Fund performance

Annual performance
Perinvest Asia Dividend Equity B USD

Evolution of the annual performance of Perinvest Asia Dividend Equity B USD vs MSCI AC Asia in USD(1)

(1) MSCI All Countries Asia excluding Japan Index in USD. The fund is actively managed and its portfolio differs from the index mentioned. Consequently, the performance of the fund will differ from the performance of the index.

Evolution of the NAV (Net Asset Value) of Perinvest Asia Dividend Equity B USD vs MSCI AC Asia in USD(1)

(1) MSCI All Countries Asia excluding Japan Index in USD. The fund is actively managed and its portfolio differs from the index mentioned. Consequently, the performance of the fund will differ from the performance of the index.

Latest NAV in USD
(21-09-2018)
165,49

Cumulative returns
as of 21-09-2018

Fund MSCI AC Asia in USD (1)
YTD -5,97% -6,98%
1 year -8,80% -1,94%

Annualized returns as of 21-09-2018

Fund MSCI AC Asia in USD (1)
3 years 9,48% 11,35%
5 years 6,33% 5,98%
10 years 9,57% 7,56%
Origin* 4,81% 2,86 %

* from launch date of the sub-fund (2008).

Past performance is no guarantee of future performance.

Source: Banque Degroof Petercam Luxembourg and Bloomberg for the period 2008 - 2018

The returns are calculated in the reference currency: USD (returns in EUR can go up or down depending on exchange rate fluctuations). The historical performance in EUR was negatively affected by exchange rate fluctuations.

The returns are calculated in the reference currency of the share class, reflect ongoing charges, including management and performance fees, taken from the sub-fund, but do not reflect any entry charges you might have to pay.

The calculations of yields are based on the historical NAVs which are consultable in the newspapers l'Echo or De Tijd.

General information

Name of fund Perinvest (Lux) SICAV
Name of sub-fund Asia Dividend Equity
Type of product/ legal form/ applicable duty and applicable duration UCITS sub fund, being a SICAV under Luxembourg Law with undefinite end
Share class B USD
Dividend policy Capitalisation
Launch date 2008
ISIN code LU0338622292
Minimum initial inv. $100
Type of fund UCITS
Liquidity Daily
Domicile Luxembourg
Type of investor All investors
Management fee 1.50%
Performance fee 15% High Watermark
Entry fee* Max. 5%
Ongoing charges (as of 31/12/17) 1,97%
Stock exchange transaction tax at redemption (or conversion) in Belgium 1,32% (max 4.000 EUR)
Belgian tax on savings (Belgian withholding tax at redemption) N/A
Belgian withholding tax on dividends N/A

 

Risk and Reward Profile

1 2 3 4 5 6 7

Lower risk (but not risk-free)

Potentially lower reward

Higher risk


Potentially higher reward

For more information about the fund’s risk/reward profile see the latest KIID and prospectus.

* There are no entry fees for subscription to actively managed funds through a discretionary management mandate, investment advice mandate or reception and transmission of client orders mandate signed with TreeTop Asset Management Belgium.

Mediation service
For complaints relating to investment products and services - address your concern to the financial sector Ombudsman: Banks – Credits - Investments Mediation Service, North Gate II, Avenue Roi Albert II 8 B-1000 Brussels (www.ombudsfin.be or [email protected]).
The mediation service may suggest solutions for resolving the dispute. In the event of a lack of mutual acceptance of the proposed solutions, either party can turn to the competent courts.

Handling of client complaints
Send your complaint, in writing, to the attention of the “Compliance Officer”, at the following address: TreeTop Asset Management Belgium, rue des Francs, 79, 1040 Brussels.
We will send you an acknowledgement of receipt within 5 working days. We will analyze your complaint and give a detailed response in the month following its receipt, provided that the complaint is complete and specific.

 

Documents

It is essential to read and aknowledge the fund information documents before subscribing. The KIID, prospectus and the last annual and semi annual reports are at your disposal.

The NAVs of the sub­fund are also published in the newspapers l'Echo or De Tijd.

You can obtain additional information on this fund, including the prospectus, the latest annual report, any later semi-annual report and the most recent price of the shares from the fund management company established at 12, rue Eugène Ruppert, L-2453 Luxembourg. They are available free of charge in English, French and Dutch.

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Ann. Perf.
2018 7,14% -6,32% -0,19% 2,55% -1,59% -6,37% 0,08% -1,27% - - - - -5,97% (YTD)
2017 5,36% 4,30% 4,93% 1,61% 1,41% 3,70% 0,61% 3,00% 0,48% 0,36% -0,95% 2,09% 30,10%
2016 -9,98% -0,31% 11,02% 2,84% -1,06% 4,09% 3,43% 1,43% 0,90% -0,94% -3,77% -0,75% 5,80%
2015 0,49% 3,69% -0,56% 17,03% -0,61% -3,70% -7,65% -10,51% -1,45% 7,57% -3,46% 2,01% -0,40%
2014 4,75% 0,98% -3,63% 2,76% 0,77% 0,21% 3,36% -0,30% -1,88% -3,35% 3,12% -2,05% 3,70%
2013 6,78% 2,66% -1,62% -0,62% 5,76% -7,42% 3,84% -2,94% 5,97% 4,10% -2,60% -0,78% 14,20%
2012 7,11% 5,87% -1,56% 0,04% -8,90% 2,78% 2,15% 2,19% 4,46% -0,49% 2,10% 3,39% 19,80%
2011 -0,72% -0,02% -0,34% 4,43% -1,17% -1,30% 0,45% -7,85% -13,30% 8,19% -6,52% -1,56% -19,50%
2010 2,01% 0,71% 7,43% 7,78% -10,16% 2,49% 9,24% -0,06% 9,89% 1,54% 0,52% 6,86% 43,30%
2009 -3,08% -4,19% 1,24% 17,52% 24,44% 0,32% 8,70% 6,85% 6,86% 4,47% 4,91% 2,28% 91,90%
2008 -4,16% 0,51% -4,36% 1,90% 2,06% -11,60% -4,96% -7,06% -10,32% -37,73% -6,58% 4,84% -59,10%
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Perf. Ann.
2018 188,55 176,64 176,31 180,81 177,94 166,60 166,74 164,62 - - - - -5,97% (YTD)
2017 142,42 148,54 155,86 158,37 160,60 166,55 167,56 172,58 173,41 174,03 172,38 175,99 30,10%
2016 115,17 114,81 127,46 131,08 129,69 134,99 139,62 141,61 142,89 141,54 136,20 135,18 5,80%
2015 128,38 133,12 132,38 154,93 153,99 148,30 136,95 122,56 120,78 129,92 125,42 127,94 -0,40%
2014 128,16 129,42 124,72 128,16 129,15 129,42 133,77 133,37 130,86 126,48 130,43 127,76 3,70%
2013 115,88 118,96 117,03 116,30 123,00 113,87 118,24 114,76 121,61 126,60 123,31 122,35 14,20%
2012 97,04 102,74 101,14 101,18 92,18 94,74 96,78 98,90 103,31 102,80 104,96 108,52 19,80%
2011 111,73 111,71 111,33 116,26 114,90 113,40 113,91 104,97 91,01 98,46 92,04 90,60 -19,50%
2010 80,10 80,67 86,66 93,40 83,91 86,00 93,95 93,89 103,18 104,77 105,31 112,54 43,30%
2009 39,66 38,00 38,47 45,21 56,26 56,44 61,35 65,55 70,05 73,18 76,77 78,52 91,90%
2008 95,84 96,33 92,13 93,88 95,81 84,70 80,50 74,81 67,09 41,78 39,03 40,92 -59,10%

Fund strategy

The Fund investment objective is to earn a reasonable dividend yield each year and to exceed the Morgan Stanley Capital International Asia Ex Japan Index over the medium to long term. Under normal conditions, the Sub-Fund principally invests in shares of small Asian companies. The primary focus of the Sub-Fund will be on publicly quoted equities of companies which have market capitalisations of less than 2.5 billion USD. The Sub-Fund may use derivatives to reduce its exposure to various investment risks (hedging) and for efficient portfolio management, but not to directly seek investment gains. The investment manager uses economic data, onsite visits and management calls to determine the level of investment in companies that appear to have the potential for growth.

Fund Manager

James Morton

The Fund Manager will seek to create a balanced portfolio thus reducing risk while at the same time targeting a reasonable yield.

·         Geographic Spread: The Investment Manager believes that the current concentration of high yields among equities with attractive balance sheets and growth potential makes South East Asia the region of greatest appeal for this particular mandate. The UK also offers a significant concentration of companies that pay good yields, many of which should be sustainable. The other area of concentration is likely to be what can be loosely grouped under the heading of “Old  Commonwealth” and in particular Canada. There is also likely to be representation from Continental European markets. Holland has a number of listed companies with yields that meet the Fund's criteria. Scandinavia, Switzerland and France also contain a few high yield securities, as do some of the developing economies in Eastern Europe.

·         Sector Spread: Traditional high yield areas such as financial services and property. It is the intention of the Investment Manager that the Fund will include investments from those sectors but will also target industries where the Investment Manager believes companies have higher earnings growth potential, with the aim of avoiding over emphasis on income at the expense of capital appreciation. The Investment Manager believes it is possible to find shares yielding over 5% in the following sectors: building materials, chemicals, consumer products, engineering, food, logistics, media, publishing, packaging and pharmaceuticals.

·         Size Spread: It is the intention of the Investment Manager that the portfolio will include companies ranging from large cap companies (in excess of $2.5 billion) to micro cap (below $50 million).

In choosing investments, especially equities, the Investment Manager will pay particular attention to:

o   The historical dividend record including growth over the past five years.

o   The earnings and cash flow capability of the company and its prospects for future dividend growth.

o   The balance sheet leverage to ensure that the company has the ability to finance its continuing operations while maintaining or growing its dividend.

o   Externalities which could affect the ability of the company to pay dividends, both market and regulatory.

The assets of the Fund are subject to market fluctuations and the risks inherent in any investment in equities.

Other than the usual risks inherent in holding equities, the Fund is vulnerable to the liquidity problems associated with small-cap stocks.

Investment in Asian countries offers new growth opportunities. However, these markets are also likely to be affected by risks relating to the social and political changes which these countries are undergoing. Certain economic or financial factors such as inflation rate, regulation and restrictions on foreign exchange, limited liquidity of the markets, higher volatility in prices, rates and currencies, delayed settlements and transactions costs, counterparty risks linked to payments made prior to delivery of securities, differences in auditing and information on the issuers of securities, entail a degree of risk greater than the degree of risk associated with investment in more sophisticated markets.

No guarantee can be given that the Fund’s objective will be achieved and that investors will recover the amount of their initial investment.

Main risk factors defining the risk level

The risk/reward rating of the Fund reflects the following factor: it is invested in shares which carry higher risks than bonds or money market instruments.

Other risks to be considered

Moreover, it can be exposed to unusual market conditions which could trigger other risks: operational risk (the Fund could lose some or all of its investments through fraud, corruption, political or military actions, the seizure of assets, or other irregular events), counterparty risk (the Fund could lose money if an entity with which it does business becomes unwilling or unable to honor its commitments), default risk (the issuers of certain bonds could become unable to make payments on their bonds), derivatives risk (certain derivatives could increase the volatility or expose the Fund to losses greater than the cost of the derivative), liquidity risk (certain securities could become hard to value, or to sell at a desired time and price) and management risk (portfolio management techniques that have worked well in normal market conditions could prove ineffective or detrimental during unusual conditions).

Portfolio allocation

Geographic spread

* South Korea 7,0% - Singapore 6,0% - Indonesia 6,0% - Thailand 5,0% - Philippines 2,0% - Malaysia 1,0%

Top 10 sorted by underlying

Description Weight (% NAV)
Total 37,8%
Qingdao Port 5,1%
Sinotruk Hong Kong 4,5%
Korea Investment 3,9%
Accordia Golf 3,9%
Tripod Technology 3,8%
Yuexiu Property 3,6%
IRB Invit Fund 3,4%
Yuzhou Properties 3,4%
China Petroleum 3,3%
Xingda Int 2,9%

Type of securities

Sector breakdown by underlying value

Equity Play / Yield Play

Top 5 convertible bonds

Top 5 equities

Top 10 by instrument

Description Weight (% NAV)
Total 37,8%
Qingdao Port 5,1%
Sinotruk Hong Kong 4,5%
Korea Investment 3,9%
Accordia Golf 3,9%
Tripod Technology 3,8%
Yuexiu Property 3,6%
IRB Invit Fund 3,4%
Yuzhou Properties 3,4%
China Petroleum 3,3%
Xingda Int 2,9%

Market capitalisation

Evolution of ratios

* Before 30/06/2006, these data are issued from underlying stocks of the SICAV TreeTop Convertible International.

Other statistics