Martin Currie Global Funds - Semi-Annual Report - Fidelity ...

MARTIN CURRIE GLOBAL FUNDS (LUXEMBOURG SICAV) 

SEMI-ANNUAL REPORT & UNAUDITED FINANCIAL STATEMENTS 

R.C.S. Luxembourg: B 65 796 

SIX MONTHS TO 30 SEPTEMBER 2011

MARTIN CURRIE GLOBAL FUNDS 2

SEMI-ANNUAL REPORT 1 

CONTENTS 

Report of the managers 2 

Martin Currie GF - Asia Pacific Fund in brief 3 

Martin Currie GF - Global Resources Fund in brief 4 

Martin Currie GF - Greater China Fund in brief 5 

Martin Currie GF - Japan Fund in brief 6 

Martin Currie GF - North American Fund in brief 7 

Martin Currie GF - Pan-European Alpha Fund in brief 8 

Martin Currie GF - European Absolute Alpha Fund in brief 9 

Martin Currie GF - Global Resources Absolute Alpha Fund in brief 10 

Martin Currie GF - Japan Absolute Alpha Fund in brief 11 

Financial statements 12 

Portfolio of investments 20 

Notes to the financial statements 38 

General information 42 

Information for investors 44 

Directory 45 

MARTIN CURRIE GLOBAL FUNDS 

Martin Currie invests in international equities for clients worldwide. From its headquarters in Edinburgh, the Company manages 

portfolios for a range of institutions, mutual funds, charities, foundations, pension funds, investment trusts and absolute return funds. 

Established in 1998, Martin Currie Global Funds (Martin Currie GF) is a Luxembourg-registered, open-ended investment company 

(sicav). Under its umbrella structure, Martin Currie offers a range of sub-funds with global and single country mandates. 

Subscriptions may be made only on the basis of the current prospectus, of which the most recent annual report and interim report, if 

applicable, form an integral part. Copies are available from the administrator or the investment manager. 

This report does not constitute an offer or solicitation by anyone in any jurisdiction in which an offer or solicitation is not lawful, or in which the person making an offer or solicitation is not 

qualified to do so. Nor does it constitute an offer to anyone to whom it is unlawful to make an offer or solicitation. The distribution of this brochure and the offering of shares may be restricted 

in certain jurisdictions. 

Martin Currie Global Funds is registered in Luxembourg. It is a sicav (société d’investissement à capital variable) which also qualifies as a ucits (undertakings for collective investment in transferable 

securities) in the European Union. Shares of its constituent funds are listed on the Luxembourg Stock Exchange. 

Your decision to buy shares must be made on the basis of the information contained in the prospectus. If you are a UK investor, you should also receive and read the ‘Simplified Prospectus’ for the 

Martin Currie Global Funds. It is your responsibility to find out about, and observe, all applicable laws and regulations of any relevant jurisdiction. If you plan to buy shares, you must find out about the 

legal requirements of doing so, and any applicable exchange control regulations and taxes in the respective countries of your citizenship, residence or domicile. 

UK investors should be aware that the regulations made under the UK Financial Services and Markets Act 2000 for the protection of investors do not generally apply to the operations of the Martin 

Currie Global Funds that we describe in this brochure. If you have not sought or received advice, then you have no cancellation rights. Your rights will not be protected by the UK Financial Services 

Compensation Scheme. 

Market and currency movements may cause the value of your investments, and any income from them, to go down as well as up. You may get back less than you invested when you sell your shares. 

Past performance is not a guide to future returns.

REPORT OF THE MANAGERS 

Markets still hostage to macroeconomic forces 

In the six months since our last report, equity investors have 

had to navigate another succession of global macroeconomic 

events. This time, however, none of the world’s main equity 

markets has managed to stay above water, with the bellwether 

MSCI World index falling 16.0% over the review period. The 

index held up relatively well for much of that time, which is 

perhaps surprising given what was unfolding: civil war in Libya, 

the after-effects of the earthquake in Japan, rampant inflation 

in emerging markets, tightening measures to combat it, a 

slowdown in Chinese growth and the end of QE2 – and all of 

this punctuated by alarming developments in the eurozonedebt 

saga. But in late summer, when S&P downgraded its US 

credit rating and the possibility of Greek default became a near 

certainty, the market finally capitulated, falling 7.0% in August 

and a further 8.6% in September. 

Regionally, emerging markets, Asia and Europe were worst hit 

in these volatile conditions. The US market declined steeply, but 

not quite as far as the global index. Japan was by far the 

strongest region over the six months; investors have reacted 

positively to the remarkable post-earthquake recovery in 

Japanese industrial production, although the strength of the 

yen also boosted returns in US dollar terms. 

With appetite for risk in short supply, traditionally defensive 

sectors were strongest at a global level – consumer staples, 

utilities, healthcare and telecoms were the best performers over 

the six months. As could be expected given the circumstances, 

more economically sensitive sectors like energy, materials and 

industrials fared badly. Financials – led downwards by European 

banks – was by some distance the weakest. 

MARTIN CURRIE GLOBAL FUNDS 2 

Bright spots on the horizon 

As we move into the final quarter of 2011, uncertainty remains 

the dominant sentiment among investors. But one encouraging 

aspect of the economic situation that continues to be underrewarded 

is the operational performance of the companies 

behind the equities. Corporate results during the period have 

been generally encouraging, with more positive surprises than 

negative. The current macroeconomic turmoil may be 

reminiscent of 2008, but companies today are in much better 

shape than they were then, having shored up their balance 

sheets and pared down both their costs and their inventories. 

And given the recent falls, some of the world’s best and most 

innovative companies are now trading on extremely attractive 

valuations. When the economic and political storms subside 

from their current extremes, the market should once again 

reward fundamentally strong companies where positive change 

is evident – the sort of companies in which we invest. 

And finally … 

If you have any questions, please call us free on 0808 100 21 

25 or contact your usual professional adviser. You can find out 

more about Martin Currie at our website: www.martincurrie. 

com. While you’re there, you can also check the performance, 

price and profile of any of our funds. 

Andy Sowerby 

Director, Martin Currie Investment Management Ltd 

4 November 2011


IN BRIEF 

MARTIN CURRIE GF - ASIA PACIFIC FUND 

Fund profile 

Launch date 12 March 2007 (US$ and �) 

Objective To produce capital growth by investing in all or any of the Indian sub-continent, Australia, New Zealand and the Far East, 

excluding Japan. This fund will invest a minimum of two thirds of its total assets (after deduction of ancillary liquid assets) in 

equities of companies domiciled in or exercising the predominant part of their economic activity on the Indian sub-continent, in 

Australia, New Zealand or the Far East (excluding Japan). 

Benchmark MSCI AC Asia Pacific ex Japan 

Investment managers’ review 

A barrage of macroeconomic developments assailed investors 

during the period, notably the sovereign-debt crisis in Europe, 

rising inflation in the developing world and a slowdown in 

Chinese growth. Most recently, the S&P downgrade of 

America’s credit-rating prompted a sell-off in developed-market 

equities and a rally in government bonds. Asian equities joined 

their developed-market counterparts in the sell-off, although 

the decline was not as severe as the fall in European markets. 

The benchmark fell 20.6% during the period, but the fund 

outperformed by dropping 15.9%. 

Strong stock selection in Korea boosted performance, 

particularly in consumer-facing stocks. Hyundai Mobis, Orion 

and LG Household & Health Care all performed well, despite 

coming from sub-sectors as disparate as auto parts, snack 

foods and personal care, respectively. Success in the consumer 

sectors was not limited to Korea, however; Hong Kong-listed 

casino operator SJM was our top performer overall, its shares 

rising on the back of record gambling revenues in Macao. 

Performance summary (US$) Six months 

(to 30/09/11) 

One year 

(to 30/09/11) 

Three years 

(to 30/09/11) 

Source: Lipper Hindsight. Bid to bid price basis with gross income re-invested (total returns) over periods shown to 30 September 2011. 

Since launch 

(12/03/07) 

GF - Asia Pacific Fund (%) -15.93 -10.23 17.52 -1.07 

Benchmark index (%) -20.58 -12.83 28.48 9.98 

Performance summary (E) Six months 

(to 30/09/11) 

The chief detractors from performance were Australian 

resources-related stocks: miner Rio Tinto, which sold off along 

with its peers amid the concerns over Chinese demand, 

contract-drilling firm Boart Longyear and iron-ore producer 

Mount Gibson Iron. Chinese online-gaming company Perfect 

World’s revenue growth undershot our expectations; we 

subsequently sold our position. And China Merchants Holdings 

was weak because of market fears that a poor macroeconomic 

environment would depress earnings at its ports. 

Key purchases during the review period included conveniencestore 

operator CP ALL (Thailand), miner Adaro Energy 

(Indonesia), Global Logistic Properties and United Overseas 

Bank (both Singapore), and PTT Exploration & Production 

(Thailand). Notable sales included Samsung Engineering 

(Korea), Axis Bank (India), oil major CNOOC (China), and 

Fosters and Equinox Minerals (both Australia). 

One year 

(to 30/09/11) 

Jason McCay and Richard Evans 

Three years 

(to 30/09/11) 

Since launch 

(12/03/07) 

GF - Asia Pacific Fund (%) -11.51 -9.14 25.60 -2.76 


The calculation of the performance figures complies with the “Guidelines on the calculation and publication of Fund performance data”, which were published by the 

Swiss Fund Association SFA on 27 July 2004. 

Note: The statistical information set out above is historical and not necessarily indicative of future results. The movements in share prices and indices are given purely for information.

IN BRIEF 

MARTIN CURRIE GF - GLOBAL RESOURCES FUND 

Fund profile 

Launch date 30 December 2005 (US$), 17 November 2008 (£) 



Objective To produce long-term capital growth. This fund will invest a minimum of two thirds of its total assets (after deduction of ancillary 

liquid assets) in equities of companies globally which are predominantly engaged in the energy, basic materials and utilities 

sectors. 

Benchmark Unconstrained 

This was a testing period, as a series of global macroeconomic 

developments created a particularly harsh environment for 

bottom-up investors in the resources universe. Markets had held 

up relatively well while the eurozone debt crisis rumbled on, but 

plummeted in August when S&P’s downgrading of US debt was 

added to the mix. The sell-off continued in September, 

compounded by negative GDP revisions and, of special interest to 

resources investors, fresh worries about the pace of growth in 

China, a prime consumer of raw materials. 

Dominated as it is by economically sensitive sectors, the resources 

universe was hit especially hard, with little differentiation on the 

stock level. These panicky, event-driven conditions constituted a 

difficult environment for the fund, which fell 29% – a 

performance which nevertheless put it in the second quartile of 

its peers. 

In the energy sector, US E&P Apache was the biggest negative 

contributor, falling heavily after bidding US$1.75 billion in cash 

for some of Exxon Mobil’s North Sea assets. Miners featured 


(to 30/09/11) 

One year 

(to 30/09/11) 

Source: Lipper Hindsight. Bid to bid price basis with gross income re-invested (total returns) over the period to 30 September 2011. 

Three years 

(to 30/09/11) 

Since launch 

(30/12/05) 

GF - Global Resources Fund (%) -29.24 -11.71 -2.65 45.10 

Performance summary (£) Six months 

(to 30/09/11) 

heavily elsewhere among the fund’s biggest fallers. Although it 

did well relative to its sector, Rio Tinto was a significant negative 

contributor, selling off along with peers amid the concerns over 

Chinese demand. Baker Hughes was also a good relative 

performer within its peer group, but finished among our main 

absolute detractors. Brazilian integrated oil company Petrobras 

was another of the big fallers. US coal miner Alpha Natural 

Resources gave a disappointing update on volumes, highlighting 

operational problems. 

The fund’s top contributor was Rhodia, the French speciality 

chemicals company, after it announced its acquisition by Solvay, 

the European industrial chemicals company. Brazilian industrial 

Mills was also strong – a beneficiary of booming infrastructure 

spending in Brazil. Canadian miner New Gold, and Chinese 

holdings CNOOC and China Metal Recycling also provided robust 

returns. 

One year 

(to 30/09/11) 

Chris Butler and Duncan Goodwin 

Three years 

(to 30/09/11) 

Since launch 

(17/11/08) 

GF - Global Resources Fund (%) -26.95 -9.86 n/a 24.62 





IN BRIEF 

MARTIN CURRIE GF - GREATER CHINA FUND 

Fund profile 

Launch date 19 September 2003 (US$), 30 April 2010 (E) 

Objective To produce long term capital growth by investing in Greater China. This fund will invest a minimum of two thirds of its total 

assets (after deduction of ancillary liquid assets) in equities of companies domiciled in or exercising the predominant part of 

their economic activity in Greater China or deriving the predominant part of their revenues from Greater China. 

Benchmark MSCI Golden Dragon index 

Investment manager’s review 

In a tempestuous period for global equities, the Chinese 

markets were particularly weak. The fund underperformed, 

declining 26.7% against the MSCI Golden Dragon’s fall of 

22.2%. Concern over a global slowdown, the eurozone 

sovereign-debt crisis and the downgrading of US debt triggered 

a sell-off in Chinese markets. The CPI measure of inflation hit a 

three-year high of 6.5% in July, and domestic retail sales 

slowed. There was no sign of easing from Beijing; the People’s 

Bank of China now requires margin deposits, guarantees and 

letters of credit to be subject to the reserve-requirement ratio. 

The biggest individual detractor from performance was 

telecoms company China Mobile. Our underweight position in 

this prominent defensive hurt our relative performance. O-Net 

Communications, the Hong Kong telecoms-systems supplier, 

was also weak. Its share price tumbled after it did not 

recommend a final dividend in April. Small-caps in general were 

hurt by a selling-off of Chinese stocks in the US market, 

following allegations of accounting fraud. VanceInfo 

Technologies (IT outsourcing) was a victim of this undeserved 

selling, which dragged down the overall performance. China 


(to 30/09/11) 

One year 

(to 30/09/11) 

Three years 

(to 30/09/11) 

Since launch 

(19/09/03) 

GF - Greater China Fund (%) -26.69 -21.55 14.00 75.60 


Performance summary (U) Six months 

(to 30/09/11) 

Liansu, which makes water pipes, also hurt returns. We 

subsequently sold out of O-Net Communications, VanceInfo 

and China Liansu. 

On the positive side, stocks from the consumer sector helped 

returns, including President Chain Store, which is benefiting 

from mainland tourism to Taiwan. Hong Kong utility Power 

Assets also provided robust returns, as did technology stocks 

Cheng Uei Precision Industry, Mediatek and Simplo Technology. 

During the period, we bought niche industrial player Tiangong, 

and luxury brands Prada and Mediate. We also bought 

insurance company AIA, shipping-container terminal operator 

Hutchison Whampoa and Sun Hung Kai Properties (all Hong 

Kong), and Far Eastern Department Stores (Taiwan). Notable 

sales included AutoNavi, a provider of digital maps; Hollysys, 

the manufacturer of control systems for trains; consumer-goods 

sourcing and logistics firm Li & Fung (Hong Kong) and China 

Minzhong Food. 

One year 

(to 30/09/11) 

Three years 

(to 30/09/11) 


James Chong 

Since launch 

(30/04/10) 

GF - Greater China Fund (%) -22.84 -20.71 n/a -16.90 

Benchmark index (%) -17.72 -15.89 n/a -11.26 




IN BRIEF 

MARTIN CURRIE GF - JAPAN FUND 

Fund profile 

Launch date 1 February 1999 (US$), 1 October 2003 (¥), 30 April 2010 (£) 


The six months under review constituted a difficult period for 

Japanese equities which, after a tentative recovery from the 

tragic Tohoku earthquake, fell again in August on worries over 

European sovereign debt and the US credit-rating downgrade. 

In this environment, the fund dropped 7.1% against a 4.8% 

fall in the Topix. The bulk of the underperformance came in 

August, largely because we had previously increased our 

weighting to the auto industry to reflect our positive view of 

its post-earthquake recovery; the sector was hit particularly 

hard in that month’s sell-off. 

Stocks in the manufacturing sector made the biggest negative 

contribution to relative returns; two of these, Sony and 

Nintendo, were by far the largest detractors overall. Sony was 

hurt by a well-publicised hacking scandal, while Nintendo sold 

off on news that its new Wii U console would be released later 

than expected. Other underperformers included Fujifilm and 

copier-maker Ricoh. On the positive side, social-networking 

site Gree was the biggest positive contributor. We also saw 

good returns from holdings in biotech research company 

Kyowa Hakko Kogyo, telecoms company Softbank and East 

Japan Railway. 


Objective To produce capital growth by investing in Japan. This fund will invest a minimum of two thirds of its total assets (after deduction 

of ancillary liquid assets) in equities of companies domiciled in or exercising the predominant part of their economic activity in 

Japan. 

Benchmark TOPIX 


to 31/03/11) 

One year 

(to 30/09/11) 


Three years 

(to 30/09/11) 

Since launch 

(01/02/99) 

GF - Japan Fund (%) -7.10 -0.49 -2.20 7.43 

Benchmark index (%) -4.80 1.82 2.53 20.44 

Performance summary (¥) Six months 

to 31/03/11) 

One year 

(to 30/09/11) 

Three years 

(to 30/09/11) 

Since launch 

(01/10/03) 

GF - Japan Fund (%) -13.80 -7.95 -28.26 -29.79 

Benchmark index (%) -11.46 -6.06 -25.56 -16.10 


to 31/03/11) 

Our most notable activity during the period was to increase 

our exposure to the auto supply chain, where we expect 

significant earnings revisions over the next 18 months. We 

therefore raised the weighting in Honda Motor and added 

new holdings in Nissan Motor, Toyota-parts-maker Aisin Seiki 

and Tokai Rika, another Toyota-group company. We also added 

positions in Kansai Paint and Hitachi Chemical in anticipation 

of a V-shaped recovery in industrial production. These were 

funded through reductions in defensives like security-services 

company Secom and drug-maker Mitsubishi Tanabe Pharma. 

Notable outright sales included brewer Kirin and 

semiconductor-maker Rohm, where prospects for top-line 

growth looked to have faded. Given the increased macro 

uncertainty of late, more recent transactions have served to 

dampen down some of the cyclical exposure, as we focus on 

new ideas with steady prospects for earnings growth. 

One year 

(to 30/09/11) 

Three years 

(to 30/09/11) 

John Millar 

Since launch 

(30/04/10) 

GF - Japan Fund (%) -4.04 1.87 n/a -7.40 

Benchmark index (%) -2.04 2.99 n/a -4.50 





IN BRIEF 

MARTIN CURRIE GF - NORTH AMERICAN FUND 

Fund profile 

Launch date 9 June 2008 (US$, � and £) 

Objective To produce capital growth by investing in the USA and Canada. This fund will invest a minimum of two thirds of its total assets 

(after deduction of ancillary liquid assets) in equities of companies domiciled in or exercising the predominant part of their 

economic activity in the US or in Canada. 

Benchmark MSCI North America index 


As concerns over European sovereign debt, S&P’s downgrade of 

its US credit rating and weak economic data suggested the 

possibility of a double-dip recession, US markets fell 14.7%. 

During this challenging period, the fund’s value dropped 16.9%. 

The fund’s worst performer was coal producer Alpha Natural 

Resources, which underperformed in June as the market 

digested its acquisition of rival Massey. Tech stock Hewlett 

Packard was also weak. The company acquired software 

company Autonomy, ceased tablet production, announced a 

possible spinning off of its PC business, missed estimates and 

removed guidance. The market duly punished the stock, and we 

have we since sold. Other detractors from performance included 

telecoms company NII Holdings, tech giant Cisco Systems and 

Ford Motor Company. 


(to 30/09/11) 

One year 

(to 30/09/11) 


Three years 

(to 30/09/11) 

Since launch 

(09/06/08) 

GF - North American Fund (%) -16.92 -4.12 -6.60 -27.80 

Benchmark index (%) -14.74 0.56 4.38 -11.43 


(to 30/09/11) 

On the positive side, the overweight to consumer sectors helped 

the fund. The top-contributing holding was Limited Brands. The 

retailer, which owns brands such as Victoria’s Secret, continued 

to deliver strong sales growth. Other key positives included Polo 

Ralph Lauren, another beneficiary of high-end domestic 

consumption. Our overweight in IT served us well, particularly 

our holdings in Apple and IBM, which were robust contributors. 

Key purchases included fertiliser producer Agrium, drug 

distributor AmerisourceBergen, Marathon Petroleum and IT giant 

Oracle. Meanwhile, we sold out of biotech stock Amgen, oil & 

gas explorer Anadarko and cleaning company Ecolab. 

Despite widespread economic gloom in the developed world, 

recent corporate results have been heartening, and we remain 

confident that the US offers some of the most compelling 

investment opportunities around. 

One year 

(to 30/09/11) 

Tom Walker and David Forsyth 

Three years 

(to 30/09/11) 

Since launch 

(09/06/08) 

GF - North American Fund (%) -10.62 -0.91 1.48 13.59 



(to 30/09/11) 

One year 

(to 30/09/11) 

Three years 

(to 30/09/11) 

Since launch 

(09/06/08) 

GF - North American Fund (%) -14.23 -2.11 8.16 -7.20 





IN BRIEF 

MARTIN CURRIE GF - PAN-EUROPEAN ALPHA FUND 

Fund profile 

Launch date 20 October 2003 (E), 30 April 2010 (£) 


Objective Unconstrained by any benchmark, to produce capital growth by investing principally in European equities, focusing primarily on 

large and medium-sized companies. This fund will invest a minimum of two thirds of its total assets (after deduction of ancillary 

liquid assets) in equities of companies domiciled in or exercising the predominant part of their economic activity in Europe. 



The MSCI Europe declined by 15.8% in euro terms during the 

review period, which was dominated by the eurozone crisis. In 

contrast to the crisis in the third quarter of 2008, which centred 

on private-sector banking, investors are now concerned about the 

solvency of countries themselves. This fear focused on Greece, its 

unsustainable debt position and the potential impact on both the 

euro and the fiscal position of other member nations. In the US, 

the debt-ceiling debacle and the budget deficit caused enough 

concern for Standard & Poor’s to downgrade the US from its 

prized AAA status – with a direct impact on consumer and 

corporate confidence. The fund underperformed in this turbulent 

environment, declining 21.9%. 

At the stock level, the biggest detractor from performance was 

German metal company Kloeckner. Commerzbank was another 

of the main negative contributors, as financial stocks were 

punished on eurozone fears. French oil services company CGG 

Veritas also hurt performance. Its shares fell sharply as energy 

prices dropped. There was notable weakness, too, from Dutch 

firm NXP Semiconductors, whose results in July reported 

disappointing margins and lowered expectations for the 

third quarter. 

Performance summary (U) Six months 

(to 30/09/11) 

One year 

(to 30/09/11) 

Three years 

(to 30/09/11) 


Since launch 

(20/10/03) 

GF - Pan-European Alpha Fund (%) -21.91 -14.56 -7.92 21.05 

MSCI Europe index (%) -15.76 -9.71 -1.87 31.81 


(to 30/09/11) 

The best performance came from Swedish Match, which was 

rewarded for beating EBIT estimates by 4% in its July results. 

Other positive contributors included TDC, the leading Danish 

telecoms operator; Royal Vopak, a Dutch company that 

provides storage for oil- and gas-related products; and 

Fresenius Medical Care, a German company specialising in 

dialysis products and services. 

Key purchases during the period included Abertis, a Spanish 

toll-road operator; Getinge, a Swedish medical-technology 

company; Fortum, the Finnish energy company; Commerzbank 

in Germany; Royal Vopak; Stada Arzneimittal; the German 

manufacturer of generic drugs; and NXP Semiconductors. 

Notable outright sales were Volvo, German chemicals firm 

Brenntag, Fortum and French stocks Vivendi, the media 

conglomerate, and Ipsen, the pharmaceuticals company. 

One year 

(to 30/09/11) 

Dr Eric Woehrling and Pal Chidambaram 

Three years 

(to 30/09/11) 

Since launch 

(30/04/10) 

GF - Pan-European Alpha Fund (%) -23.43 -13.75 n/a -14.70 

MSCI Europe index (%) -18.05 -10.24 n/a -8.99 





IN BRIEF 

MARTIN CURRIE GF - EUROPEAN ABSOLUTE ALPHA FUND 

Fund profile 

Launch date 29 September 2010 (US$, E, £) 

Objective The fund aims to achieve long term capital appreciation by employing a long/short equity strategy. Long exposure will be 

principally achieved by investing directly or indirectly in equities of companies operating within or servicing the European market. 

Short exposure will only be achieved by investing indirectly through derivatives. 



This was a difficult period for global equities, with European 

stocks dominated by the eurozone crisis. In contrast to the 

crisis in the third quarter of 2008, which centred on privatesector 

banking, investors are now concerned about the 

solvency of countries themselves. This fear focused on Greece, 

its unsustainable debt position and the potential impact on 

both the euro and the fiscal position of other member nations. 

In August, European equities collapsed in the face of rapidly 

deteriorating economic data and the sovereign-debt crisis, as 

the bond market aggressively moved onto its next target, Italy. 

Equity investors worried about falling revenues in Western 

economies (because of slower corporate investment, the impact 

of austerity cuts and weaker consumer spending), lower gross 

margins (because of high inflation and rising interest costs 

following the surge in bond yields) and rising tax rates 

(alongside overstretched balance sheets and deteriorating 

cashflow). In this turbulent environment, the fund’s net asset 

value declined 7.5%. 


(to 30/09/11) 

At the stock level, the main detractors were all in the long 

book and all German: Aareal Bank, Fraport (the transport 

company), Deutsche Boerse, and SAP (software). French 

telecoms company Alcatel-Lucent was also notably weak. Over 

the period as a whole, shorts were the main positive 

contributors, with strong returns from the weaker retail 

franchises Husqvarna and Electrolux, and from Italian cement 

company Buzzi Unichem and German chemicals holding BASF. 

There were also positive absolute returns from our long in 

Swatch. 

Our net exposure has reduced significantly to around 15% at 

the end of September. When beta-adjusted it is around zero. 

Gross exposure has also fallen to around 75%, as has the 

number of stocks. By the end of the period we had 21 shorts 

and 20 longs. Unsurprisingly, the long book is concentrated in 

very defensive, cash-generative good-value stocks, many of 

which we have held all year. On the short side, we are focused 

on companies we think will be hit hardest in a recession – 

especially in the materials sector. 

Michael Browne and Steve Frost 

One year 

(to 30/09/11) 

Since launch 

(29/09/10) 

GF - European Absolute Alpha Fund (%) -7.50 -6.30 -6.60 


(to 30/09/11) 

One year 

(to 30/09/11) 

Since launch 

(29/09/10) 



(to 30/09/11) 

One year 

(to 30/09/11) 

Since launch 

(29/09/10) 



The calculation of the performance figures complies with the “Guidelines on the calculation and publication of Fund performance data”, which were published by the Swiss 

Fund Association SFA on 27 July 2004. 


IN BRIEF 

MARTIN CURRIE GF - GLOBAL RESOURCES ABSOLUTE ALPHA FUND 

Fund profile 



Resources markets endured a tough period over the six 

months under review. Markets held up relatively well for most 

of the summer while the eurozone debt crisis rumbled on, but 

slumped in August when S&P’s downgrading of US debt was 

added to the mix. The sell-off continued in September, 

compounded by negative GDP revisions and, of special interest 

to resources investors, fresh worries about the pace of growth 

in China, a prime consumer of raw materials. In these eventdriven 

and volatile conditions, the fund’s net asset value 

declined by 8.8%. 

Longs in the energy sector hurt returns the most. Brazilian 

integrated oil company Petrobras was the biggest negative 

contributor. Despite offering secure, low-risk growth into the 

next decade and releasing lower-than-expected capex figures 

(to a market that was worried about overspending), the stock 

underperformed substantially as investors shied away from 

emerging markets. Miners featured heavily elsewhere among 

the fund’s biggest fallers. Although it did well relative to its 

sector, Rio Tinto was a significant negative contributor, selling 



principally achieved by investing directly or indirectly in equities of companies operating within or servicing the energy, basic 

materials or utilities sectors. Short exposure will only be achieved by investing indirectly through derivatives. 



(to 30/09/11) 

off along with peers amid the concerns over Chinese demand. 

Baker Hughes was also a good relative performer within its 

peer group, but finished among our main absolute detractors. 

US coal miner Alpha Natural Resources gave a disappointing 

update on volumes, highlighting operational problems. US E&P 

Apache also fell heavily after bidding US$1.75 billion in cash 

for some of Exxon Mobil’s North Sea assets. And, as a 

producer with high marginal costs, Canadian oil-sands 

company Suncor suffered on fears that the oil price would 

tumble. 

The top contributor to returns was Rhodia, our French 

speciality chemicals holding, after it announced its acquisition 

by Solvay, the European industrial chemicals company. The 

other best-performing positions over the period came from the 

short book, with pipe supplier Tenaris, Hanwha Chemical, 

Talvivaara Mining and OMV rounding out the list of 

contributors. 

One year 

(to 30/09/11) 

Chris Butler and Duncan Goodwin 

Since launch 

(29/09/10) 

GF - Global Resources Absolute Alpha Fund (%) -8.80 -6.20 -6.10 


(to 30/09/11) 

One year 

(to 30/09/11) 

Since launch 

(29/09/10) 



(to 30/09/11) 

One year 

(to 30/09/11) 

Since launch 

(29/09/10) 







IN BRIEF 

MARTIN CURRIE GF - JAPAN ABSOLUTE ALPHA FUND 

Fund profile 



principally achieved by investing directly or indirectly in equities of companies operating within or servicing the Japanese market. 

Short exposure will only be achieved by investing indirectly through derivatives. 



In a turbulent period for global stockmarkets, the fund endured 

a challenging six months, with its net asset value falling by 

6.2%. The six months under review constituted a difficult 

period for Japanese equities which, after a tentative recovery 

from the tragic Tohoku earthquake, fell again in August on 

worries over European sovereign debt and the US credit-rating 

downgrade. 

Pleasingly, despite the very weak markets, there were two key 

longs among the fund’s top contributors. Most were 

domestically focused. Gree, for example, is a social-networking/ 

gaming site that is growing strongly and has an excellent 

record of converting its subscribers’ activity to revenue: it has 

an average revenue per user of more than 10 times that of 

regular social-networking sites. Fellow social-networking 

company Dena, meanwhile, was also strong. Shorts in miningequipment 

manufacturer Komatsu, silicon-wafer manufacturer 

Sumco and Sumitomo Chemical made up the rest of the largest 

positive contributors. On the other hand, the worst performers 


(to 30/09/11) 

in the fund were mostly longs, with Furukawa Electric 

Company the biggest detractor from performance. Longs in 

NGK Insulators, Hitachi Construction Machinery and electronics 

holding TDK were all weak, suffering as cyclical exporters faced 

worsening demand and a strong yen. Our short in electronics 

company K’s Holdings helped performance for the same 

reason. 

We added new long positions in banks, retailing, media, 

machinery, utilities and drugs, closing longs in air 

transportation, financials, technology and automobiles. 

Meanwhile, we closed shorts in marine transportation, 

machinery, chemicals, retail and transport equipment, and 

opened new short positions in the retail, transport-equipment, 

food and chemicals sectors. At the end of September, net 

exposure was around 5%. Gross exposure had risen to around 

120%. 

Keith Donaldson and John-Paul Temperley 

One year 

(to 30/09/11) 

Since launch 

(29/09/10) 

GF - Japan Absolute Alpha Fund (%) -6.20 -3.50 -3.80 


(to 30/09/11) 

One year 

(to 30/09/11) 

Since launch 

(29/09/10) 



(to 30/09/11) 

One year 

(to 30/09/11) 

Since launch 

(29/09/10) 







FINANCIAL STATEMENTS 

Statement of net assets for the period ended 30 September 2011 


Total Asia Pacific European Absolute 

Fund Alpha Fund 

Note E US$ E 

Securities portfolio at cost 407,594,749 126,585,047 13,053,562 

Unrealised appreciation/(depreciation) (42,688,979) (4,156,673) (425,645) 

Securities portfolio at market value (1) 2(a) 364,905,770 122,428,374 12,627,917 

Cash at bank 31,776,385 3,916,975 4,702,303 

Interest and dividends receivable 1,101,213 173,103 29,628 

Receivable for investments sold 7,379,576 – – 

Receivable for Fund shares sold 2,980,060 31,509 7,454 

Unrealised gain on forward foreign exchange contracts 2(e) 180,391 – 180,391 

Unrealised gain on contracts for difference 2(h) 2,488,118 – 612,317 

Cost on contracts for difference 1,969 – 1,969 

Market value of purchased options 5,922 – – 

Other assets 581,351 57,070 144,077 

Total assets 411,400,755 126,607,031 18,306,056 

Cash owed to bank 474,590 – – 

Payable for investments purchased 3,079,746 12,661 – 

Payable for Fund shares redeemed 7,962,104 260 266,353 

Unrealised loss on futures contracts 2(f) 48,691 – – 

Unrealised loss on forward foreign exchange contracts 2(h) 2,096,185 – – 

Other liabilities 2,812,243 1,089,838 195,347 

Total liabilities 16,473,559 1,102,759 461,700 

Total net assets 394,927,196 125,504,272 17,844,356 

Net asset value per US$ class share $9.34 – 

Number of US$ class shares outstanding 11,128,629 – 

Net asset value per Yen class share – – 

Number of Yen class shares outstanding – – 

Net asset value per Sterling class share – – 

Number of Sterling class shares outstanding – – 

Net asset value per Euro class share €9.46 € € €9.30 

Number of Euro class shares outstanding 1,685,788 977,166 

Net asset value per US$ hedged class share – $9.34 

Number of US$ hedge class shares outstanding – 99,534 

Net asset value per Euro hedged class share – – 

Number of Euro hedge class shares outstanding – – 

Net asset value per Sterling hedged class share – £9.33 

Number of Sterling hedge class shares outstanding – 543,533 

Net asset value per US$ class R share – – 

Number of US$ R class shares outstanding – – 

Net asset value per Euro class R share – € €9.32 

Number of Euro R class shares outstanding – 142,533 

Net asset value per US$ class R hedged share – $9.30 

Number of US$ hedge R class shares outstanding – 100,000 

Net asset value per Sterling class R hedged share – £9.30 

Number of Sterling hedge R class shares outstanding – 17,399 

Net asset value per Euro class R hedged share – – 

Number of Euro hedge R class shares outstanding – – 

(1) Includes only equities and bonds. 

The notes on the pages 38 to 41 form an integral part of these financial statements.




Global Resources Global Greater Japan Absolute Japan North American Pan-European 

Absolute Alpha Fund Resources Fund China Fund Alpha Fund Fund Fund Alpha Fund 

US$ US$ US$ ¥ US$ US$ E 

35,948,075 189,757,352 33,696,694 1,473,514,279 70,742,030 38,421,541 13,529,703 

(5,040,252) (34,783,091) (2,785,267) (40,135,409) (6,845,800) (537,857) (1,763,080) 

30,907,823 154,974,261 30,911,427 1,433,378,870 63,896,230 37,883,684 11,766,623 

14,513,694 4,333,892 1,173,113 725,761,876 526,388 – 1,954,307 

14,411 383,221 42,685 10,836,918 643,977 21,562 19,661 

148,959 923,128 1,289,414 35,269,828 214,711 – 5,131,101 

74,448 1,018,000 – – 1,252,456 1,634,998 969 

– – – – – – – 

2,266,293 – – 20,427,836 – – – 

– – – – – – – 

7,994 – – – – – – 

169,132 47,601 17,917 17,575,650 28,633 28,327 9,531 

48,102,754 161,680,103 33,434,556 2,243,250,978 66,562,395 39,568,571 18,882,192 

– – – – – 640,649 – 

– 1,717,237 541,932 56,671,917 1,147,986 – – 

228 578,317 29,689 – 703,444 100,571 6,649,370 

– – – 5,050,562 – – – 

2,140,013 – – 52,990,854 – – – 

200,422 826,323 206,618 18,434,979 429,729 343,405 145,416 

2,340,663 3,121,877 778,239 133,148,312 2,281,159 1,084,625 6,794,786 

45,762,091 158,558,226 32,656,317 2,110,102,666 64,281,236 38,483,946 12,087,406 

$9.39 $19.82 $16.89 – $10.21 $7.22 – 

47,005 6,726,450 1,932,477 – 5,652,231 4,416,810 – 

– – – – ¥787.00 – – 

– – – – 623,797 – – 

– £12.44 – – £9.26 £4.64 £8.53 

– 717,352 – – 10,808 578,041 23,988 

– € €7.63 € €8.31 – – € €5.47 € €11.62 

– 1,096,346 815 – – 327,001 1,019,550 

– – – $9.62 – – – 

– – – 999,083 – – – 

€ €9.42 – – € €9.68 – – – 

1,777,374 – – 288,724 – – – 

£9.41 – – £9.66 – – – 

1,529,634 – – 842,775 – – – 

$9.35 – – – – – – 

6,080 – – – – – – 

– – – – – – – 

– – – – – – – 

– – – $9.60 – – – 

– – – 103,844 – – – 

£9.37 – – £9.60 – – – 

10,847 – – 21,075 – – – 

€ €9.38 – – € €9.64 – – – 

3,200 – – 5,058 – – –




Statement of operations and changes in net assets for the period ended 30 September 2011 

Total Asia Pacific European Absolute 

Fund Alpha Fund 

Note E US$ E 

Bank interest 30,010 101 27,982 

Bond interest 29,938 30,804 – 

Dividends (net of withholding tax) 5,664,783 2,442,073 389,512 

Other income 7,241 – – 

Total income 2(c) 5,731,972 2,472,978 417,494 

Expenses 

Bank interest 81,430 – – 

Bond Interest 2,106 – 2,106 

Dividends on contracts for difference, net 470,445 – 161,443 

Administrative fees 187,730 16,464 38,314 

Management fees 3 4,301,905 1,575,964 293,878 

Custodian fees 4 84,838 35,764 5,950 

Luxembourg tax 8 135,724 45,224 8,043 

Performance fees 2,407 – 117 

Other expenses 6 1,451,286 348,092 180,634 

Total expenses 6,717,871 2,021,508 690,485 

Management fees waiver/(reimbursement) 6 383,162 (100,779) 136,879 

Net investment (loss)/profit (602,737) 350,691 (136,112) 

Net profit/(loss) realised on: 

Investments (10,368,458) 3,872,286 (3,643,853) 

Futures contracts 909,905 – – 

Foreign currency transactions 6,179,714 4,048,838 (1,053,931) 

Swap transactions 3,115,037 – 1,166,667 

Options contracts 186,794 – – 

Net profits/(losses) for the period (579,745) 8,271,815 (3,667,229) 

Net change in unrealised appreciation/(depreciation) on: 

Investments (105,105,627) (35,968,201) (620,204) 

Contracts for difference 2,392,534 – 279,989 

Futures contracts (241,897) – – 

Foreign currency transactions (2,096,061) (54,177) 1,201,472 

Options contracts (106,958) – – 

Result of operations (105,737,754) (27,750,563) (2,805,972) 

Net receipts/(payments) as a result of issue and redemption of shares (137,121,199) (86,670,691) (24,806,176) 

Change in total net assets for the period (242,858,953) (114,421,254) (27,612,148) 

Foreign exchange valuation movement 2(i) 29,515,386 

Net assets at the beginning of the period 608,270,763 239,925,526 45,456,504 

Net assets at the end of the period 394,927,196 125,504,272 17,844,356 





Global Resources Global Greater Japan Absolute Japan North American Pan-European 

Absolute Alpha Fund Resources Fund China Fund Alpha Fund Fund Fund Alpha Fund 

US$ US$ US$ ¥ US$ US$ E 

– – – – – – 1,953 

7,470 – 1,961 13,737 – – – 

323,300 1,735,899 849,674 13,561,817 730,440 285,896 427,668 

9,775 – – – – – – 

340,545 1,735,899 851,635 13,575,554 730,440 285,896 429,621 

96,104 1,660 2 800,196 406 1,336 – 

– – – – – – – 

349,723 – – 5,178,950 – – – 

45,575 19,510 19,649 3,869,832 20,796 12,677 12,344 

415,150 1,616,849 306,164 17,337,553 566,071 471,980 172,326 

4,274 20,886 7,559 312,088 11,825 11,516 7,856 

13,153 58,207 11,190 561,901 17,141 13,928 4,594 

3,091 – – – – – – 

218,989 381,507 107,531 11,965,417 197,139 172,405 99,171 

1,146,059 2,098,619 452,095 40,025,937 813,378 683,842 296,291 

144,477 (59,186) 43,896 11,051,179 58,211 53,199 36,165 

(661,037) (421,906) 443,436 (15,399,204) (24,727) (344,747) 169,495 

(2,583,976) (7,381,523) (1,126,462) (176,645,528) (3,189,893) 6,533,611 (2,150,313) 

(1,118) – – 94,476,377 (122) – – 

2,455,503 1,882,674 92,470 (135,886,360) 2,756,910 161,578 100,120 

2,035,039 – – 45,724,699 – – – 

330,198 – – (5,997,000) – – – 

1,574,609 (5,920,755) (590,556) (193,727,016) (457,832) 6,350,442 (1,880,698) 

(7,994,554) (62,498,078) (10,908,420) (44,715,751) (4,865,923) (13,716,200) (3,342,095) 

3,094,402 – – (18,647,484) – – – 

– – – (25,091,062) – – – 

(3,193,297) (4,866) (14,098) (92,220,027) 16,923 (32) (1,210) 

(144,382) – – – – – – 

(6,663,222) (68,423,699) (11,513,074) (374,401,340) (5,306,832) (7,365,790) (5,224,003) 

(5,394,248) (1,343,121) 1,752,382 485,843,550 (18,934,479) (37,068,010) (7,614,345) 

(12,057,470) (69,766,820) (9,760,692) 111,442,210 (24,241,311) (44,433,800) (12,838,348) 

57,819,561 228,325,046 42,417,009 1,998,660,456 88,522,547 82,917,746 24,925,754 

45,762,091 158,558,226 32,656,317 2,110,102,666 64,281,236 38,483,946 12,087,406



Three year summary 

Asia Pacific Fund 


30 September 2011 31 March 2011 31 March 2010 

Total net assets US$125,504,272 US$239,925,526 US$183,397,657 

Net asset value per US$ class share US$9.34 US$11.11 US$9.44 

Number of shares outstanding - US$ class shares 11,128,629 19,283,575 17,292,573 

Net asset value per Euro class share €9.46 €€10.69 €€9.57 

Number of shares outstanding - Euro class shares 1,685,788 1,689,132 1,566,428 

European Absolute Alpha Fund 

Total net assets €17,844,356 €45,456,504 – 

Net asset value per Euro class share €€9.30 €€10.03 – 

Number of shares outstanding - Euro class shares 977,166 922,003 – 

Net asset value per US$ class hedged share US$9.34 US$10.10 – 

Number of shares outstanding - US$ class hedged shares 99,534 105,239 – 

Net asset value per Sterling class hedged share £9.33 £10.10 – 

Number of shares outstanding - Sterling class hedged shares 543,533 2,972,173 – 

Net asset value per Euro class R share €€9.32 €€10.07 – 

Number of shares outstanding - Euro class R shares 142,533 50,300 – 

Net asset value per US$ class R hedged share US$9.30 US$10.07 – 

Number of shares outstanding - US$ class R hedged shares 100,000 100,000 – 

Net asset value per Sterling class R hedged share £9.30 £10.06 – 

Number of shares outstanding - Sterling class R hedged shares 17,399 22,343 – 

Global Resources Absolute Alpha Fund 

Total net assets US$45,762,091 US$57,819,561 – 

Net asset value per US$ class share US$9.39 US$10.30 – 

Number of shares outstanding - US$ class shares 47,005 260,972 – 


Number of shares outstanding - Sterling class hedged shares 1,529,634 1,598,904 – 

Net asset value per Euro class hedged share €€9.42 €€10.32 – 

Number of shares outstanding - Euro class hedged shares 1,777,374 1,938,165 – 

Net asset value per US$ class R share US$9.35 US$10.28 – 

Number of shares outstanding - US$ class R shares 6,080 6,080 – 



Net asset value per Euro class R hedged share €€9.38 €€10.29 – 

Number of shares outstanding - Euro class R hedged shares 3,200 3,200 – 

Global Resources Fund 




Net asset value per Sterling class share £12.44 £17.03 £15.28 

Number of shares outstanding - Sterling class shares 717,352 838,198 1,240,745 

Net asset value per Euro class share €€7.63 – – 

Number of shares outstanding - Euro class shares 1,096,346 – – 

Greater China Fund 




Net asset value per Euro class share €€8.31 €€10.78 – 

Number of shares outstanding - Euro class shares 815 22,671 – 





Three year summary 

Japan Absolute Alpha Fund 

Total net assets ¥2,110,102,666 ¥1,998,660,456 – 

Net asset value per US$ class hedged share US$9.62 US$10.25 – 

Number of shares outstanding - US$ class hedged shares 999,083 644,832 – 

Net asset value per Euro class hedged share €€9.68 €10.78 – 

Number of shares outstanding - Euro class hedged shares 288,724 89,211 – 


Number of shares outstanding - Sterling class hedged shares 842,775 894,968 – 

Net asset value per US$ class R hedged share US$9.60 US$10.26 – 

Number of shares outstanding - US$ class R hedged shares 103,844 100,000 – 

Net asset value per Euro class R hedged share €€9.64 €€10.27 – 

Number of shares outstanding - Euro class R hedged shares 5,058 3,200 – 



Japan Fund 




Net asset value per Yen class shares ¥787 ¥913 ¥1,011 

Number of shares outstanding - Yen class shares 623,797 202,632 888,340 

Net asset value per Sterling class share £9.26 £9.65 – 

Number of shares outstanding - Sterling class shares 10,808 14,964 – 

North American Fund 




Net asset value per Euro class share €€5.47 €€6.12 €€5.68 

Number of shares outstanding - Euro class shares 327,001 1,797,777 2,418,252 

Net asset value per Sterling class share £4.64 £5.41 £5.06 

Number of shares outstanding - Sterling class shares 578,041 621,577 379,516 

Pan-European Alpha Fund 

30 September 2011 31 March 2011 31 March 2010 

Total net assets €12,087,406 €24,925,754 €8,666,445 

Net asset value per Euro Class share €€11.62 €€14.88 €€13.68 

Number of shares outstanding - Euro class shares 1,019,550 1,636,928 633,522 

Net asset value per Sterling class share £8.53 £11.14 – 

Number of shares outstanding - Sterling class shares 23,988 44,427 – 

(1) This Fund was liquidated on 30 April 2010.




Statement of changes in shares outstanding for the period ended 30 September 2011 

Asia Pacific Fund 

US$ class shares outstanding at the 

beginning of the period 19,283,575 

Shares issued 136,942 

Shares redeemed 8,291,888 

US$ class shares outstanding at the end of the period 11,128,629 

Euro class shares outstanding at the 



Shares redeemed 101,283 

Euro class shares outstanding at the end of the period 1,685,788 

European Absolute Alpha Fund 


beginning of the period 922,003 



Euro class shares outstanding at the end of the period 977,166 

US$ class hedged shares outstanding at the 





end of the period 99,534 

Sterling class hedged shares outstanding at the 




Sterling class hedged shares outstanding 

at the end of the period 543,533 

Euro class R shares outstanding at the 



Shares redeemed – 

Euro class R shares outstanding at the end of the period 142,533 

US$ class R hedged shares outstanding at the 


Shares issued – 




Sterling class R hedged shares outstanding at the 




Sterling class R hedged shares outstanding 


The notes on pages 38 to 41 form an integral part of these financial statements. 

Global Resources Absolute Alpha Fund 





US$ class shares outstanding at the end of the period 47,005 






end of the period 1,529,634 

Euro class hedged shares outstanding at the 





end of the period 1,777,374 

US$ class R shares outstanding at the 




US$ class R shares outstanding at the end of the period 6,080 


at the beginning of the period 2,700 





Euro class R hedged shares outstanding at the 




Euro class R hedged shares outstanding 


Global Resources Fund 






Sterling class shares outstanding at the 




Sterling class shares outstanding at the end of the period 717,352 


beginning of the period – 

Shares issued 1,096,346 


Euro class shares outstanding at the end of the period 1,096,346




Statement of changes in shares outstanding for the period ended 30 September 2011 

Greater China Fund 








Shares issued 289 


Euro class shares outstanding at the end of the period 815 

Japan Absolute Alpha Fund 


































Shares redeemed 497 



Japan Fund 






Yen class shares outstanding at the 




Yen class shares outstanding at the end of the period 623,797 






North American Fund 










Euro class shares outstanding at the end of the period 327,001 






Pan-European Alpha Fund 





Euro class shares outstanding at the end of the period 1,019,550 





Sterling class shares outstanding at the end of the period 23,988

MARTIN CURRIE GF - ASIA PACIFIC FUND 

PORTFOLIO OF INVESTMENTS - AS AT 30 SEPTEMBER 2011 


Transferable securities admitted to an official stock exchange listing or dealt in or on another regulated market 

Market value Market value as % 

Description Holding US$ of net asset value 

Quoted securities – equities 

Australia 

BHP Billiton 76,138 2,592,495 2.07 

Boart Longyear 642,214 1,635,993 1.30 

Commonwealth Bank of Australia 76,531 3,389,426 2.70 

Mount Gibson Iron 1,390,044 1,811,064 1.44 

Newcrest Mining 86,766 2,875,077 2.29 

OZ Minerals 121,724 1,114,878 0.89 

Woolworths 106,834 2,582,325 2.06 

WorleyParsons 95,934 2,453,176 1.95 

18,454,434 14.70 

China 

China Construction Bank 4,432,070 2,724,627 2.17 

Dongfeng Motor 1,666,000 2,292,106 1.83 

ENN Energy 840,000 2,749,062 2.19 

Tsingtao Brewery 184,000 1,018,975 0.81 

8,784,770 7.00 

Hong Kong 

AIA 1,337,400 3,827,641 3.05 

China Merchants 786,000 2,138,570 1.70 

China Mobile 383,000 3,789,816 3.02 

China Resources Cement 1,196,000 802,782 0.64 

CNOOC 2,682,000 4,474,733 3.57 

Henderson Land Development 244,000 1,110,123 0.88 

Hong Kong & China Gas 662,070 1,497,183 1.19 

Link REIT 754,500 2,391,780 1.91 

Sino Land 1,508,000 2,016,666 1.61 

SJM 1,654,000 2,993,089 2.38 

Sun Hung Kai Properties 218,000 2,530,638 2.02 

27,573,021 21.97 

India 

Hero Motocorp 24,429 970,675 0.77 

Infrastructure Development Finance 544,178 1,223,359 0.98 

Maruti Suzuki India 76,682 1,701,957 1.36 

3,895,991 3.11 

Indonesia 

Adaro Energy 5,459,500 1,068,298 0.85 

Astra 313,000 2,266,490 1.80 

Bank Rakyat Indonesia Persero 3,540,356 2,356,210 1.88 

United Tractors 1,082,075 2,708,265 2.16 

8,399,263 6.69 

Malaysia 

Axiata 1,994,970 2,874,507 2.29 

CIMB 978,500 2,136,302 1.71 

Genting 929,800 2,650,330 2.11 

7,661,139 6.11 

Singapore 

Global Logistic Properties 2,144,000 2,728,637 2.18 

United Overseas Bank 244,000 3,189,788 2.54 

5,918,425 4.72


MARTIN CURRIE GF - ASIA PACIFIC FUND (CONTINUED) 






South Korea 

Hyundai Mobis 16,875 4,891,823 3.90 

LG Household & Health Care 8,603 3,892,364 3.10 

Orion 8,517 3,723,318 2.97 

Samsung Electronics 12,945 9,230,338 7.35 

21,737,843 17.32 

Taiwan 

E.Sun Financial 3,220,657 1,595,797 1.27 

Synnex Technology 964,000 2,109,887 1.68 

Taiwan Semiconductor Manufacturing 1,578,542 3,625,855 2.89 

WPG 1,300,370 1,521,188 1.21 

8,852,727 7.05 

Thailand 

CP ALL 1,383,500 2,136,336 1.70 

Kasikornbank NVDR* 841,300 3,166,547 2.52 

PTT Exploration & Production 256,300 1,150,196 0.92 


6,453,079 5.14 

United Kingdom 

Rio Tinto 82,052 3,700,607 2.95 

3,700,607 2.95 

Quoted securities – bonds 

Netherlands 

JP Morgan STR (P-Note 2014) 440,696 997,075 0.79 

997,075 0.79 

Total transferable securities admitted to an official stock exchange 

listing or dealt in or on another regulated market 122,428,374 97.55 

Other net assets 3,075,898 2.45 

Total net assets (US$) 125,504,272 100.00 

*American depositary receipt

MARTIN CURRIE GF - EUROPEAN ABSOLUTE ALPHA FUND 





Description Holding E of net asset value 


Finland 

Nokian Renkaat 7,806 176,025 0.99 

Germany 

176,025 0.99 

Adidas 8,405 376,838 2.11 

Deutsche Euroshop 9,038 227,757 1.27 

Frankfurt Airport Services Worldwide 8,272 368,766 2.07 

Fresenius Medical Care 16,078 806,794 4.52 

Hugo Boss 4,015 251,259 1.41 

Sky Deutschland 30,696 60,717 0.34 

Italy 

2,092,131 11.72 

Luxottica 10,314 195,244 1.09 

Netherlands 

195,244 1.09 

Gemalto 10,533 366,864 2.06 

Nutreco 8,216 388,165 2.17 

Switzerland 

755,029 4.23 

Novartis 9,000 372,761 2.09 

Novartis ADR* 9,100 381,082 2.14 

Turkey 

753,843 4.23 

BIM Birlesik Magazalar 25,182 538,720 3.02 

538,720 3.02 


British Sky Broadcasting 82,900 630,659 3.53 

Diageo 52,731 749,299 4.20 

GlaxoSmithKline 36,496 559,500 3.14 

Quoted securities - bonds 

Germany 

1,939,458 10.87 

German Treasury Bill 0,00% 12/10/2011 5,304,509 5,304,642 29.73 

German Treasury Bill 0,00% 23/11/2011 873,000 872,825 4.89 

6,177,467 34.62 



Derivatives 

Contracts for difference 

Arkema (7,013) 30,702 0.17 

ARM 27,716 (14,159) (0.08) 

Buzzi Unicem (48,656) 108,396 0.61 

C&C (60,992) 35,525 0.20 

Capita (32,299) 4,670 0.03 

Carillion 52,197 (22,505) (0.13) 

CSM (24,228) 23,110 0.13 

Electrolux (24,722) 50,116 0.28 

Enel (86,274) 65,003 0.36 

Fomento de Construcciones y Contratas (9,533) 30,925 0.17 

Heineken (10,556) (716) (0.00) 

Holcim (6,050) (3,801) (0.02) 

Home Retail (174,190) 112,190 0.63


MARTIN CURRIE GF - EUROPEAN ABSOLUTE ALPHA FUND (CONTINUED) 


Unrealised appreciation/ % of net 

Description Nominal value (depreciation) E asset value 

Intermediate Capital 91,247 (116,629) (0.65) 

Kemira (41,226) 43,509 0.24 

Lafarge (9,287) 1,469 0.01 

Lanxess (4,774) 14,456 0.08 

Norsk Hydro (48,400) 11,091 0.06 

Outokumpu (59,608) 79,704 0.45 

Persimmon 85,992 17,202 0.10 

Pirelli & C (65,548) (1,750) (0.01) 

Randstad (14,891) 9,006 0.05 

Royal Bank of Scotland (679,666) (15,430) (0.09) 

Scania (29,133) 38,066 0.21 

Serco 46,358 (1,027) (0.01) 

Telekom Austria (36,355) 52,948 0.30 

Tesco 121,430 20,797 0.12 

Tullow Oil 22,673 39,449 0.22 

Net unrealised appreciation on contracts for difference (EUR commitment: E7,948,384) 612,317 3.43 

Expiration Unrealised appreciation/ % of net asset 

Purchase Sales date (depreciation) E value 

Forward foreign currency contracts 

£ 5,509,911 € 6,335,224 04/11/2011 29,910 0.17 

US$ 1,883,405 € 1,387,264 04/11/2011 8,316 0.05 

€ 375,345 CHF 457,200 04/11/2011 (672) (0.00) 

€542,355 TRY 1,372,419 04/11/2011 (1,437) (0.01) 

€371,669 US$ 504,504 04/11/2011 (2,162) (0.01) 

€2,199,801 £ 1,913,340 04/11/2011 (10,519) (0.06) 

£ 7,965,362 € 8,986,296 05/10/2011 215,848 1.20 

€427,991 SEK 3,937,619 05/10/2011 3,087 0.02 

€981,445 TRY 2,466,050 05/10/2011 75 0.00 

US$ 1,889,088 € 1,310,042 05/10/2011 89,399 0.50 

€1,201,151 CHF 1,426,077 05/10/2011 29,195 0.16 

CHF 980,307 € 877,102 05/10/2011 (71,482) (0.40) 

€10,973,517 £ 9,568,258 05/10/2011 (80,403) (0.45) 

TRY 1,093,631 € 449,054 05/10/2011 (13,841) (0.08) 

SEK 3,937,619 € 428,997 05/10/2011 (4,092) (0.02) 

€1,676,971 US$ 2,278,344 05/10/2011 (10,831) (0.06) 

Net unrealised depreciation on forward foreign exchange 

contracts (EUR Commitment: €38,524,224) 180,391 1.01 


Total net assets(€) 17,844,356 100.00 

The notes on pages 38 to 41 form an integral part of these financial statements.

MARTIN CURRIE GF - GLOBAL RESOURCES ABSOLUTE ALPHA FUND 







Belgium 

Nyrstar 25,825 230,955 0.50 

230,955 0.50 

Brazil 

Petroleo Brasileiro ADR* 47,300 1,010,801 2.21 

1,010,801 2.21 

Canada 

Agrium 6,400 447,188 0.98 

Barrick Gold 25,100 1,153,435 2.52 

Domtar 6,400 455,104 0.99 

First Quantum Minerals 12,600 173,668 0.38 

Ivanhoe Mines 12,400 187,488 0.41 

Kinross Gold 53,500 768,127 1.68 

Suncor Energy 36,800 976,050 2.13 

4,161,060 9.09 

China 

Dong Fang Electric 236,000 614,856 1.34 

614,856 1.34 

Hong Kong 

CNOOC 564,000 940,995 2.06 

940,995 2.06 

Japan 

Inpex 103 648,777 1.42 

Nippon Paper Group 21,400 575,939 1.26 

1,224,716 2.68 

South Africa 

Harmony Gold Mining ADR* 31,100 362,315 0.79 

362,315 0.79 

Switzerland 

Syngenta 2,660 707,012 1.55 

Weatherford International 32,700 416,925 0.91 

1,123,937 2.46 


Subsea 7 42,463 821,326 1.79 

821,326 1.79


MARTIN CURRIE GF - GLOBAL RESOURCES ABSOLUTE ALPHA FUND (CONTINUED) 






United States 

AGCO 16,200 583,524 1.28 

Apache 9,800 812,224 1.78 

Baker Hughes 21,800 1,059,262 2.31 

Chevron 12,500 1,179,875 2.58 

Cliffs Natural Resources 4,200 227,598 0.50 

Crown 22,800 709,536 1.55 

Marathon Petroleum 10,900 303,456 0.66 

Southwestern Energy 15,000 518,850 1.13 

5,394,325 11.79 

Quoted securities – bonds 


United Kingdom Treasury Bill 0,00% 07/11/2011 9,637,446 15,022,537 32.83 

15,022,537 32.83 




Description Nominal value (depreciation) US$ asset value 

Derivatives 


AMEX Energy Select Index (2,220) 89,249 0.20 

AMEX Oil (8,405) 245,355 0.54 

Anglo American 28,132 (344,369) (0.75) 

AZ Electronic Materials 68,898 (28,533) (0.06) 

BHP Billiton 35,981 (171,181) (0.37) 

BP 128,786 (151,486) (0.33) 

China COSCO (507,500) 217,542 0.48 

Cove Energy 602,281 (205,846) (0.45) 

Cytec Industries (12,700) 234,231 0.51 

Dart Energy 431,734 (240,387) (0.53) 

DJ STOXX 600 Chemicals (2,026) 273,455 0.60 

DuluxGroup (344,764) 176,540 0.39 

Fibria Celulose (57,700) 51,182 0.11 

Fletcher Building (132,834) 170,970 0.37 

Givaudan (620) 170,041 0.37 

Hanwha Chemical (21,069) 517,795 1.13 

Holcim (11,477) 174,460 0.38 

Honam Petrochemical (2,360) 276,147 0.60 

Hyundai Heavy Industries (2,042) 293,531 0.64 

International Flavors & Fragrances (8,600) (3,761) (0.01) 

International Paper (26,800) 146,779 0.32 

James Hardie Industries (132,139) 84,571 0.18 

Johnson Matthey 21,193 (32,171) (0.07) 

Kawasaki Kisen Kaisha (99,000) 124,374 0.27 

Mitsui OSK Lines (62,000) 90,249 0.20 

OMV (32,600) 17,513 0.04 

Outokumpu (44,484) 81,449 0.18 

Petrofac 33,639 (235,699) (0.52) 

Repsol (15,289) 86,995 0.19 

Rexam 164,281 (90,372) (0.20) 

Rio Tinto 21,233 (375,145) (0.82) 

Samsung Heavy Industries (16,040) 256,930 0.56


MARTIN CURRIE GF - GLOBAL RESOURCES ABSOLUTE ALPHA FUND (CONTINUED) 



Description Nominal value (depreciation) US$ asset value 

Derivatives 

Contracts for difference – continued 

Schlumberger (11,500) 75,279 0.16 

Sherritt International (143,700) 88,628 0.19 

Sherwin-Williams (13,500) 91,661 0.20 

Sims Metal Management 55,160 (401,303) (0.88) 

Statoil (34,100) (22,864) (0.05) 

Sunoco (16,100) 131,557 0.29 

Talvivaara Mining (87,582) 306,795 0.67 

Tenaris (27,550) 40,498 0.09 

Tullow Oil 26,721 28,748 0.06 

Vallourec (7,136) 237,085 0.52 

Woodside Petroleum 25,208 (352,045) (0.77) 

Yangzijiang Shipbuilding (286,500) 141,846 0.31 

Net unrealised depreciation on contracts for difference (USD commitment: $9,775,241) 2,266,293 4.94 

Market Market value as % 

Description Holding value US$ of net asset value 

Options Contracts as at 30 September 2011 

Purchased Call Options 

IXB Index Call 2011 13,782 7,994 0.02 

7,994 0.02 

Total Options Contracts as at 30 September 2011 7,994 0.02 


Purchase Sales date (depreciation) US$ value 


US$ 27,421,293 € 20,202,242 05/10/2011 150,529 0.33 

£ 15,677,851 US$ 25,487,918 05/10/2011 (1,038,546) (2.27) 

US$ 40,717,836 £ 25,706,817 05/10/2011 628,443 1.37 

€ 19,024,924 US$ 27,421,293 05/10/2011 (1,739,776) (3.80) 

£ 15,255,604 US$ 23,799,380 04/11/2011 (15,583) (0.03) 

€ 18,068,516 US$ 24,526,204 04/11/2011 (141,851) (0.31) 

US$ 1,010,980 £ 646,489 04/11/2011 3,090 0.01 

US$ 1,602,530 € 1,177,318 04/11/2011 13,681 0.03 

Net unrealised appreciation on forward 

foreign exchange contracts (USD Commitment: $125,455,159) (2,140,013) (4.67) 


Total net assets(US$) 45,762,091 100.00


MARTIN CURRIE GF - GLOBAL RESOURCES FUND 






Australia 

Centamin Egypt 638,184 953,448 0.60 

Dart Energy 1,827,592 932,908 0.59 

Woodside Petroleum 97,405 3,076,080 1.94 

WorleyParsons 63,577 1,625,759 1.02 

6,588,195 4.15 

Belgium 

Nyrstar 268,308 2,399,501 1.51 

2,399,501 1.51 

Bermuda 

Seadrill 61,400 1,716,368 1.08 

1,716,368 1.08 

Brazil 

Petroleo Brasileiro ADR* 257,200 5,496,364 3.47 

5,496,364 3.47 

Canada 

Agrium 48,000 3,353,912 2.12 

Barrick Gold 88,100 4,048,510 2.55 

Domtar 21,600 1,535,976 0.97 

First Quantum Minerals 55,800 769,103 0.49 

Ivanhoe Mines 49,700 751,464 0.47 

Kinross Gold 233,300 3,349,605 2.11 

New Gold 252,557 2,622,870 1.66 

Suncor Energy 146,700 3,890,938 2.45 

20,322,378 12.82 

France 

Air Liquide 28,898 3,404,740 2.15 

3,404,740 2.15 

Germany 

HeidelbergCement 23,330 870,313 0.55 

870,313 0.55 

Hong Kong 

CNOOC 1,876,000 3,129,977 1.97 

3,129,977 1.97 

Italy 

ENI 137,676 2,447,628 1.54 

2,447,628 1.54 

Japan 

Inpex 588 3,703,696 2.33 

Mitsui 193,000 2,848,282 1.80 

6,551,978 4.13 

Luxembourg 

AZ Electronic Materials 236,395 805,149 0.51 

805,149 0.51

MARTIN CURRIE GF - GLOBAL RESOURCES FUND (CONTINUED) 







Norway 

Statoil Fuel & Retail 226,885 1,670,091 1.05 

1,670,091 1.05 

Russian Federation 

Gazprom ADR* 278,450 2,751,086 1.74 

2,751,086 1.74 

South Africa 

Harmony Gold Mining ADR* 175,100 2,039,915 1.29 

2,039,915 1.29 

Switzerland 

Syngenta 15,814 4,203,266 2.65 

4,203,266 2.65 


Anglo American 101,930 3,512,218 2.22 

BG 185,171 3,562,030 2.25 

BHP Billiton 144,856 3,890,050 2.45 

BP 1,021,085 6,270,802 3.95 

Cove Energy 2,098,318 2,454,246 1.55 

Petrofac 138,845 2,602,677 1.64 

Rexam 739,460 3,561,045 2.25 

Rio Tinto 136,772 6,168,520 3.89 

Subsea 7 126,943 2,455,352 1.55 

Tullow Oil 94,398 1,893,168 1.19 

36,370,108 22.94 

United States 

AGCO 89,900 3,238,198 2.04 

Apache 66,600 5,519,808 3.48 

Baker Hughes 74,600 3,624,814 2.29 

Chevron 98,700 9,316,293 5.88 

Cliffs Natural Resources 28,200 1,528,158 0.96 

ConocoPhillips 87,516 5,633,405 3.55 

Crown 121,700 3,787,304 2.39 

Exxon Mobil 123,500 9,124,180 5.76 


National Oilwell Varco 27,100 1,430,338 0.90 

Praxair 52,200 4,980,402 3.14 

QEP Resources 85,600 2,386,528 1.51 

Sims Metal Management 228,874 2,759,424 1.74 

54,207,204 34.19 




Total net assets(US$) 158,558,226 100.00 



MARTIN CURRIE GF - GREATER CHINA FUND 






China 

Airtac 89,000 513,995 1.57 

Bank of China 1,508,100 474,200 1.45 

Belle 377,000 658,029 2.02 

China Construction Bank 1,031,050 633,841 1.94 

China Life Insurance 124,000 299,188 0.92 

China Petroleum & Chemical 690,000 680,104 2.08 

China Singyes Solar Technologies 666,000 294,889 0.90 

China Telecom 1,364,000 868,283 2.66 

Dongyue 654,000 329,864 1.01 

Focus Media ADR* 18,400 374,624 1.15 

Industrial & Commercial Bank of China 1,228,280 602,179 1.84 

Jiangxi Copper 183,000 324,112 0.99 

Kingdee International Software 740,000 279,218 0.86 

Noah ADR* 37,981 304,988 0.93 

PetroChina 734,000 910,935 2.79 

Sany Heavy Equipment 477,500 380,566 1.17 

Spreadtrum Communications ADR* 17,900 299,825 0.92 

Tiangong 3,431,000 563,632 1.73 

Yanzhou Coal Mining 344,000 755,835 2.31 

ZTE 128,800 370,279 1.13 

9,918,586 30.37 

Hong Kong 

AIA 565,000 1,617,031 4.95 

BOC Hong Kong 157,000 336,497 1.03 

Cheung Kong 69,000 758,032 2.32 

China Mobile 143,000 1,414,997 4.33 

China State Construction 570,000 304,322 0.93 

CNOOC 571,000 952,674 2.92 

Comba Telecom Systems 518,000 382,928 1.17 

Digital China 381,000 504,626 1.55 

GCL Poly Energy 582,000 154,617 0.47 

Hong Kong Exchanges and Clearing 19,100 281,165 0.86 

Hutchison Whampoa 42,000 315,064 0.97 

Li & Fung 106,000 179,847 0.55 

Link REIT 322,000 1,020,746 3.13 

MTR 184,990 557,932 1.71 

Power Assets 123,000 944,788 2.89 

Sun Hung Kai Properties 42,000 487,554 1.49 

Wharf 71,000 354,465 1.09 

10,567,285 32.36 

Italy 

Prada 109,500 461,652 1.41 

461,652 1.41 

Luxembourg 

Xinjiang Youhao (P-Note 2014) 172,910 322,343 0.99 

322,343 0.99

MARTIN CURRIE GF - GREATER CHINA FUND (CONTINUED) 








Switzerland 

Kweichow Moutai (P-Note 2014) 17,372 519,117 1.59 

519,117 1.59 

Taiwan 

Cathay Financial 174,120 201,117 0.62 

Cheng Uei Precision Industry 322,851 716,152 2.19 

Chunghwa Telecom 193,000 642,806 1.97 

E.Sun Financial 1,010,035 500,460 1.53 

Far Eastern Department Stores 146,720 193,540 0.59 

Foxconn Technology 144,900 470,717 1.44 

Hon Hai Precision Industry 162,800 369,672 1.13 

MediaTek 97,000 1,074,241 3.29 

Pacific Hospital Supply 127,880 408,712 1.25 

President Chain Store 80,000 455,455 1.40 

Simplo Technology 117,182 732,508 2.24 

Taiwan Semiconductor Manufacturing 419,917 964,535 2.96 

TXC 258,639 306,378 0.94 

Uni-President Enterprises 346,218 453,293 1.39 

Wistron NeWeb 328,928 820,296 2.51 

WPG 319,003 373,173 1.14 

Quoted securities - bonds 

8,683,055 26.59 

Switzerland 

UBS 1,00% 13/11/2012 8,502,500 439,389 1.35 

439,389 1.35 

Total transferable securities admitted to an official stock exchange listing 

or dealt in or on another regulated market 30,911,427 94.66 


Total net assets(US$) 32,656,317 100.00 



MARTIN CURRIE GF - JAPAN ABSOLUTE ALPHA FUND 




Description Holding ¥ of net asset value 


Japan 

ABC-Mart 7,500 22,440,000 1.06 

Aisin Seiki 21,400 55,768,400 2.64 

Amada 40,000 20,520,000 0.97 

Astellas Pharma 8,000 23,528,000 1.11 

Benesse 7,800 26,715,000 1.27 

Canon 19,700 69,935,000 3.31 

Capcom 12,100 23,570,800 1.12 

Chiba Bank 94,000 50,666,000 2.40 

Credit Saison 17,700 26,709,300 1.27 

Daikin Industries 5,200 11,627,200 0.55 

Dena 5,432 17,762,640 0.84 

Dentsu 10,100 24,987,400 1.18 

Don Quijote 9,000 25,047,000 1.19 

East Japan Railway 15,200 71,592,000 3.39 

Furukawa Electric 96,000 20,448,000 0.97 

Goldcrest 13,690 19,768,360 0.94 

Gree 9,300 22,124,700 1.05 

HAJIME CONSTRUCTION 6,600 13,860,000 0.66 

Hitachi High-Technologies 30,600 47,950,200 2.27 

Honda Motor 9,100 20,920,900 0.99 

Inpex 40 19,360,000 0.92 

Japan Tobacco 74 26,899,000 1.27 

JS 12,000 26,196,000 1.24 

Meitec 6,900 10,267,200 0.49 

Mitsubishi Estate 59,000 74,812,000 3.55 

Mitsubishi UFJ Financial 63,000 22,302,000 1.06 

Mitsui 26,000 29,484,000 1.40 

Modec 9,400 13,009,600 0.62 

NGK Insulators 45,000 53,145,000 2.52 

Nihon Nohyaku 38,000 14,060,000 0.67 

Nikon 13,000 23,959,000 1.14 

Nippon Shokubai 12,000 11,640,000 0.55 

Nitori 2,900 22,620,000 1.07 

Nittoc Construction 84,000 7,560,000 0.36 

Nomura Research Institute 42,600 75,615,000 3.58 

NTT DoCoMo 489 69,291,300 3.28 

Osaka Gas 76,000 24,472,000 1.16 

Promise 21,150 13,937,850 0.66 

Sato 1,300 1,322,100 0.06 

Senko 39,000 12,168,000 0.58 

Shimamura 1,700 13,872,000 0.66 

Sumitomo Real Estate Sales 6,580 21,615,300 1.02 

Sumitomo Rubber Industries 24,300 24,251,400 1.15 

Taiyo Nippon Sanso 35,000 18,970,000 0.90 

Takeuchi Manufacturing 15,600 9,141,600 0.43 

THK 22,200 29,104,200 1.38 

Yamada Denki 4,040 22,018,000 1.04 

Yamato 16,000 22,704,000 1.08 


1,329,737,450 63.02 


United Kingdom Treasury Bill 0,00% 07/11/2011 865,296 103,641,420 4.91 

103,641,420 4.91 

Total transferable securities admitted to an official stock exchange listing 

or dealt in or on another regulated market 1,433,378,870 67.93

MARTIN CURRIE GF - JAPAN ABSOLUTE ALPHA FUND (CONTINUED) 





Description Nominal value (depreciation) ¥ asset value 

Derivatives 


Aeon Mall (6,300) (259,162) (0.01) 

Ajinomoto (24,000) (395,295) (0.02) 

Asics (20,000) (684,337) (0.03) 

Eisai (6,800) 869,653 0.04 

Fast Retailing (2,500) (2,072,593) (0.10) 

Ito (17,300) (22,729) (0.00) 

Kewpie (34,200) (3,659,854) (0.18) 

Kuraray (19,000) 709,992 0.03 

Kurita Water Industries (10,500) 1,641,341 0.08 

Mitsubishi Electric (29,000) (334,401) (0.02) 

Murata Manufacturing (4,800) 1,459,658 0.07 

Nichicon (17,900) 6,927,605 0.33 

Nissan Motor (31,100) (975,890) (0.05) 

Odakyu Electric Railway (30,000) (238,667) (0.01) 

Shiseido (16,000) (2,412,291) (0.11) 

Sumitomo Chemical (94,000) 9,170,072 0.43 

Takashimaya (42,000) 141,199 0.01 

Takeda Pharmaceutical (15,800) 3,273,570 0.16 

Yamaha Motor (16,600) 7,289,965 0.35 

Net unrealised appreciation on contracts for difference 

(JPY Commitment: ¥ 469,457,800) 20,427,836 0.97 


Purchase Sales date (depreciation) ¥ value 


US$ 10,517,937 ¥ 807,597,257 04/11/2011 273,967 0.01 

¥ 40,602,626 £ 338,652 04/11/2011 50,241 0.00 

¥ 17,935,503 € 171,863 04/11/2011 120,679 0.01 

£ 8,612,565 ¥ 1,031,983,410 04/11/2011 (657,655) (0.03) 

€ 2,992,203 ¥ 311,910,216 04/11/2011 (1,746,262) (0.08) 

£ 9,612,265 ¥ 1,193,227,973 05/10/2011 (41,397,499) (1.95) 

US$ 11,072,757 ¥ 849,675,109 05/10/2011 1,144,460 0.05 

¥ 1,199,582,197 £ 9,950,916 05/10/2011 7,171,362 0.34 

¥ 326,292,668 € 3,122,991 05/10/2011 2,363,465 0.11 

¥ 849,675,109 US$ 11,059,475 05/10/2011 (123,869) (0.01) 

€ 2,951,128 ¥ 326,292,668 05/10/2011 (20,189,742) (0.96) 

Net unrealised appreciation on forward foreign exchange contracts 

(JPY Commitment: ¥6,954,774,736) (52,990,854) (2.51) 

Expiration Unrealised appreciation/ % of net 

Description date (depreciation) ¥ asset value 

Futures Contracts 

(171) NIKKEI 225 Index Future SGX December 2011 08/12/2011 (5,050,562) (0.24) 

Net unrealised appreciation on futures contracts 

(JPY Commitment: ¥741,612,500) (5,050,562) (0.24) 


Total net assets(¥) 2,110,102,666 100.00


MARTIN CURRIE GF - JAPAN FUND 






Japan 

Aisin Seiki 13,800 468,022 0.73 

Asahi Kasei 85,000 518,805 0.81 

Astellas Pharma 38,400 1,469,734 2.29 

Bank of Yokohama 218,000 1,109,292 1.73 

Benesse 23,500 1,047,469 1.63 

Canon 41,200 1,903,436 2.96 

Chiyoda 37,000 368,363 0.57 

Daiwa Securities 230,000 874,024 1.36 

Denso 14,000 457,496 0.71 

East Japan Railway 26,100 1,599,831 2.49 

Electric Power Development 34,300 1,023,108 1.59 

FamilyMart 12,200 471,234 0.73 

FUJIFILM 50,600 1,195,198 1.86 

Gree 5,900 182,666 0.28 

Hirose Electric 4,200 395,731 0.62 

Hitachi Chemical 24,800 415,377 0.65 

Honda Motor 59,800 1,789,175 2.78 

Inpex 160 1,007,808 1.57 

ITOCHU 40,700 396,195 0.62 

Japan Tobacco 205 969,775 1.51 

JFE 17,700 363,260 0.56 

Kamigumi 42,000 379,334 0.59 

Kansai Paint 84,000 815,513 1.27 

Komatsu 25,300 559,405 0.87 

Konica Minolta 118,000 821,577 1.28 

Kyocera 11,900 1,012,832 1.58 

Kyowa Hakko Kirin 73,000 824,623 1.28 

Lawson 12,500 712,519 1.11 

Mitsubishi 63,300 1,311,473 2.04 

Mitsubishi Estate 78,000 1,287,142 2.00 

Mitsubishi Tanabe Pharma 31,000 581,351 0.90 

Mitsubishi UFJ Financial 597,683 2,753,511 4.28 

Mitsui 58,300 860,388 1.34 

Mitsui Fudosan 65,000 1,051,471 1.64 

Mizuho Financial 1,061,200 1,574,399 2.45 

NGK Insulators 27,000 414,979 0.65 

Nintendo 7,300 1,079,229 1.68 

Nippon Building Fund REIT 36 374,336 0.58 

Nippon Konpo Unyu Soko 60,000 757,418 1.18 

Nippon Shokubai 52,000 656,429 1.02 

Nippon Telegraph & Telephone 32,100 1,558,212 2.42 

Nippon Yusen 126,000 345,992 0.54 

NTT DoCoMo 1,087 2,004,528 3.12 

NTT Urban Development 873 644,184 1.00 

Osaka Gas 145,000 607,626 0.95 

Otsuka 41,800 1,155,973 1.80 

Panasonic 118,200 1,159,849 1.80 

Resona 152,800 739,740 1.15 

Ricoh 114,000 970,276 1.51 

Secom 24,200 1,181,025 1.84 

Sekisui House 124,000 1,186,101 1.84 

Seven & I 41,300 1,176,545 1.83 

Shimachu 34,800 845,997 1.32 

Shin-Etsu Chemical 9,200 458,563 0.71 

Showa Denko 480,000 961,999 1.50 

Sony 66,300 1,300,288 2.02 

Square Enix 7,500 136,940 0.21 

Sumitomo Metal Industries 462,000 974,024 1.52

MARTIN CURRIE GF - JAPAN FUND (CONTINUED) 








Sumitomo Mitsui Financial 74,900 2,150,304 3.34 

Suzuki Motor 33,000 739,537 1.15 

T&D 111,000 1,064,641 1.66 

Taiyo Nippon Sanso 115,000 811,166 1.26 

Tokai Rika 18,800 343,998 0.53 

Tokio Marine 57,500 1,484,643 2.31 

Tokyo Gas 209,000 981,897 1.53 

Tokyo Ohka Kogyo 14,700 301,882 0.47 

Toyota Motor 62,700 2,193,358 3.41 

Yahoo! Japan 3 947 0.00 

Yamatake 25,800 562,067 0.87 

63,896,230 99.40 



Other net assets 385,006 0.60 



MARTIN CURRIE GF – NORTH AMERICAN FUND 

PORTFOLIO OF INVESTMENTS – AS AT 30 SEPTEMBER 2011 





Canada 

Gildan Activewear 37,666 973,422 2.53 

Suncor Energy 30,068 797,496 2.07 


1,770,918 4.60 

United States 

Alpha Natural Resources 14,991 280,482 0.73 

Altria 49,872 1,318,616 3.43 

AmerisourceBergen 22,945 865,485 2.25 

ANSYS 15,495 789,470 2.05 

AON 19,602 828,969 2.15 

Apache 9,609 796,394 2.07 

Apple 5,693 2,223,515 5.78 

Baker Hughes 17,982 873,745 2.27 

Crown 29,743 925,602 2.41 

CVS Caremark 34,923 1,190,176 3.09 

Danaher 17,577 765,127 1.99 

DIRECTV 28,134 1,219,046 3.17 

El Paso 42,569 754,323 1.96 

Ford Motor 54,037 540,370 1.40 

Gilead Sciences 21,332 837,281 2.18 

Google 2,802 1,478,055 3.84 

HCA 29,042 575,032 1.49 

International Business Machines 10,393 1,862,114 4.84 

JPMorgan Chase 38,315 1,202,708 3.13 

Limited Brands 28,499 1,137,965 2.96 


McDonald’s 16,047 1,424,653 3.70 

MetroPCS Communications 79,213 718,462 1.87 

Microsoft 57,376 1,460,219 3.79 

Monsanto 9,327 589,000 1.53 

Morgan Stanley 26,327 397,274 1.03 

Newmont Mining 16,404 1,025,578 2.67 

NII 25,617 755,701 1.96 

Oracle 41,059 1,217,399 3.16 

Pfizer 58,267 1,047,641 2.72 

Praxair 8,135 776,160 2.02 

Prudential Financial 18,986 912,467 2.37 

Quanta Services 39,085 759,812 1.97 

Ralph Lauren 4,846 677,471 1.76 

Sempra Energy 17,856 917,977 2.39 

Ultra Petroleum 16,215 462,290 1.20 

United Technologies 14,167 1,025,974 2.67 

WellPoint 17,263 1,128,482 2.93 

36,112,766 93.84 



Other net liabilities 600,262 1.56) 


MARTIN CURRIE GF - PAN-EUROPEAN ALPHA FUND 







Denmark 

TDC 63,734 388,335 3.21 

388,335 3.21 

France 

Cie Generale de Geophysique - Veritas 12,282 166,298 1.38 

Sanofi 5,789 287,134 2.38 

SCOR 20,048 330,391 2.73 

Valeo 7,030 223,976 1.85 

1,007,799 8.34 

Germany 

Adidas 5,575 249,955 2.07 

Commerzbank 164,352 319,007 2.64 

Continental 6,099 266,252 2.20 

Fresenius 7,540 499,601 4.13 

GEA 6,373 111,336 0.92 

Henkel 6,256 244,578 2.03 

K&S 6,959 280,448 2.32 

Kloeckner 18,587 175,461 1.45 

ProSiebenSat.1 Media 26,447 354,919 2.94 

2,501,557 20.70 

Italy 

Danieli & Call Officine Meccaniche 15,132 125,369 1.04 

ENI 18,973 249,874 2.06 

Terna Rete Elettrica Nazionale 147,092 402,444 3.33 

777,687 6.43 

Netherlands 

Gemalto 11,034 384,314 3.18 

ING 28,813 156,195 1.29 

Koninklijke Vopak 12,245 436,963 3.62 

977,472 8.09 

Norway 

Statoil Fuel & Retail 61,611 335,963 2.78 

335,963 2.78 

Spain 

Abengoa 18,267 294,099 2.43 

Abertis Infraestructuras 21,075 240,887 1.99 

Banco Santander 34,706 212,401 1.76 

747,387 6.18 

Sweden 

Getinge 27,342 443,472 3.67 

Swedish Match 23,337 569,407 4.71 

1,012,879 8.38


MARTIN CURRIE GF - PAN-EUROPEAN ALPHA FUND (CONTINUED) 






Switzerland 

Sika 311 411,986 3.41 

Swiss Life 4,011 333,902 2.76 

Syngenta 1,318 259,513 2.15 


1,005,401 8.32 


Barclays 56,283 105,448 0.87 

British Sky Broadcasting 52,339 398,167 3.30 

Mondi 71,084 382,439 3.16 

National Grid 51,907 379,934 3.14 

Pearson 36,913 481,457 3.98 

Signet Jewelers 17,000 431,202 3.57 

Tullett Prebon 97,980 382,481 3.17 

Whitbread 24,461 451,015 3.73 

3,012,143 24.92 



Other net assets 320,783 2.65 

Total net assets(€) 12,087,406 100.00

NOTES TO THE FINANCIAL STATEMENTS 

1. Basis of presentation 


Martin Currie Global Funds (‘the company’) is an open-ended investment company organised as a société d’investissement à capital 

variable (SICAV), and is formed in accordance with Part I of the Luxembourg Law dated 20 December 2002 (as amended) (‘the law’). 

The accompanying financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities 

for Luxembourg investment companies. 

The company fulfils the provision of article 27 of the law applicable to the investment companies which have not designated a 

management company. Thus, the company complies with the provisions of directives 2001/107/EC and 2001/108/EC of the European 

Parliament and of the Council of 21 January 2002 amending the Council Directive 85/611/EEC on the coordination of laws, 

regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with a 

view to regulating management companies and simplified prospectuses respectively with regards to investments of UCITS. 

As at the period end, the company had launched three funds: Martin Currie GF - Global Resources Absolute Alpha Fund, which is 

denominated in US Dollar and which offers Sterling class shares, Euro class shares and US Dollar class shares; Martin Currie GF - 

Japan Absolute Alpha Fund, which is denominated in Yen which offers US Dollar class shares, Sterling class shares, Yen class shares 

and Euro Class; Martin Currie GF - European Absolute Alpha Fund, which is denominated in Euro and which offers US Dollar class 

shares, Sterling class shares and Euro class shares. 

The company maintains separate accounts for each fund, to which the proceeds of issue and the income arising from the investment 

of those proceeds are credited, and against which expenses are allocated and charged as appropriate on a ‘pro rata’ basis. Upon 

redemption, shareholders are entitled only to their proportion of the net assets, as reflected in the relevant net asset value, held in 

the account relating to the fund in which their class of shares is designated. Separate statements of net assets and statements of 

operations and changes in net assets have accordingly been prepared for each fund. 

2. Summary of significant accounting policies 

The financial statements have been prepared in accordance with Luxembourg legal and regulatory requirements. 

(a) Valuation of securities 

The company’s investments are valued as follows: 

(i) the market values of quoted securities (including options) are based on mid-market prices at 13:00 (CET Europe, Asia same close 

and US is trade date +1) on each valuation day. 

(ii) the values of unquoted securities, when held, are determined by the Directors of the company and based on the reasonably 

foreseeable sale prices determined prudently and in good faith. 

(b) Cost of sales of investments 

Profits and losses on sales of investments have been determined on the basis of average cost. 

(c) Income from investments 

The company takes credit for income from its investments on the following basis: 

(i) on fixed deposits and bonds, on an accrual basis; 

(ii) on equities, on an ex-dividend basis. 

(d) Foreign exchange 

Transactions in currencies other than the currency of denomination of the respective fund have been translated at the rates of 

exchange ruling at the date of the transaction. The market value of investments, other assets and liabilities in currencies other than 

the currency of denomination of the respective fund are translated at the exchange rate determined by the fund’s valuation pricing 

slot on each valuation date. Realised profits and losses on foreign exchange are included in net profit/(loss) realised on foreign 

currency transactions. 

(e) Forward foreign exchange contracts 

Forward foreign exchange contracts are valued at the forward rate applicable at the statement of net assets date for the period until 

maturity. Gains or losses resulting from forward foreign exchange contracts are recognised in the statement of operations and 

changes in net assets. 

(f) Financial futures contracts 

Financial future contracts are valued at the exchange quoted price at 1.00 pm (CET). Initial margin deposits are made in cash upon 

entering into futures contracts. During the period the future contract is open, changes in the value of the contract are recognised as 

unrealised gains and losses by marking to market on a daily basis to reflect the market value of the contract at the end of each day’s 

trading. Variation margin payments are made or received, depending upon whether unrealised losses or gains are incurred. Variation 

margin payments are recorded in the Futures margin account in the statement of net assets. When the contract is closed, the Fund 

records a realised gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the 

opening transaction.



(g) Options 

When the fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an investment. When 

the fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The investment or 

liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the fund realises a gain or 

loss to the extent of the premium received or paid. 

(h) Contracts for difference 

For contracts for difference, changes in the value of the contracts are recognised as unrealised gains or losses in the statement of 

operations by “marking-to-market” the value at the balance sheet date,using prices supplied by independent pricing services that 

are based on the closing prices of the underlying securities on the recognised exchanges. When a contract is closed, the “difference 

between the proceeds from (or cost of) the closing transaction and the original transaction is recorded as a realised” gain or loss in 

the statement of operations. 

(i) Total consolidated figures 

The consolidated figures of the company are expressed in Euro and include the total of the financial statements of the different 

funds translated at the period end exchange rate determined by the fund’s valuation pricing slot: 

1 Euro = US$ 1.3499 = ¥ 103.7263 = £0.8656. 

These figures are presented for information purposes only. 

The difference between the opening net assets stated at the rates of exchange ruling at the beginning of the period and their value 

at the end of the period is shown as a foreign exchange valuation movement in the Statement of operations and changes in net 

assets on pages 9 and 10. 

3. Management and administration fees 

The daily management of the company is carried out by Martin Currie Investment Management Ltd. who acts as investment manager. 

The State Street Bank Luxembourg S.A. acts as administrator. The company pays fees of 1.5% per annum of the net asset value of each 

of the funds, to the investment manager. The fees of the administrator are included in other expenses. 

The investment manager will ensure that there shall be no double charging in respect of management charges for underlying 

investment funds managed by the same investment manager. Where third party investment funds are used, credit will be given for the 

amount of any management fee received from these funds. 

4. Custodian fees 

The custodian of the company is State Street Bank Luxembourg S.A. The custodian is remunerated by a combination of fees based 

upon net asset value and the number and location of transactions. 

5. Other expenses 

Other expenses, which comprise general expenses, administrator’s remuneration and launch costs, are borne by the company. 

The investment manager has agreed to bear any normal operational charges and expenses (as defined below) above 2% per annum of 

the average net asset value of each fund on the basis that such excess costs may be recouped by the investment manager from the 

relevant fund at such time as the operational charges and expenses of the fund fall below 2% per annum of its net asset value. It is the 

intention of the company to reimburse the investment manager for any excess cost. 

For the avoidance of doubt, normal operational charges and expenses include amortisation of the setup costs, administration costs, 

registration fees, directors’ fees, statutory fees, custody costs, management fees, advertising and publishing costs, audit and legal fees, 

report printing costs, postage, listing costs and paying agent costs. 

6. Directors’ remuneration policy 

The board’s policy is that the remuneration of non-executive directors should reflect the experience of the board as a whole, be fair and 

comparable to that of other SICAVs that are similar in size, have a similar capital structure and have similar investment objectives. It is 

intended that this policy will continue for the year ended 31 March 2012 and subsequent years. Non-executive directors are not eligible 

for bonuses, pension benefits, share options, long-term incentive schemes or other benefits. 

In benchmarking the non-executive directors’ fees, data has been sourced from a wide range of sources within Luxembourg. 

The current approved directors’ fee structure per annum is $30,000 for directors and $45,000 for the board chairman.


7. Tax status 


Luxembourg 

Under present Luxembourg law and practice, the company is not liable to any Luxembourg income tax nor are dividends paid by 

the company liable to any Luxembourg withholding tax. The company is, however, liable in Luxembourg to a tax of 0.05% per 

annum (‘Taxe d’abonnement’) of its net asset value, such tax being payable quarterly on the basis of the value of the net assets of 

the company at the end of each calendar quarter. 

Under current law and practice, no Luxembourg capital gains tax is payable on the realised or unrealised capital appreciation of the 

assets of the company. 

Capital gains, dividends and interest on securities issued in other countries may be subject to withholding or capital gains taxes 

imposed by those countries. It is unlikely they can be recovered. 


Reporting Fund status 

With effect 9 July 2010 ‘reporting fund’ status has been granted for the following funds: 

Martin Currie GF - Greater China Fund 

Martin Currie GF - Asia Pacific Fund 

Martin Currie GF - Global Resources Fund 

Martin Currie GF - Japan Fund 

Martin Currie GF - North American Fund 

Martin Currie GF - Pan European Alpha Fund 

With effect 29 September 2010 ‘reporting fund’ status has been granted for the following funds: 

Martin Currie GF - Japan Absolute Alpha Fund 

Martin Currie GF - Global Resources Absolute Alpha Fund 

Martin Currie GF - European Absolute Alpha Fund 

8. Dividend policy 

The Directors will recommend to each annual general meeting of shareholders the level of distribution they consider appropriate for 

each fund. This will be paid out of investment income. The Directors intend to distribute most of the net income of each fund (subject 

to the de-minimus rules), so that the company will be eligible for certification as a ‘distributing company’ in the United Kingdom. 

Shareholders may choose to have their dividends re-invested in the relevant fund at the prevailing net asset value. Any single dividend 

amount of less than US$250 (or its equivalent) will be reinvested automatically. 

The following dividends per share as detailed below have been distributed. These dividends were distributed from net distributable 

income. 

Amount Exchange Amount 

distributed rate as at distributed 

(in local at 29 (in base 

Fund name Ex-date Declared rate Pay-date currency) March 2011 currency) 

Asia Pacific Fund – € 30 March 2011 €0.029 04 April 2011 €48,425 0.7101 US$ 68,199 

Asia Pacific Fund – US$ 30 March 2011 US$0.027 04 April 2011 US$525,651 1.0000 US$525,651 

Japan Fund – US$ 30 March 2011 US$0.032 04 April 2011 US$249,019 1.0000 US$249,019



9. Securities lending transactions 

As of 30 September 2011, the Company had no securities out on loan. 

10. Soft commission arrangements 

The investment manager may effect transactions through a third party with whom the investment manager has an agreement under 

which that party will from time to time provide or procure for the investment manager, goods, services or other benefits, such as 

research. The nature of those services must be such that their provision will assist in the investment process. No direct payment is made, 

but instead the investment manager undertakes to place business with that party. 

The investment manager will not retain the benefit of any commission rebate (being repayment of a cash commission made by a broker 

or dealer to the investment manager) paid or payable from any such broker or dealer to the investment manager for or on behalf of the 

company. The investment manager uses commission to pay for research services from both traditional brokers and third party 

independent research providers. 

11. Transactions with connected persons 

As at 30 September 2011, Zvi Hoffman (Director) held 1,167.467 units in Martin Currie Global Funds – Pan European Alpha Fund 

(Euro class). 

12. Swing pricing policy and fair value measurement 

During the period, the Board of Directors implemented a swing pricing policy which results in a pre-defined dilution levy being applied 

to the Net Asset Value of the sub-fund should the capital activity of the sub-fund exceed a threshold as defined by the Board of 

Directors. 

Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an 

arm’s length transaction on the measurement date. 

When available, the Fund measures the fair value of an instrument using quoted prices in an active market for that instrument. A 

market is regarded as active if quoted prices are readily and regularly available and represent actual and regularly occuring market 

transactions on an arm’s length basis. 

13. New sub-fund launch 

The Global Emerging Markets Absolute Alpha Fund will launch on 15 December 2011.

GENERAL INFORMATION 

Current prospectus 


The Company’s prospectus dated August 2010, along with an application form may be obtained from the administrator or the 

investment manager. 

Authorised status 

Martin Currie Global Funds (sicav) qualifies as an undertaking for collective investment in transferable securities (UCITS) under Part 1 of 

the Luxembourg law of 20 December 2002, as amended. Regulatory consents have been obtained or appropriate notifications have 

been made for the distribution of shares of the Company’s funds in Finland, Germany, Hong Kong, Ireland, Luxembourg, the 

Netherlands, Sweden, Switzerland and the United Kingdom. 

Paying agent Paying agent Representative 

In Germany In Switzerland In Switzerland 

Joh. Berenberg, Gossler & Co. KG Neue Privat Bank AG First Independent Fund Services AG 

Berenberg Bank Limmatquai 1 Klausstrasse 33 

Neuer Jungfernstieg 20 CH-8022 Zürich 8008 Zürich 

20354 Hamburg 

Paying agent Facilities agent Representative and paying agent 

In the Netherlands In Ireland In Sweden 

IMFC Management B.V Dolmen Butler Briscoe SEB Securities Services 

Amsteldijk 166 4 Earlsfort Terrace Sergels Torg 2 

1079 LH Dublin 2 SE-106 40 Stockholm 

Amsterdam 

In Hong Kong 

HSBC Institutional Trust Service (Asia) Limited 

17/F, Tower 2&3 

HSBC Centre 

1 Sham Mong Road 

Kowloon 

The prospectus, the articles of association, the simplified prospectus, the annual and semi-annual report, as well as a list containing all 

purchases and sales which have been made during the reporting period, can be obtained free of charge at the Swiss Representative. 

Publication of prices and notices to shareholders 

Notices of general meetings are given by publication in the Recueil Spécial du Mémorial and the d’Wort in Luxembourg and other newspapers 

that the Directors will determine from time to time. Financial notices are given by publication in the d’Wort in Luxembourg. The share prices are 

published daily in the Financial Times. Prices are also available at the registered office of the Company on each dealing day. 

Report and accounts 

Copies of all annual and semi-annual reports, the Prospectus and Simplified Prospectus are available free of charge on the website 

(www.martincurrie.com) or at the registered office of the company, the paying agent (Germany/Netherlands), the facilities agent 

(Ireland), the representative and paying agent (Sweden) and the representative office (Switzerland). 

ALFI Code of Conduct 

At a meeting of the Board of Directors on 2 March 2010, it was agreed to comply with all provisions of the ALFI Code of Conduct. 

Purchases and sales 

A detailed list of investments purchased and sold during the year is available upon request and free of charge from the registered office 

and, for Swiss investors, the Representative in Switzerland. The information is also available from the German paying and information 

agent.


GENERAL INFORMATION 

Total expense ratio 

Total expense ratio (TER) is calculated as the total of the Operating expenses (total expenses less bank overdraft interest divided by the 

annual average daily net assets of each fund), and expressed as a percentage. 

For the twelve months ended 30 September 2011 the TER’s are as follows: 

Asia Pacific Fund 2.000% 

Global Resources Fund 2.000% 

Greater China Fund 2.000% 

Japan Fund 2.000% 

North American Fund 2.000% 

Pan-European Alpha Fund 2.000% 

European Absolute Alpha Fund - Euro class share, US$ hedged class share, Sterling hedged class share 2.000% 

European Absolute Alpha Fund - Euro class R share, US$ class R share, Sterling class R share 2.500% 

Global Resources Absolute Alpha Fund - US$ class share, Euro hedged class share, Sterling hedged class share 2.000% 

Global Resources Absolute Alpha Fund - US$ class R share, Euro class R hedged share, Sterling class R hedged share 2.500% 

Japan Absolute Alpha Fund - US$ hedged class share, Euro hedged class share, Sterling hedged class share 2.000% 

Japan Absolute Alpha Fund - US$ class R hedged share, Euro class R hedged share, Sterling class R hedged share 2.500% 

Portfolio turnover rate 

Portfolio turnover rate (PTR) is calculated as follows: 

(purchase and sales of securities) - (subscriptions of units and redemption of units) 

(Average fund value over 12 months) 

For the twelve months ended 30 September 2011 the PTR calculations are as follows: 

Asia Pacific Fund – 3.51% 

Global Resources Fund – 257.42% 

Greater China Fund – 178.73% 

Japan Fund – 86.66% 

North American Fund – (8.13%)* 

Pan European Alpha Fund – 297.02% 

European Absolute Alpha Fund – 661.00% 

Global Resources Absolute Alpha Fund – 467.05% 

Japan Absolute Alpha Fund – 472.77% 

*As a result of the sum of subscriptions and redemptions exceeding the sum of purchases and sales, the PTR for North American Fund is negative. 

Socially responsible investment 

Martin Currie always considers the environmental, social and ethical aspects of every Company in which it may or does invest. Inevitably, 

standards vary from industry to industry and from country to country. But Martin Currie expects companies to conform to local ‘best 

practice’ at least. 

As for voting rights, Martin Currie's policy is always to exercise these, both in the UK and overseas. Unless they believe it to be against 

the best interests of shareholders, Martin Currie vote in accordance with Boards’ recommendations. 

x 100

INFORMATION FOR INVESTORS 


You can deal in shares of the fund from 09:00 to 18:00 hours Central European time (CET) on any Luxembourg bank business day. The 

fund is valued at 13:00 CET (the valuation point) on each Luxembourg bank business day. Orders received before 13:00 will be based 

on the price calculated at that day’s valuation point. Orders received after 13:00 will be based on the price calculated at the next 

valuation point. For any enquiries please call 00 352 4640 10 600. 

Minimum investment 

� US$5,000 per fund initially, with top-ups from US$2,500 per fund 

Charges 

� Initial - 5.0% 

� Annual - 1.5% 

Annual accounting date 

� 31 March 

Registration 

� Share certificates will not be issued 

Prices 

� Prices are published in the Financial Times 

Notice for Hong Kong Investors 

The semi-annual report and unaudited financial statements for the six months to 30 September 2011 include financial statements with 

respect to all of the funds of Martin Currie Global Funds including such funds which are not authorised by the Hong Kong Securities 

and Futures Commission and are not available to Hong Kong residents as follows: 

Martin Currie GF – European Absolute Alpha Fund 

Martin Currie GF – Global Resources Absolute Alpha Fund 

Martin Currie GF – Japan Absolute Alpha Fund 

The following funds are authorised by the Hong Kong Securities and Futures Commission under section 104 of the Securities and 

Futures Ordinance during the period covered by the semi-annual report and unaudited financial statements for the six months to 

30 September 2011 : 

Martin Currie GF – Asia Pacific Fund 

Martin Currie GF – Global Resources Fund 

Martin Currie GF – Greater China Fund 

Martin Currie GF – Japan Fund 

Martin Currie GF – North American Fund 

Martin Currie GF – Pan–European Alpha Fund


DIRECTORY 

Board of Directors 

Alec Emmott (Chairman) 

Jan Ankarcrona 

Aly El Tahry 

Michael Hoare 

Zvi Hoffman 

Conducting Officers 

Keith Burdon* 

Henry Kelly 

Registered office 

49, avenue J.F. Kennedy 

L-1855 Luxembourg 

Grand Duchy of Luxembourg 

Investment manager and distributor 

Martin Currie Investment Management Ltd 

Saltire Court, 20 Castle Terrace 

Edinburgh EH1 2ES 


Custodian, administrator, paying agent 

and registrar 

State Street Bank Luxembourg S.A. 




Cabinet de révision agréé 

Deloitte S.A. 

560, rue de Neudorf 



Legal advisers to the company 

In Luxembourg Kremer Associés & Clifford Chance 

4, Place de Paris 

BP 1147 



In the United Kingdom Macfarlanes 

10 Norwich Street 

London EC4A 1BD 

*Gary Logan’s appointment to replace Keith Burdon is pending subject to regulatory approval.


SEMI-ANNUAL REPORT 47

HOW TO CONTACT US 

If you have any questions, please call: 


Investor services 

Martin Currie Investment Management Limited 

Saltire Court 

20 Castle Terrace 

Edinburgh EH1 2ES 

Tel: 0808 100 21 25 

Fax: 0131 222 2532 

Rest of Europe 

The Administrator 

Martin Currie Global Funds 




Tel: 00 352 4640 10 600 

Fax: 00 352 2452 9879 

www.martincurrie.com 

Please note that calls to the above numbers will be recorded.

Martin Currie Global Funds - Semi-Annual Report - Fidelity ...

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