|SYMBOL||% OF PORTFOLIO|
|Industrial & Commercial Bank of China Ltd.||1398 HK||3.5%|
|Samsung Electronics Co. Ltd.||005930 KS||3.3%|
|ICICI Bank Ltd.||IBN US||3.3%|
|Reliance Industries Ltd.||RIL IN||2.9%|
|Baidu, Inc.||BIDU US||2.8%|
|Halliburton Co.||HAL US||2.7%|
|Itau Unibanco Holding S.A.||ITUB US||2.5%|
|Taiwan Semiconductor Manufacturing Co. Ltd.||2330 TT||2.2%|
|China Mobile Ltd.||941 HK||2.1%|
|Sberbank of Russia PJSC||SBER LI||2.1%|
|Grupo Financiero Banorte S.A.B. de C.V.||GFNORTEO||2.0%|
|Cielo S.A.||CIEL3 BZ||1.9%|
|Emaar Properties PJSC||EMAAR UH||1.9%|
|Kroton Educacional S.A.||KROT3 BZ||1.6%|
|Glencore plc||GLEN LN||1.6%|
|Citigroup, Inc.||C US||1.3%|
|LUKOIL PJSC||LKOD LI||1.3%|
|KT&G Corp.||033780 KS||1.2%|
|Grupo Mexico S.A.B. de C.V.||GMEXICOB||1.1%|
|Galaxy Entertainment Group Ltd.||27 HK||1.1%|
|First Quantum Minerals Ltd.||FM CN||1.0%|
Industrial and Commercial Bank of China (ICBC) is the largest commercial bank in China in terms of total assets, loans and deposits. ICBC primarily operates in China and provide an extensive range of commercial banking products and services through over 18,000 branches and outlets.
ICBC was converted from a state-owned commercial bank to a joint-stock limited company in 2005, with the Ministry of Finance (MOF) and Huijin Investment as the promoters as well as international strategic investors including Goldman Sachs, Allianz and American Express. Since then, ICBC has been a key player in China's modern banking history. While ICBC remains primarily a corporate lender, the retail banking franchise is growing fast, accounting for one third of revenue.
ICBC competes primarily with other commercial banks in China. The company may face increasing competition from foreign commercial banks as restrictions on geographical presence, customer base and operating licenses in China have been removed pursuant to China's WTO commitments.
ICICI Bank Ltd. is engaged in providing a wide range of banking and financial services, which includes commercial banking and treasury operations to corporate and retail customers through a variety of delivery channels. Through its specialized subsidiaries in the areas of commercial banking, retail banking, life and non-life insurance, project and corporate finance, working capital finance, venture capital and private equity, investment banking, asset management, broking and treasury products and services.
The company operates through four segments: Retail Banking, Wholesale Banking, Treasury and Other Banking. The Retail Banking segment includes exposures of the bank, which satisfy the four qualifying criteria of regulatory retail portfolio as stipulated by the RBI guidelines on the Basel II framework. The Wholesale Banking segment includes all advances to trusts, partnership firms, companies and statutory bodies, by the bank which are not included in the Retail Banking segment, as per the RBI guidelines for the bank. The Treasury segment includes the entire investment portfolio of the bank. The Other Banking segment includes leasing operations and other items not attributable to any particular business segment of the bank. ICICI Bank was founded on January 5, 1994 and is headquartered in Mumbai, India.
Source - Factset
Reliance Industries Ltd. engages in exploration and production of oil and gas, petroleum refining and marketing textiles, retail and special economic zones. The company also markets petrochemicals, polyester, fiber intermediates, plastics and chemicals. It has three reportable segments: petrochemicals, refining and oil & gas. The petrochemicals segment includes production and marketing operations of petrochemical products, including high and low density polyethylene, polypropylene, polyvinyl chloride, poly butadiene rubber, polyester yarn, polyester fibre, purified terephthalic acid, paraxylene, ethylene glycol, olefins, aromatics, linear alkyl benzene, butadiene, acrylonitrile, caustic soda and polyethylene terephthalate. The refining segment includes production and marketing operations of the petroleum products. The oil & gas segment includes exploration, development and production of crude oil and natural gas. Reliance Industries was founded by Dhirubhai Hirachand Ambani in 1966 and is headquartered in Mumbai, India.
Baidu is the leading internet search engine in China. As with Google, advertisers bid on Baidu-generated "key words." Baidu is paid a fee when one uses its search function, clicks on a key word, and moves to the advertiser's website. The company has nearly 80% market share of Chinese search, making it more dominant than Google is in the United States.
As online penetration increases, advertisers should begin to switch their advertising spending from more traditional media (ie TV, newspaper) to online mediums (ie internet search, video). The average Chinese person spends roughly 3x of his or her personal time using the internet versus watching TV. Despite this dynamic, 60% of China's advertising budgets are spent on TV, 6x those that target the internet. As the proportion of advertising spend adjusts to time spent on various media activities, online advertising spending should begin to take share.
As social networking websites like Facebook and Twitter become more prevalent, concerns arise over whether these platforms can become a popular method for advertising, diverting business from Baidu. However, the effectiveness and return on investment of the search medium is well-documented, while the newer social advertising business models are still young and unproven.
Itau Unibanco is a leading full-service bank in Brazil. It is a product of the 2008 merger between Itau and Unibanco. Its wide product offering and established position in one of the world's largest developing economies gives it a long-tailed growth trajectory. It has steadily grown its product breadth and depth and earned consistently high returns on equity. It benefits from the continued financialization of the region with competitive offerings in both corporate and retail markets.
Brazil has benefited greatly from a strong commodity cycle. As the resource intensity of developing economies grows at a slower pace, Itau should continue to benefit from the low penetration of some banking services. It is a leader in mortgages in a country with low home ownership rates. Moreover, Itau has proven adept at cutting costs in slower economic cycles and generating returns in many economic circumstances.
Taiwan Semiconductor is the largest independent semiconductor foundry in the world. The industry is characterized by process orientation and scale, and TSM leads in both. It is the only company in its industry with the financial resources to continue to invest in both R&D and capital equipment/process technologies throughout the business cycle. TSM has manufactured chips for over 500 different customers globally, with a huge array of end market applications, including automotive, cell phones, video games, DVD players, digital camera, medical devices, etc.
Although margins are very volatile, cash flow generation has been robust, and TSM continues to gain share over time. Since being founded in 1987, TSM has been at the leading edge of technology manufacturing.
China Mobile is the incumbent wireless provider in China and is the world's largest wireless telecom operator with over 760 million mobile subscribers. The company holds licenses to operate nationwide 2G (GSM) and 3G (TD-SCDMA) services. China Mobile's dominant 2G network covers over 98% of the population. In its 3G network China Mobile continues to gain market share, having added over 100 million customers in 2013.
Towards the end of 2013, China Mobile was the first wireless telecom carrier in China to receive a 4G (TD-LTE) network license. The company is focused on building the infrastructure to support the 4G (TD-LTE) technology and have half a million base stations around China that will deliver continuous coverage to all cities and urban areas by the end of 2014. China Mobile may grow revenue and operating profit through driving higher data usage and 4G penetration, increasing minutes of use, managing churn, and continuing to add subscribers.
As the incumbent telecom, China Mobile benefits from significant economies of scale and a mature, cash generative, core franchise. Over the next few years capital expenditure should decrease and free cash flow generation should ramp up in a company that already pays an attractive dividend.
Sberbank is the dominant commercial bank in Russia with more than 20,000 branches nationwide. It is the country's leading bank by assets, loans and deposits. The publicly traded bank, which skews more toward corporate than retail lending, offers brokerage and foreign exchange services, and is state-controlled. Given its position as Russia's largest commercial bank with an extensive branch network, it has real potential to capitalize on the country's relatively low credit penetration and growing credit demand. Aging infrastructure, rising per capita income and low consumer debt levels should support the stock.
Grupo Financiero Banorte SAB de CV engages in the provision of commercial and retail banking services. The company operates through the following segments: banking sector, long-term savings sector, brokerage sector, Sofom, and other finance companies sector. The banking sector segment offer universal banking services through the following segments: retail banking and wholesale banking. The retail banking segment provides non-specialized banking products and services through several distribution channels. The Wholesale Banking segment comprises of transactional banking, middle-market & corporate banking, government banking; and international banking and financial institutions. The long-term savings sector segment offers life and damages insurance, as well as pension fund management. The brokerage sector segment operates through Casa de Bolsa Banorte Ixe and Operadora de Fondos Banorte Ixe, which provides products and services to individuals and corporations including brokerage services, financial advisory, portfolio structuring and portfolio management, asset management, investment banking and sale of investment funds and debt instruments. The Sofom and other finance companies sector segment provides warehousing, leasing and factoring services. The company was founded in 1899 and is headquartered in Monterrey, Mexico.
Cielo SA engages in the provision of merchant, payment processing, and credit and debit card services. It includes capturing and processing of transactions with credit and debit cards, other means of payment and accreditation of merchants. The company was founded on November 23, 1995 and is headquartered in Barueri, Brazil.
Emaar Properties PJSC is a Dubai-based global property and development company. The company operates its business through the following segments: Property Development UAE, Property Development International, Malls & Retail and Hotels Resorts & Hospitality. Emaar Properties was founded on June 23, 1997 and is headquartered in Dubai, United Arab Emirates.
Kroton Educacional SA is a private educational organization. Operating in the primary, secondary, and postsecondary education segment. The company was founded on April 11, 1966 and is headquartered in Belo Horizonte, Brazil.
Source - Factset
Citigroup is a diversified financial services holding company that provides a broad range of financial services to consumer and corporate customers around the world. The Company's services include investment banking, retail brokerage, corporate banking, and cash management products and services.
Citigroup's strategy focuses on banking trade flows between emerging markets, banking the affluent customer in emerging markets, and restructuring its U.S. retail bank. Citigroup has a global franchise with the ability to capture the banking revenues associated with trade flows as well as handle the cash management business of corporations. Banking the global emerging consumer is an attractive business with good returns and also provides Citigroup with the necessary deposits to fund its Corporate bank. Lastly, the realignment of the U.S. business and redeployment of that capital into higher return businesses with the potential for faster growth could lead to a business with a better than industry returns over time.
KT&G Corp. engages in the manufacture and sale of tobacco products. It operates through the following business divisions: Tobacco, Health Functional Food, Foods, Tobacco Leaf, Pharmaceuticals, Tobacco Materials, Trading and Real Estates. The Health Functional Food manufactures and sells red ginseng, red ginseng products and healthy foods. The Foods business provides groceries and beverages. The Tobacco Leaf division engages in cultivation of tobacco leaf lands. The Pharmaceutical division manufactures and sales drugs, biotech drugs, non-pharmaceutical health complements, other related products, medical goods and equipment. The Tobacco Materials division engages in the manufacture and distribution of raw materials needed in production of tobacco. The Real Estates division offers rentals, sales and housing development. It was founded on April 1, 1987 and is headquartered in Daejeon, South Korea.
Grupo Mexico S.A. is a Mexico City-based company engaged in mining and railway transportation in Latin America. The Company consists of two principal subsidiaries: Americas Mining Corporation (AMC) and Infraestructura y Transportes Mexico, S.A. AMC in turn owns Southern Copper Corporation (SCC), a NYSE-listed company which owns mines, metallurgic plants and exploration projects in Mexico, Peru, and Chile. Southern Copper Corporation is one of the world’s largest vertically integrated copper producers and its reserve base is among the largest of any publicly traded company. SCC is engaged in copper mining; smelting of copper concentrates to produce impure “blister” copper; and the refining of blister copper to produce cathodes (refined copper) in the form of wire rods, cakes, or ingots. In addition, molybdenum, silver, and small amounts of other metals are contained in copper ore as by-products. SCC’s products are sold worldwide.
Infraestructura y Transportes Mexico is active in freight transportation and logistics. It operates through Grupo Ferroviario Mexicano, which runs a railroad in Mexico; Intermodal Mexico, which provides logistics services for shipping, and Texas Pacifico, which operates a railroad linking Mexico and Texas.
Galaxy Entertainment is one of six casino operators with a license to operate in Macau. The company operates two flagship properties at the moment: Galaxy Macau and Starworld and is in the process of doubling the size of Galaxy Macau through Phase 2 expansion on the Cotai Peninsula.
The majority of Macau casino customers originate from China and Hong Kong with most of the revenue currently driven by the VIP market. The mass market opportunity though is increasing with rising wealth in China and infrastructure projects that enable easier access into Macau. Galaxy is well positioned to capture this incremental share.
|SYMBOL||% OF PORTFOLIO|
|Alibaba Group Holding Ltd.||BABA US||6.1%|
|Tencent Holdings Ltd.||700 HK||4.7%|
|Unilever N.V.||UN US||3.3%|
|British American Tobacco plc||BTI US||2.9%|
|HDFC Bank Ltd.||HDFCB IN||2.9%|
|AIA Group Ltd.||1299 HK||2.4%|
|China Unicom Hong Kong Ltd.||762 HK||2.1%|
|Novartis AG||NVS US||2.1%|
|Fibra UNO Administracion S.A. de C.V.||FUNO11 MM||2.1%|
|Sanlam Ltd.||SLM SJ||1.9%|
|QUALCOMM, Inc.||QCOM US||1.9%|
|Yum China Holdings, Inc.||YUMC US||1.7%|
|Bank Central Asia Tbk PT||BBCA IJ||1.4%|
|Shanghai International Airport Co. Ltd.||600009 C1||1.3%|
|Bharti Infratel Ltd.||BHIN IN||1.3%|
|Facebook, Inc.||FB US||0.9%|
Alibaba Group was the largest online and mobile commerce company in the world by gross merchandise volume in 2013. Alibaba operates platforms for third parties and does not engage in direct sales or hold inventory. Alibaba Group started as an online B2B marketplace platform, alibaba.com, in 1999. In 2003, it launched an online C2C marketplace platform, Taobao. In 2008, it launched an online B2C marketplace platform, Tmall.
Taobao currently has 85% market share in China C2C ecommerce market. Tmall has 55% market share in China B2C ecommerce market. We believe Alibaba Group is a beneficiary of 1) growth in China consumption, and 2) increasing penetration of online retail to offline retail.
Tencent is a leading Chinese Internet company offering an instant messaging service, a social networking site, a news/entertainment portal, and an online gaming platform. In the gaming division, Tencent is a leading provider of both casual games and massively multiplayer online games (MMOG) and utilizes in-house development and third party licensing. Its key asset is its large instant messaging user base, which allows it to cross sell and monetize other services.
Even with a relatively low level of Internet penetration, China already boasts the world's largest online population. The number of Chinese people accessing the Internet should continue to increase as physical telecommunication infrastructure is built out and as more individuals are able to afford PCs. Tencent, which already has more than 500 million active users, will benefit from increasing internet penetration to the extent it can continue to monetize its massive user base. Today Tencent derives revenue from premium instant messaging services, online advertisements, wireless messaging, and online gaming. Notably, it has become a key online gaming player in a relatively short period of time.
Barriers to entry in the Internet space are relatively low given low capital intensity, and the rapid pace of technological innovation can make the competitive environment quite dynamic. Tencent's famous "QQ" brand, user base, significant net cash balance sheet, and substantial free cash generation are key competitive advantages which may be leveraged to grow both organically and inorganically.
Unilever NV engages in the production and marketing of consumer goods in the nutrition, hygiene, and personal care categories. It operates its business through the following segments: Personal Care, Foods, Refreshment, and Home Care. The Personal Care segment covers the sales of skin and hair care products, deodorants and oral care products. The Foods segment includes the sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads. The Refreshment segment sells ice cream, tea-based beverages, weight-management products and nutritionally enhanced staples sold in developing markets. The Home Care segment is in charge of the sales of home care products such as powders; liquids and capsules; soap bars; and a wide range of cleaning products. The company was founded on November 9, 1927 and is headquartered in Rotterdam, Netherlands.
HDFC Bank Ltd. engages in providing a wide range of banking and financial services, including commercial banking and treasury operations. It provides financial services to upper and middle income individuals and corporations in India. The company has two subsidiaries: HDFC Securities Ltd. and HDB Financial Services Ltd. HDFC Securities is primarily engaged in the business of providing brokerage services through the Internet and other channels with a focus to emerge as a full-fledged financial services provider. HDB Financial Services Ltd. is a non-deposit taking non-bank finance company typically underserviced by the larger commercial banks. The bank operates its business through four segments: Treasury, Retail Banking, Wholesale Banking and Other Banking Business. The Treasury segment consists of net interest earnings from the Bank's investment portfolio, money market borrowing and lending, gains or losses on investment operations and on account of trading in foreign exchange and derivative contracts. The Retail Banking segment serves retail customers through a branch network and other delivery channels. It raises deposits from customers and makes loans and provides advisory services to customers. The Wholesale Banking segment provides loans, non-fund facilities and transaction services to large corporates, emerging corporates, public sector units, government bodies, financial institutions and medium scale enterprises. The Other banking business segment includes income from para banking activities such as credit cards, debit cards, third party product distribution, primary dealership business and the associated costs. The company was founded in August 1994 and is headquartered in Mumbai, India.
Source – FactSet
AIA Group Ltd. is the largest independent, publicly listed pan-Asian life insurance group in the world. It has wholly-owned main operating subsidiaries or branches in 14 markets in Asia-Pacific and a joint venture in India. AIA meets the savings and protection needs of individuals by offering a range of products and services including retirement planning, life insurance, and accident and health insurance.
Estimates suggest that the life insurance gap in Asia is ~$30-35T and twice that amount when one considers health insurance, accident insurance, etc. AIA has the ability to sell its products into this large unmet need and provide consumers with a social safety net.
AIA was previously owned by AIG. During the financial crisis, the business became distracted by the issues at AIG. Now as an independent, public company, AIA has the ability to improve its margins and return profile. Additionally, the business is in a net cash position and can deploy it excess capital to improve returns.
Swiss-based Novartis manufactures and sells pharmaceutical and nutrition products worldwide. Novartis was formed from the 1996 merger of Sandoz and Ciba-Geigy, and is the world's fifth largest producer of non-prescription over-the-counter drugs. Novartis also holds nearly one-third of the voting stock of Roche, Europe's fifth largest drug company. Novartis also has a strong generic franchise, mostly marketed under the Sandoz name. The company is currently the number two global generics manufacturer after Teva. The acquisition of Alcon in 2010 has helped Novartis gain a leading position in the global eye-care market.
A solid balance sheet enables Novartis to pay a strong and growing dividend.
Fibra Uno Administración SA de CV is a real estate investment trust. It engages in the acquisition, development, rental, and operation of various types of real estate projects. Its portfolio comprises industrial properties such as Diamante, Guadalajara, La Joya, and Maravillas; retail properties which include Celaya, Tuxtla, Plaza Central, Taxco, Tuxtla II, and Chetumal; mixed-use properties such as Via Morelos, Lerma, Rentimex, Vallejo 2000, and Malecon Cancun. The company was founded in 2010 and is headquartered in Mexico City.
Sanlam Ltd. provides financial solutions to individual and institutional clients. Its solutions include individual, group and short-term insurance, personal financial services such as estate planning, trusts, wills, personal loans, health management, savings and linked products. The company operates through five segments: Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Santam and Corporate & Other. It also offers business fitness assessment and insurance investment management, asset management, employee benefits, risk management and capital market activities. Sanlam was founded on June 8, 1918 and is headquartered in Bellville, South Africa.
QUALCOMM, Inc. engages in the development, design, manufacture, and marketing of digital telecommunications products and services. It operates through the following segments: Qualcomm CDMA Technologies, Qualcomm Technology Licensing, and Qualcomm Strategic Initiatives. The Qualcomm CDMA Technologies segment develops and supplies integrated circuits and system software based on technologies for the use in voice and data communications, networking, application processing, multimedia, and global positioning system products. The Qualcomm Technology Licensing segment provides rights to use portions of the firm's intellectual property portfolio. The Qualcomm Strategic Initiatives segment invests in the technology, design, and introduction of products and services for voice and data communications. The company was founded by Franklin Antonio, Adelia Coffman, Andrew Cohen, Klein Gilhousen, Irwin Mark Jacobs, Andrew Viterbi, and Harvey White in July 1985 and is headquartered in San Diego, CA.
Source - Factset
PT Bank Central Asia Tbk engages in the provision of commercial banking and other financial services. The firm operates through the following geographical segments: Sumatera, Java, Kalimantan, East Indonesia, and Overseas Operations. It’s banking products and services include deposits account, transaction banking, electronic banking, cash management, credit cards, bancassurance, credit facilities, bank guarantees, export-import facilities, foreign exchange facilities, and investment products. The company was founded on August 10, 1955 and is headquartered in Jakarta, Indonesia.
Shanghai International Airport Co., Ltd. engages in the airport services of Pudong International Airport in Shanghai, China. It provides ground handling services and guaranteeing of the airport lounges facilities for aviation enterprises and passengers. Other services include managing and renting places, offices, stores and restaurants in the lounges; domestic trading; advertising; comprehensive developing and other investing projects permitted by the country. The company was founded on February 11, 1998 and is headquartered in Shanghai, China.
Source - Factset
Bharti Infratel Ltd. provides telecom tower and related infrastructure services. The company deploys, owns and manages telecom towers, and communications structures for various wireless operators. It provides access to towers, primarily to wireless telecommunications service providers on a shared basis, under long-term contracts and also additional services, such as signal transmission and first level maintenance services in relation to customer equipment at towers. Bharti Infratel was founded on November 30, 2006 and is headquartered in Gurgaon, India.
Facebook hosts a social networking service that allows its members to share content among their various social circles, and to restrict access through specified criteria. It is currently the pre-eminent global social platform, with ample room for international penetration growth, especially in emerging markets. It also has great scope to monetize its user base globally and to enjoy greater market share of online advertising, especially on mobile devices.
|SYMBOL||% OF PORTFOLIO|
|Yandex N.V.||YNDX US||1.6%|
|Hangzhou Hikvision Digital Technology Co. Ltd.||002415 C2||1.6%|
|BBVA Banco Frances S.A.||BFR US||1.5%|
|ams AG||AMS SW||1.5%|
|Sunny Optical Technology Group Co. Ltd.||2382 HK||1.5%|
|TAL Education Group||TAL US||1.4%|
|Ctrip.com International Ltd.||CTRP US||1.2%|
|GT Capital Holdings, Inc.||GTCAP PM||1.2%|
|Naspers Ltd.||NPN SJ||0.7%|
|China Animal Healthcare Ltd.||940 HK||0.1%|
Yandex is the leading search engine in Russia and affiliated Commonwealth of Independent States (CIS) countries with significantly higher market share than Google, its closest competitor in the region. Yandex has been able to maintain its lead over time through continuous investment in technology with the goal of providing relevant, unbiased, country-specific search results, as well as localized information, maps and services.
The company is benefiting from a number of trends which may prove to be multi-year in duration. Broadband penetration in Russia remains well below developed world levels and continues to increase as infrastructure improves, and as disposable income increases. Yandex also benefits from a growing advertising market in Russia, where advertising spend as a percentage of GDP remains low. Finally, Yandex benefits from the global trend of online advertising taking market share from traditional media.
Over the medium term, the core PC-based search business at Yandex faces competitive threats from social media, and from smart phone-based mobile search. Yandex seems well-positioned to adapt to a changing technological landscape given its heritage as an engineering-oriented company with a long history of innovation. Yandex has a strong balance sheet and its core search business is now generating substantial funds to be re-deployed in related ventures domestically and in the surrounding region.
Ctrip is a leading travel agent in China with a significant presence in air travel, hotel bookings, and packaged tours. Ctrip aggregates information on potential bookings from its air and hotel partners, and then connects these partners with customers through its online portal, call centers and local offices. Local sales people help to advertise the company's platform and provide physical delivery of tickets.
The Chinese travel industry continues to grow at a multiple of GDP, with government policy likely to support tourism growth in excess of GDP growth in most years. In addition, rising disposable income, increased hotel and flight availability, and improved infrastructure should support industry growth rates. Against this backdrop, Ctrip should be able to leverage its brand name and distribution network to maintain or increase market share over time, consistent with historical trends. While the Chinese travel industry is likely to experience a gradual migration to the Internet over time, Ctrip has substantially higher share online than it does offline and should benefit from this transition.
While Ctrip's business model is profitable and consistently generates free cash flow, the company's fixed cost base of agents and call centers leaves it somewhat vulnerable to ebbs and flows in Chinese travel demand. However, its capital-light business model and limited inventory leaves it in a good position to weather potential industry volatility.
GT Capital Holdings, Inc. is engaged in banking, real estate development, power generation, automotive and life insurance business. It operates through five portfolios, which include Banking, Real Estate Development, Power generation, Automotive and Insurance. The Banking portfolio offers corporate and commercial banking products and services, which include credit card, investment banking and trust services, deposits, mortgage and vehicle finance products and services. The Real estate development portfolio sells, operates and develops real estate properties. The Power generation portfolio produces power in the Visayas region. The Automotive portfolio manufactures, imports and wholesales and distributes Toyota brand motor vehicles. It also sells motor vehicle parts and accessories. The Insurance segment offers personal and group insurance products, which include life insurance and investment-linked insurance products. The company was founded on July 26, 2007 and is headquartered in Makati, Philippines.
China Animal Healthcare Ltd. engages in the manufacture, sale and distribution of animal drugs for poultry and livestock. The company operates through three business segments: Powdered Form Drugs, Injection Form Drugs and Biological Drugs. Its range of biological drugs includes vaccines for swine fever, porcine reproductive, respiratory syndrome and animal foot-and-mouth diseases. The company was founded by Yan Gang Wang in 1996 and is headquartered in Beijing, China.
|% OF PORTFOLIO|
|Cash & Cash Equivalents||5.2%|
It is probable that buying or selling in the Fund portfolio will have occurred since this list was last updated. As a result of this buying or selling, the fund may own more, fewer, or no shares of the stock of any company listed. In addition, the fund may have purchased shares of companies that are not yet included in the above list.
This list of holdings is published with a one month lag on the first business day of each month. Holdings can and do vary over time.