09 GreatLink Global Technology Fund v19 - Great Eastern Life

Fund Details version 23 (Errors & Omissions excepted)
With effect from 1 November 2014
GREATLINK GLOBAL TECHNOLOGY FUND (FUND DETAILS)
The objective of the ILP Sub-Fund is to achieve long-term capital growth through investment in global technology
stocks. It offers exposure to the rapidly growing adoption of technology across economies worldwide. Specifically, it
aims to achieve high returns by investing in technology companies as well as in a range of industries where the growth
opportunities have been impacted by technological developments.
FUND FACTS (as at 31 August 2014)
Currency
Singapore Dollar
Valuation Frequency
Daily
Fund Manager
Lion Global Investors Limited*
Sub Manager
Wellington International Management Company Pte Ltd
Country of Domicile
Singapore
Inception Date 15 January 2001
Fund Management Fee (p.a.)
1.60% (3.25% max)
Custodian Fee (p.a.) 0.012%
Trustee Fee (p.a.)
N.A.
Fund Structure
Single Fund
Fund Size
$66.538 million
CPFIS Included
CPFIS-OA
Risk Category
Higher Risk – Narrowly Focused
*Previously known as Lion Capital Management Limited. The new name takes effect from 2 June 2008.
The Sub Manager commenced managing this ILP Sub-Fund from 1 November 2006.
PAST PERFORMANCE (as at 31 August 2014)
Annualized Returns (%) 1 year 3 years 5 years 10 years Since Inception
GreatLink Global
Technology Fund
31.61 23.40 14.83 6.11 -2.89
Benchmark* 28.10 20.44 11.50 5.65 -0.76
* Since inception till 28 February 2003: benchmark was MSCI World IT Index.
From 1 March 2003 till 31 October 2006: benchmark was MSCI AC World IT Index (Gross).
With effect from 1 November 2006, benchmark is MSCI AC World IT Free (Net).
The change in benchmark is to better reflect the actual investments of the ILP Sub-Fund.
Source: Morningstar
Performance (%) indicated above is on bid−bid basis, with all dividends and distributions reinvested, taking into
account all charges which would have been payable upon such reinvestment.
The performance of the ILP Sub-Fund is not guaranteed and the value of investments and income from them may fall as
well as rise. Past performance is not necessarily indicative of future performance.
Fees and charges payable through deduction of premiums or cancellation of units are excluded from performance
calculation.
INVESTMENT APPROACH
The approach to technology sector investing is based on analyzing the competitive outlook for various sub-sectors of
the technology industry, identifying those sub-sectors likely to benefit from the current and expected future
environment, and identifying individual opportunities within each sub-sector.
Asset allocation within the portfolio reflects the relative attractiveness of stocks within the sub-sectors, near-term
macroeconomic events that may detract or enhance the group’s attractiveness, and the number of undervalued
opportunities in each sub-sector.
Opportunities dictate the magnitude and frequency of changes in asset allocation among technology sub-industries, but
The Great Eastern Life Assurance Company Limited (Reg. No. 1908 00011G) 1/6
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some representation typically is maintained in each major group to avoid excessive concentration. Allocation decisions
are made collectively by the Sub Manager’s investment team.
The evaluation of technology companies rests on the solid knowledge of the overall competitive environment including
supply and demand characteristics, secular trends, existing product evaluations, and new product developments. The
central theme is that less than efficiently-priced stocks can be found through extensive fundamental research. By
focusing on early identification of the factors that lead to earnings revisions, fund manager is able to determine
favorable investment opportunities not yet recognized in the market.
The primary research is focused on direct contact with company management, suppliers, and competitors. External
sources, including “Street” research, are primarily used for comparative purposes.
The investment approach is opportunistic. After identifying a potentially attractive company, the analyst examines how
the stock has been valued historically against “Street” consensus estimates during various market environments (e.g.,
accelerating and decelerating earnings momentum, differing industry fundamentals). This comparison helps determine
whether the fundamental change is already in the price. The fund manager then calculates the range of potential future
earnings outcomes resulting from the change, identifying the most compelling investment cases for inclusion in the
portfolio.
While technology companies tend to have high growth rates, their varying earnings visibility and cyclicality cause their
stocks to carry a range of valuations spanning both the growth and value spectrums. Security selection decisions are
based on in-depth fundamental analysis and valuation.
INFORMATION ON THE MANAGER
Lion Global Investors Limited
One of the largest asset managers in Southeast Asia, Lion Global Investors' (LGI) core competency is in managing
Asian equities and fixed income on behalf of institutional and retail investors worldwide. At end of 30 June 2014, LGI
is managing S$32.2 billion (US$25.8billion) on behalf of their clients globally.
LGI’s investment capabilities, strong parentage and in-depth knowledge of Asian markets have contributed to their
significant presence in Asia for over 27 years. This and being headquartered in Singapore - widely recognised as Asia’s
leading financial hub – make LGI the preferred investment partner in Asia for international investors.
Source: Lion Global Investors Limited
Wellington International Management Company Private Limited (“Wellington”)
Wellington Management is a fully-integrated global organization comprised of the parent entity, Wellington
Management Company, LLP and its affiliates, including Wellington International Management Company Pte Ltd, its
Singapore-based affiliate.
With US$904 billion in assets under management, Wellington Management serves as an investment advisor to more
than 2,100 clients based in more than 50 countries, as of 30 June 2014. Wellington’s singular focus is investments —
from global equities and fixed income to currencies and commodities. They like to describe themselves as a community
of teams that create solutions designed to respond to specific client needs. Their most distinctive strength is their
proprietary, independent research, which is shared across all areas of the organization and used only for managing
clients' portfolios.
Tracing its roots to the founding of Wellington Fund in 1928, the firm is based in Boston, Massachusetts, and also has
offices in Chicago, Illinois; Radnor, Pennsylvania; San Francisco, California; Frankfurt; Beijing; Hong Kong; London;
Singapore; Sydney; Tokyo and Zurich.
Source: Wellington International Management Company Pte Ltd
Investors should note that the past performance of the Managers is not necessarily indicative of the future performance
of the Managers.
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SOFT DOLLAR COMMISSIONS OR ARRANGEMENTS
Lion Global Investors Limited
The Manager receives and enters into soft dollar commissions or arrangements used to support investment decision
making and these include research and advisory services, economic and political analyses, portfolio analyses, data and
quotation services and computer hardware and software.
The Manager only accepts or enters into soft dollar commissions or arrangements if such soft dollar commissions or
arrangements shall, in the opinion of the Manager, reasonably assist them in the management of the ILP Sub-Fund, and
further shall ensure at all times that such transactions are executed on the best available terms taking into account the
relevant market at the time for transactions of the kind and size concerned and that no unnecessary trades are entered
into in order to qualify for such soft-dollar commissions or arrangements.
Wellington International Management Company Private Limited
Wellington Management investment professionals can and do use research produced outside of their firm in their
decision making process (“Research Services”). These Research Services are of high intellectual content and include
written research material as well as access to industry experts and leaders in a variety of fields. Roughly 6% of
Wellington Management's client commissions are used for the recognition of third-party Research Services paid via
Client Commission Arrangements ("CCA") or "soft dollars". All Research Services obtained through their CCAs
qualify as research or execution under the provisions of Section 28(e) of the United States Securities Exchange Act of
1934 and the requirements of the FSA Rules and Guidance as set forth in Policy Statement 05/9 on bundled brokerage
and soft commission arrangements. Wellington Management uses our primary trading relationships to establish CCAs.
Their Policy and Procedures on Order Execution discusses their practices with respect to the receipt of research from
brokers with whom Wellington Management places trades.
Wellington Management requests broker/dealers to accrue cash balances for payment of qualified third-party research
services through CCAs. These balances are generally not systematically linked to commissions generated by trades
they place on behalf of their clients, but rather are managed in the aggregate across commissions generated by all
clients. If a broker/dealer who pays for third-party research is used to execute CCA eligible trades in a client account,
then they assign to each client account a pro rata share of the third-party research payment made by that broker/dealer.
The account’s pro rata share for each broker is based on the percentage of aggregate firm wide commissions with each
firm that are used for third-party research payment. Broker/dealers may implement this accrual process using various
methods and assumptions that are not transparent to Wellington Management.
Research Relationships and Broker Selection
Transactions are placed with broker/dealers who, in the judgment of Trading, can provide best available price and most
favorable execution at a commission rate negotiated based on the execution requirements of the trade. The trader
considers the full range of brokerage services applicable to a particular transaction when making this judgment. In
instances where the trader believes that more than one broker/dealer can offer the execution services needed to seek
Best Execution for a particular order, the trader may consider the research services provided by a broker/dealer or
client-directed (commission recapture) instructions as a deciding factor in the broker/dealer selection process. This
unconstrained trading environment is an important benefit and advantage of their approach to client commission
management.
CONFLICTS OF INTEREST
Lion Global Investors Limited
The Manager is of the view they are not in a position of conflict in managing their other funds and the ILP Sub-Fund as
each of the funds and the ILP Sub-Fund has its own investment universe, investment objectives and investment
restrictions, separate and distinct from each of the other funds. In the event the various funds place orders for the same
securities as the ILP Sub-Fund, the Manager shall endeavour as far as possible to allocate such securities among the
funds in a fair manner based on a pro-rata basis.
Associates of the Trustee may be engaged to provide financial, banking or brokerage services to the ILP Sub-Fund or
buy, hold and deal in any investments, enter into contracts or other arrangements with the Trustee and make profits
from these activities. Such services, where provided, and such activities, where entered into, will be on an arm’s length
basis.
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Wellington International Management Company Private Limited
Wellington Management does not engage in retail brokerage, lending, securities underwriting, or proprietary trading
and is not affiliated with any firms that engage in these businesses. In addition, the firm’s business model, ownership
structure, and culture seek to align the interests of clients with those of the firm. Together, these structural elements
help the firm avoid some of the most typical conflicts of interest in the investment management business, such as:
• conflicts relating to an ownership relationship with another financial entity
• conflicts involving trading for the profit of the firm versus the client
• conflicts caused by business interest in a distribution entity
• conflicts stemming from the use or sale of research to support other forms of business
Still, the nature of the investment management business – and our firm’s diversification by client type and asset class –
makes it virtually impossible for any firm to be immune from conflicts of interest altogether. Wellington has extensive
policies and procedures for managing conflicts of interest that are described in their “Our Business and Practices”
document.
RISKS
General Risks
Investors should consider and satisfy themselves as to the risks of investing in an ILP Sub-Fund. Generally, some of the
risk factors that should be considered by the investors are market, derivatives, liquidity, political, repatriation,
regulatory, counterparty, currency, and emerging market risks.
An investment in an ILP Sub-Fund is meant to produce returns over the long-term. Investors should not expect to
obtain short-term gains from such investment.
Investors should note that the value of units, and the income accruing to the units, may fall or rise and that investors
may not get back their original investment.
Specific Risks
(a) Market Risks
The usual risks of investing and participating in listed and unlisted securities apply. Prices of securities may go up or
down in response to changes in economic conditions, interest rates, and the market's perception of securities. These
may cause the price of units in the ILP Sub-Fund to go up or down as the price of units in the ILP Sub-Fund is based on
the current market value of the investments of the ILP Sub-Fund.
There are usual risks of investing in bonds and other fixed income securities. Bond prices may go up or down in
response to interest rates with increases in interest rates leading to falling bond prices.
The market prices of bonds and other fixed income securities are also affected by credit risks, such as risk of default by
issuers and liquidity risk.
(b) Derivatives Risks
An ILP Sub-Fund may from time to time invest in derivatives, which are financial contracts whose value depend on, or
is derived from, the value of an underlying asset, reference rate or index. Such assets, rates and indices may include
bonds, shares, interest rates, currency exchange rates, bond indices and stock indices. While the judicious use of
derivatives by professional investment managers can be beneficial, derivatives involve risks different from, and, in
some cases, greater than, the risks presented by more traditional securities investments. Some of the risks associated
with derivatives are market risk, management risk, credit risk, liquidity risk and leverage risk.
The Sub Manager does not intend to use derivatives transactions for speculation or leverage but may use them for
efficient portfolio management and risk management. Such investments will be made subject to a restriction that the
total value of investments which are futures, options, forwards, swaps, collars, floors and other derivatives (excluding
derivatives entered into for hedging purposes) shall not exceed 15% of the total value of each fund. The Sub Manager
will attempt to minimize the risks through careful selection of reputable counterparties and constant monitoring of the
derivatives positions.
(c) Political Risks
The political situation in the countries may have an effect on the value of the securities of companies in whose
securities an ILP Sub-Fund has invested, which may in turn impact on the value of the units in the ILP Sub-Fund.
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(d) Currency Risks
As the investments of an ILP Sub-Fund may be denominated in foreign currencies, fluctuations of the exchange rates of
foreign currencies against the base currency of an ILP Sub-Fund may affect the value of the units in the ILP Sub-Fund.
The Sub Manager may from time to time employ currency hedging techniques to manage the impact of the exchange
rate fluctuations on an ILP Sub-Fund and/or for the purpose of efficient portfolio management.
(e) Risks associated with investments in countries outside Singapore, particularly in emerging markets:
(i) Political Risks
Countries outside Singapore, especially those with emerging markets, may be subject to higher than usual risks of
political changes, government regulations, social instability or diplomatic developments (including war) which could
adversely affect the economies of the relevant countries and thus the value of investments in those countries. There is
also the risk that nationalization or other similar action could lead to confiscation of assets under which shareholders in
those companies would get little or no compensation.
The emerging economies may be heavily dependent on international trade and accordingly, may be adversely affected
by trade barriers, or other protectionist measures and international economic developments generally.
(ii) Liquidity Risks
Trading volume on stock exchanges in emerging markets can be substantially less than on the stock exchanges of the
major markets, so that acquisition and disposal of holdings may be time consuming and/or may need to be conducted at
unfavorable prices.
(iii) Repatriation Risks
Investments in emerging markets could be adversely affected by delays in, or refusal to grant, relevant approvals for the
repatriation of funds or by any official intervention affecting the process of settlement of transactions. Consents granted
prior to investment being made in any particular country may be varied or revoked, and new restrictions may be
imposed.
(iv) Regulatory Risks
An ILP Sub-Fund's investments in emerging economies are also subject to regulatory risks, for example, the
introduction of new laws, the imposition of exchange controls, the adoption of restrictive provisions by individual
companies or where a limit on the holding of the ILP Sub-Fund in a particular company, sector or country by
non−residents (individually or collectively) has been reached.
(f) Technology related risks
Focused investments into a specific sector as technology related companies are likely to be affected by factors
associated with technology industries that may include regulatory restrictions, obsolescence due to technological
advancements, development failure and unforeseen changes and costs to effective application of technology.
(g) Concentration risks
Investments into companies of almost similar businesses which may likely subject the ILP Sub-Fund to high risk when
market and economic conditions are not favourable to the specific industry.
The ILP Sub-Fund is also subject to the usual counterparty risks, such that the ability of the ILP Sub-Fund to make
payments may depend upon the due performance by the other parties, namely the Manager and/or the Custodian (as the
case may be). In the event of insolvency of the Manager, the investments are held by the Trustee on behalf of investors
and are not affected by the Manager’s insolvency. In the event of insolvency of the Custodian, as the ILP Sub-Fund’s
non-cash investments are maintained and held separately from those of the Custodian’s assets, non-cash investments
should normally not be affected by the Custodian’s insolvency. In relation to cash investments, there could be a risk
that the ILP Sub-Fund’s investments (insofar as it is in the form of cash) may be affected in the event of the
Custodian’s insolvency.
The above should not be considered to be an exhaustive list of the risks which potential investors should consider
before investing into the particular ILP Sub-Fund. Potential investors should be aware that an investment in the
particular ILP Sub-Fund may be exposed to other risks of an exceptional nature from time to time.
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EXPENSE RATIO
Expense ratio is calculated in accordance with the Investment Management Association (IMAS) of Singapore’s
guidelines on the disclosure of expense ratios. The expense ratio for the period 1 January 2013 to 31 December 2013 is
1.67%.
The following expenses (where applicable) as set out in the IMAS Guidelines (as may be updated from time to time)
are excluded from the calculation of the expense ratio:
(a) brokerage and other transaction costs associated with the purchase and sales of investments (such as registrar
charges and remittance fees);
(b) interest expenses;
(c) performance fee;
(d) foreign exchange gains and losses of the ILP Sub-Fund, whether realised or unrealised;
(e) front-end loads, back-end loads and other costs arising on the purchase or sale of a foreign exchange unit trust
or mutual fund;
(f) tax deducted at source or arising from income received, including withholding tax; and
(g) dividends and other distributions paid to investors.
TURNOVER RATIO
Turnover ratio means a ratio calculated based on the lesser of purchases or sales expressed as a percentage of over
'average net asset value'. Where 'average net asset value' means the net asset value for each day averaged over, as far as
possible, the same period used for calculating the expense ratio. The turnover ratio for the period 1 January 2013 to 31
December 2013 is 99.77%.
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