
29,229,200
0.50%
INDUSTRIAL AND COMM BANK OF CHINA H SHS
ORIENT OVERSEAS INTERNATIONAL LTD
PING AN INSURANCE (GRP) CO OF CHINA H SHS SA SA INTERNATIONAL HOLDINGS LTD SAMSONITE INTERNATIONAL
626,100
11,695,548
0.20%
2,622,000
95,834,100
1.62%
785,000
17,505,500
0.30%
SHIMAO PROPERTY HOLDINGS LTD
3,310,500
50,981,700
0.86%
SINOPEC ENGINEERING GROUP CO LTD
6,950,000
72,558,000
1.23%
571,338
57,190,934
0.97%
SANDS CHINA LTD SHENZHOU INTERNATIONAL GROUP
SUN HUNG KAI PROPERTIES LTD SUNAC CHINA HOLDINGS LTD
3,634,000
18,460,720
0.31%
SWIRE PACIFIC LIMITED A
308,500
28,968,150
0.49%
SWIRE PROPERTIES LTD
465,200
10,676,340
0.18%
6,209,500
115,248,320
1.95%
757,800
230,522,760
3.91%
TONG REN TANG TECHNOLOGIES CO LTD H SHS
1,021,000
24,197,700
0.41%
TOWNGAS CHINA CO LTD
6,316,000
48,759,520
0.83%
UNI-PRESIDENT CHINA HLDGS LTD
1,445,000
11,386,600
0.19%
VARITRONIX INTERNATIONAL
3,204,000
17,589,960
0.30%
WANT WANT CHINA HOLDINGS LTD
1,121,000
12,241,320
0.21%
981,000
63,961,200
1.08%
TECHTRONIC INDUSTRIES CO LTD TENCENT HLDGS LTD
WHARF (HOLDINGS) LTD.,THE
4
PineBridge Greater China Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market
LISTED EQUITIES
Holding
Value
% of Net
Shares
HK$
Assets
HONG KONG (CONTINUED) WHEELOCK AND COMPANY LIMITED WINTEAM PHARMACEUTICAL GROUP LTD
440,000
17,116,000
0.29%
6,786,000
23,479,560
0.40%
TAIWAN ADVANTECH CO LTD
535,000
19,764,516
0.33%
CATHAY FINANCIAL HOLDINGS CO
1,682,000
17,772,383
0.30%
CHAILEASE HOLDINGS CO LTD
5,432,000
99,354,921
1.68%
CHENG SHIN RUBBER INDUSTRY CO LTD
2,341,360
57,221,033
0.97%
CHIPBOND TECHNOLOGY CORP
1,828,000
34,710,422
0.59%
980,000
34,558,516
0.59%
ECLAT TEXTILE CO LTD
2,327,000
133,157,759
2.26%
ELAN MICROELECTRONICS CORP
1,259,000
21,954,617
0.37%
FAR EASTONE TELECOM CO LTD
866,000
18,009,852
0.31%
FUBON FINANCIAL HOLDING CO LTD
1,693,000
17,866,743
0.30%
GEMTEK TECHNOLOGY CORP
1,342,000
11,059,604
0.19%
HON HAI PRECISION INDUSTRY CO LTD
4,351,448
83,188,229
1.41%
324,000
20,005,033
0.34%
KENDA RUBBER INDUSTRIAL CO LTD
1,987,000
33,982,257
0.58%
KING YUAN ELECTRONICS CO LTD
7,633,000
43,579,666
0.74%
KINSUS INTERCONNECT TECHNOLOGY CORP
1,163,000
34,251,605
0.58%
DELTA ELECTRONICS INC
HTC CORP
LARGAN PRECISION CO LTD LITE-ON TECHNOLOGY CORP MEDIATEK INC MEGA FINANCIAL HLDGS CO LTD MERIDA INDUSTRY CO LTD PEGATRON CORP
58,000
14,384,527
0.24%
1,173,825
15,950,910
0.27%
684,000
61,582,207
1.04%
2,241,065
13,171,408
0.22%
455,000
20,923,183
0.35%
829,000
10,601,226
0.18%
POU CHEN CORP
1,575,000
11,576,018
0.20%
REALTEK SEMICONDUCTOR CORP
2,559,000
46,938,045
0.80%
RUENTEX DEVELOPMENT CO LTD
856,000
12,007,980
0.20%
3,677,000
12,539,029
0.21%
TAISHIN FINANCIAL HOLDINGS CO LTD TAIWAN MOBILE CO LTD TAIWAN SEMICONDUCTOR MANUFACTURING CO TON YI INDUSTRIAL CORP TPK HOLDING CO LTD UNI-PRESIDENT ENTERPRISES CORP
854,000
26,144,033
0.44%
12,700,447
364,198,663
6.17%
2,564,000
17,255,284
0.29%
132,000
16,368,600
0.28%
1,974,010
29,782,322
0.50%
45,187
-
UNLISTED RIGHTS HONG KONG NEW WORLD DEV CO-PREF OFF RTS (JUN2013) TOTAL INVESTMENTS*
5,798,560,978
TOTAL INVESTMENTS, AT COST*
5,384,730,213
* Investments are accounted for on a trade date basis. 5
98.26%
PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
-
572,000
-
572,000
20,011,000
10,558,000
(13,641,000)
16,928,000
5,419,200
1,640,200
-
7,059,400
-
3,856,000
(3,856,000)
-
2,064,000
1,634,000
(3,698,000)
-
-
1,901,000
(699,000)
1,202,000
LISTED EQUITIES HONG KONG AAC TECHNOLOGIES HOLDINGS INC AGRICULTURAL BANK OF CHINA H SHS AIA GROUP LTD AIR CHINA LTD H SHS ANGANG STEEL CO LTD H SHS ANHUI CONCH CEMENT CO LTD H SHARES ANTA SPORTS PRODUCTS LTD
2,617,000
2,140,000
(4,757,000)
-
ANTON OILFIELD SERVICES GROUP
-
9,016,000
-
9,016,000
APT SATELLITE HOLDINGS LTD
-
1,065,000
-
1,065,000
ASM PACIFIC TECHNOLOGY LTD
-
103,800
-
103,800
AVICHINA INDUSTRY & TECHNOLOGY CO LTD
-
6,616,000
(6,616,000)
-
52,376,000
922,000
(9,910,000)
43,388,000
BANK OF COMMUNICATIONS CO LTD H SHS
-
8,746,000
(3,605,000)
5,141,000
BAOXIN AUTO GROUP LTD
-
4,674,000
(4,674,000)
-
BEIJING CAPITAL INTL AIRPORT CO LTD - H
-
2,784,000
(2,784,000)
-
BEIJING JINGNENG CLEAN ENGY CO LTD H SHS
-
14,932,000
-
14,932,000
BEIJING TONG REN TANG CHINESE MEDICINE
-
56,780
(56,780)
-
BELLE INTERNATIONAL HOLDINGS LTD
1,907,000
479,000
(2,386,000)
-
BOC HONG KONG HOLDINGS LTD
2,890,500
740,500
(432,500)
3,198,500
BANK OF CHINA LTD H SHS
BYD CO LTD H SHS
-
969,000
(650,500)
318,500
BYD ELECTRONIC CO LTD
-
3,407,000
-
3,407,000
738,000
108,000
(393,000)
453,000
CHEUNG KONG (HOLDINGS) LTD CHIGO HOLDINGS LTD
-
57,366,000
(57,366,000)
-
5,135,000
1,082,000
(6,217,000)
-
CHINA COAL ENERGY CO H SHS
-
1,519,000
(1,519,000)
-
CHINA COMM CONSTRUCTION CO LTD H SHS
-
3,992,000
(3,992,000)
-
CHINA COMMUNICATION SVS CORP LTD H SHS
-
10,582,000
(3,016,000)
7,566,000
CHINA CITIC BANK H SHS
CHINA CONSTRUCTION BANK H SHS
45,180,000
4,011,000
(7,374,000)
41,817,000
CHINA COSCO HOLDINGS CO LTD H SHS
-
1,337,000
(1,337,000)
-
CHINA DATANG CORP RENEWABLE POWER CO LTD
-
14,732,000
(14,732,000)
-
CHINA EVERBRIGHT INTERNATIONAL LTD
-
7,094,000
(820,000)
6,274,000
CHINA EVERBRIGHT LTD
-
2,110,000
(1,606,000)
504,000
CHINA LIFE INSURANCE CO LTD H SHS
2,012,000
2,021,000
(1,522,000)
2,511,000
CHINA LONGYUAN POWER GROUP CORP H SHS
-
14,649,000
-
14,649,000
CHINA MINSHENG BANKING CORP LTD H SHS
-
5,929,000
(3,049,500)
2,879,500
CHINA MOBILE LTD H SHS
2,722,000
-
(1,171,000)
1,551,000
CHINA NATIONAL BUILDING MATERIAL H SHS
7,034,000
-
(7,034,000)
-
CHINA OILFIELD SERVICES LTD
5,626,000
-
(4,402,000)
1,224,000
-
1,130,000
(1,130,000)
-
CHINA OVERSEAS GRAND OCEANS GROUP LTD
6
PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
3,534,000
622,000
(3,222,000)
934,000
LISTED EQUITIES HONG KONG (CONTINUED) CHINA OVERSEAS LAND & INVESTMENT LIMITED CHINA PACIFIC INSURANCE GR CO LTD H SHS
2,061,400
651,800
(727,600)
1,985,600
CHINA PETROLEUM & CHEMICAL CORP H SHS
14,420,000
3,929,600
(9,634,000)
8,715,600
CHINA RAILWAY CONSTRUCTION CORP H SHS
3,895,000
2,969,000
(4,436,000)
2,428,000
-
1,156,000
(1,156,000)
-
1,106,000
1,066,000
(192,000)
1,980,000
CHINA RESOURCES GAS GROUP LTD CHINA RESOURCES LAND LTD CHINA RESOURCES POWER HOLDINGS CO LTD CHINA SHENHUA ENERGY CO LTD H SHS CHINA SHIPPING DEVELOPMENT CO LTD H SHS CHINA STATE CONSTRUCTION INTL HLDGS LTD CHINA TAIPING INSURANCE HLDGS CO LTD
-
880,000
(880,000)
-
1,905,500
988,500
(2,247,000)
647,000
-
2,700,000
-
2,700,000
13,524,000
6,362,000
-
19,886,000
-
759,400
(759,400)
-
CHINA TELECOM CORP LTD H SHS
6,910,000
-
-
6,910,000
CIMC ENRIC HOLDINGS LTD
4,958,000
258,000
(376,000)
4,840,000
-
3,391,000
(2,224,000)
1,167,000
CNOOC LTD
9,439,000
6,723,000
(5,744,000)
10,418,000
COSCO PACIFIC LTD
1,028,000
-
-
1,028,000
CITIC SECURITIES CO LTD H SHS
COUNTRY GARDEN HOLDINGS CO LTD CSR CORP LTD H SHS DAH SING FINANCIAL HLDGS LTD DONGFENG MOTOR GRP CO LTD H SHS DORSETT HOSPITALITY INTERNATIONAL LTD EMPEROR WATCH & JEWELLERY LTD
-
2,828,000
-
2,828,000
7,714,000
834,000
(6,217,000)
2,331,000
-
322,400
(322,400)
-
3,868,000
-
(3,868,000)
-
-
5,824,000
-
5,824,000
-
5,880,000
(5,880,000)
-
ENN ENERGY HOLDINGS LTD
7,642,000
998,000
(2,910,000)
5,730,000
FORTUNE REIT
5,205,000
-
(5,205,000)
-
GALAXY ENTERTAINMENT GROUP LTD
1,167,000
1,023,000
(533,000)
1,657,000
-
4,382,000
(4,382,000)
-
9,460,000
3,990,000
(13,450,000)
-
-
2,518,000
-
2,518,000
GCL POLY ENERGY HOLDINGS LTD GEELY AUTOMOBILE HOLDINGS LTD GREAT WALL MOTOR COMPANY LTD H SHS GREENTOWN CHINA HOLDINGS LTD
7,991,000
846,000
(5,100,000)
3,737,000
GUODIAN TECH & ENVIRONMENT GR H SHS
-
5,570,000
(5,570,000)
-
HENDERSON LAND DEVELOPMENT CO LTD
832,000
-
(832,000)
-
HENGAN INTL GROUP CO LTD
829,789
-
(447,500)
382,289
-
7,352,000
(7,352,000)
-
HENGDELI HOLDINGS LTD HILONG HOLDING LTD HONG KONG & CHINA GAS CO LTD HONG KONG EXCHANGES AND CLEARING LTD HOPEWELL HOLDINGS LTD
-
8,816,000
(2,124,000)
6,692,000
4,075,400
983,740
(1,113,000)
3,946,140
-
614,900
(373,200)
241,700
385,000
-
(385,000)
-
HOSA INTERNATIONAL LTD
-
3,538,000
-
3,538,000
HUADIAN FUXIN ENERGY CORP LTD H SHS
-
14,044,000
(4,878,000)
9,166,000
7
PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
-
6,818,000
(6,818,000)
-
LISTED EQUITIES HONG KONG (CONTINUED) HUADIAN POWER INTL COMPANY H SHARES HUANENG RENEWABLES CORP LTD H SHS HUTCHISON WHAMPOA LTD HYSAN DEVELOPMENT CO LTD INDUSTRIAL AND COMM BANK OF CHINA H SHS INTIME RETAIL GROUP CO LTD (FORMERLY KNOWN AS INTIME DEPARTMENT STORE GROUP CO LTD)
-
12,340,000
-
12,340,000
653,000
438,000
(345,000)
746,000
-
311,000
(311,000)
-
32,289,685
14,754,000
(3,787,000)
43,256,685
4,533,500
-
(4,533,500)
-
JIANGSU EXPRESSWAY CO LTD H SHARES
2,278,000
-
(2,278,000)
-
JIANGXI COPPER COMPANY LTD H SHS
1,151,000
785,000
(1,936,000)
-
654,000
-
(654,000)
-
-
1,368,000
-
1,368,000 -
KINGBOARD CHEMICAL HOLDINGS LTD KINGSOFT CORP LTD KUNLUN ENERGY CO LTD
1,438,000
-
(1,438,000)
LEE & MAN PAPER MANUFACTURING LTD
-
6,999,000
(6,999,000)
-
LENOVO GROUP LTD
-
8,706,000
(3,982,000)
4,724,000
LI & FUNG LIMITED
-
2,162,000
-
2,162,000
LIFESTYLE INTL HLDGS LTD
-
910,000
(910,000)
-
7,113,012
645,500
(3,804,000)
3,954,512
LINK REIT L'OCCITANE INTERNATIONAL
-
520,250
(520,250)
-
MAN WAH HOLDINGS LTD
-
3,054,400
-
3,054,400
MELCO INTERNATIONAL DEVELOPMENT LTD
-
1,890,000
(324,000)
1,566,000
MGM CHINA HOLDINGS LTD
-
1,224,800
(1,224,800)
-
1,439,000
4,546,000
(3,784,000)
2,201,000
NEW WORLD DEVELOPMENT CO LTD NINE DRAGONS PAPER HOLDINGS LIMITED NWS HOLDINGS LTD ORIENT OVERSEAS INTERNATIONAL LTD PACIFIC TEXTILES HOLDINGS LTD PETROCHINA CO LTD H SHS PICC PROPERTY & CASUALTY CO LTD H SHS
-
6,837,000
(6,837,000)
-
1,760,000
-
(361,000)
1,399,000
-
669,000
(416,000)
253,000
-
1,837,000
-
1,837,000
6,370,000
1,554,000
(4,004,000)
3,920,000
-
3,356,000
(1,826,000)
1,530,000
PING AN INSURANCE (GRP) CO OF CHINA H SHS
732,000
570,000
(386,000)
916,000
POWER ASSETS HOLDINGS LTD
267,000
-
(267,000)
-
PRADA
575,000
212,600
(787,600)
-
-
3,796,000
-
3,796,000
SAMSONITE INTERNATIONAL
1,068,300
626,100
(1,068,300)
626,100
SANDS CHINA LTD
1,914,000
1,143,600
(435,600)
2,622,000
SHANGHAI ELECTRIC GROUP CO LTD 'H'
5,098,000
1,788,000
(6,886,000)
-
SA SA INTERNATIONAL HOLDINGS LTD
SHENZHOU INTERNATIONAL GROUP
-
963,000
(178,000)
785,000
SHIMAO PROPERTY HOLDINGS LTD
-
3,583,500
(273,000)
3,310,500
SINO BIOPHARMACEUTICAL LTD
-
4,000,000
(4,000,000)
-
8
PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
SINO-OCEAN LAND HOLDINGS LTD
-
2,503,000
(2,503,000)
-
SINOPEC ENGINEERING GROUP CO LTD
-
7,549,500
(599,500)
6,950,000
SINOPEC SHANGHAI PETROCHEM CO LTD H SHS
-
4,706,000
(4,706,000)
-
SPT ENERGY GROUP INC
-
3,834,000
(3,834,000)
-
LISTED EQUITIES HONG KONG (CONTINUED)
STELUX HOLDINGS INTERNATIONAL LIMITED SUN HUNG KAI PROPERTIES LTD SUNAC CHINA HOLDINGS LTD
-
4,519,000
(4,519,000)
-
804,338
300,000
(533,000)
571,338 3,634,000
14,759,000
5,482,000
(16,607,000)
SUNNY OPTICAL TECHNOLOGY GROUP CO LTD
-
1,435,000
(1,435,000)
-
SWIRE PACIFIC LIMITED A
-
308,500
-
308,500 465,200
SWIRE PROPERTIES LTD TCL MULTIMEDIA TECHNOLOGY HLDGS LTD TECHTRONIC INDUSTRIES CO LTD TENCENT HLDGS LTD TERMBRAY PETRO-KING OILFIELD TONG REN TANG TECHNOLOGIES CO LTD H SHS
465,200
-
-
-
6,276,000
(6,276,000)
-
2,027,500
5,567,500
(1,385,500)
6,209,500
657,900
276,100
(176,200)
757,800
-
7,400,000
(7,400,000)
-
-
1,021,000
-
1,021,000
5,414,000
902,000
-
6,316,000
TRULY INTERNATIONAL HOLDINGS LTD
-
4,342,000
(4,342,000)
-
UNI-PRESIDENT CHINA HLDGS LTD
-
2,787,000
(1,342,000)
1,445,000
TOWNGAS CHINA CO LTD
VARITRONIX INTERNATIONAL WANT WANT CHINA HOLDINGS LTD WEICHAI POWER CO LTD 'H' SHARES WHARF (HOLDINGS) LTD.,THE
-
3,204,000
-
3,204,000
2,941,000
1,265,000
(3,085,000)
1,121,000
-
670,000
(670,000)
-
1,549,000
114,000
(682,000)
981,000
WHEELOCK AND COMPANY LIMITED
-
440,000
-
440,000
WINTEAM PHARMACEUTICAL GROUP LTD
-
6,786,000
-
6,786,000
WYNN MACAU LTD
-
510,000
(510,000)
-
XINYI GLASS HLDG CO LTD
-
4,426,000
(4,426,000)
-
YINGDE GASES GROUP CO
-
729,500
(729,500)
-
4,822,000
4,668,000
(9,490,000)
-
-
711,000
(711,000)
-
2,511,000
2,554,600
(5,065,600)
-
YUEXIU PROPERTY CO LTD ZHUZHOU CSR TIMES ELECTRIC CO LTD H SHS ZOOMLION HEAVY IND SCIENCE&TECH CO LTD-H TAIWAN ADVANTECH CO LTD ASUSTEK COMPUTER INC CATHAY FINANCIAL HOLDINGS CO
-
535,000
-
535,000
390,000
-
(390,000)
-
-
1,682,000
-
1,682,000
CHAILEASE HOLDINGS CO LTD
4,461,000
1,460,000
(489,000)
5,432,000
CHENG SHIN RUBBER INDUSTRY CO LTD CHENG UEI PRECISION INDUSTRY COMPANY LTD
2,341,360
-
-
2,341,360
705,000
-
(705,000)
-
CHIPBOND TECHNOLOGY CORP
2,683,000
735,000
(1,590,000)
1,828,000
-
980,000
-
980,000
DELTA ELECTRONICS INC
9
PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
LISTED EQUITIES TAIWAN (CONTNUED) ECLAT TEXTILE CO LTD
3,347,000
202,000
(1,222,000)
2,327,000
ELAN MICROELECTRONICS CORP
-
1,259,000
-
1,259,000
FAR EASTONE TELECOM CO LTD
3,044,000
-
(2,178,000)
866,000
698,000
-
(698,000)
-
FORMOSA PLASTICS CORP FUBON FINANCIAL HOLDING CO LTD
3,345,000
876,000
(2,528,000)
1,693,000
GEMTEK TECHNOLOGY CORP
3,462,000
1,342,000
(3,462,000)
1,342,000
-
698,000
(698,000)
-
6,592,448
647,000
(2,888,000)
4,351,448
-
475,000
(151,000)
324,000
GIGA SOLAR MATERIALS CORP HON HAI PRECISION INDUSTRY CO LTD HTC CORP KENDA RUBBER INDUSTRIAL CO LTD
-
1,987,000
-
1,987,000
9,800,000
-
(2,167,000)
7,633,000
-
1,163,000
-
1,163,000
112,000
176,000
(230,000)
58,000
LITE-ON TECHNOLOGY CORP
3,339,825
-
(2,166,000)
1,173,825
MEDIATEK INC
1,323,000
211,000
(850,000)
684,000
MEGA FINANCIAL HLDGS CO LTD
4,324,065
-
(2,083,000)
2,241,065 455,000
KING YUAN ELECTRONICS CO LTD KINSUS INTERCONNECT TECHNOLOGY CORP LARGAN PRECISION CO LTD
MERIDA INDUSTRY CO LTD
-
455,000
-
PEGATRON CORP
-
1,160,000
(331,000)
829,000
3,541,000
-
(1,966,000)
1,575,000
REALTEK SEMICONDUCTOR CORP
-
2,721,000
(162,000)
2,559,000
RUENTEX DEVELOPMENT CO LTD
1,244,000
1,193,000
(1,581,000)
856,000
-
3,677,000
-
3,677,000
POU CHEN CORP
TAISHIN FINANCIAL HOLDINGS CO LTD TAIWAN MOBILE CO LTD TAIWAN SEMICONDUCTOR MANUFACTURING CO
1,422,000
-
(568,000)
854,000
13,682,447
-
(982,000)
12,700,447
-
2,564,000
-
2,564,000
TON YI INDUSTRIAL CORP TPK HOLDING CO LTD
-
196,000
(64,000)
132,000
UNI-PRESIDENT ENTERPRISES CORP
1,974,010
-
-
1,974,010
WIN SEMICONDUCTORS CORP
4,079,000
-
(4,079,000)
-
ZHEN DING TECHNOLOGY HLDG LTD
1,199,000
-
(1,199,000)
-
-
168,300
(168,300)
-
NEW WORLD DEV CO-PREF OFF RTS (JUN2013)
-
45,187
-
45,187
TONG REN TANG TECH-H RTS (APR2013)
-
56,780
(56,780)
-
LISTED RIGHTS HONG KONG PICC PPTY & CASUALTY CO-H RTS (MAY2013)
UNLISTED RIGHTS HONG KONG
10
PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge Greater China Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund seeks to provide long-term capital appreciation by investing in the equity securities of companies (“Greater China Companies”) with exposure to the economies of countries within the Greater China Region, i.e. the People’s Republic of China (the “PRC”), Hong Kong and Taiwan.
30 June 2013
30 June 2012
30 June 2011
HK$
HK$
HK$
5,798,560,978
4,739,381,428
5,115,800,020
46,011
160,478
99,920
91,102,514
68,871,252
62,331,210
Investments and investment income Total value of investments Interest on bank deposits Dividend income (net of withholding tax) Net foreign currency losses Net income excluding capital appreciation Net (depreciation) / appreciation of investments - realized and unrealized
(1,595,935)
(267,371)
(1,136,509)
64,023,694
40,180,903
56,988,727
(144,155,052)
64,366,146
(236,621,470)
Performance table Net asset value Total net
Net asset
Number of
asset value
value per unit
units in issue
HK$
HK$
Units
30 June 2013 - Provident Fund units
5,901,253,460
19.38
304,577,531
31 December 2012 - Provident Fund units
5,870,217,159
19.62
299,199,584
31 December 2011 - Provident Fund units
4,570,433,264
16.39
278,786,935
11
PineBridge Greater China Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (Continued) Performance record since inception Highest issue price per unit HK$
Lowest redemption price per unit HK$
30 June 2013 - Provident Fund units
21.22
18.17
(1.24)
31 December 2012 - Provident Fund units
19.75
15.96
19.68
31 December 2011 - Provident Fund units
21.87
14.47
(22.16)
31 December 2010 - Provident Fund units
21.79
16.63
7.74
31 December 2009 - Provident Fund units
19.71
10.60
64.36
31 December 2008 - Provident Fund units
23.39
9.43
(49.53)
31 December 2007 - Provident Fund units
27.64
15.63
37.87
31 December 2006 - Provident Fund units
17.10
12.20
42.02
31 December 2005 - Provident Fund units (Note 1)
12.04
9.50
20.36
Investment return (Note 2) %
Note 1: The Fund started to issue Provident Fund units on 3 December 2004. Note 2: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period except for the first year where the initial subscription price per unit is used. The Fund was launched on 1 December 2004. Note 3: No Standard units - Accumulation were issued by the Fund since inception. The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013. 12
PineBridge Greater China Equity Fund Statement of Net Assets As at 30 June 2013 (Unaudited)
30 June 2013 HK$
31 December 2012 HK$ (Audited)
Assets Current assets Investments Interest receivable Dividends receivable Amounts receivable on subscription Amounts receivable from brokers Cash and cash equivalents
5,798,560,978 1,037 60,609,980 725,349 77,590,454 44,502,822
5,850,539,891 71 4,293,596 2,816,297 89,013,795 29,390,286
Total assets
5,981,990,620
5,976,053,936
Liabilities Current liabilities Amounts payable on redemption Amounts payable to brokers Accounts payable and accrued expenses
2,137,538 77,687,019 912,603
3,425,225 101,624,116 787,436
Total liabilities
80,737,160
105,836,777
5,901,253,460
5,870,217,159
Equity Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
________________________ Director
________________________ Director
13
PineBridge Greater China Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited)
30 June 2013 HK$
30 June 2012 HK$
Income Interest on bank deposits Dividend income Net (losses) / gains on investments Net foreign currency losses
46,011 97,116,617 (144,155,052) (1,595,935)
160,478 72,647,876 64,366,146 (267,371)
Total investment (loss) / income
(48,588,359)
136,907,129
Expenses Trustee's fee Custodian and administration fees Audit fee Bank charges Legal and professional fees Other expenses Transaction costs
1,495,588 2,538,815 57,752 600 4,123 68,402 21,363,616
1,245,782 2,651,219 53,672 300 48,563 24,583,920
Total operating expenses
25,528,896
28,583,456
(74,117,255)
108,323,673
Net (loss) / profit before tax Withholding tax
(6,014,103) (80,131,358)
Total comprehensive (loss) / income
14
(3,776,624) 104,547,049
PineBridge Greater China Equity Fund Statement of Changes in Equity For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
5,870,217,159
4,570,433,264
Proceeds from issue of 15,427,405 (30 June 2012: 18,841,954) units
310,904,105
330,692,844
Payments on redemption of 10,049,458 (30 June 2012: 7,103,551) units
(199,736,446)
(126,023,275)
Net increase from unit transactions
111,167,659
204,669,569
Total comprehensive (loss) / income
(80,131,358)
104,547,049
Balance at the beginning of the period
5,901,253,460
Balance at the end of the period
15
4,879,649,882
PineBridge Greater China Equity Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
Cash flows from operating activities Total comprehensive (loss) / income
(80,131,358)
104,547,049
Adjustment for: Dividend income Interest on bank deposits Withholding tax
(97,116,617) (46,011) 6,014,103
(72,647,876) (160,478) 3,776,624
(171,279,883)
35,515,319
51,978,913
(207,795,096)
11,423,341 (23,937,097)
(107,096,834) 172,422,153
Operating (loss) / profit before working capital changes Net decrease / (increase) in investments Net decrease / (increase) in amounts receivable from brokers Net (decrease) / increase in amounts payable to brokers Net increase / (decrease) in accounts payable and accrued expenses Cash used in operations
125,167
(45,949)
(131,689,559)
(107,000,407)
Dividend income received Interest on bank deposits received
34,786,130 45,045
41,528,628 159,348
Net cash used in operating activities
(96,858,384)
(65,312,431)
312,995,053 (201,024,133)
336,540,595 (124,816,553)
111,970,920
211,724,042
Net increase in cash and cash equivalents
15,112,536
146,411,611
Cash and cash equivalents at the beginning of the period
29,390,286
21,955,823
Cash and cash equivalents at the end of the period
44,502,822
168,367,434
44,502,822
168,367,434
Cash flows from financing activities Proceeds from issue of units Payments on redemption of units Net cash generated from financing activities
Analysis of balance of cash and cash equivalents Cash at banks
16
PINEBRIDGE HONG KONG DOLLAR FIXED INCOME FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge Hong Kong Dollar Fixed Income Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-12
Statement of net assets
13
Statement of comprehensive income
14
Statement of changes in net assets attributable to unitholders
15
Statement of cash flows
16
PineBridge Hong Kong Dollar Fixed Income Fund Management and Professional Service Details Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American International
Hong Kong
Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report As at 30 June 2013 Manager’s Market Perspective The Hong Kong GDP grew at 2.8% year on year in the first quarter of 2013. Consumption has bounced back much stronger than expected at 7% year on year in the first quarter. Growth is expected to be slightly stronger this year. Headline CPI rose 4.1% in June which was higher than 3.9% in May. It seems the imported price pressures could reaccelerate as the inflation is picking up again in China. The US Treasuries were trading in the range of 1.6-2.0% in the first five months of 1H2013 but shot up by 50-60 basis points after the Fed chairman Bernanke’s comment a potential QE tapering by end of this year on the back of benign US economic data. Following the US counterparts, the HKD interest rates also picked up by 70-80 basis points in June. The yield curve traded steeper with belly and the long-end shooting up by 105-115 basis points from last year. Both 5-year and 10-year HKD/USD swap rates traded tighter. In general, HKD swap rates underperformed the USD swap rates across the curve. The primary market of HKD bonds was quiet as compared with last year. The new issues of HKD bonds were mainly focused in short-term floating rate papers issued by banks. Corporate issuers were reluctant to tap the HKD bond market given their cash rich positions and cheaper funding level in other currencies. Market Outlook and Strategy The concern of US Fed tapering is likely to continue in near term. Amid concern of capital outflows, HKD interest rates could underperform comparable USD interest rates. We are cautious on yield curve movement and maintain neutral on portfolio duration.
2
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO LISTED/QUOTED INVESTMENTS Nominal
Market
Value
Value
% of Net
HK$
HK$
Assets
BANK OF SCOTLAND PLC 4.2% 6MAY2015 EMTN
4,000,000
4,186,400
0.72%
BANK OF SCOTLAND PLC 4.65% 19JAN2016
5,000,000
5,345,500
0.91%
BEAR STEARNS CO INC 5.055% 22DEC2015
2,000,000
2,156,400
0.37%
BNP PARIBAS 3.03% 31MAR2016
2,000,000
2,029,800
0.35%
CENTRICA PLC 3.68% 22FEB2022 EMTN
3,000,000
2,964,300
0.51%
CITIGP GLOBAL MARKETS 4.08% EMTN 16DEC14
1,000,000
1,031,600
0.18%
CLP POWER HK FIN LTD 4.15% 23JUN2015
2,000,000
2,106,000
0.36%
CLP POWER HK FIN LTD 4.38% 11JAN2017
2,000,000
2,137,200
0.37%
CLP POWER HK FIN LTD 4.75% 18JAN2016
5,000,000
5,387,500
0.92%
CLP POWER HK FINANCING 2.83% 20SEP2022
8,000,000
7,310,400
1.25%
CLP POWER HK FINANCING LTD 3.88% 5AUG19
5,000,000
5,198,000
0.89%
CLP POWER HK FINANCING LTD 4.28% 3NOV14
3,000,000
3,118,800
0.53%
COMMONWEALTH BANK AUST 2.5% 29SEP2015
4,000,000
4,083,200
0.70%
DBS BANK HONG KONG LTD 2.24% 30MAR2017
5,000,000
4,959,000
0.85%
DEUTSCHE BAHN FINANCE BV 2% 27OCT2016
2,000,000
2,011,800
0.34%
10,000,000
10,103,000
1.73%
HK GOVERNMENT BOND 0.34% 9MAY2016
5,000,000
4,966,500
0.85%
HKCG FINANCE LTD 3.3% 16MAY2022 MTN
10,000,000
9,554,000
1.63%
HKCG FINANCE LTD 3.9% 3JUN2019 EMTN
1,000,000
1,039,300
0.18%
HONG KONG (GOVT OF) 10Y1906 2.64% 10JUN19
8,000,000
8,596,800
1.47%
HONG KONG (GOVT OF) 2.16% 9DEC2019
4,000,000
4,177,600
0.71%
HONG KONG (GOVT OF) 4.85% 27JUN2017
5,000,000
5,781,500
0.99%
HONG KONG (GOVT OF) 5.125% 23JUL2019
8,500,000
10,137,100
1.73%
HONG KONG (GOVT) 0.97% 20JUN2022
2,000,000
1,854,000
0.32%
HONG KONG (GOVT) 05GB1612 0.97% 8DEC2016
10,000,000
10,068,000
1.72%
HONG KONG (GOVT) 05GB1802 0.61% 5FEB2018
8,000,000
7,850,960
1.34%
HONG KONG (GOVT) 05Y1706 0.44% 19JUN2017
4,000,000
3,936,000
0.67%
HONG KONG (GOVT) 05Y1709 0.25% 18SEP2017
5,000,000
4,862,000
0.83%
HONG KONG (GOVT) 05Y1712 0.27% 18DEC2017
5,000,000
4,844,000
0.83%
HONG KONG (GOVT) 05Y1803 0.53% 19MAR2018
4,000,000
3,903,600
0.67%
HONG KONG (GOVT) 10GB2108 2.46% 4AUG2021
10,000,000
10,416,000
1.78%
HONG KONG (GOVT) 10GB2301 1.1% 17JAN2023
11,000,000
9,993,500
1.71%
HONG KONG (GOVT) 10Y1806 3.56% 25JUN2018
5,000,000
5,588,000
0.96%
HONG KONG (GOVT) 10Y1812 1.61% 10DEC2018
5,000,000
5,101,500
0.87%
HONG KONG (GOVT) 10Y2012 2.44% 7DEC2020
5,000,000
5,286,000
0.90%
HONG KONG (GOVT) 10Y2106 2.31% 21JUN2021
5,000,000
5,225,500
0.89%
HONG KONG (GOVT) 10Y2112 1.19% 6DEC2021
6,000,000
5,726,400
0.98%
HONG KONG (GOVT) 10Y2212 0.55% 5DEC2022
4,000,000
3,526,800
0.60%
HONG KONG (GOVT) 15Y2608 2.07% 26AUG2026
5,000,000
4,956,000
0.85%
HONG KONG DOLLAR BONDS
HK AIRPORT AUTHORITY 2.2% 9APR2014
3
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) LISTED/QUOTED INVESTMENTS Nominal
Market
Value
Value
% of Net
HK$
HK$
Assets
HONG KONG (GOVT) 15Y2708 0.8% 27AUG2027
5,000,000
4,157,000
0.71%
HONG KONG (GOVT) 15Y2802 1.49% 22FEB2028
5,000,000
4,550,000
0.78%
HONG KONG ELECTRIC FIN 4.13% MTN 24NOV14
2,000,000
2,078,400
0.36%
HONG KONG ELECTRIC FIN 4.15% 13MAY2015 MTN
4,000,000
4,201,600
0.72%
HONG KONG GOVT 10GB2001 2.93% 13JAN2020
10,000,000
10,815,000
1.85%
HONG KONG LAND NOTES CO 3.86% 7MAR2022
7,000,000
6,914,600
1.18%
HONG KONG MTG CORP 2% 11JAN2016 MTN
5,000,000
5,090,000
0.87%
HONG KONG MTG CORP 4.55% 23SEP2015
1,000,000
1,075,500
0.18%
HONG KONG MTG CORP 4.82% 8OCT2014 MTN
4,000,000
4,198,400
0.72%
HONG KONG MTG CORP 5.34% 26JUN2017 MTN
1,000,000
1,134,100
0.19%
HONGKONG LAND NOTES CO 3.95% 8JUN2020
5,000,000
5,042,500
0.86%
HONGKONG LAND NOTES CO L 3.15% 10MAY2028
5,000,000
4,267,000
0.73%
HYSAN (MTN) LTD 5.38% 2SEP2020 EMTN
2,000,000
2,094,000
0.36%
ICBC ASIA LTD 2.92% 6APR2016
2,000,000
2,045,800
0.35%
JOHN HANCOCK GLB FUND II 4.67% 17MAR14
3,000,000
3,069,900
0.53%
KOREA DEVELOPMENT BANK 3.25% 20JUL2015
3,000,000
3,096,000
0.53%
KOREA EXPRESSWAY CORP 4% 2MAR2022 GMTN
5,000,000
4,693,500
0.80%
KOREA FINANCE CORP 3.4% 15MAR2016
3,000,000
3,084,300
0.53%
KOREA FINANCE CORP 4.42% 12APR2021
3,000,000
3,037,800
0.52%
KOREA GAS CORP 2.5% 20JUN2017 EMTN
8,000,000
7,754,400
1.33%
10,000,000
9,647,000
1.65%
KOREA NATIONAL OIL CORP 3.2% 22DEC2016
5,000,000
5,077,500
0.87%
KOREA NATIONAL OIL CORP 3.95% 10FEB2022
5,000,000
4,830,500
0.83%
KOREA NATIONAL OIL CORP 4.5% 4MAR2021
5,000,000
5,093,000
0.87%
KOWLOON-CANTON RAILWAY 3.5% 29APR2019
5,000,000
5,254,500
0.90%
KOWLOON-CANTON RAILWAY 3.88% 15JUN2021
4,000,000
4,233,200
0.72%
LINK FIN CAYMAN 2009 3.12% 28MAY2018
3,000,000
3,015,300
0.52%
LINK FIN CAYMAN 2009 3.14% 18MAY2018
2,000,000
2,009,600
0.34%
LINK FIN CAYMAN 2009 3.4125% 1APR2017
5,000,000
5,158,500
0.88%
LINK FIN CAYMAN 2009 LTD 3.2% 6SEP2021
3,000,000
2,863,500
0.49%
LINK FIN CAYMAN 2009 LTD 4.4% 5AUG2019
5,000,000
5,260,500
0.90%
LINK FINANCE CAYMAN 2009 4.1% 24DEC2019
1,500,000
1,552,800
0.27%
MACQUARIE BANK LTD 3.55% 29AUG2017 DIP
10,000,000
10,308,000
1.76%
MALAYAN BANKING 3.25% 20JUL2022 EMTN
5,000,000
4,607,000
0.79%
MALAYAN BANKING BHD 2.7% 7DEC2016 REGS
4,000,000
3,984,400
0.68%
MALAYAN BANKING BHD 2.85% 1MAR2017 EMTN
5,000,000
4,978,500
0.85%
MERRILL LYNCH & CO INC 4.9% EMTN 8SEP14
2,000,000
2,061,800
0.35%
MTR CORP (C.I.) 2% 20JAN2014 MTN
1,000,000
1,006,400
0.17%
MTR CORP (C.I.) 4.28% 6JUL2020 EMTN
5,000,000
5,439,000
0.93%
MTR CORP (C.I.) 4.9% 25JUN2018
8,500,000
9,526,800
1.63%
HONG KONG DOLLAR BONDS (CONTINUED)
KOREA LAND & HOUSING CORP 4.2% 18JAN2022
4
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) LISTED/QUOTED INVESTMENTS Nominal
Market
Value
Value
% of Net
HK$
HK$
Assets
MTR CORP (C.I.) LTD 2.25% 12OCT2022
2,000,000
1,834,400
0.31%
MTR CORP CAYMAN ISLANDS 1.68% 15MAR2017
5,000,000
4,978,000
0.85%
NATIONAL AUSTRALIA BANK 2.6% 9DEC2015
3,000,000
3,070,500
0.53%
OVERSEA-CHINESE BANKING 2.2% 19JAN2017
5,000,000
4,994,500
0.85%
PACIFIC LIFE FUNDING LLC 5% 31JUL2014
6,000,000
6,223,800
1.06%
PSA INTERNATIONAL PTE LTD 3.8% 26MAY2020
8,000,000
8,265,600
1.41%
RABOBANK NEDERLAND 4.98% 3SEP2019
5,000,000
5,508,500
0.94%
SINGTEL GR TSY PTE LTD 3.32% 4APR2018
2,000,000
2,055,800
0.35%
SPI ELECTRICITY & GAS AUS 4.125% 16MAR20
7,000,000
7,169,400
1.23%
SUN HUNG KAI PROP (CAP) 2.95% 8MAY2023
5,000,000
4,495,500
0.77%
SUN HUNG KAI PROP (CAP) 3.25% 5DEC2022
2,000,000
1,861,400
0.32%
SUN HUNG KAI PROP (CAP) 4.65% 19JAN2016
2,000,000
2,127,000
0.36%
SUN HUNG KAI PROP (CAP) 4.67% 9FEB2016
3,000,000
3,194,700
0.55%
SUN HUNG KAI PROP (CAP) 4.88% 30SEP2015
1,000,000
1,065,800
0.18%
SWIRE PACIFIC MTN FIN 3.15% 15NOV2022
2,000,000
1,852,000
0.32%
SWIRE PACIFIC MTN FIN 3.78% 28FEB2022
5,000,000
4,940,000
0.84%
SWIRE PACIFIC MTN FIN 4.2% 18DEC2018
5,000,000
5,286,500
0.90%
SWIRE PACIFIC MTN FIN 4.236% 24SEP2018
5,000,000
5,299,500
0.91%
HONG KONG DOLLAR BONDS (CONTINUED)
SWIRE PROPERTIES MTN FIN 2.35% 23AUG2017
5,000,000
4,882,500
0.84%
UNITED OVERSEAS BANKS LTD 2.2% 27MAR2017
10,000,000
9,959,000
1.70%
URBAN RENEWAL AUTH 1.5% 13JUL2017 MTN
10,000,000
9,876,000
1.69%
URBAN RENEWAL AUTH 1.75% 2AUG2019 MTN
5,000,000
4,814,000
0.82%
URBAN RENEWAL AUTH 2.15% 10MAY2023
5,000,000
4,587,000
0.78%
WESTPAC BANKING CORP 2.845% 19JAN2016
4,000,000
4,119,200
0.70%
WESTPAC BANKING CORP 4.55% 22JAN2020
10,000,000
10,850,000
1.87%
503,138,160
86.04%
BONDS (TOTAL)
5
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) LISTED/QUOTED INVESTMENTS Nominal
Market
Value
Value
% of Net
HK$
HK$
Assets
AGRIC BANK OF CHINA/HK 2.64% CD 6JUL2016
2,000,000
2,042,400
0.35%
BANK OF CHINA LTD/HK 3.9% CD 31MAY2021
2,000,000
1,974,400
0.34%
BK OF COMM CO LTD/HK 1.95% CD 21MAY2018
5,000,000
4,817,500
0.82%
CHINA CONSTR BANK HK 4.05% CD 15JAN2020
3,000,000
3,046,200
0.52%
CHINA CONSTRUCT BK HK 1.4% 27JUN2016
4,000,000
3,947,200
0.67%
CHINA DEV BANK CORP 2.7% CD 25JAN2016
5,000,000
5,120,500
0.88%
CHINA DEV BANK CORP 3.2% CD 30SEP2019
3,000,000
2,967,600
0.51%
CHINA DEV BANK CORP/HK 1.4% CD 7MAR2014
8,000,000
8,020,800
1.37%
CHINA DEV BANK CORP/HK 3% CD 21FEB2019
5,000,000
4,948,500
0.85%
CHINA DEV BK CORP/HK 3% CD 25JUN2018
3,000,000
2,997,600
0.51%
10,000,000
10,042,000
1.72%
DBS BK HONG KONG LTD 2.55% CD 30JUN2016
3,000,000
3,054,300
0.52%
DBS BK HONG KONG LTD 3.92% CD 21JAN2020
5,000,000
5,084,500
0.87%
DBS BK HONG KONG LTD 3.95% CD 20JAN2020
2,000,000
2,037,400
0.35%
WING LUNG BANK LTD 2.75% CD 19MAY2016
3,000,000
3,073,200
0.52%
63,174,100
10.80%
TOTAL INVESTMENTS*
566,312,260
96.84%
TOTAL INVESTMENTS, AT COST*
575,429,430
HONG KONG DOLLAR CERTIFICATES OF DEPOSIT
CHINA MERCHANTS BK/HK 1.7% CD 14MAY2014
CERTIFICATES OF DEPOSIT (TOTAL)
* Investments are accounted for on a trade date basis.
6
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
HK$
HK$
HK$
HK$
BANK OF SCOTLAND PLC 4.2% 6MAY2015 EMTN
4,000,000
-
-
4,000,000
BANK OF SCOTLAND PLC 4.65% 19JAN2016
5,000,000
-
-
5,000,000
BEAR STEARNS CO INC 5.055% 22DEC2015
2,000,000
-
-
2,000,000
BNP PARIBAS 3.03% 31MAR2016
2,000,000
-
-
2,000,000
CENTRICA PLC 3.68% 22FEB2022 EMTN
8,000,000
-
(5,000,000)
3,000,000
CITIGP GLOBAL MARKETS 4.08% EMTN 16DEC14
1,000,000
-
-
1,000,000
CLP POWER HK FIN LTD 4.15% 23JUN2015
5,500,000
-
(3,500,000)
2,000,000
CLP POWER HK FIN LTD 4.38% 11JAN2017
6,000,000
-
(4,000,000)
2,000,000
CLP POWER HK FIN LTD 4.75% 18JAN2016
10,000,000
-
(5,000,000)
5,000,000
CLP POWER HK FINANCING 2.83% 20SEP2022
8,000,000
-
-
8,000,000
CLP POWER HK FINANCING LTD 3.88% 5AUG19
5,000,000
-
-
5,000,000
CLP POWER HK FINANCING LTD 4.28% 3NOV14
3,000,000
-
-
3,000,000
COMMONWEALTH BANK AUST 2.5% 29SEP2015
4,000,000
-
-
4,000,000
COMMONWEALTH BK OF AUS 4.57% 26JUN2013
10,000,000
-
(10,000,000)
-
COMMONWEALTH BK OF AUST 2.21% 11JAN2013
3,000,000
-
(3,000,000)
-
CORP ANDINA DE FOMENTO 4% 31MAY2024 EMTN
8,000,000
-
(8,000,000)
-
DBS BANK HONG KONG LTD 2.24% 30MAR2017
10,000,000
-
(5,000,000)
5,000,000
DEUTSCHE BAHN FINANCE BV 2% 27OCT2016
2,000,000
-
-
2,000,000
DNB NOR BANK ASA 3.99% 22MAY2013 EMTN
2,000,000
-
(2,000,000)
-
20,000,000
-
(10,000,000)
10,000,000
LISTED/QUOTED INVESTMENTS HONG KONG DOLLAR BONDS
HK AIRPORT AUTHORITY 2.2% 9APR2014 HK GOVERNMENT BOND 0.34% 9MAY2016
-
5,000,000
-
5,000,000
5,000,000
-
(5,000,000)
-
HKCG FINANCE LTD 3.3% 16MAY2022 MTN
10,000,000
-
-
10,000,000
HKCG FINANCE LTD 3.9% 3JUN2019 EMTN
1,000,000
-
-
1,000,000
HONG KONG (GOVT OF) 1.43% 2DEC2015
8,000,000
-
(8,000,000)
-
HONG KONG (GOVT OF) 10Y1906 2.64% 10JUN19
8,000,000
-
-
8,000,000
HONG KONG (GOVT OF) 2.16% 9DEC2019
4,000,000
-
-
4,000,000
HONG KONG (GOVT OF) 4.85% 27JUN2017
8,000,000
-
(3,000,000)
5,000,000
HONG KONG (GOVT OF) 5.125% 23JUL2019
8,500,000
-
-
8,500,000
HONG KONG (GOVT) 0.97% 20JUN2022
2,000,000
-
-
2,000,000
HONG KONG (GOVT) 05GB1612 0.97% 8DEC2016
-
10,000,000
-
10,000,000
HONG KONG (GOVT) 05GB1802 0.61% 5FEB2018
-
8,000,000
-
8,000,000
HONG KONG (GOVT) 05Y1609 0.79% 19SEP2016
5,000,000
-
(5,000,000)
-
HONG KONG (GOVT) 05Y1706 0.44% 19JUN2017
7,000,000
-
(3,000,000)
4,000,000
HONG KONG (GOVT) 05Y1709 0.25% 18SEP2017
5,000,000
-
-
5,000,000
HONG KONG (GOVT) 05Y1712 0.27% 18DEC2017
-
5,000,000
-
5,000,000
HONG KONG (GOVT) 05Y1803 0.53% 19MAR2018
-
4,000,000
-
4,000,000
HONG KONG (GOVT) 10GB2108 2.46% 4AUG2021
15,000,000
-
(5,000,000)
10,000,000
HK GOVERNMENT BOND 3.78% 6DEC2016 1612
7
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
HK$
HK$
HK$
HK$
HONG KONG (GOVT) 10GB2301 1.1% 17JAN2023
-
11,000,000
-
11,000,000
HONG KONG (GOVT) 10Y1806 3.56% 25JUN2018
5,000,000
-
-
5,000,000
HONG KONG (GOVT) 10Y1812 1.61% 10DEC2018
5,000,000
-
-
5,000,000
HONG KONG (GOVT) 10Y2012 2.44% 7DEC2020
5,000,000
-
-
5,000,000
HONG KONG (GOVT) 10Y2106 2.31% 21JUN2021
5,000,000
-
-
5,000,000
HONG KONG (GOVT) 10Y2112 1.19% 6DEC2021
8,000,000
-
(2,000,000)
6,000,000
LISTED/QUOTED INVESTMENTS HONG KONG DOLLAR BONDS (CONTINUED)
HONG KONG (GOVT) 10Y2212 0.55% 5DEC2022
-
4,000,000
-
4,000,000
HONG KONG (GOVT) 15Y2608 2.07% 26AUG2026
5,000,000
-
-
5,000,000
HONG KONG (GOVT) 15Y2702 1.51% 24FEB2027
5,000,000
-
(5,000,000)
-
HONG KONG (GOVT) 15Y2708 0.8% 27AUG2027
5,000,000
-
-
5,000,000
HONG KONG (GOVT) 15Y2802 1.49% 22FEB2028
-
5,000,000
-
5,000,000
HONG KONG ELECTRIC FIN 4.13% MTN 24NOV14
2,000,000
-
-
2,000,000
HONG KONG ELECTRIC FIN 4.15% 13MAY2015 MTN
4,000,000
-
-
4,000,000
10,000,000
-
-
10,000,000
HONG KONG LAND NOTES CO 3.86% 7MAR2022
7,000,000
-
-
7,000,000
HONG KONG MTG CORP 1.32% 31MAR2014 MTN
10,000,000
-
(10,000,000)
-
HONG KONG MTG CORP 1.5% 28APR2014 MTN
HONG KONG GOVT 10GB2001 2.93% 13JAN2020
10,000,000
-
(10,000,000)
-
HONG KONG MTG CORP 2% 11JAN2016 MTN
5,000,000
-
-
5,000,000
HONG KONG MTG CORP 3.1% 8APR2013 MTN
3,000,000
-
(3,000,000)
-
HONG KONG MTG CORP 4.55% 23SEP2015
1,000,000
-
-
1,000,000
HONG KONG MTG CORP 4.82% 8OCT2014 MTN
4,000,000
-
-
4,000,000
HONG KONG MTG CORP 5.03% 19FEB2013
2,000,000
-
(2,000,000)
-
HONG KONG MTG CORP 5.34% 26JUN2017 MTN
1,000,000
-
-
1,000,000
HONGKONG ELECTRIC FIN 3.7% 30SEP2024
2,000,000
-
(2,000,000)
-
-
5,000,000
-
5,000,000
HONGKONG LAND NOTES CO 3.95% 8JUN2020 HONGKONG LAND NOTES CO L 3.15% 10MAY2028
-
5,000,000
-
5,000,000
HYSAN (MTN) LTD 5.38% 2SEP2020 EMTN
2,000,000
-
-
2,000,000
ICBC ASIA LTD 2.92% 6APR2016
2,000,000
-
-
2,000,000
JOHN HANCOCK GLB FUND II 4.67% 17MAR14
3,000,000
-
-
3,000,000
KOREA DEVELOPMENT BANK 3.25% 20JUL2015
3,000,000
-
-
3,000,000
10,000,000
-
(5,000,000)
5,000,000
KOREA FINANCE CORP 3.4% 15MAR2016
3,000,000
-
-
3,000,000
KOREA FINANCE CORP 4.42% 12APR2021
3,000,000
-
-
3,000,000
KOREA GAS CORP 2.5% 20JUN2017 EMTN
8,000,000
-
-
8,000,000
10,000,000
-
-
10,000,000
KOREA NATIONAL OIL CORP 3.2% 22DEC2016
5,000,000
-
-
5,000,000
KOREA NATIONAL OIL CORP 3.95% 10FEB2022
5,000,000
-
-
5,000,000
KOREA NATIONAL OIL CORP 4.5% 4MAR2021
5,000,000
-
-
5,000,000
KOWLOON-CANTON RAILWAY 3.5% 29APR2019
5,000,000
-
-
5,000,000
KOREA EXPRESSWAY CORP 4% 2MAR2022 GMTN
KOREA LAND & HOUSING CORP 4.2% 18JAN2022
8
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
HK$
HK$
HK$
HK$
KOWLOON-CANTON RAILWAY 3.88% 15JUN2021
9,000,000
-
(5,000,000)
4,000,000
KOWLOON-CANTON RAILWAY 4.65% 10JUN2013
-
LISTED/QUOTED INVESTMENTS HONG KONG DOLLAR BONDS (CONTINUED) 14,000,000
-
(14,000,000)
KOWLOON-CANTON RAILWAY 4.8% 6JUN2013
5,000,000
-
(5,000,000)
-
LINK FIN CAYMAN 2009 3.12% 28MAY2018
3,000,000
-
-
3,000,000
LINK FIN CAYMAN 2009 3.14% 18MAY2018
2,000,000
-
-
2,000,000
LINK FIN CAYMAN 2009 3.4125% 1APR2017
5,000,000
-
-
5,000,000
LINK FIN CAYMAN 2009 LTD 3.2% 6SEP2021
3,000,000
-
-
3,000,000
LINK FIN CAYMAN 2009 LTD 4.4% 5AUG2019
5,000,000
-
-
5,000,000
LINK FINANCE CAYMAN 2009 4.1% 24DEC2019
1,500,000
-
-
1,500,000
MACQUARIE BANK LTD 3.55% 29AUG2017 DIP
10,000,000
-
-
10,000,000
MALAYAN BANKING 3.25% 20JUL2022 EMTN
5,000,000
-
-
5,000,000
MALAYAN BANKING BHD 2.7% 7DEC2016 REGS
4,000,000
-
-
4,000,000
MALAYAN BANKING BHD 2.85% 1MAR2017 EMTN
8,000,000
-
(3,000,000)
5,000,000
MERRILL LYNCH & CO INC 4.9% EMTN 8SEP14
2,000,000
-
-
2,000,000
MTR CORP (C.I.) 2% 20JAN2014 MTN
1,000,000
-
-
1,000,000
MTR CORP (C.I.) 4.28% 6JUL2020 EMTN
5,000,000
-
-
5,000,000
MTR CORP (C.I.) 4.9% 25JUN2018
8,500,000
-
-
8,500,000
MTR CORP (C.I.) LTD 2.25% 12OCT2022
5,000,000
-
(3,000,000)
2,000,000
MTR CORP (C.I.) LTD 4.6% 3JUN2013 EMTN
1,000,000
-
(1,000,000)
-
10,000,000
-
(5,000,000)
5,000,000
NATIONAL AUSTRALIA BANK 2.6% 9DEC2015
3,000,000
-
-
3,000,000
OVERSEA-CHINESE BANKING 2.2% 19JAN2017
12,000,000
-
(7,000,000)
5,000,000
PACIFIC LIFE FUNDING LLC 5% 31JUL2014
MTR CORP CAYMAN ISLANDS 1.68% 15MAR2017
16,000,000
-
(10,000,000)
6,000,000
PSA INTERNATIONAL PTE LTD 3.8% 26MAY2020
8,000,000
-
-
8,000,000
RABOBANK NEDERLAND 4.98% 3SEP2019
5,000,000
-
-
5,000,000
SINGTEL GR TSY PTE LTD 3.32% 4APR2018
2,000,000
-
-
2,000,000
SPI ELECTRICITY & GAS AUS 4.125% 16MAR20
7,000,000
-
-
7,000,000
SUN HUNG KAI PROP (CAP) 2.95% 8MAY2023
-
5,000,000
-
5,000,000
SUN HUNG KAI PROP (CAP) 3.25% 5DEC2022
5,000,000
-
(3,000,000)
2,000,000
SUN HUNG KAI PROP (CAP) 4.65% 19JAN2016
2,000,000
-
-
2,000,000
SUN HUNG KAI PROP (CAP) 4.67% 9FEB2016
3,000,000
-
-
3,000,000
SUN HUNG KAI PROP (CAP) 4.88% 30SEP2015
1,000,000
-
-
1,000,000
SWIRE PACIFIC MTN FIN 3.15% 15NOV2022
5,000,000
-
(3,000,000)
2,000,000
SWIRE PACIFIC MTN FIN 3.78% 28FEB2022
5,000,000
-
-
5,000,000
SWIRE PACIFIC MTN FIN 4.2% 18DEC2018
5,000,000
-
-
5,000,000
SWIRE PACIFIC MTN FIN 4.236% 24SEP2018
5,000,000
-
-
5,000,000
SWIRE PACIFIC MTN FIN 4.93% 28MAR2013
10,000,000
-
(10,000,000)
-
5,000,000
-
-
5,000,000
10,000,000
-
-
10,000,000
SWIRE PROPERTIES MTN FIN 2.35% 23AUG2017 UNITED OVERSEAS BANKS LTD 2.2% 27MAR2017
9
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Nominal Value 1 January 2013
Additions
Deductions
30 June 2013
HK$
HK$
HK$
HK$
URBAN RENEWAL AUTH 1.5% 13JUL2017 MTN
10,000,000
-
-
10,000,000
URBAN RENEWAL AUTH 1.75% 2AUG2019 MTN
10,000,000
-
(5,000,000)
5,000,000
-
5,000,000
-
5,000,000
WESTPAC BANKING CORP 2.845% 19JAN2016
4,000,000
-
-
4,000,000
WESTPAC BANKING CORP 4.55% 22JAN2020
10,000,000
-
-
10,000,000
AGRIC BANK OF CHINA/HK 2.64% CD 6JUL2016
2,000,000
-
-
2,000,000
BANK OF CHINA LTD/HK 3.9% CD 31MAY2021
2,000,000
-
-
2,000,000
BK OF COMM CO LTD/HK 1.95% CD 21MAY2018
-
5,000,000
-
5,000,000
CHINA CONSTR BANK HK 4.05% CD 15JAN2020
3,000,000
-
-
3,000,000
LISTED/QUOTED INVESTMENTS HONG KONG DOLLAR BONDS (CONTINUED)
URBAN RENEWAL AUTH 2.15% 10MAY2023
CERTIFICATES OF DEPOSIT
CHINA CONSTRUCT BK HK 1.4% 27JUN2016
-
4,000,000
-
4,000,000
CHINA DEV BANK CORP 2.7% CD 25JAN2016
10,000,000
-
(5,000,000)
5,000,000
CHINA DEV BANK CORP 3.2% CD 30SEP2019
10,000,000
-
(7,000,000)
3,000,000
CHINA DEV BANK CORP/HK 1.4% CD 7MAR2014
8,000,000
-
-
8,000,000
CHINA DEV BANK CORP/HK 3% CD 21FEB2019
5,000,000
-
-
5,000,000
CHINA DEV BK CORP/HK 3% CD 25JUN2018
3,000,000
-
-
3,000,000
10,000,000
-
-
10,000,000
DBS BK HONG KONG LTD 2.55% CD 30JUN2016
3,000,000
-
-
3,000,000
DBS BK HONG KONG LTD 3.92% CD 21JAN2020
5,000,000
-
-
5,000,000
DBS BK HONG KONG LTD 3.95% CD 20JAN2020
2,000,000
-
-
2,000,000
ICBC ASIA LTD 1.8% CD 31JAN2013 FXCD
5,000,000
-
(5,000,000)
-
WING LUNG BANK LTD 2.75% CD 19MAY2016
3,000,000
-
-
3,000,000
CHINA MERCHANTS BK/HK 1.7% CD 14MAY2014
10
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge Hong Kong Dollar Fixed Income Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund is a fixed income fund that seeks to provide investors with a stable source of high recurring income through a managed portfolio of bonds and other income yielding securities. The Fund’s objective is to provide security of capital as well as a comparatively high level of income by investing in a range of capital and money market fixed and floating rate instruments, either denominated in Hong Kong dollars or, if they are not denominated in Hong Kong dollars, the currency exposure shall be hedged back into Hong Kong dollars in order to ensure that the Fund has an effective exposure of 100 per cent to the Hong Kong dollars. 30 June 2013
30 June 2012
30 June 2011
HK$
HK$
HK$
566,312,260
919,981,550
478,962,700
17,270
39,025
11,118
9,225,802
13,494,105
8,410,431
Investments and investment income Total value of investments Interest on bank deposits Interest on investments Net foreign currency (losses) / gains
(14)
Net income excluding capital appreciation
(2)
43
7,287,923
11,241,880
7,041,744
(28,804,946)
7,822,674
5,743,128
Total net
Net asset
Number of
asset value
value per unit
units in issue
HK$
HK$
Units
30 June 2013 - Standard units - Accumulation
337,072,635
16.76
20,106,724
30 June 2013 - Provident Fund units
247,724,705
18.56
13,344,338
31 December 2012 - Standard units
373,915,660
17.41
21,475,181
31 December 2012 - Provident Fund units
373,937,234
19.14
19,537,036
31 December 2011 - Standard units
396,726,231
16.90
23,474,838
31 December 2011 - Provident Fund units
506,314,984
18.30
27,659,997
Net (depreciation)/appreciation of investments and derivative financial instruments - realized and unrealized
Performance table Net asset value
11
PineBridge Hong Kong Dollar Fixed Income Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (Continued) Performance record for the past 10 years Highest issue price per unit HK$
Lowest redemption price per unit HK$
Investment return (Note 1) %
30 June 2013 - Standard units - Accumulation (Note 2)
17.50
16.67
(3.74)
30 June 2013 - Provident Fund units
19.33
18.46
(3.03)
31 December 2012 - Standard units
17.43
16.86
3.03
31 December 2012 - Provident Fund units
19.15
18.26
4.56
31 December 2011 - Standard units
17.16
16.10
4.21
31 December 2011 - Provident Fund units
18.52
17.22
5.76
31 December 2010 - Standard units
16.58
15.88
1.83
31 December 2010 - Provident Fund units
17.66
16.70
3.32
31 December 2009 - Standard units
16.11
15.44
0.44
31 December 2009 - Provident Fund units
16.93
16.20
1.15
31 December 2008 - Standard units
15.89
14.69
6.73
31 December 2008 - Provident Fund units
16.59
15.34
7.18
31 December 2007 - Standard units
14.86
13.87
4.84
31 December 2007 - Provident Fund units
15.46
14.41
5.41
31 December 2006 - Standard units
14.18
13.36
5.07
31 December 2006 - Provident Fund units
14.67
13.78
5.66
31 December 2005 - Standard units
13.73
13.22
(1.65)
31 December 2005 - Provident Fund units
14.01
13.53
(0.90)
31 December 2004 - Standard units
13.73
13.07
3.42
31 December 2004 - Provident Fund units
14.01
13.29
4.12
31 December 2003 - Standard units
13.27
12.77
3.31
31 December 2003 - Provident Fund units
13.45
12.86
4.03
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period. Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
12
PineBridge Hong Kong Dollar Fixed Income Fund Statement of Net Assets As at 30 June 2013 (Unaudited)
30 June 2013 HK$
31 December 2012 HK$ (Audited)
Assets Current assets Investments Interest receivable on investments Bank interest receivable Derivative financial instruments Amounts receivable on subscription Cash and cash equivalents
566,312,260 3,990,869 941 1 4,944,489 23,162,850
733,799,950 6,998,592 67 1,455,150 7,539,039
Total assets
598,411,410
749,792,798
25 5,334,114 7,855,654 424,277
35 1,403,604 536,265
13,614,070
1,939,904
584,797,340
747,852,894
Liabilities Current liabilities Derivative financial instruments Amounts payable on redemption Amounts payable to brokers Accounts payable and accrued expenses Liabilities (excluding net assets attributable to unitholders) Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
_________________________ Director
___________________________ Director
13
PineBridge Hong Kong Dollar Fixed Income Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited)
30 June 2013 HK$
30 June 2012 HK$
Income Interest on bank deposits Interest on investments Net (losses) / gains on investments and derivative financial instruments Net foreign currency losses
17,270 9,225,802
39,025 13,494,105
(28,804,946) (14)
7,822,674 (2)
Total investment (loss) / income
(19,561,888)
21,355,802
Expenses Management fee Trustee’s fee Custodian and administration fees Audit fee Bank charges Legal and professional fees Other expenses
1,314,436 156,864 333,162 66,194 900 4,123 79,456
1,502,108 236,781 437,692 61,088 300 53,279
Total operating expenses
1,955,135
2,291,248
(21,517,023)
19,064,554
(Decrease) / increase in net assets attributable to unitholders from operations
14
PineBridge Hong Kong Dollar Fixed Income Fund Statement of Changes in Net Assets Attributable to Unitholders For the six months ended 30 June 2013 (Unaudited)
30 June 2013 HK$
30 June 2012 HK$
Net assets attributable to unitholders at 1 January
747,852,894
903,041,215
Proceeds from issue of 6,039,622 (30 June 2012: 11,067,103) units
105,553,004
193,512,464
Payments on redemption of 13,600,777 (30 June 2012: 8,683,932) units
(247,091,535)
(149,284,521)
Net (decrease) / increase from unit transactions
(141,538,531)
44,227,943
(Decrease) / increase in net assets attributable to unitholders from operations
(21,517,023)
19,064,554
Net assets attributable to unitholders at 30 June
584,797,340
15
966,333,712
PineBridge Hong Kong Dollar Fixed Income Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited)
30 June 2013 HK$
30 June 2012 HK$
Cash flows from operating activities (Decrease) / increase in net assets attributable to unitholders from operations Adjustment for: Interest on investments Interest on bank deposits Operating (loss) / profit before working capital changes Net decrease / (increase) in investments Net change in derivative financial instruments Net increase in amounts payable to brokers Net decrease in amounts receivable from brokers Net decrease in accounts payable and accrued expenses Cash generated from / (used in) operations Interest on investments received Interest on bank deposits received Net cash generated from / (used in) operating activities
(21,517,023)
19,064,554
(9,225,802) (17,270)
(13,494,105) (39,025)
(30,760,095)
5,531,424
167,487,690 (11) 7,855,654 (111,988)
(44,248,150) 4 3,193,669 (32,733)
144,471,250
(35,555,786)
12,233,525 16,396
14,358,296 38,980
156,721,171
(21,158,510)
102,063,665 (243,161,025)
195,262,501 (148,640,904)
(141,097,360)
46,621,597
15,623,811
25,463,087
7,539,039
14,905,047
23,162,850
40,368,134
23,162,850
40,368,134
Cash flows from financing activities Proceeds from issue of units Payments on redemption of units Net cash (used in) / generated from financing activities Net increase in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period Analysis of balance of cash and cash equivalents Cash at banks
16
PINEBRIDGE HONG KONG DOLLAR MONEY MARKET FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge Hong Kong Dollar Money Market Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-6
Statement of net assets
7
Statement of comprehensive income
8
Statement of changes in net assets attributable to unitholders
9
Statement of cash flows
10
PineBridge Hong Kong Dollar Money Market Fund Management and Professional Service Details Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American International
Hong Kong
Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge Hong Kong Dollar Money Market Fund Investment Report For the six months ended 30 June 2013 Manager’s Market Perspective Market Overview The Hong Kong GDP grew at 2.8% yoy in the first quarter of 2013. Consumption has bounced back much stronger than expected at 7% yoy in the first quarter.Growth is expected to be slightly stronger this year. Headline CPI rose 4.1% in June which was higher than 3.9% in May. It seems the imported price pressures could reaccelerate as the inflation is picking up again in China. The liquidity conditions remained ample in the first half although the Hong Kong Aggregate Balance continued to heading south. It dropped from HK$256 billion in December last year to HK$164 billion as of June 2013. Amid Hong Kong equities off their January highs, fund inflows have slowed markedly and HKD spot weakened against USD. Short-term interest rates stayed in the low level. Short-end rates were relatively stable with 3-month HIBOR trading in the range of 0.37-0.39%. The 1-month HIBOR dropped by 8 basis points and closed at 0.21% in 1H2013. The Hong Kong government issued new IBonds in June which froze the market liquidity near to the quarter end. Some local banks increased their HKD deposit offers from 0.5% to 1.65% for 1-3 months deposits to attract funding.Local and Chinese banks were also active to print in the short-end and floating rate papers Market Outlook and Strategy The concern of the US Fed tapering is likely to continue in near term. The HKD interest rates may follow the US counterparts to shoot higher. However, the short-end rates may stay in the current low level in near term. The Fund will continue to look for high quality short-term papers which offer decent yield.
2
PineBridge Hong Kong Dollar Money Market Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO LISTED/QUOTED INVESTMENTS Nominal Value HK$
Market Value HK$
% of Net Assets
BONDS EXPORT-IMPORT BK KOREA 1.73% 19NOV2013
120,000,000
120,385,752
4.13%
BONDS (TOTAL)
120,000,000
120,385,752
4.13%
CERTIFICATES OF DEPOSIT AXIS BANK LTD 0% ECD 30JUL2013 BANK OF CHINA HK LTD 0% ECD 15OCT2013 CATHAY UNITED BK/HK 0% CD 23AUG2013 CHINA CONSTR BK ASIA 0% CD 9SEP2013 CHINA CONSTR BK CORP 0% CD 11NOV2013 CHINA DEV BK CORP/HK 0% CD 25NOV2013 NATIXIS HONG KONG 0% ECD 27AUG2013 NATL BK OF ABU DHABI 0.32% CD 8AUG2013 NATL BK OF ABU DHABI 0.45% CD 18JUL2013 SHANGHAI PUDONG DEV BK 0% CD 27DEC2013 STATE BANK OF INDIA 0.8% CD 18SEP2013 STATE BK OF INDIA/HK 0% ECD 22OCT2013 WING LUNG BANK LTD 0% CD 10DEC2013 WING LUNG BANK LTD 0% CD 29JUL2013
100,000,000 100,000,000 120,000,000 120,000,000 120,000,000 120,000,000 120,000,000 120,000,000 100,000,000 120,000,000 120,000,000 120,000,000 120,000,000 120,000,000
99,920,380 99,790,690 119,931,336 119,858,268 119,782,992 119,663,340 119,932,188 119,989,488 99,994,800 119,472,744 119,989,380 119,796,288 119,757,888 119,975,352
3.42% 3.42% 4.11% 4.11% 4.11% 4.10% 4.11% 4.11% 3.43% 4.10% 4.11% 4.11% 4.11% 4.11%
CERTIFICATES OF DEPOSIT (TOTAL)
1,617,855,134
55.46%
TOTAL INVESTMENTS*
1,738,240,886
59.59%
TOTAL INVESTMENTS, AT COST*
1,736,691,423
HONG KONG DOLLAR
* Investments are accounted for on a trade date basis. 3
PineBridge Hong Kong Dollar Money Market Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
1 January 2013 HK$
Nominal Value Additions Deductions HK$ HK$
30 June 2013 HK$
LISTED/QUOTED INVESTMENTS HONG KONG DOLLAR BONDS COMMONWEALTH BK OF AUS 4.57% 26JUN2013 EUROFIMA 1.65% 22APR2013 EMTN EXPORT-IMPORT BK KOREA 1.73% 19NOV2013 EXPORT-IMPORT BK KOREA 2.46% 26FEB2013 SUN HUNG KAI PROP (CAP) 2.04% 15JAN2013 SUN HUNG KAI PROP CAP 3.8% 18JAN2013
100,000,000 60,000,000 76,000,000 69,000,000
10,000,000 26,000,000 120,000,000 -
(10,000,000) (126,000,000) (60,000,000) (76,000,000) (69,000,000)
120,000,000 -
CERTIFICATES OF DEPOSIT AXIS BANK LTD 0% ECD 11JUN2013 AXIS BANK LTD 0% ECD 30JUL2013 BANK OF CHINA HK LTD 0% ECD 15OCT2013 BANK OF CHINA/HK 0% CD 3JUN2013 BNP PARIBAS HK 0% ECD 12APR2013 BNP PARIBAS HK 0% ECD 7MAR2013 CATHAY UNITED BK/HK 0% CD 23AUG2013 CHINA CONSTR BANK HK 0% CD 24APR2013 CHINA CONSTR BANK HK 0% CD 28FEB2013 CHINA CONSTR BK ASIA 0% CD 9SEP2013 CHINA CONSTR BK CORP 0% CD 11NOV2013 CHINA DEV BANK CORP/HK 1.85% CD 8FEB2013 CHINA DEV BK CORP/HK 0% CD 25NOV2013 CHINA DEV BK CORP/HK 0% CD 7MAY2013 CITIC BANK INTL LTD 0% CD 20FEB2013 CITIC BANK INTL LTD 0% ECD 22FEB2013 NATIXIS HONG KONG 0% ECD 27AUG2013 NATL BK OF ABU DHABI 0.32% CD 8AUG2013 NATL BK OF ABU DHABI 0.45% CD 18JUL2013 SHANGHAI PUDONG DEV BK 0% CD 27DEC2013 STATE BANK OF INDIA 0.8% CD 18SEP2013 STATE BK OF INDIA/HK 0% ECD 22OCT2013 WING LUNG BANK LTD 0% CD 10DEC2013 WING LUNG BANK LTD 0% CD 29JUL2013
100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 100,000,000 55,000,000 100,000,000 100,000,000 100,000,000 -
100,000,000 100,000,000 120,000,000 120,000,000 120,000,000 120,000,000 120,000,000 120,000,000 100,000,000 120,000,000 120,000,000 120,000,000 120,000,000 120,000,000
(100,000,000) (100,000,000) (100,000,000) (100,000,000) (100,000,000) (100,000,000) (55,000,000) (100,000,000) (100,000,000) (100,000,000) -
100,000,000 100,000,000 120,000,000 120,000,000 120,000,000 120,000,000 120,000,000 120,000,000 100,000,000 120,000,000 120,000,000 120,000,000 120,000,000 120,000,000
COMMERCIAL PAPERS EXPORT-IMPORT BK KOREA 0% ECP 3MAY2013 KOREA DEVELOPMENT BANK 0% ECP 14JAN2013 MACQUARIE BANK LTD 0% ECP 6MAR2013
100,000,000 100,000,000 100,000,000
-
(100,000,000) (100,000,000) (100,000,000)
-
4
PineBridge Hong Kong Dollar Money Market Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge Hong Kong Dollar Money Market Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund seeks to preserve principal value and maintain a high degree of liquidity while providing current income by investing in short-term, high quality Hong Kong dollar denominated instruments in Hong Kong. 30 June 2013 HK$
30 June 2012 HK$
30 June 2011 HK$
1,738,240,886
1,616,147,071
1,298,840,398
Interest on bank deposits Interest on investments
4,513,456 2,205,078
7,606,078 2,352,590
3,732,607 2,678,098
Net income excluding capital appreciation
5,362,014
8,469,687
5,054,351
Net appreciation of investments - realized and unrealized
3,233,964
6,850,380
1,365,501
Total net asset value HK$
Net asset value per unit HK$
Number of units in issue Units
30 June 2013 - Standard units - Accumulation 30 June 2013 - Provident Fund units
239,119,195 2,677,661,897
13.39 13.98
17,853,521 191,440,930
31 December 2012 - Standard units 31 December 2012 - Provident Fund units
198,833,320 2,603,383,671
13.39 13.94
14,848,698 186,729,975
31 December 2011 - Standard units 31 December 2011 - Provident Fund units
222,545,240 2,401,747,874
13.33 13.79
16,698,871 174,130,279
Investments and investment income Total value of investments
Performance table Net asset value
5
PineBridge Hong Kong Dollar Money Market Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (Continued) Performance record for the past 10 years
Highest issue price per unit HK$
Lowest redemption price per unit HK$
Investment return (Note 1) %
30 June 2013 - Standard units - Accumulation (Note 3) 30 June 2013 - Provident Fund units (Note 2)
13.39 13.98
13.39 13.94
0.02 0.32
31 December 2012 - Standard units 31 December 2012 - Provident Fund units
13.39 13.94
13.32 13.79
0.48 1.08
31 December 2011 - Standard units 31 December 2011 - Provident Fund units
13.33 13.79
13.30 13.68
0.13 0.76
31 December 2010 - Standard units 31 December 2010 - Provident Fund units
13.34 13.68
13.30 13.64
(0.25) 0.33
31 December 2009 - Standard units 31 December 2009 - Provident Fund units
13.34 13.64
13.30 13.56
0.32 0.61
31 December 2008 - Standard units 31 December 2008 - Provident Fund units
13.30 13.56
13.00 13.23
2.27 2.50
31 December 2007 - Standard units 31 December 2007 - Provident Fund units
13.00 13.23
12.50 12.69
4.06 4.28
31 December 2006 - Standard units 31 December 2006 - Provident Fund units
12.49 12.68
12.02 12.18
3.95 4.19
31 December 2005 - Standard units 31 December 2005 - Provident Fund units
12.02 12.17
11.78 11.91
2.00 2.24
31 December 2004 - Standard units 31 December 2004 - Provident Fund units
11.79 11.91
11.77 11.86
0.04 0.38
31 December 2003 - Standard units 31 December 2003 - Provident Fund units
11.78 11.86
11.68 11.73
0.83 1.14
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period. Note 2: The issue price of the Fund is rounded downward to nearest cent in accordance with the Trust Deed dated 10 August 1998, as amended. Note 3: The “Standard units” have been renamed to “Standard units – Accumulation” with effect from 27 June 2013. 6
PineBridge Hong Kong Dollar Money Market Fund Statement of Net Assets As at 30 June 2013 (Unaudited) 30 June 2013 HK$ Assets Current assets Investments Interest receivable on investments Bank interest receivable Cash and cash equivalents Other deposits
31 December 2012 HK$ (Audited)
1,738,240,886 1,902,839 908,673 1,192,229,644 -
1,558,206,600 2,672,017 931,482 1,204,306,325 39,000,000
Total assets
2,933,282,042
2,805,116,424
Liabilities Current liabilities Amounts payable on redemption Accounts payable and accrued expenses
16,154,968 345,982
2,502,271 397,162
Liabilities (excluding net assets attributable to unitholders)
16,500,950
2,899,433
2,916,781,092
2,802,216,991
Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
________________________ Director
_______________________ Director
7
PineBridge Hong Kong Dollar Money Market Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
Income Interest on bank deposits Interest on investments Net gains on investments
4,513,456 2,205,078 3,233,964
7,606,078 2,352,590 6,850,380
Total investment income
9,952,498
16,809,048
237,838 47,568 926,398 58,037 3,100 4,123 79,456
279,270 55,854 1,044,299 53,979 2,300 53,279
Total operating expenses
1,356,520
1,488,981
Increase in net assets attributable to unitholders from operations
8,595,978
15,320,067
Expenses Management fee Trustee’s fee Custodian and administration fees Audit fee Bank charges Legal and professional fee Other expenses
8
PineBridge Hong Kong Dollar Money Market Fund Statement of Changes in Net Assets Attributable to Unitholders For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
2,802,216,991
2,624,293,114
Proceeds from issue of 31,684,800 (30 June 2012: 22,025,163) units
434,052,585
300,813,439
Payments on redemption of 23,969,022 (30 June 2012: 15,068,414) units
(328,084,462)
(204,611,884)
Net increase from unit transactions
105,968,123
96,201,555
8,595,978
15,320,067
2,916,781,092
2,735,814,736
Net assets attributable to unitholders at 1 January
Increase in net assets attributable to unitholders from operations Net assets attributable to unitholders at 30 June
9
PineBridge Hong Kong Dollar Money Market Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
8,595,978
15,320,067
(2,205,078) (4,513,456)
(2,352,590) (7,606,078)
1,877,444
5,361,399
Cash flows from operating activities Increase in net assets attributable to unitholders from operations Adjustment for: Interest on investments Interest on bank deposits Operating profit before working capital changes Net increase in investments Net decrease in other deposits Net decrease in accounts payable and accrued expenses Cash used in operations Interest on investments received Interest on bank deposits received
(180,034,286) 39,000,000 (51,180)
(101,882,577) (72,339)
(139,208,022)
(96,593,517)
2,974,256 4,536,265
1,449,633 8,521,315
(131,697,501)
(86,622,569)
434,052,585 (314,431,765)
300,813,439 (198,637,122)
Net cash generated from financing activities
119,620,820
102,176,317
Net (decrease) / increase in cash and cash equivalents
(12,076,681)
15,553,748
Net cash used in operating activities Cash flows from financing activities Proceeds from issue of units Payments on redemption of units
Cash and cash equivalents at the beginning of the period
1,204,306,325
1,107,763,579
Cash and cash equivalents at the end of the period
1,192,229,644
1,123,317,327
1,192,229,644
1,123,317,327
Analysis of balance of cash and cash equivalents Cash at banks
10
PINEBRIDGE HONG KONG EQUITY FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge Hong Kong Equity Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-12
Statement of net assets
13
Statement of comprehensive income
14
Statement of changes in net assets attributable to unitholders
15
Statement of cash flows
16
PineBridge Hong Kong Equity Fund Management and Professional Service Details Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American
Hong Kong
International Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2013 Manager’s Market Perspective Asset Class Overview Hong Kong equity market had a strong start in 2013, led by the property and Macau gaming sectors. China’s economic figures at the beginning of the year showed signs of economic recovery. After five consecutive monthly gains however, market started to consolidate in February. Property policy risk and global economic growth concerns weighed on market sentiment. China shares tumbled, with weakness in the Chinese banks and energy sector. The downward trend of the market continued in March. Property market sentiment worsened on the news of mortgage rates hike. China’s macro indicators showed softer recovery momentum as well. Inflation concern also weighed on the performance of Chinese stocks. Market held up well during the month of April. Property sector recovered, led by developers despite softening housing prices. However, equities consolidated in May amid China’s softening macro figures. Property sector tumbled on surges in US bond yields and lackluster sales volume. In June, stocks fell sharply on concerns over QE tapering and liquidity tightening in China. SHIBOR spiked and peaked at 13.4% on 20th of June as a result of liquidity squeeze in the interbank market and money market funds. All sectors recorded a loss during the month. Portfolio Overview Over 1H2013, the fund increased the weightings on consumer discretionary, industrial, information technology and utility sectors, while reduced weightings on energy, financial, material and telecommunication service sectors. Weighting on financials was reduced on the sector’s poor earnings growth outlook due to slower macro growth and higher asset quality risk. Utility weighting was increased due to our continuously positive outlook on renewable energy. Portfolio Outlook Investors took profit in June, and became a lot more risk adverse as the economic outlook continues to be uncertain. As we enter into the second half we expected earnings downgrades for some sectors which started in June will continue before the earnings season, as the economy in 1H was weaker than expected. That said, some sectors have reached very attractive valuations and may rebound quickly when investors see signs of fundamental improvement.
2
PineBridge Hong Kong Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO Market
LISTED EQUITIES
Holding
Value
% of Net
Shares
HK$
Assets
HONG KONG AAC TECHNOLOGIES HOLDINGS INC
1,039,000
45,508,200
0.63%
AGRICULTURAL BANK OF CHINA H SHS
24,821,000
79,427,200
1.10%
AIA GROUP LTD
10,220,400
335,740,140
4.67%
ANHUI CONCH CEMENT CO LTD H SHS ANTON OILFIELD SERVICES GROUP APT SATELLITE HOLDINGS LTD ASM PACIFIC TECHNOLOGY LTD BANK OF CHINA LTD H SHS BANK OF COMMUNICATIONS CO LTD H SHS BEIJING JINGNENG CLEAN ENGY CO LTD H SHS BOC HONG KONG HOLDINGS LTD BYD CO LTD H SHS BYD ELECTRONIC CO LTD CHEUNG KONG (HOLDINGS) LTD CHINA COMMUNICATION SVS CORP LTD H SHS CHINA CONSTRUCTION BANK H SHS CHINA EVERBRIGHT INTERNATIONAL LTD CHINA EVERBRIGHT LTD CHINA LIFE INSURANCE CO LTD H SHS CHINA LONGYUAN POWER GROUP CORP H SHS
1,454,000
30,534,000
0.42%
10,812,000
60,547,200
0.84%
2,492,000
13,730,920
0.19%
168,400
14,389,780
0.20%
62,238,200
198,539,858
2.76%
7,453,000
37,265,000
0.52%
20,152,000
59,045,360
0.82%
5,392,500
128,611,125
1.79%
464,500
11,937,650
0.17%
5,133,500
21,252,690
0.30%
720,000
75,744,000
1.05%
9,460,000
46,354,000
0.64%
57,608,500
316,270,665
4.40%
6,083,000
36,498,000
0.51%
610,000
6,234,200
0.09%
4,479,000
82,413,600
1.15%
17,443,000
140,241,720
1.95%
CHINA MINSHENG BANKING CORP LTD H SHS
4,072,000
30,906,480
0.43%
CHINA MOBILE LTD
1,820,500
147,460,500
2.05%
CHINA OILFIELD SERVICES LTD
1,468,000
22,284,240
0.31%
CHINA OVERSEAS LAND & INVESTMENT LIMITED
1,710,000
34,798,500
0.48%
CHINA PACIFIC INSURANCE GR CO LTD H SHS
2,790,400
69,062,400
0.96%
15,036,200
82,097,652
1.14%
CHINA RAILWAY CONSTRUCTION CORP H SHS
2,493,500
16,806,190
0.23%
CHINA RESOURCES LAND LTD
2,408,000
51,049,600
0.71%
CHINA SHENHUA ENERGY CO LTD H SHS
1,237,000
24,492,600
0.34%
CHINA PETROLEUM & CHEMICAL CORP-H
CHINA SHIPPING DEVELOPMENT CO LTD H SHS
3,262,000
11,123,420
0.15%
CHINA STATE CONSTRUCTION INTL HLDGS LTD
24,806,000
299,656,480
4.17%
CHINA TELECOM CORP LTD H SHS
11,670,000
43,179,000
0.60%
CIMC ENRIC HOLDINGS LTD
5,910,000
71,274,600
0.99%
CITIC SECURITIES CO LTD H SHS
2,348,000
32,355,440
0.45%
CNOOC LTD
13,879,000
182,647,640
2.54%
COSCO PACIFIC LTD
1,242,000
12,519,360
0.17%
COUNTRY GARDEN HOLDINGS CO LTD
3,407,000
13,832,420
0.19%
CSR CORP LTD H SHS
1,509,000
6,881,040
0.10%
DORSETT HOSPITALITY INTERNATIONAL LTD
7,935,000
14,283,000
0.20%
ENN ENERGY HOLDINGS LTD
7,090,000
293,171,500
4.08%
GALAXY ENTERTAINMENT GROUP LTD
2,401,000
91,238,000
1.27%
GEELY AUTOMOBILE HOLDINGS LTD
3,555,000
11,944,800
0.17%
3
PineBridge Hong Kong Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market Holding
Value
% of Net
Shares
HK$
Assets
GREAT WALL MOTOR COMPANY LTD H SHS
3,144,500
105,183,525
1.46%
GREENTOWN CHINA HOLDINGS LTD
4,424,000
56,096,320
0.78%
HENDERSON LAND DEVELOPMENT CO LTD
311,300
14,413,190
0.20%
HENGAN INTL GROUP CO LTD
576,000
48,672,000
0.68%
HILONG HOLDING LTD
8,262,000
37,674,720
0.52%
HONG KONG & CHINA GAS CO LTD
5,405,950
102,496,812
1.42%
588,400
68,901,640
0.96%
LISTED EQUITIES HONG KONG (CONTINUED)
HONG KONG EXCHANGES AND CLEARING LTD HSBC HOLDINGS PLC
8,414,621
683,687,956
9.50%
HUADIAN FUXIN ENERGY CORP LTD H SHS
10,992,000
24,292,320
0.34%
HUANENG RENEWABLES CORP LTD H SHS
14,082,000
39,570,420
0.55%
1,700,300
138,659,465
1.93%
64,529,545
315,549,475
4.39%
KINGSOFT CORP LTD
1,669,000
21,396,580
0.30%
KOWLOON DEVELOPMENT CO LTD
1,360,000
13,736,000
0.19%
LENOVO GROUP LTD
7,196,000
50,587,880
0.70%
LI & FUNG LIMITED
4,176,000
44,516,160
0.62%
LINK REIT
5,628,106
214,712,244
2.99%
MAN WAH HOLDINGS LTD
3,725,200
36,246,196
0.50%
MELCO INTERNATIONAL DEVELOPMENT LTD
2,385,000
34,964,100
0.49%
NEW WORLD DEVELOPMENT CO LTD
3,934,000
42,251,160
0.59%
NWS HOLDINGS LTD
2,147,000
25,635,180
0.36%
261,500
13,101,150
0.18%
PACIFIC TEXTILES HOLDINGS LTD
2,009,000
17,478,300
0.24%
PETROCHINA CO LTD H SHS
6,372,000
52,569,000
0.73%
PICC PROPERTY & CASUALTY CO LTD H SHS
2,118,000
18,532,500
0.26%
PING AN INSURANCE (GRP) CO OF CHINA H SHS
1,311,500
68,460,300
0.95%
SA SA INTERNATIONAL HOLDINGS LTD
4,484,000
34,526,800
0.48%
SAMSONITE INTERNATIONAL
2,170,500
40,544,940
0.56%
SANDS CHINA LTD
3,886,400
142,047,920
1.97%
SHENZHOU INTERNATIONAL GROUP
1,250,000
27,875,000
0.39%
SHIMAO PROPERTY HOLDINGS LTD
3,311,000
50,989,400
0.71%
SINOPEC ENGINEERING GROUP CO LTD
9,180,000
95,839,200
1.33%
SUN HUNG KAI PROPERTIES LTD
1,090,558
109,164,856
1.52%
SUNAC CHINA HOLDINGS LTD
HUTCHISON WHAMPOA LTD INDUSTRIAL AND COMM BANK OF CHINA H SHS
ORIENT OVERSEAS INTERNATIONAL LTD
7,130,000
36,220,400
0.50%
SWIRE PACIFIC LIMITED A
521,500
48,968,850
0.68%
SWIRE PROPERTIES LTD
793,400
18,208,530
0.25%
TECHTRONIC INDUSTRIES CO LTD
9,716,000
180,328,960
2.51%
TENCENT HLDGS LTD
1,051,400
319,835,880
4.45%
TONG REN TANG TECHNOLOGIES CO LTD H SHS
1,177,000
27,894,900
0.39%
TOWNGAS CHINA CO LTD
9,015,000
69,595,800
0.97%
UNI-PRESIDENT CHINA HLDGS LTD
1,739,000
13,703,320
0.19%
4
PineBridge Hong Kong Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market Holding
Value
% of Net
Shares
HK$
Assets
VARITRONIX INTERNATIONAL
3,811,000
20,922,390
0.29%
WANT WANT CHINA HOLDINGS LTD
2,981,000
32,552,520
0.45%
WHARF (HOLDINGS) LTD.,THE
1,388,000
90,497,600
1.26%
616,000
23,962,400
0.33%
9,210,000
31,866,600
0.44%
77,625
-
-
TOTAL INVESTMENTS*
7,008,281,029
97.43%
TOTAL INVESTMENTS, AT COST*
6,798,189,609
LISTED EQUITIES HONG KONG (CONTINUED)
WHEELOCK AND COMPANY LIMITED WINTEAM PHARMACEUTICAL GROUP LTD UNLISTED RIGHTS HONG KONG NEW WORLD DEV CO-PREF OFF RTS (JUN2013)
* Investments are accounted for on a trade date basis. 5
PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
LISTED EQUITIES HONG KONG AAC TECHNOLOGIES HOLDINGS INC AGRICULTURAL BANK OF CHINA H SHS AIA GROUP LTD AIR CHINA LTD H SHS ANHUI CONCH CEMENT CO LTD H SHS
-
1,039,000
-
1,039,000
28,124,000 9,035,000
17,127,000 2,081,400
(20,430,000) (896,000)
24,821,000 10,220,400
-
4,672,000
(4,672,000)
1,454,000
-
2,155,500
(701,500)
3,176,000
4,909,000
(8,085,000)
-
ANTON OILFIELD SERVICES GROUP
-
10,812,000
-
10,812,000
APT SATELLITE HOLDINGS LTD
-
2,492,000
-
2,492,000
ASIA STANDARD INTERNATIONAL GROUP
-
9,358,000
(9,358,000)
-
ASM PACIFIC TECHNOLOGY LTD
-
168,400
-
168,400
ANTA SPORTS PRODUCTS LTD
AVICHINA INDUSTRY & TECHNOLOGY CO LTD
-
5,776,000
(5,776,000)
-
78,072,200
3,637,000
(19,471,000)
62,238,200
BANK OF COMMUNICATIONS CO LTD H SHS
-
9,987,000
(2,534,000)
7,453,000
BAOXIN AUTO GROUP LTD
-
5,708,500
(5,708,500)
-
BEIJING CAPITAL INTL AIRPORT CO LTD - H
-
3,402,000
(3,402,000)
-
BEIJING JINGNENG CLEAN ENGY CO LTD H SHS
-
20,152,000
-
20,152,000
BEIJING TONG REN TANG CHINESE MEDICINE
-
61,710
(61,710)
-
BELLE INTERNATIONAL HOLDINGS LTD
3,470,000
691,000
(4,161,000)
-
BOC HONG KONG HOLDINGS LTD
4,373,500
1,984,500
(965,500)
5,392,500
-
1,177,500
(713,000)
464,500
BANK OF CHINA LTD H SHS
BYD CO LTD H SHS BYD ELECTRONIC CO LTD
-
5,133,500
-
5,133,500
1,578,000
-
(858,000)
720,000
-
70,486,000
(70,486,000)
-
9,330,000
2,741,000
(12,071,000)
-
CHINA COAL ENERGY CO H SHS
-
2,454,000
(2,454,000)
-
CHINA COMM CONSTRUCTION CO LTD H SHS
-
6,846,000
(6,846,000)
-
CHEUNG KONG (HOLDINGS) LTD CHIGO HOLDINGS LTD CHINA CITIC BANK H SHS
CHINA COMMUNICATION SVS CORP LTD H SHS
-
12,900,000
(3,440,000)
9,460,000
63,846,500
6,993,000
(13,231,000)
57,608,500
CHINA DATANG CORP RENEWABLE POWER CO LTD
-
18,298,000
(18,298,000)
-
CHINA EVERBRIGHT INTERNATIONAL LTD
-
10,166,000
(4,083,000)
6,083,000
CHINA EVERBRIGHT LTD
-
2,574,000
(1,964,000)
610,000 4,479,000
CHINA CONSTRUCTION BANK H SHS
CHINA LIFE INSURANCE CO LTD H SHS
3,037,000
3,412,000
(1,970,000)
CHINA LILANG CO LTD
-
1,498,000
(1,498,000)
-
CHINA LONGYUAN POWER GROUP CORP H SHS
-
17,443,000
-
17,443,000
CHINA MINSHENG BANKING CORP LTD H SHS
-
8,607,000
(4,535,000)
4,072,000
CHINA MOBILE LTD
3,856,000
-
(2,035,500)
1,820,500
CHINA NATIONAL BUILDING MATERIAL H SHS
7,984,000
710,000
(8,694,000)
-
CHINA OILFIELD SERVICES LTD
6,984,000
-
(5,516,000)
1,468,000
-
1,369,000
(1,369,000)
-
4,622,000
766,000
(3,678,000)
1,710,000
CHINA OVERSEAS GRAND OCEANS GROUP LTD CHINA OVERSEAS LAND & INVESTMENT LIMITED
6
PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
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Shares
Shares
Shares
LISTED EQUITIES HONG KONG (CONTINUED) CHINA PACIFIC INSURANCE GR CO LTD H SHS CHINA PETROLEUM & CHEMICAL CORP-H CHINA RAILWAY CONSTRUCTION CORP H SHS CHINA RESOURCES GAS GROUP LTD CHINA RESOURCES LAND LTD CHINA RESOURCES POWER HOLDINGS CO LTD CHINA SHENHUA ENERGY CO LTD H SHS CHINA SHIPPING DEVELOPMENT CO LTD H SHS CHINA STATE CONSTRUCTION INTL HLDGS LTD CHINA TAIPING INSURANCE HLDGS CO LTD CHINA TELECOM CORP LTD H SHS CHONGQING MACHINERY & ELECTRIC CO H SHS CIMC ENRIC HOLDINGS LTD CITIC SECURITIES CO LTD H SHS CNOOC LTD COSCO PACIFIC LTD COUNTRY GARDEN HOLDINGS CO LTD CSR CORP LTD H SHS DAH SING FINANCIAL HLDGS LTD DONGFENG MOTOR GRP CO LTD H SHS
3,495,600
1,157,200
(1,862,400)
2,790,400
19,070,000
7,792,200
(11,826,000)
15,036,200
5,564,000
1,486,500
(4,557,000)
2,493,500
-
1,400,000
(1,400,000)
-
1,610,000
1,678,000
(880,000)
2,408,000
-
1,438,000
(1,438,000)
-
2,119,500
1,940,500
(2,823,000)
1,237,000
-
3,262,000
-
3,262,000
19,324,000
5,482,000
-
24,806,000
-
916,600
(916,600)
-
11,670,000
-
-
11,670,000
-
10,986,000
(10,986,000)
-
5,968,000
724,000
(782,000)
5,910,000
-
4,827,000
(2,479,000)
2,348,000
12,304,000
7,726,000
(6,151,000)
13,879,000
1,242,000
-
-
1,242,000
-
3,407,000
-
3,407,000
8,323,000
-
(6,814,000)
1,509,000
-
795,200
(795,200)
-
4,140,000
-
(4,140,000)
-
DORSETT HOSPITALITY INTERNATIONAL LTD
-
7,935,000
-
7,935,000
EMPEROR WATCH & JEWELLERY LTD
-
7,170,000
(7,170,000)
-
ENN ENERGY HOLDINGS LTD
9,346,000
1,290,000
(3,546,000)
7,090,000
FORTUNE REIT
8,856,000
-
(8,856,000)
-
-
4,992,000
(4,992,000)
-
FUJIKON INDUSTRIAL HLDGS LTD GALAXY ENTERTAINMENT GROUP LTD
1,882,000
1,408,000
(889,000)
2,401,000
-
10,075,000
(10,075,000)
-
13,350,000
6,955,000
(16,750,000)
3,555,000
-
3,366,000
(221,500)
3,144,500
10,145,000
1,838,000
(7,559,000)
4,424,000
GUANGDONG INVESTMENT LTD
-
2,126,000
(2,126,000)
-
GUODIAN TECH & ENVIRONMENT GR H SHS
-
6,637,000
(6,637,000)
-
175,700
-
(175,700)
-
HENDERSON LAND DEVELOPMENT CO LTD
1,017,000
28,300
(734,000)
311,300
HENGAN INTL GROUP CO LTD
1,128,500
-
(552,500)
576,000
HENGDELI HOLDINGS LTD
-
11,904,000
(11,904,000)
-
HILONG HOLDING LTD
-
11,644,000
(3,382,000)
8,262,000
5,721,500
1,746,450
(2,062,000)
5,405,950
GCL POLY ENERGY HOLDINGS LTD GEELY AUTOMOBILE HOLDINGS LTD GREAT WALL MOTOR COMPANY LTD H SHS GREENTOWN CHINA HOLDINGS LTD
HANG SENG BANK LTD
HONG KONG & CHINA GAS CO LTD
7
PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
588,400
LISTED EQUITIES HONG KONG (CONTINUED) HONG KONG EXCHANGES AND CLEARING LTD
-
1,031,200
(442,800)
HOPEWELL HOLDINGS LTD
1,400,000
-
(1,400,000)
-
HSBC HOLDINGS PLC
8,368,221
226,000
(179,600)
8,414,621
HUADIAN FUXIN ENERGY CORP LTD H SHS
-
16,942,000
(5,950,000)
10,992,000
HUADIAN POWER INTL COMPANY H SHARES
-
11,462,000
(11,462,000)
-
HUANENG RENEWABLES CORP LTD H SHS
-
14,082,000
-
14,082,000
HUTCHISON WHAMPOA LTD
887,300
1,125,000
(312,000)
1,700,300
HYSAN DEVELOPMENT CO LTD
758,000
-
(758,000)
-
44,457,545
26,774,000
(6,702,000)
64,529,545
INTIME RETAIL GROUP CO LTD (FORMERLY KNOWN AS INTIME DEPARTMENT STORE GROUP CO LTD)
6,255,000
-
(6,255,000)
-
JIANGSU EXPRESSWAY CO LTD H SHARES
4,642,000
-
(4,642,000)
-
JIANGXI COPPER COMPANY LTD 'H' SHARES
1,037,000
951,000
(1,988,000)
-
KINGBOARD CHEMICAL HOLDINGS LTD
1,097,500
-
(1,097,500)
-
KINGSOFT CORP LTD
-
1,669,000
-
1,669,000
KOWLOON DEVELOPMENT CO LTD
-
1,360,000
-
1,360,000
INDUSTRIAL AND COMM BANK OF CHINA H SHS
KUNLUN ENERGY CO LTD
2,236,000
-
(2,236,000)
-
KWG PROPERTY HOLDING LTD
1,275,500
1,010,000
(2,285,500)
-
LEE & MAN PAPER MANUFACTURING LTD
-
9,590,000
(9,590,000)
-
LENOVO GROUP LTD
-
12,352,000
(5,156,000)
7,196,000
LI & FUNG LIMITED
-
4,176,000
-
4,176,000
LIFESTYLE INTL HLDGS LTD
2,257,000
-
(2,257,000)
-
LINK REIT
8,639,106
773,000
(3,784,000)
5,628,106
-
630,500
(630,500)
-
L'OCCITANE INTERNATIONAL MAANSHAN IRON & STEEL CO LTD H SHARES
6,028,000
4,682,000
(10,710,000)
-
MAN WAH HOLDINGS LTD
-
3,725,200
-
3,725,200
MELCO INTERNATIONAL DEVELOPMENT LTD
-
3,448,000
(1,063,000)
2,385,000
MGM CHINA HOLDINGS LTD NEW WORLD DEVELOPMENT CO LTD NINE DRAGONS PAPER HOLDINGS LIMITED NWS HOLDINGS LTD ORIENT OVERSEAS INTERNATIONAL LTD PACIFIC TEXTILES HOLDINGS LTD PETROCHINA CO LTD H SHS PICC PROPERTY & CASUALTY CO LTD H SHS PING AN INSURANCE (GRP) CO OF CHINA H SHS
8
-
1,477,200
(1,477,200)
-
2,332,000
6,746,000
(5,144,000)
3,934,000
-
8,770,000
(8,770,000)
-
2,147,000
-
-
2,147,000
-
671,500
(410,000)
261,500
-
2,009,000
-
2,009,000
11,648,000
2,292,000
(7,568,000)
6,372,000
-
5,204,000
(3,086,000)
2,118,000
1,551,500
793,000
(1,033,000)
1,311,500
PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
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Shares
Shares
Shares
LISTED EQUITIES HONG KONG (CONTINUED) POWER ASSETS HOLDINGS LTD PRADA SA SA INTERNATIONAL HOLDINGS LTD
217,500
-
(217,500)
-
1,008,300
273,900
(1,282,200)
-
-
4,484,000
-
4,484,000
SAMSONITE INTERNATIONAL
1,290,000
2,170,500
(1,290,000)
2,170,500
SANDS CHINA LTD
3,019,200
1,412,400
(545,200)
3,886,400
SHANGHAI ELECTRIC GROUP CO LTD 'H'
4,084,000
3,978,000
(8,062,000)
-
SHENZHOU INTERNATIONAL GROUP
-
1,616,000
(366,000)
1,250,000
SHIMAO PROPERTY HOLDINGS LTD
-
3,731,000
(420,000)
3,311,000
SINO BIOPHARMACEUTICAL LTD
-
4,892,000
(4,892,000)
-
SINO-OCEAN LAND HOLDINGS LTD
-
2,156,000
(2,156,000)
-
SINOPEC ENGINEERING GROUP CO LTD
-
9,180,000
-
9,180,000
SINOPEC SHANGHAI PETROCHEM CO LTD H SHS
-
6,852,000
(6,852,000)
-
SPT ENERGY GROUP INC
-
4,520,000
(4,520,000)
-
STELUX HOLDINGS INTERNATIONAL LIMITED
-
5,841,000
(5,841,000)
-
SUN HUNG KAI PROPERTIES LTD
1,277,558
371,000
(558,000)
1,090,558
15,824,000
9,186,000
(17,880,000)
7,130,000
SUNNY OPTICAL TECHNOLOGY GROUP CO LTD
-
2,352,000
(2,352,000)
-
SWIRE PACIFIC LIMITED A
-
600,000
(78,500)
521,500
1,422,000
-
(628,600)
793,400
SUNAC CHINA HOLDINGS LTD
SWIRE PROPERTIES LTD TCL MULTIMEDIA TECHNOLOGY HLDGS LTD
-
7,934,000
(7,934,000)
-
3,923,500
8,717,500
(2,925,000)
9,716,000
TELEVISION BROADCASTS LTD
251,000
-
(251,000)
-
TENCENT HLDGS LTD
740,500
472,800
(161,900)
1,051,400
-
8,579,000
(8,579,000)
-
TECHTRONIC INDUSTRIES CO LTD
TERMBRAY PETRO-KING OILFIELD TONG REN TANG TECHNOLOGIES CO LTD H SHS
-
1,177,000
-
1,177,000
6,530,000
2,485,000
-
9,015,000
TRULY INTERNATIONAL HOLDINGS LTD
-
5,990,000
(5,990,000)
-
UNI-PRESIDENT CHINA HLDGS LTD
-
3,779,000
(2,040,000)
1,739,000
VARITRONIX INTERNATIONAL
-
3,811,000
-
3,811,000
4,500,000
3,888,000
(5,407,000)
2,981,000
-
1,076,000
(1,076,000)
-
1,880,000
107,000
(599,000)
1,388,000
TOWNGAS CHINA CO LTD
WANT WANT CHINA HOLDINGS LTD WEICHAI POWER CO LTD 'H' SHARES WHARF (HOLDINGS) LTD.,THE WHEELOCK AND COMPANY LIMITED
-
616,000
-
616,000
WINTEAM PHARMACEUTICAL GROUP LTD
-
9,210,000
-
9,210,000
WYNN MACAU LTD
-
1,581,200
(1,581,200)
-
XINYI GLASS HLDG CO LTD
-
7,028,000
(7,028,000)
-
YUEXIU PROPERTY CO LTD
12,078,000
5,176,000
(17,254,000)
-
9
PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
LISTED EQUITIES HONG KONG (CONTINUED) ZHUZHOU CSR TIMES ELECTRIC CO LTD H SHS
-
866,000
(866,000)
-
3,039,600
1,965,800
(5,005,400)
-
-
232,980
(232,980)
-
NEW WORLD DEV CO-PREF OFF RTS (JUN2013)
-
77,625
-
77,625
TONG REN TANG TECH-H RTS (APR2013)
-
61,710
(61,710)
-
ZOOMLION HEAVY IND SCIENCE&TECH CO LTD-H LISTED RIGHTS HONG KONG PICC PPTY & CASUALTY CO-H RTS (MAY2013) UNLISTED RIGHTS HONG KONG
10
PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge Hong Kong Equity Fund (the “Fund”), is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund seeks to provide capital appreciation through a managed portfolio of shares in companies listed on The Stock Exchange of Hong Kong Limited. Hong Kong is in the Manager’s view well placed to prosper directly from economic activities in the Asian region and the economic emergence of People’s Republic of China. 30 June 2013
30 June 2012
30 June 2011
HK$
HK$
HK$
7,008,281,029
5,866,249,026
6,462,975,620
Interest on bank deposits Dividend income (net of withholding tax)
100,088 144,915,468
178,384 122,356,061
122,848 115,362,319
Net foreign currency gains / (losses) Net income excluding capital appreciation
172 111,891,503
Net (depreciation) / appreciation of investments and derivative financial instruments - realized and unrealized
(358,935,476)
Investments and investment income Total value of investments
(1,756) 89,020,352
169,719,236
(66) 132,108,549
(360,614,151)
Performance table Net asset value
30 June 2013 - Standard units - Accumulation 30 June 2013 - Provident Fund units 31 December 2012 - Standard units 31 December 2012 - Provident Fund units 31 December 2011 - Standard units 31 December 2011 - Provident Fund units
Total net
Net asset
Number of units
asset value
value per unit
in issue
HK$
HK$
Units
374,743,754
26.59
14,091,953
6,818,363,713
30.76
221,640,024
403,568,622
27.80
14,516,488
6,706,942,636
31.77
211,131,908
338,192,769
23.58
14,343,078
5,394,308,025
26.28
205,292,955
11
PineBridge Hong Kong Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (Continued)
Performance record for the past 10 years Highest issue price per unit HK$
Lowest redemption price per unit HK$
Investment return (Note 1) %
30 June 2013 - Standard units - Accumulation (Note 2)
29.54
25.11
(4.34)
30 June 2013 - Provident Fund units
34.08
29.04
(3.15)
31 December 2012 - Standard units
27.89
22.88
17.91
31 December 2012 - Provident Fund units
31.84
25.78
20.90
31 December 2011 - Standard units
32.71
20.68
(24.37)
31 December 2011 - Provident Fund units
35.60
22.90
(22.46)
31 December 2010 - Standard units
33.51
25.28
6.98
31 December 2010 - Provident Fund units
36.29
27.07
9.68
31 December 2009 - Standard units
30.11
14.81
61.99
31 December 2009 - Provident Fund units
31.82
16.32
58.79
31 December 2008 - Standard units
35.51
13.71
(49.54)
31 December 2008 - Provident Fund units
36.67
15.15
(47.11)
31 December 2007 - Standard units
40.41
21.94
51.16
31 December 2007 - Provident Fund units
41.48
22.79
50.97
31 December 2006 - Standard units
23.59
15.73
50.86
31 December 2006 - Provident Fund units
24.38
16.29
50.54
31 December 2005 - Standard units
15.80
13.10
12.20
31 December 2005 - Provident Fund units
16.35
13.49
13.11
31 December 2004 - Standard units
13.94
10.18
17.98
31 December 2004 - Provident Fund units
14.32
10.46
18.91
31 December 2003 - Standard units
11.81
7.37
46.19
31 December 2003 - Provident Fund units
12.04
7.52
47.03
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period. Note 2: The “Standard units” have been renamed to “Standard units – Accumulation” with effect from 27 June 2013. 12
PineBridge Hong Kong Equity Fund Statement of Net Assets As at 30 June 2013 (Unaudited)
30 June 2013 HK$
31 December 2012 HK$ (Audited)
Assets Current assets Investments Dividends receivable Interest receivable Derivative financial instruments Amounts receivable on subscription Amounts receivable from brokers Cash and cash equivalents
7,008,281,029 88,230,923 3,694 6 29,948,566 40,907,576 112,376,592
7,082,340,561 5,688,608 137 3,461,570 114,537,447 16,661,532
Total assets
7,279,748,386
7,222,689,855
Liabilities Current liabilities Derivative financial instruments Amounts payable on redemption Amounts payable to brokers Accounts payable and accrued expenses
321 2,992,950 82,232,864 1,414,784
143 5,608,251 105,230,984 1,339,219
Liabilities (excluding net assets attributable to unitholders)
86,640,919
112,178,597
7,193,107,467
7,110,511,258
Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
________________________ Director
________________________ Director
13
PineBridge Hong Kong Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited)
30 June 2013 HK$
30 June 2012 HK$
Income Interest on bank deposits Dividend income Net (losses) / gains on investments and derivative financial instruments Net foreign currency gains / (losses)
100,088 153,993,500
178,384 129,799,330
(358,935,476) 172
169,719,236 (1,756)
Total investment (loss) / income
(204,841,716)
299,695,194
Expenses Management fee Trustee's fee Custodian and administration fees Audit fee Bank charges Legal and professional fee Other expenses Transaction cost
2,462,930 1,814,483 2,924,074 90,223 600 4,123 79,456 25,748,336
2,267,838 1,527,987 2,552,852 63,847 300 53,280 25,472,784
Total operating expenses
33,124,225
31,938,888
(237,965,941)
267,756,306
Net (loss) / profit before tax Withholding tax
(9,078,032) (247,043,973)
Net (loss) / profit after tax Adjustment for difference in valuation inputs
-
(Decrease) / increase in net assets attributable to unitholders from operations
(247,043,973)
14
(7,443,269) 260,313,037 (1,573,449)
258,739,588
PineBridge Hong Kong Equity Fund Statement of Changes in Net Assets Attributable to Unitholders For the six months ended 30 June 2013 (Unaudited)
30 June 2013 HK$
30 June 2012 HK$
7,110,511,258
5,732,500,794
Proceeds from issue of 22,582,179 (30 June 2012: 14,081,747) units
722,633,401
393,094,887
Payments on redemption of 12,498,598 (30 June 2012: 13,859,064) units
(392,993,219)
(395,940,939)
Net increase / (decrease) from unit transactions
329,640,182
Net assets attributable to unitholders at 1 January (at last traded market prices)
(Decrease) / increase in net assets attributable to unitholders from operations Net assets attributable to unitholders at 30 June (at last traded market prices)
(247,043,973)
7,193,107,467
15
(2,846,052)
258,739,588
5,988,394,330
PineBridge Hong Kong Equity Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
Cash flows from operating activities (Decrease) / increase in net assets attributable to unitholders from operations
(247,043,973)
258,739,588
Adjustment for: Dividend income Interest on bank deposits Withholding tax Adjustment for difference in valuation inputs
(153,993,500) (100,088) 9,078,032 -
(129,799,330) (178,384) 7,443,269 1,573,449
Operating (loss) / profit before working capital changes
(392,059,529)
137,778,592
74,059,532 172 73,629,871 (22,998,120) 75,565
(143,621,081) (17) (33,615,818) (33,216,156) 103,561
(267,292,509)
(72,570,919)
Dividend income received Interest on bank deposits received
62,373,153 96,531
71,859,939 180,334
Net cash used in operating activities
(204,822,825)
(530,646)
696,146,405 (395,608,520)
385,905,567 (396,123,927)
Net cash generated from / (used in) financing activities
300,537,885
(10,218,360)
Net increase / (decrease) in cash and cash equivalents
95,715,060
(10,749,006)
Cash and cash equivalents at the beginning of the period
16,661,532
64,718,740
112,376,592
53,969,734
112,376,592
53,969,734
Net decrease / (increase) in investments Net change in derivative financial instruments Net decrease / (increase) in amounts receivable from brokers Net decrease in amounts payable to brokers Net increase in accounts payable and accrued expenses Cash used in operations
Cash flows from financing activities Proceeds from issue of units Payments on redemption of units
Cash and cash equivalents at the end of the period Analysis of balance of cash and cash equivalents Cash at banks
16
PINEBRIDGE JAPAN EQUITY FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge Japan Equity Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-9
Statement of net assets
10
Statement of comprehensive income
11
Statement of changes in equity
12
Statement of cash flows
13
PineBridge Japan Equity Fund Management and Professional Service Details
Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American International
Hong Kong
Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2013 Manager’s Market Perspective The TOPIX Index Total Return advanced by 16.13％ through the period. The Tokyo market advanced sharply in the first quarter of 2013. The market started upward as the U.S. avoided a potential near-term crisis relating to the Fiscal Cliff. Afterward, the rally continued on improvements in the U.S. and Chinese economic indicators, and on expectations about the Bank of Japan’s additional monetary easing policies. The yen depreciation, which can improve earnings estimates also lifted exporters’ share prices. In March, Cyprus bail-out and concerns about the political situation in Italy weighed on the market. However, negative impacts from them were largely limited. During this quarter, Financials and Consumer Discretionary consecutively outperformed due to expectations about economic policies by the new administration and the yen depreciation. Healthcare also outperformed thanks to the contributions of large pharmaceutical companies which have promising pipelines. Meanwhile, Materials turned to be an underperformer, and Energy also underperformed, as commodity prices and market conditions of materials were totally stagnant. Utilities were dragged down by the decline of electricity firms’ share prices. As for the size, small-cap stocks were relatively better than large-cap stocks. Especially, JASDAQ and Mothers index significantly advanced. The Tokyo market consecutively advanced in the second quarter. The market started upward thanks to the Bank of Japan’s new monetary easing policies which were more-than-expected and expectations about prolonging quantitative easing in the U.S. However, the market came under further stress after Fed Chairman Ben Bernanke stated that the central bank might decide to scale down the amount of monthly asset purchases. The scant concrete measures in Prime Minister’s Abe’s announcement of the growth strategies also weighed on the stock price. Afterward, the market recovered its nerve toward the end of the quarter due to the yen depreciation. During this quarter, Utilities and Telecom Services significantly outperformed the benchmark. In Utilities, stock prices of electricity firms sharply rose on the back of expectations about reboot of the nuclear plants. Investors preferred telecom companies whose earnings would be at the stage for stable growth under the volatile market. Meanwhile, Energy was a consecutive detractor. Concerns about the slowdown of emerging countries economy weighed on commodity prices. As for size, large-cap stocks were relatively better than small-cap stocks. Exporters such as Toyota Motor outperformed on the back of the yen depreciation which could improve the earnings. Market Outlook and Strategy The Tokyo market will moderately keep an upward trend. The result of the Upper House election on 21st July in Japan was in line with the market expectation. However, with the victory of the coalition government, the policy/law making process will significantly speed up. We believe that Prime Minister’s Abe’s basic policies, which aim at an early recovery of Japanese economy, will never change, and the yen depreciation due to a recovery of the U.S. economy will support the Japanese stock market. We will keep a positive stance toward beneficiaries from economic recovery as improvements to overall corporate earnings and economic conditions are still ongoing due to economic stimulus measures and the yen depreciation, and will carefully continue to seek opportunities from companies that can remain competitive and for which we expect mid-term growth.
2
PineBridge Japan Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO Market Holding
Value
% of Net
LISTED EQUITIES
Shares
HK$
Assets
JAPAN AEON FINANCIAL SERVICE CO LTD (FORMERLY KNOWN AS AEON CREDIT SERVICE CO LTD)
39,800
8,790,860
2.07%
ANRITSU CORP
30,000
2,771,760
0.65%
7,800
3,305,826
0.78%
BRIDGESTONE CORP
39,400
10,471,514
2.47%
DENSO CORP
14,300
5,245,468
1.24%
DOWA HLDGS CO LTD
17,000
1,183,011
0.28%
EAST JAPAN RAILWAY CO
21,700
13,155,600
3.10%
FUJI HEAVY INDUSTRIES LTD
71,000
13,650,035
3.22%
168
2,639,376
0.62%
FUKUOKA FINANCIAL GROUP INC
73,000
2,422,322
0.57%
HINO MOTORS LTD
95,000
10,876,309
2.56%
HITACHI CAPITAL CORP
11,500
1,775,067
0.42%
HITACHI LTD
156,000
7,813,769
1.84%
J FRONT RETAILING CO LTD
121,000
7,525,900
1.77%
50,700
13,973,093
3.30%
148,000
2,350,767
0.55%
9,300
3,773,368
0.89%
400
995,475
0.23%
9,400
2,328,279
0.55%
51,000
5,806,779
1.37%
ASTELLAS PHARMA INC
FUJI MEDIA HOLDINGS INC
JAPAN TOBACCO INC KAWASAKI KISEN KAISHA LTD KDDI CORP KEYENCE CORP K'S HLDGS CORP KUBOTA CORP KYOCERA CORP
5,600
4,447,398
1.05%
16,200
3,078,848
0.73%
6,800
2,865,961
0.68%
25,500
3,406,670
0.80%
MITSUBISHI ELECTRIC CORP
117,000
8,546,694
2.02%
MITSUBISHI ESTATE CO LTD
6,000
1,245,995
0.29%
LIXIL GROUP CORP MAKITA CORP MITSUBISHI CORP
MITSUBISHI HEAVY INDUSTRIES LTD
104,000
4,505,899
1.06%
MITSUBISHI UFJ FINANCIAL GROUP INC
295,400
14,215,380
3.35%
MITSUI AND CO LTD
27,800
2,723,701
0.64%
MITSUI FUDOSAN CO LTD
34,000
7,798,515
1.84%
9,700
5,758,578
1.36%
NGK SPARK PLUG CO LTD
18,000
2,810,919
0.66%
NIPPON STEEL SUMITOMO METAL CORP
42,000
885,076
0.21%
NIPPON TELEGRAPH AND TELEPHONE CORP
19,000
7,679,152
1.81%
NITTO DENKO CORP
23,300
11,688,887
2.76%
127,000
7,299,913
1.72%
MURATA MANUFACTURING CO LTD
NOMURA HOLDINGS INC NSK LTD
36,000
2,686,367
0.63%
OBAYASHI CORP
109,000
4,413,979
1.04%
OLYMPUS CORP
41,600
9,862,277
2.33%
OMRON CORP
21,700
5,037,008
1.19%
4,800
5,789,795
1.37%
101,000
10,761,114
2.54%
1,200
1,039,823
0.25%
144,400
5,484,170
1.29%
ORIENTAL LAND CO LTD ORIX CORP OTSUKA CORP RESONA HOLDINGS INC
3
PineBridge Japan Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market Holding
Value
% of Net
Shares
HK$
Assets
2,600
943,499
0.22%
SCSK CORP
27,000
4,055,026
0.96%
SEKISUI CHEMICAL CO LTD
10,000
827,990
0.20%
SHIN ETSU CHEMICAL CO LTD
18,500
9,571,813
2.26%
SHIONOGI & CO LTD
43,100
7,015,267
1.65%
SONY CORP
30,900
5,048,944
1.19%
SUMITOMO ELECTRIC INDUSTRIES LTD
33,500
3,124,108
0.74%
SUMITOMO MITSUI FINANCIAL GROUP INC
56,000
20,035,306
4.73%
SUMITOMO RUBBER INDUSTRIES LTD
26,800
3,418,080
0.81%
LISTED EQUITIES
JAPAN (CONTINUED) SANRIO CO LTD
SUNTORY BEVERAGE AND FOOD LTD SURUGA BANK LTD SUZUKI MOTOR CORP
6,400
1,560,049
0.37%
36,000
5,100,983
1.20%
26,700
4,801,467
1.13%
170,000
4,798,880
1.13%
TERUMO CORP
3,200
1,241,749
0.29%
THK CO LTD
6,900
1,131,232
0.27%
TOKIO MARINE HOLDINGS INC
7,900
1,953,639
0.46%
137,000
5,903,339
1.39%
69,000
4,481,524
1.06%
228,000
8,551,647
2.02%
TAISEI CORP
TOKYO GAS CO LTD TOKYO TATEMONO CO LTD TOSHIBA CORP TOYO SUISAN KAISHA LTD
18,000
4,670,711
1.10%
TOYOTA MOTOR CORP
64,200
30,238,372
7.13%
TSURUHA HOLDINGS INC
6,700
4,946,944
1.17%
UNI-CHARM CORP
7,400
3,264,308
0.77%
YAHOO JAPAN CORP
2,194
8,436,106
1.99%
YAMATO HLDGS CO LTD
19,600
3,222,602
0.76%
YOKOGAWA ELECTRIC CORP
29,600
2,762,733
0.65%
ZEON CORP
85,000
7,779,801
1.83%
TOTAL INVESTMENTS*
413,772,816
97.58%
TOTAL INVESTMENTS, AT COST*
356,665,423
* Investments are accounted for on a trade date basis. 4
PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
LISTED EQUITIES JAPAN AEON FINANCIAL SERVICE CO LTD (FORMERLY KNOWN AS AEON CREDIT SERVICE CO LTD)
8,600
35,200
(4,000)
39,800
ANRITSU CORP
63,000
38,400
(71,400)
30,000
ASAHI GLASS CO LTD
74,000
20,000
(94,000)
-
9,000
12,600
(13,800)
7,800
BRIDGESTONE CORP
34,000
20,700
(15,300)
39,400
CHUGAI PHARMACEUTICAL CO LTD
17,800
3,800
(21,600)
-
250
316
(566)
-
32,000
-
(32,000)
-
ASTELLAS PHARMA INC
DAI-ICHI LIFE INSURANCE CO LTD DAINIPPON SCREEN MFG CO LTD DENSO CORP
6,000
9,400
(1,100)
14,300
28,000
16,000
(27,000)
17,000
EAST JAPAN RAILWAY CO
6,600
16,800
(1,700)
21,700
FANUC CORP
5,000
300
(5,300)
-
79,000
37,000
(45,000)
71,000
DOWA HLDGS CO LTD
FUJI HEAVY INDUSTRIES LTD FUJI MEDIA HOLDINGS INC
-
182
(14)
168
FUKUOKA FINANCIAL GROUP INC
-
79,000
(6,000)
73,000
H2O RETAILING CORP
-
85,000
(85,000)
-
64,000
50,000
(19,000)
95,000
-
12,400
(900)
11,500
HINO MOTORS LTD HITACHI CAPITAL CORP HITACHI HIGH-TECHNOLOGIES CORP HITACHI LTD HONDA MOTOR CO LTD INPEX CORP
21,800
2,800
(24,600)
-
108,000
79,000
(31,000)
156,000
-
3,800
(3,800)
-
60
12
(72)
ISUZU MOTORS LTD
76,000
30,000
(106,000)
-
J FRONT RETAILING CO LTD
94,000
65,000
(38,000)
121,000
JAPAN TOBACCO INC
9,000
45,800
(4,100)
50,700
JFE HOLDINGS INC
38,000
17,600
(55,600)
-
JGC CORP
20,000
-
(20,000)
-
KANSAI ELECTRIC POWER CO INC
62,000
-
(62,000)
-
124,000
86,000
(62,000)
148,000
9,400
33,000
(33,100)
9,300
320
100
(20)
400
190,000
10,000
(200,000)
-
KAWASAKI KISEN KAISHA LTD KDDI CORP KEYENCE CORP KOBE STEEL LTD K'S HLDGS CORP
-
9,400
-
9,400
44,000
42,000
(35,000)
51,000
7,200
3,800
(5,400)
5,600
-
17,500
(1,300)
16,200
MAKITA CORP
13,600
10,000
(16,800)
6,800
MARUBENI CORP
-
KUBOTA CORP KYOCERA CORP LIXIL GROUP CORP
94,000
34,000
(128,000)
MAZDA MOTOR CORP
-
235,000
(235,000)
-
MITSUBISHI CORP
-
30,200
(4,700)
25,500
5
PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
-
126,000
(9,000)
117,000
LISTED EQUITIES JAPAN (CONTINUED) MITSUBISHI ELECTRIC CORP MITSUBISHI ESTATE CO LTD MITSUBISHI HEAVY INDUSTRIES LTD MITSUBISHI MATERIALS CORP MITSUBISHI UFJ FINANCIAL GROUP INC MITSUI AND CO LTD MITSUI FUDOSAN CO LTD MIZUHO FINANCIAL GR INC MONEX GROUP INC MURATA MANUFACTURING CO LTD
17,000
22,000
(33,000)
6,000
110,000
130,000
(136,000)
104,000
30,000
14,000
(44,000)
-
179,800
320,400
(204,800)
295,400
20,800
11,400
(4,400)
27,800
34,000
22,000
(22,000)
34,000
510,000
237,600
(747,600)
-
-
1,610
(1,610)
-
5,600
4,900
(800)
9,700
-
20,000
(2,000)
18,000
9,400
24,200
(33,600)
-
110,000
165,000
(233,000)
42,000
-
21,000
(2,000)
19,000
NIPPON TELEVISION NETWORK CORP
5,000
-
(5,000)
-
NISSAN MOTOR CO LTD
7,000
-
(7,000)
-
13,600
13,300
(3,600)
23,300
120,000
93,000
(86,000)
127,000
-
39,000
(3,000)
36,000
NGK SPARK PLUG CO LTD NIKON CORP NIPPON STEEL SUMITOMO METAL CORP NIPPON TELEGRAPH AND TELEPHONE CORP
NITTO DENKO CORP NOMURA HOLDINGS INC NSK LTD OBAYASHI CORP
106,000
76,000
(73,000)
109,000
OLYMPUS CORP
-
45,000
(3,400)
41,600
OMRON CORP
-
23,400
(1,700)
21,700
ORIENTAL LAND CO LTD
-
5,200
(400)
4,800
ORIX CORP
8,300
117,200
(24,500)
101,000
OTSUKA CORP
2,200
1,100
(2,100)
1,200
-
156,000
(11,600)
144,400
59,000
43,000
(102,000)
-
2,600
1,000
(1,000)
2,600
-
31,000
(4,000)
27,000
12,000
8,000
(10,000)
10,000
RESONA HOLDINGS INC RICOH CO LTD SANRIO CO LTD SCSK CORP SEKISUI CHEMICAL CO LTD SHIMANO INC SHIN ETSU CHEMICAL CO LTD SHINSEI BANK LTD
1,400
600
(2,000)
-
11,600
8,900
(2,000)
18,500
-
177,000
(177,000)
-
SHIONOGI & CO LTD
21,800
37,800
(16,500)
43,100
SMC CORPORATION
2,500
-
(2,500)
-
SONY CORP
44,000
64,400
(77,500)
30,900
SONY FINANCIAL HOLDINGS INC
19,400
17,700
(37,100)
-
SUMITOMO CORP
33,000
16,300
(49,300)
-
SUMITOMO ELECTRIC INDUSTRIES LTD
-
36,200
(2,700)
33,500
SUMITOMO MITSUI FINANCIAL GROUP INC
38,000
36,000
(18,000)
56,000
SUMITOMO MITSUI TRUST HOLDINGS INC
98,000
74,000
(172,000)
-
6
PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
17,000
-
(17,000)
-
SUMITOMO RUBBER INDUSTRIES LTD
8,500
20,500
(2,200)
26,800
SUNTORY BEVERAGE AND FOOD LTD
-
6,400
-
6,400
SURUGA BANK LTD
-
39,000
(3,000)
36,000
LISTED EQUITIES JAPAN (CONTINUED) SUMITOMO REALTY & DEVELOPMENT CO LTD
SUZUKI MOTOR CORP
-
28,800
(2,100)
26,700
35,000
159,000
(24,000)
170,000
TAKEDA PHARMACEUTICAL CO LTD
-
9,700
(9,700)
-
TERUMO CORP
-
3,500
(300)
3,200
THK CO LTD
-
7,500
(600)
6,900
TAISEI CORP
TOKIO MARINE HOLDINGS INC
20,800
11,300
(24,200)
7,900
TOKYO GAS CO LTD
14,000
149,000
(26,000)
137,000
-
75,000
(6,000)
69,000
TOKYO TATEMONO CO LTD TOSHIBA CORP
-
309,000
(81,000)
228,000
TOYO SUISAN KAISHA LTD
13,000
11,000
(6,000)
18,000
TOYOTA MOTOR CORP
39,000
32,600
(7,400)
64,200
TSURUHA HOLDINGS INC
-
7,200
(500)
6,700
UNI-CHARM CORP
-
8,000
(600)
7,400
WEST JAPAN RAILWAY CO
-
10,100
(10,100)
-
1,070
2,120
(996)
2,194
YAMATO HLDGS CO LTD
-
21,200
(1,600)
19,600
YOKOGAWA ELECTRIC CORP
-
32,000
(2,400)
29,600
ZEON CORP
-
92,000
(7,000)
85,000
YAHOO JAPAN CORP
7
PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge Japan Equity Fund (the "Fund"), is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund seeks to provide capital appreciation through a managed portfolio of shares in Japanese Companies. 30 June 2013
30 June 2012
30 June 2011
HK$
HK$
HK$
413,772,816
218,198,450
234,073,812
17,232
7,400
2,549
3,507,149
2,799,361
1,972,931
Investments and investment income Total value of investments Interest on bank deposits Dividend income (net of withholding tax) Net foreign currency (losses) / gains
(329,923)
Net income excluding capital appreciation / (depreciation) Net appreciation / (depreciation) of investments and derivative financial instruments - realized and unrealized
155,943
2,575,581
2,532,941
60,961,888
4,365,620
(736,635) 822,124
(5,001,177)
Performance table Net asset value Total net
Net asset
Number of units
asset value
value per unit
in issue
HK$
HK$
Units
30 June 2013 - Provident Fund units
424,013,702
17.16
24,709,387
31 December 2012 - Provident Fund units
263,023,358
14.37
18,308,404
31 December 2011 - Provident Fund units
218,261,837
13.19
16,544,623
8
PineBridge Japan Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (continued) Performance record for the past 10 years Highest issue price per unit HK$
Lowest redemption price per unit HK$
Investment return (Note 1) %
-
-
-
18.42
14.16
19.45
-
-
-
31 December 2012 - Provident Fund units
14.67
12.61
8.90
31 December 2011 - Standard units (Note 2) 31 December 2011 - Provident Fund units
16.38
12.92
(13.86)
31 December 2010 - Standard units (Note 2)
-
-
-
15.34
13.05
9.19
-
-
-
14.30
9.95
1.06
-
-
-
22.74
11.81
-
-
24.54
21.27
-
-
-
25.30
19.78
0.50
-
-
-
23.26
14.33
48.46
-
-
-
31 December 2004 - Provident Fund units
15.78
12.36
11.83
31 December 2003 - Standard units (Note 2) 31 December 2003 - Provident Fund units
14.12
8.75
46.86
30 June 2013 - Standard units - Accumulation (Note 2) 30 June 2013 - Provident Fund units 31 December 2012 - Standard units (Note 2)
31 December 2010 - Provident Fund units 31 December 2009 - Standard units (Note 2) 31 December 2009 - Provident Fund units 31 December 2008 - Standard units (Note 2) 31 December 2008 - Provident Fund units 31 December 2007 - Standard units (Note 2) 31 December 2007 - Provident Fund units 31 December 2006 - Standard units (Note 2) 31 December 2006 - Provident Fund units 31 December 2005 - Standard units(Note 2) 31 December 2005 - Provident Fund units 31 December 2004 - Standard units (Note 2)
(37.37) (4.48)
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period. Note 2: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013. 9
PineBridge Japan Equity Fund Statement of Net Assets As at 30 June 2013 (Unaudited) 30 June 2013 HK$
31 December 2012 HK$ (Audited)
Assets Current assets Investments Interest receivable Derivative financial instruments Dividends receivable Amounts receivable on subscription Amounts receivable from brokers Cash and cash equivalents
413,772,816 237 1 154,872 1,360,795 10,853,524
253,518,965 76 199,224 556,098 2,500,644 9,278,539
Total assets
426,142,245
266,053,546
Liabilities Current liabilities Derivative financial instruments Amounts payable on redemption Amounts payable to brokers Accounts payable and accrued expenses
2,261 363,885 1,560,049 202,348
400 182,364 2,623,152 224,272
Total liabilities
2,128,543
3,030,188
424,013,702
263,023,358
Equity Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
________________________ Director
________________________ Director
10
PineBridge Japan Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
Income Interest on bank deposits Dividend income Net gains on investments and derivative financial instruments Net foreign currency (losses) / gains
17,232 3,777,100
7,400 3,010,065
60,961,888 (329,923)
4,365,620 155,943
Total investment income
64,426,297
7,539,028
Expenses Trustee's fee Custodian and administration fees Audit fee Bank charges Legal and professional fee Other expenses
95,228 392,771 57,753 600 4,123 68,402
57,310 270,226 53,670 48,557
Total operating expenses
618,877
429,763
63,807,420
7,109,265
Net profit before tax Withholding tax
(269,951) 63,537,469
Total comprehensive income
11
(210,704) 6,898,561
PineBridge Japan Equity Fund Statement of Changes in Equity For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
Balance at the beginning of the period
263,023,358
218,261,837
Proceeds from issue of 10,197,688 (30 June 2012: 1,410,955) units
160,192,435
19,488,351
Payments on redemption of 3,796,705 (30 June 2012: 1,454,403) units
(62,739,560)
(19,934,159)
Net increase / (decrease) from unit transactions
97,452,875
Total comprehensive income
63,537,469
6,898,561
424,013,702
224,714,590
Balance at the end of the period
12
(445,808)
PineBridge Japan Equity Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
Total comprehensive income
63,537,469
6,898,561
Adjustment for: Dividend income Interest on bank deposits Withholding tax
(3,777,100) (17,232) 269,951
(3,010,065) (7,400) 210,704
Operating profit before working capital changes
60,013,088
4,091,800
(160,253,851) 1,860
(4,857,017) (2)
2,500,644 (1,063,103) (21,924)
(4,058,818) 3,796,335 (29,737)
(98,823,286)
(1,057,439)
Cash flows from operating activities
Net increase in investments Net change in derivative financial instruments Net decrease / (increase) in amounts receivable from brokers Net (decrease) / increase in amounts payable to brokers Net decrease in accounts payable and accrued expenses Cash used in operations Dividend income received Interest on bank deposits received Net cash (used in) / generated from operating activities
3,551,501 17,071
2,748,455 7,562
(95,254,714)
1,698,578
159,387,738 (62,558,039)
19,623,185 (19,862,146)
96,829,699
(238,961)
Cash flows from financing activities Proceeds from issue of units Payments on redemption of units Net cash generated from / (used in) financing activities Net increase in cash and cash equivalents
1,574,985
1,459,617
Cash and cash equivalents at the beginning of the period
9,278,539
4,800,802
10,853,524
6,260,419
10,853,524
6,260,419
Cash and cash equivalents at the end of the period Analysis of balance of cash and cash equivalents Cash at banks
13
PINEBRIDGE US EQUITY FUND REPORTS AND FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 JUNE 2013 (UNAUDITED)
PineBridge US Equity Fund Reports and Financial Statements For the six months ended 30 June 2013 (Unaudited) Contents Pages
Management and professional service details Investment report
1 2-11
Statement of net assets
12
Statement of comprehensive income
13
Statement of changes in equity
14
Statement of cash flows
15
PineBridge US Equity Fund Management and Professional Service Details Manager
Trustee
PineBridge Investments Hong Kong Limited
AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East
(Formerly known as American
Hong Kong
International Assurance Company (Trustee) Limited) 2nd Floor, AIA Building, 1 Stubbs Road Hong Kong
Administrator and Custodian
Auditor
HSBC Provident Fund Trustee (Hong Kong) Limited
PricewaterhouseCoopers
1 Queen's Road Central
22nd Floor, Prince's Building
Hong Kong
Central Hong Kong
Application and Redemption Agents
Registered Office
HSBC Institutional Trust Services (Asia) Limited
2nd Floor, AIA Building
1 Queen's Road Central
1 Stubbs Road
Hong Kong
Hong Kong
Legal Advisers Deacons 5th Floor, Alexandra House 18 Chater Road Central, Hong Kong
1
PineBridge US Equity Fund Investment Report For the six months ended 30 June 2013 Manager’s Market Perspective Asset Class Overview The S&P 500 Total Return Net Index returned +13.46% in the first half of 2013. At the start of the year the Fiscal Cliff, as the imminent end to a series of highly accommodative fiscal policies came to be known, was averted. As fears of the looming Sequester abated and the housing recovery continued to make progress, the markets edged upward. Also, major independent banks passed the Fed’s stress tests raising expectations for long-awaited dividend increases and share repurchases. Later in the period, markets reacted swiftly to Fed Chairman Bernanke’s not-so subtle hints at the inevitable tapering of bond purchasing efforts later this year, which would spell the beginning of the end for quantitative easing in the US. Portfolio Review The Mature Defensive categorization of companies collectively led in alpha contribution through stock selection, with some standout performers being Xerox and Cigna. Exceptional Growth companies were collectively the biggest alpha detractors, with names like Apple and VMware lagging. The top contributing sector to relative performance was Industrials and the largest detracting sector was Health Care. Overall, stock selection contributed to alpha during the period. All factor cluster returns all showed healthy trends, with the Valuation cluster as the standout and Revisions picking up especially well late in the period. Portfolio Outlook Our belief remains that the Federal Reserve will slow the QE purchases only when the economy is sufficiently strong to accept that, or inflation in asset prices becomes untenable. Since we do not believe that the latter concern is yet pertinent we remain confident that the ‘Bernanke put’ remains in place and under-pins financial markets. In our view, the Fed’s signal to taper asset purchases is a vote of confidence in the sustainability of the US recovery. Cross border implications tied to a stabilizing eurozone and the attractive growth prospects, demographics and investment opportunities in the emerging markets could also have contributed to the announcement. This could help boost visibility and confidence and could motivate corporations to invest for growth again, which should recharge the market’s faith in fundamental investing.
2
PineBridge US Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO Market Holding
Value
% of Net
Shares
HK$
Assets
ABBOTT LABS
135,805
36,743,966
1.31%
ABBVIE INC W/I COM
123,184
39,501,953
1.41%
46,539
32,302,551
1.15%
LISTED EQUITIES UNITED STATES OF AMERICA
ACE LTD SHS
88,091
31,132,145
1.11%
AES CORP
ADOBE SYS INC
294,638
27,403,229
0.98%
AFLAC INC
75,420
34,002,114
1.21%
1,160
1,628,930
0.06%
17,885
6,675,877
0.24%
ALLIANCE DATA SYSTEMS CORP ALLSTATE CORP ALTRIA GROUP INC
146,327
39,715,698
1.42%
ANADARKO PETE CORP
54,075
36,044,178
1.28%
APPLE INC
17,889
54,962,031
1.96%
APPLIED MATERIALS INC
264,986
30,647,451
1.09%
AT&T INC
237,382
65,184,575
2.32%
BALL CORP
77,824
25,076,899
0.89%
BERKSHIRE HATHAWAY INC DEL CLASS B NEW
21,414
18,590,852
0.66%
BOEING CO
52,485
41,706,002
1.49%
414,412
29,799,285
1.06%
CA INC
12,841
2,851,767
0.10%
CAPITAL ONE FINL CORP
43,654
21,268,978
0.76%
CARDINAL HEALTH INC
65,467
23,969,459
0.85%
CBOE HLDGS INC COM
86,416
31,264,140
1.11%
100,374
27,523,550
0.98%
17,749
23,611,947
0.84%
5,233
1,665,505
0.06%
CHEVRON CORP NEW
18,260
16,762,011
0.60%
CIGNA CORP
58,752
33,036,539
1.18%
282,204
53,215,962
1.90%
CITIGROUP INC
3,855
1,434,458
0.05%
CNA FINL CORP
77,842
19,696,621
0.70%
BOSTON SCIENTIFIC CORP
CENTURYLINK INC CF INDS HLDGS INC COM CHARLES RIV LABS INTL INC COM
CISCO SYSTEMS INC
COCA COLA CO
9,497
2,954,833
0.11%
76,502
33,997,376
1.21%
156,439
50,821,268
1.81%
1
239
0.00%
CVS CAREMARK CORP
89,768
39,816,171
1.42%
DISCOVERY COMMUNICATNS NEW COM SER A
32,973
19,748,122
0.70%
COLGATE PALMOLIVE CO COMCAST CORP NEW CLASS A CST BRANDS INC
DR PEPPER SNAPPLE GROUP INC COM
73,091
26,040,789
0.93%
106,398
19,494,278
0.69%
EDISON INTL
21,223
7,928,427
0.28%
EMERSON ELEC CO
80,873
34,214,680
1.22%
3,625
1,634,284
0.06%
E M C CORP MASS
ENSCO PLC SHS CLASS A EQUITY LIFESTYLE PPTYS INC
2,345
1,429,565
0.05%
EXCO RESOURCES INC
187,433
11,107,932
0.40%
EXXON MOBIL CORP
149,379
104,691,518
3.73%
3
PineBridge US Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market
LISTED EQUITIES
Holding
Value
% of Net
Shares
HK$
Assets
UNITED STATES OF AMERICA (CONTINUED) FIDELITY NATL INFORMATION SV FIFTH THIRD BANCORP GAP INC DEL GARTNER INC COM
91,410
30,376,446
1.08%
217,502
30,453,292
1.09%
70,019
22,665,123
0.81%
32,530
14,380,584
0.51%
106,316
19,124,636
0.68%
10,760
73,480,364
2.62%
8,632
1,694,718
0.06%
HCA HOLDINGS INC
20,088
5,618,964
0.20%
HEWLETT PACKARD CO
63,026
12,124,539
0.43%
HOME DEPOT INC
82,211
49,403,450
1.76%
ILLINOIS TOOL WKS INC
62,320
33,437,901
1.19%
INTERNATIONAL BUSINESS MACHS
35,365
52,426,500
1.87%
JOHNSON & JOHNSON
27,323
18,197,556
0.65%
JP MORGAN CHASE & CO
124,674
51,053,009
1.82%
KIMBERLY CLARK CORP
46,686
35,178,600
1.25%
111,201
29,793,726
1.06%
3,506
2,014,683
0.07%
LIBERTY MEDIA HLDG CORP INT COM SER A
18,781
3,352,194
0.12%
LILLY ELI & CO
89,069
33,937,412
1.21%
LORILLARD INC
84,976
28,792,058
1.03%
LOWES COS INC
115,924
36,778,199
1.31%
LYONDELLBASELL INDUSTRIES NV SHS -A-
10,652
5,474,902
0.20%
MARATHON PETE CORP COM
53,476
29,476,635
1.05%
9,054
40,348,214
1.44%
GENERAL ELECTRIC CO GOOGLE INC CLASS A HAWAIIAN ELEC INDUSTRIES COM
KROGER CO LIBERTY GLOBAL PLC CL A
MASTERCARD INC MCGRAW HILL FINANCIAL INC (FORMERLY KNOWN AS MCGRAW HILL COS INC)
65,742
27,124,809
0.97%
METLIFE INC
107,852
38,283,180
1.36%
MICROSOFT CORP COM
280,616
75,162,774
2.68%
MYLAN INC
41,572
10,006,368
0.36%
NIKE INC CL B
43,672
21,572,473
0.77%
NORTHROP GRUMMAN CORP
49,305
31,667,596
1.13%
PEPSICO INC
45,780
29,044,893
1.04%
301,109
65,423,027
2.33%
2,740
1,841,037
0.07%
10,087
1,148,635
0.04%
PFIZER INC PHILIP MORRIS INTL INC PITNEY BOWES INC PRICELINE COM INC
4,819
30,918,932
1.10%
22,155
13,231,219
0.47%
PROGRESSIVE CORP OHIO
145,956
28,780,033
1.03%
PULTE GROUP INC
146,410
21,544,274
0.77%
QUEST DIAGNOSTICS INC
32,562
15,314,134
0.55%
RAYMOND JAMES FINANCIAL INC
26,790
8,931,675
0.32%
RAYTHEON CO
28,418
14,575,389
0.52%
REGAL BELOIT CORP
16,821
8,460,355
0.30%
RETAIL PROPERTIES OF AMERICA INC-A REIT
62,473
6,920,132
0.25%
REYNOLDS AMERICAN INC
42,691
16,017,923
0.57%
PROCTER & GAMBLE CO
4
PineBridge US Equity Fund Investment Report As at 30 June 2013 (Unaudited) INVESTMENT PORTFOLIO (CONTINUED) Market
LISTED EQUITIES
Holding
Value
% of Net
Shares
HK$
Assets
UNITED STATES OF AMERICA (CONTINUED) SEAGATE TECHNOLOGY SHS
76,262
26,519,829
0.95%
164,903
29,241,428
1.04%
SPDR S&P 500 ETF TRUST
16,164
20,062,718
0.71%
STANLEY BLACK & DECKER INC COM
42,829
25,680,958
0.92%
SVB FINL GROUP COM
19,671
12,713,628
0.45%
TARGET CORP
67,843
36,238,136
1.29%
TESORO CORP
56,924
23,102,391
0.82%
126,543
34,228,185
1.22%
SLM CORP
TEXAS INSTRS INC THE TRAVELERS COS INC
2,985
1,850,519
0.07%
TIME WARNER CABLE INC
36,444
31,797,658
1.13%
TWENTY-FIRST CENTURY FOX INC (FORMERLY KNOWN AS NEWS CORP CLASS A)
161,552
40,852,979
1.46%
TYCO INTL LTD SHS
118,504
30,288,811
1.08%
UNITED THERAPEUTICS CORP DEL COM
37,011
18,896,549
0.67%
VALERO ENERGY CORP NEW
106,298
28,669,728
1.02%
VERIZON COMMUNICATIONS
87,328
34,100,482
1.22%
VIACOM INC NEW CLASS B
38,261
20,196,599
0.72%
WAL MART STORES INC
89,551
51,744,263
1.84%
WELLS FARGO & CO NEW
55,087
17,635,078
0.63%
ZIMMER HLDGS INC
46,371
26,955,907
0.96%
TOTAL INVESTMENTS*
2,797,626,564
99.72%
TOTAL INVESTMENTS, AT COST*
2,413,459,386
* Investments are accounted for on a trade date basis. 5
PineBridge US Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
-
141,771
(5,966)
135,805
LISTED EQUITIES UNITED STATES OF AMERICA ABBOTT LABS ABBVIE INC W/I COM ACE LTD SHS ADOBE SYS INC AES CORP
-
123,184
-
123,184
39,946
8,782
(2,189)
46,539
102,814
-
(14,723)
88,091
-
307,912
(13,274)
294,638
AFLAC INC
71,203
7,765
(3,548)
75,420
ALEXANDER & BALDWIN INC COM
16,922
-
(16,922)
-
1,214
-
(54)
1,160
-
18,323
(438)
17,885
ALLIANCE DATA SYSTEMS CORP ALLSTATE CORP ALTRIA GROUP INC
-
153,212
(6,885)
146,327
110,812
-
(110,812)
-
AMERICAN WTR WKS CO INC NEW
37,697
32,378
(70,075)
-
AMERIPRISE FINL INC
57,560
-
(57,560)
-
ANADARKO PETE CORP
25,798
30,821
(2,544)
54,075
AMEREN CORP
AOL INC COM
-
7,061
(7,061)
-
2,570
-
(2,570)
-
APOLLO GROUP INC CLASS A
15,926
-
(15,926)
-
APPLE INC
29,504
714
(12,329)
17,889
-
276,519
(11,533)
264,986
15,162
-
(15,162)
-
AT&T INC
239,137
12,340
(14,095)
237,382
AVON PRODS INC
141,273
-
(141,273)
77,824
APACHE CORP
APPLIED MATERIALS INC ASSURANT INC
BALL CORP
74,729
6,756
(3,661)
BANK OF AMERICA CORPORATION
-
556,516
(556,516)
-
BERKSHIRE HATHAWAY INC DEL CLASS B NEW
-
22,421
(1,007)
21,414
BOEING CO
59,732
-
(7,247)
52,485
-
518,965
(104,553)
414,412
132,569
-
(132,569)
-
CA INC
13,445
-
(604)
12,841
CAMPBELL SOUP CO
88,258
-
(88,258)
43,654
BOSTON SCIENTIFIC CORP BRISTOL MYERS SQUIBB CO
CAPITAL ONE FINL CORP CAPITALSOURCE INC COM CARDINAL HEALTH INC CBOE HLDGS INC COM
-
43,654
-
343,488
-
(343,488)
-
28,646
38,108
(1,287)
65,467
100,067
-
(13,651)
86,416
CENTURYLINK INC
95,476
9,620
(4,722)
100,374
CF INDS HLDGS INC COM
16,375
2,209
(835)
17,749
5,479
-
(246)
5,233
-
18,260
-
18,260
CHARLES RIV LABS INTL INC COM CHEVRON CORP NEW CHUBB CORP
48,535
-
(48,535)
-
CIGNA CORP
-
61,062
(2,310)
58,752
288,497
6,671
(12,964)
282,204
CISCO SYSTEMS INC
6
PineBridge US Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
-
3,855
-
3,855
LISTED EQUITIES UNITED STATES OF AMERICA (CONTINUED) CITIGROUP INC CITY NATL CORP
-
26,754
(26,754)
-
CNA FINL CORP
113,195
-
(35,353)
77,842
COCA COLA CO
-
9,497
-
9,497
-
78,301
(1,799)
76,502
152,219
11,060
(6,840)
156,439
86,138
-
(86,138)
-
-
23,278
(23,278)
-
27,461
28,004
(55,465)
1
COLGATE PALMOLIVE CO COMCAST CORP NEW CLASS A CONOCOPHILLIPS CONSOLIDATED EDISON INC COVIDIEN PLC SHS CST BRANDS INC
-
11,135
(11,134)
2,545
53,877
(56,422)
-
CVS CAREMARK CORP
99,051
-
(9,283)
89,768
DELTA AIR LINES INC DEL COM NEW
54,170
-
(54,170)
-
6,703
-
(6,703)
-
CULLEN FROST BANKERS INC
DIRECTV GROUP COM DISCOVERY COMMUNICATNS NEW COM SER A
34,524
-
(1,551)
32,973
DISNEY WALT CO
101,741
-
(101,741)
-
DOW CHEM CO
133,648
-
(133,648)
-
DR PEPPER SNAPPLE GROUP INC COM E M C CORP MASS EDISON INTL EMERSON ELEC CO
76,530
-
(3,439)
73,091
111,404
-
(5,006)
106,398
-
21,223
-
21,223
64,148
84,678
(67,953)
80,873
ENSCO PLC SHS CLASS A
-
3,625
-
3,625
EQUITY LIFESTYLE PPTYS INC
-
2,345
-
2,345
EXCO RESOURCES INC
-
511,720
(324,287)
187,433
14,098
-
(14,098)
-
145,843
10,564
(7,028)
149,379
18,048
-
(18,048)
-
FIDELITY NATL INFORMATION SV
-
95,711
(4,301)
91,410
FIFTH THIRD BANCORP
-
217,502
-
217,502
FISERV INC
-
20,509
(20,509)
-
GAP INC DEL
40,686
31,161
(1,828)
70,019
GARTNER INC COM
38,067
-
(5,537)
32,530
GENERAL ELECTRIC CO
-
106,316
-
106,316
GOOGLE INC CLASS A
-
11,065
(305)
10,760
HAWAIIAN ELEC INDUSTRIES COM
-
9,038
(406)
8,632
21,033
-
(945)
20,088
-
63,026
-
63,026
87,920
-
(5,709)
82,211
EXPEDIA INC EXXON MOBIL CORP FACEBOOK INC CLASS A
HCA HOLDINGS INC HEWLETT PACKARD CO HOME DEPOT INC HUMANA INC
8,887
-
(8,887)
-
ILLINOIS TOOL WKS INC
-
67,968
(5,648)
62,320
INGERSOLL-RAND PLC
-
18,796
(18,796)
-
34,007
3,021
(1,663)
35,365
-
27,323
-
27,323
INTERNATIONAL BUSINESS MACHS JOHNSON & JOHNSON
7
PineBridge US Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
1,886
7,652
(9,538)
-
LISTED EQUITIES UNITED STATES OF AMERICA (CONTINUED) JONES LANG LASALLE INC JP MORGAN CHASE & CO
165,127
-
(40,453)
124,674
KIMBERLY CLARK CORP
-
46,686
-
46,686
20,406
-
(20,406)
-
116,433
-
(5,232)
111,201
-
3,506
-
3,506
KLA-TENCOR CORP KROGER CO LIBERTY GLOBAL PLC CL A LIBERTY GLOBAL PLC SER C
-
2,618
(2,618)
-
19,664
-
(883)
18,781
6,809
54,812
(61,621)
-
LILLY ELI & CO
89,199
3,878
(4,008)
89,069
LOCKHEED MARTIN CORP
37,496
-
(37,496)
-
LORILLARD INC
29,658
59,316
(3,998)
84,976
LIBERTY MEDIA HLDG CORP INT COM SER A LIFE TECHNOLOGIES CORP COM
LOWES COS INC LPL FINANCIAL HOLDINGS INC COM LYONDELLBASELL INDUSTRIES NV SHS -A-
29,820
92,812
(6,708)
115,924
115,017
-
(115,017)
-
-
11,153
(501)
10,652
MARATHON PETE CORP COM
60,843
8,621
(15,988)
53,476
MARRIOTT INTL INC NEW CLASS A
94,929
-
(94,929)
-
9,272
550
(768)
9,054
MASTERCARD INC MCGRAW HILL FINANCIAL INC (FORMERLY KNOWN AS MCGRAW HILL COS INC)
2,406
65,742
(2,406)
65,742
38,328
-
(38,328)
-
MERCK & CO INC NEW COM
-
157,982
(157,982)
-
METLIFE INC
-
125,635
(17,783)
107,852
MCKESSON CORP
MICROSOFT CORP COM
307,311
8,347
(35,042)
280,616
MYLAN INC
-
43,528
(1,956)
41,572
NIKE INC CL B
-
45,726
(2,054)
43,672
NORTHROP GRUMMAN CORP
54,115
-
(4,810)
49,305
ORACLE CORP
38,133
-
(38,133)
-
PEPSICO INC
83,792
2,603
(40,615)
45,780
PETSMART INC
23,540
-
(23,540)
-
315,636
14,009
(28,536)
301,109
PHILIP MORRIS INTL INC
79,333
2,740
(79,333)
2,740
PITNEY BOWES INC
10,561
-
(474)
10,087
PRICELINE COM INC
5,045
-
(226)
4,819
PFIZER INC
PROCTER & GAMBLE CO
21,066
2,035
(946)
22,155
PROGRESSIVE CORP OHIO
142,637
10,186
(6,867)
145,956
PULTE GROUP INC
153,299
-
(6,889)
146,410
QUEST DIAGNOSTICS INC
34,094
-
(1,532)
32,562
RAYMOND JAMES FINANCIAL INC
16,477
11,573
(1,260)
26,790
RAYTHEON CO
-
29,755
(1,337)
28,418
REGAL BELOIT CORP
17,612
-
(791)
16,821
REGIONS FINANCIAL CORP NEW
32,016
-
(32,016)
-
8
PineBridge US Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED) Holdings 1 January 2013
Additions
Deductions
30 June 2013
Shares
Shares
Shares
Shares
RETAIL PROPERTIES OF AMERICA INC-A REIT
-
65,412
(2,939)
62,473
REYNOLDS AMERICAN INC
-
82,076
(39,385)
42,691
LISTED EQUITIES UNITED STATES OF AMERICA (CONTINUED)
SAFEWAY INC
66,986
-
(66,986)
-
SEAGATE TECHNOLOGY SHS
-
79,850
(3,588)
76,262
SLM CORP
-
199,955
(35,052)
164,903
SPDR S&P 500 ETF TRUST
58,955
117,055
(159,846)
16,164
ST JUDE MED INC
33,007
-
(33,007)
-
STANLEY BLACK & DECKER INC COM
-
44,844
(2,015)
42,829
STARWOOD HOTELS&RESORTS WRLD
7,349
-
(7,349)
-
SVB FINL GROUP COM
2,413
17,366
(108)
19,671
TARGET CORP
12,336
57,142
(1,635)
67,843
TESORO CORP
56,340
9,965
(9,381)
56,924
134,471
5,599
(13,527)
126,543
TEXAS INSTRS INC THE TRAVELERS COS INC
-
2,985
-
2,985
THERMO FISHER SCIENTIFIC INC
-
53,136
(53,136)
-
TIME WARNER CABLE INC
-
36,444
-
36,444
TJX COS INC NEW
89,749
-
(89,749)
-
TWENTY-FIRST CENTURY FOX INC (FORMERLY KNOWN AS NEWS CORP CLASS A)
31,648
144,682
(14,778)
161,552
TYCO INTL LTD SHS
124,753
3,896
(10,145)
118,504
UNION PAC CORP
34,817
-
(34,817)
-
UNITED PARCEL SERVICE INC CLASS B
61,651
-
(61,651)
-
UNITED THERAPEUTICS CORP DEL COM
-
37,011
-
37,011
UNITEDHEALTH GROUP INC
80,271
8,722
(88,993)
-
UNUM GROUP (FORMERLY KNOWN AS UNUMPROVIDENT CORP)
41,794
-
(41,794)
-
-
157,722
(157,722)
-
107,216
23,879
(24,797)
106,298 87,328
US BANCORP DEL VALERO ENERGY CORP NEW VERIZON COMMUNICATIONS
-
93,437
(6,109)
VERTEX PHARMACEUTICALS INC
44,847
-
(44,847)
-
VIACOM INC NEW CLASS B
68,781
-
(30,520)
38,261
VIRGIN MEDIA INC
-
14,218
(14,218)
-
VISA INC COM CL A
34,736
-
(34,736)
-
VMWARE INC CLASS A
25,616
-
(25,616)
-
WAL MART STORES INC
72,618
20,860
(3,927)
89,551
131,690
-
(131,690)
-
WELLS FARGO & CO NEW
84,597
91,205
(120,715)
55,087
ZIMMER HLDGS INC
48,552
-
(2,181)
46,371
3M CO
50,871
-
(50,871)
-
WARNER CHILCOTT PLC IRELAND SHS A
9
PineBridge US Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) PineBridge US Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended. The Fund is managed in accordance with the distinct investment policy. Investment objectives and policies The Fund seeks to provide capital appreciation through a managed portfolio of shares in US Companies. 30 June 2013
30 June 2012
30 June 2011
HK$
HK$
HK$
2,797,626,564
2,278,207,335
2,191,295,935
2,964
5,183
2,034
21,696,738
16,137,772
17,589,445
Investments and investment income Total value of investments Interest on bank deposits Dividend income (net of withholding tax) Net foreign currency losses
(24,521)
Net income excluding capital appreciation
(27,172)
(30,518)
19,848,735
14,481,729
15,921,699
366,009,016
192,248,620
138,132,398
Net appreciation of investments and derivative financial instruments - realized and unrealized
Performance table Net asset value Total net
Net asset
Number of units
asset value
value per unit
in issue
HK$
HK$
HK$
30 June 2013 - Provident Fund units
2,805,393,185
16.30
172,066,278
31 December 2012 - Provident Fund units
2,555,603,416
14.13
180,852,971
31 December 2011 - Provident Fund units
2,055,274,374
11.94
172,198,898
10
PineBridge US Equity Fund Investment Report For the six months ended 30 June 2013 (Unaudited) Performance table (Continued) Performance record for the past 10 years
30 June 2013 - Standard units - Accumulation (Note 2) 30 June 2013 - Provident Fund units 31 December 2012 - Standard units (Note 2) 31 December 2012 - Provident Fund units 31 December 2011 - Standard units (Note 2) 31 December 2011 - Provident Fund units 31 December 2010 - Standard units (Note 2) 31 December 2010 - Provident Fund units 31 December 2009 - Standard units (Note 2) 31 December 2009 - Provident Fund units 31 December 2008 - Standard units (Note 2) 31 December 2008 - Provident Fund units 31 December 2007 - Standard units (Note 2) 31 December 2007 - Provident Fund units 31 December 2006 - Standard units (Note 2) 31 December 2006 - Provident Fund units 31 December 2005 - Standard units (Note 2) 31 December 2005 - Provident Fund units 31 December 2004 - Standard units (Note 2) 31 December 2004 - Provident Fund units 31 December 2003 - Standard units (Note 2) 31 December 2003 - Provident Fund units
Highest issue price per unit HK$
Lowest redemption price per unit HK$
Investment return (Note 1) %
-
-
-
16.79
14.41
15.38
-
-
-
14.34
12.11
18.39
-
-
-
12.62
10.27
4.33
-
-
-
11.45
9.31
15.01
-
-
-
10.07
5.98
25.99
-
-
-
12.04
6.45
-
-
-
12.73
11.32
5.86
-
-
-
11.59
9.99
11.05
-
-
-
10.56
9.28
5.18
-
-
-
9.88
8.68
5.97
-
-
-
9.30
6.67
26.86
(35.20)
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the net asset value per unit at the beginning of the period. Note 2: No Standard units were issued by the Fund for period ended 30 June 2013 and the years ended 31 December 2003, 31 December 2004, 31 December 2005, 31 December 2006, 31 December 2007, 31 December 2008, 31 December 2009, 31 December 2010, 31 December 2011 and 31 December 2012. The “Standard units” have been renamed to “Standard units – Accumulation” with effect from 27 June 2013. 11
PineBridge US Equity Fund Statement of Net Assets As at 30 June 2013 (Unaudited) 30 June 2013 HK$
31 December 2012 HK$ (Audited)
Assets Current assets Investments Derivative financial instruments Dividends receivable Interest receivable Amounts receivable on subscription Cash and cash equivalents
2,797,626,564 7 2,000,849 39 6,861,289 2,391,244
2,548,725,269 1,834,556 13 4,258,753 4,109,769
Total assets
2,808,879,992
2,558,928,360
Liabilities Current liabilities Derivative financial instruments Amounts payable on redemption Accounts payable and accrued expenses
377 3,092,048 394,382
186 2,884,767 439,991
Total liabilities
3,486,807
3,324,944
2,805,393,185
2,555,603,416
Equity Net assets attributable to unitholders
On behalf of AIA Company (Trustee) Limited
On behalf of PineBridge Investments Hong Kong Limited
________________________ Director
________________________ Director
12
PineBridge US Equity Fund Statement of Comprehensive Income For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
Income Interest on bank deposits Dividend income Net gains on investments and derivative financial instruments Net foreign currency losses
2,964 30,532,606
5,183 22,570,562
366,009,016 (24,521)
192,248,620 (27,172)
Total investment income
396,520,065
214,797,193
Expenses Trustee's fee Custodian and administration fees Audit fee Bank charges Legal and professional fee Other expenses
679,683 1,016,134 57,753 350 4,123 68,403
560,702 970,772 53,670 350 48,560
Total operating expenses
1,826,446
1,634,054
394,693,619
213,163,139
Net profit before tax Withholding tax
(8,835,868) 385,857,751
Total comprehensive income
13
(6,432,790) 206,730,349
PineBridge US Equity Fund Statement of Changes in Equity For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
2,555,603,416
2,055,274,374
Proceeds from issue of 15,133,371 (30 June 2012: 13,366,492) units
237,538,907
173,810,054
Payments on redemption of 23,920,064 (30 June 2012: 11,538,407) units
(373,606,889)
(151,694,121)
Net (decrease) / increase from unit transactions
(136,067,982)
22,115,933
Total comprehensive income
385,857,751
206,730,349
2,805,393,185
2,284,120,656
Balance at the beginning of the period
Balance at the end of the period
14
PineBridge US Equity Fund Statement of Cash Flows For the six months ended 30 June 2013 (Unaudited) 30 June 2013 HK$
30 June 2012 HK$
Total comprehensive income
385,857,751
206,730,349
Adjustment for: Dividend income Interest on bank deposits Withholding tax
(30,532,606) (2,964) 8,835,868
(22,570,562) (5,183) 6,432,790
Operating profit before working capital changes
364,158,049
190,587,394
(248,901,295) 184 (45,609)
(232,637,840) (22) (29,744)
115,211,329
(42,080,212)
21,530,445 2,938
16,468,323 5,301
136,744,712
(25,606,588)
234,936,371 (373,399,608)
175,616,377 (150,550,220)
(138,463,237)
25,066,157
Cash flows from operating activities
Net increase in investments Net change in derivative financial instruments Net decrease in accounts payable and accrued expenses Cash generated from / (used in) operations Dividend income received Interest on bank deposits received Net cash generated from / (used in) operating activities Cash flows from financing activities Proceeds from issue of units Payments on redemption of units Net cash (used in) / generated from financing activities
(1,718,525)
Net decrease in cash and cash equivalents
(540,431)
Cash and cash equivalents at the beginning of the period
4,109,769
5,142,264
Cash and cash equivalents at the end of the period
2,391,244
4,601,833
2,391,244
4,601,833
Analysis of balance of cash and cash equivalents Cash at banks
15
