Allianz Thailand Equity

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June Hodge
5 years ago
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1 Allianz Thailand Equity In the six month period ending 31 March 2016 ( the period ), market conditions were highly volatile. The SET index declined sharply from mid-october 2015 to early January 2016, then staged a strong V-shaped recovery to end the period in positive territory. The fall in the first 3 months of the period was due to broader global macroeconomic concerns as the US Federal Reserve was widely expected to (and they did) raise interest rates in December. Post US rate hike, the Thailand market has been one of the top performers in the Asian region. The market return in US dollar ( ) terms was also boosted by a stronger Thai bhat. Flows from foreign investors spurred the market higher, as government stimulus measures kicked in and there were signs of economic stabilization. Nevertheless, longer term trade prospects remain challenging and the Thai central bank has revised GDP growth forecast downwards to 3.1% from 3.5%. The Subfund outperformed the benchmark in terms for the six months ending March Stock selection within consumer discretionary and information technology contributed strongly to performance. On the other hand, stock selection within industrials and health care hurt. could be underestimated by the market is the drought situation which, if deteriorates, could further pressure farm income and rural consumption. The portfolio has a structural bias towards sectors that are well positioned for growth recovery, such as industrials and consumer discretionary. Recently, progress of infrastructure projects continues to take place which is positive for growth revival. We maintain our overweight in major contractor names which could benefit from increasing news flow on bidding announcements going forward. We are also selective on consumer names with company specific drivers, such as same-store sales growth or improving cost controls rather than macro driven factors. Please refer to the Prospectus as well as the Key Investor Information Document for additional information on the Subfund. Information on the performance of the individual share classes of the Subfund in the reporting period can be found in the table Performance of the Subfunds on pages 5 to 34. While the equity market has delivered notable returns year to date, we are still cautious on fundamentals. The government s delivery of infrastructure spending will be the key to a broad-based and sustainable economic recovery. Recent progress has been encouraging and we will continue to monitor closely. A risk that Breakdown of Net Assets in % Industrial Financial Consumer, Cyclical Communications Consumer, Non-cyclical Diversified Energy Utilities Basic Materials Other net assets 218

2 The Subfund in figures 31/03/ /09/ /09/ /09/2013 Net asset value per share in () (distributing) WKN A0Q1LJ/LU () (accumulating) WKN A0Q1MC/LU Net asset value per share in EUR (EUR) (distributing) WKN A0Q1LH/LU Net asset value per share in JPY (JPY) (accumulating) WKN A1KB39/LU , , , , in circulation 1) 3,034,745 2,775,686 4,019,784 5,111,143 Subfund assets in millions of ) Accumulated figures for open share classes on the reporting date. For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 5 to

3 Allianz Thailand Equity Investment Portfolio as at 31/03/2016 ISIN Securities / Holdings Price Market Value % of Currency (in 1,000)/ 31/03/2016 in Subfund Contracts assets Securities and money-market instruments admitted to an official stock exchange listing 174,691, Equities 172,156, Thailand 172,156, TH Z11 Advanced Info Service Shs 2,702,700 THB ,974, TH Airports of Thailand Shs 984,200 THB ,240, TH0617A10Z16 Amata Shs 19,776,900 THB ,910, TH Y15 Bangkok Chain Hospital Shs 10,172,800 THB ,121, TH0168A10Z19 Bumrungrad Hospital Shs 1,544,800 THB ,172, TH0481B10Z18 Central Pattana Shs 4,056,800 THB ,906, TH0176B10Z18 Central Plaza Hotel Shs 5,102,700 THB ,233, TH Z14 CH Karnchang Shs 7,407,638 THB ,313, TH Y16 CP ALL Shs 5,791,100 THB ,526, TH Z18 Delta Electronics Thailand Shs 2,124,400 THB ,235, TH0278A10Z16 Dynasty Ceramic Shs 44,375,840 THB ,597, TH Glow Energy Shs 2,789,900 THB ,192, TH0324B10Z19 Hana Microelectronics Shs 5,762,500 THB ,893, TH Home Product Center Shs 14,451,300 THB ,345, TH Y12 IRPC Shs 9,713,200 THB ,393, TH Kasikornbank Shs 2,227,000 THB ,040, TH Z16 Land & Houses Shs 17,474,473 THB ,467, TH0128B10Z17 Minor International Shs 6,538,891 THB ,826, TH PTT Shs 1,102,200 THB ,767, TH0256A10Z12 Quality Houses Shs 44,530,338 THB ,960, TH Z18 Robinson Department Store Shs 2,588,100 THB ,676, TH Z12 Siam Cement Shs 889,250 THB ,772, TH Z17 Sino-Thai Engineering & Construction Shs 9,845,000 THB ,348, TH Z13 Supalai Shs 4,236,800 THB ,262, TH Y16 Thai Union Group Shs 9,902,520 THB ,907, TH Y14 TTCL Shs 10,358,139 THB ,796, TH Z16 VGI Global Media Shs 39,152,120 THB ,272, Participating 2,306, Thailand 2,306, TH R14 Total Access Communication (NVDR s) Shs 1,980,600 THB ,306, Warrants 227, Thailand 227, TH012805RB06 Minor International -Warrants- Shs 748,883 THB , TH374005S803 VGI Global Media -Warrants- Shs 4,371,790 THB , Investments in securities and money-market instruments 174,691, Deposits at financial institutions 8,827, Sight deposits 8,827, State Street Bank GmbH, Luxembourg Branch 8,827, Investments in deposits at financial institutions 8,827, Net current assets/liabilities 383, Net assets of the Subfund 183,902, Net asset values per share - () (distributing) () (accumulating) (EUR) (distributing) EUR (JPY) (accumulating) JPY 205, in circulation - () (distributing) Shs 2,102,305 - () (accumulating) Shs 856,050 - (EUR) (distributing) Shs 62,129 - (JPY) (accumulating) Shs 14,

4 Statement of Operations for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 Interest on - bonds cash at banks time deposits Dividend income 1,743, ,540, Income from - investment funds Other income Total income 1,743, ,540, Interest paid on - bank liabilities , contracts for difference Other interest paid Performance fee Taxe d Abonnement -29, , All-in-fee -1,467, ,477, Other expenses Total expenses -1,496, ,565, Equalisation on net income/loss -36, , Net income/loss 210, , Realised gain/loss on - financial futures transactions foreign exchange -1,509, ,470, securities transactions -562, ,391, CFD transactions Equalisation on net realised gain/loss -227, ,383, Net realised gain/loss -2,090, ,490, Changes in unrealised appreciation/depreciation on - financial futures transactions foreign exchange 3, , securities transactions 12,814, ,007, CFD transactions TBA transactions Result of operations 10,727, ,500, The accompanying notes form an integral part of these financial statements. 864

5 Statement of Net Assets as at 31/03/2016 resp. liquidation date (if any) 31/03/ /09/2015 Securities and money-market instruments (Cost price 168,404,438.77) 174,691, ,163, Time deposits Cash at banks 8,827, ,647, Premiums paid on purchase of options Upfront-payments paid on swap transactions Interest receivable on - bonds time deposits Dividend receivable 1,283, Income from investment units receivable Receivable on - subscriptions of fund shares 244, , securities transactions , Other receivables Unrealised gain on - futures transactions contract for difference transaction TBA transactions Total Assets 185,047, ,543, Liabilities to banks , Premiums received on written options Upfront-payments received on swap transactions Interest liabilities on swap transactions Payable on - redemptions of fund shares -130, , securities transactions -724, Capital gain tax payable Other payables -289, , Unrealised loss on - futures transactions contract for difference transaction TBA transactions Total Liabilities -1,145, , Net assets of the Subfund 183,902, ,108, For additional information please refer to the section Notes to the Financial Statements. 865

6 Statement of Changes in Net Assets for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 Net assets of the Subfund at the beginning of the reporting period 145,108, ,274, Subscriptions 51,222, ,830, Redemptions -23,109, ,662, Distribution -310, ,287, Equalization 264, ,534, Result of operations 10,727, ,254, Net assets of the Subfund at the end of the reporting period 183,902, ,436, Statement of Changes in for the period from 01/10 resp. launch date to 31/03 resp. liquidation date (if any) 2015/ /2015 at the beginning of the reporting period 1,996, ,328 2,937, ,521 Number of shares -issued 399, ,663 1,223,158 6,051 -redeemed -294, ,690, ,638 at the end of the reporting period 2,102, ,050 2,470, ,934 EUR 2015/ /2015 at the beginning of the reporting period 50, ,184 Number of shares -issued 18,758 17,340 -redeemed -7,607-65,793 at the end of the reporting period 62,129 68,731 JPY 2015/ /2015 at the beginning of the reporting period 7,892 62,155 Number of shares -issued 10, redeemed -4,629-43,077 at the end of the reporting period 14,261 19,082 For further information concerning launch dates and liquidation dates, please refer to the Performance Table on pages 5 to 34. The accompanying notes form an integral part of these financial statements. 866

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Allianz Indonesia Equity In the six month period ending 31 March 2016 ( the period ), Indonesia was the strongest performing market in the Asia region. The recovery in the equity market ran parallel to