About this trust
Investment objective and policies
The Company aims to provide long term capital growth by investment in companies which are quoted on the stock exchanges of Hong Kong, China and Taiwan or which derive a substantial part of their revenues or profits from these territories. The Company has the ability to use borrowing to gear the portfolio within the range of 10% net cash to 20% geared in normal market conditions.
- The first UK investment trust to focus on the Greater China Region.
- Investment team based locally in Hong Kong, Shanghai and Taiwan.
- Strong focus on first-hand company visiting and research to discover attractively-valued stocks.
- Benefits both from J.P. Morgan's extensive presence in Asia and extensive experience investing within the far east.
- The value of investments and the income from them can go down and up, and you may not get back as much as you paid in. Past performance is not a guide to the future.
- For further risks associated with this trust please refer to the 'Risks' section below.
Points to consider
- Exchange rate changes may cause the value of underlying overseas investments to go down as well as up.
- Investments in emerging markets may involve a higher element of risk due to political and economic instability and underdeveloped markets and systems. Shares may also be traded less frequently than those on established markets. This means that there may be difficulty in both buying and selling shares and individual share prices may be subject to short-term price fluctuations.
- This fund may use derivatives for investment purposes or for efficient portfolio management.
- External factors may cause an entire asset class to decline in value. Prices and values of all shares or all bonds could decline at the same time.
- This trust may utlilise gearing (borrowing) which will exaggerate market movements both up and down.
- This trust may also invest in smaller companies which may increase its risk profile.
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In their words (as of )
The Company's share price outperformed the benchmark, while the net asset value underperformed. On the back of the US presidential election results, November was a style-driven month, with rotation into select sectors such as financials and commodities and out of growth and expensive bond proxies. Life insurers rallied on rising yields. State-owned China Life Insurance rallied along with the broader sector and our zero weight in the stock detracted from returns. The internet sector was also generally weak, coupled with a mixed third-quarter results season. Our overweight in Vipshop struggled. Underweights in "old China" cyclicals, such as large cap banks, also negatively impacted returns. On a stock-specific basis, Taiwan Paiho corrected on weaker-than-expected sales momentum. On the upside, our life insurance overweights, including China Life Insurance (Taiwan), China Taiping Insurance and Ping An Insurance, contributed positively. Our underweight in China Mobile also added value. Shares of Brilliance China Automotive rose thanks to a strong product cycle and solid year-on-year growth.
Committee Terms Of Reference
Annual General Meeting
Reports and Accounts
- 2016 Annual Report
- 2016 Half Year Report
- 2015 Annual Report
- 2015 Half Year Report
- 2014 Annual Report
- 2014 Half Year Report
- 2013 Annual Report
- 2013 Half Year Report
- 2012 Annual Report
- 2012 Half Year Report
- 2011 Annual Report
- 2011 Half Year Report
- 2010 Annual Report
- 2010 Half Year Report
- 2009 Annual Report
- 2009 Half Year Report
Find out more
For contact details and more information on our trust range use the following links:
Annual General Meeting: 31 January 2017 11.30am at 60 Victoria Embankment, London, EC4Y 0JP
Benchmark Source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express of implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.
3 Actual gearing: Represents the excess amount above shareholders' funds of total assets less cash/cash equivalents, expressed as a percentage of shareholders funds. If the amount calculated is negative, this represents a net cash position.
7 Non-Benchmark holdings (where held) are classified in the appropriate sector/region. Cash is net current assets and holdings used as cash substitutes if applicable.