Die besten Asia Pacific ex Japan Aktienfonds - Seite 2

In making final portfolio decisions, we employ the judgement of our senior investment professionals in order to assess the significance and sustainability of the identified departures from fair value. It is the role of the portfolio manager at the portfolio construction stage to take the analysts' ideas and insights and construct a portfolio to best meet the client objectives. Risk is integral to the process and all portfolios are monitored to ensure we are not taking uncompensated risk."

e-fundresearch: "Which regions and/or sectors are currently overweight or underweight in Asia ex Japan equity funds? What are the reasons for it?"

Angus Tulloch & Alistair Thompson, Fund Manager, "First State Asia Pacific Leaders Fund" (06.10.2011): "As mentioned, our portfolios have been defensively positioned for some time with overweight positions in the consumer sectors and underweight in the cyclical Energy and Materials sectors which are exposed to the fluctuations of commodity prices. In the First State Asia Pacific Leaders Fund, we have a substantial position in a gold mining company as protection against a loss of confidence in ‘paper currencies’ caused by very loose monetary policy by Western central banks (quantitative easing).

We will continue to look for attractive investment opportunities during periods of market weakness as company valuations become more attractive."

Projit Chatterjee, Equity Strategist, "UBS (Lux) Eq Fd - Asia Opportunity (USD) P-acc" (05.10.2011): "Our sector and country positions are primarily driven by bottom up stock picks.
Overall, we are positive on domestic demand beneficiaries (financials, consumer sectors) which are relatively more resilient given lower earnings risk and structural growth drivers.

Consumption
- Consumption, specifically in Asia, is a major structural theme. Rising penetration from low levels is driven by favourable demographics, rising disposable incomes and low leverage.

Financials
- Unlike European banks which are vulnerable to further stress in their sovereign debt markets, Asian banks are well positioned to ride out the turmoil in Europe. This is especially true for banks in Emerging     Asia where there remain ample domestic growth opportunities and domestic interest rates offer reasonable yields. Moreover, Asian banks are in much stronger financial health than counterparts in developed markets. Asian banks' low loan to deposit ratios, strong asset quality and high capital adequacy ratios underpin their defensive profile. Asian banks are broadly trading below median valuations, due to the pressure from monetary tightening over the past 12-18 months. Our holdings in Asia ex Japan banks continue to offer value and remain amongst the best proxies to domestic growth, which is the preferred investment theme in the portfolio.