31 October 2014
Update: 121
Blackfriars Asset Management
Oriental Focus Fund*
DOLLAR A CLASS
INVESTMENT OBJECTIVE
STRUCTURE
The Blackfriars Oriental Focus Fund invests in Asian equity markets excluding Japan and aims to
generate long term capital growth. The Fund is not managed against, nor constrained by, any
index. The mandate is "long only" and the portfolio is subject to normal market risk. The Dollar A
share class is unhedged.
Investment Manager
Blackfriars Asset
Management Limited
Auditors
PWC Ireland
Administrator
HSBC Securities Services
(Ireland) Limited
PORTFOLIO COMMENTARY
The Asia ex Japan Index rose in October thanks to strong performances from Hong Kong, China
and India. In Hong Kong, the Occupy Central demonstrations began to dissipate and the market
recovered some of its earlier losses. ASEAN and Korea underperformed. The Fund's heavily
underweight position in Hong Kong and China was the main reason that it trailed the regional
index in October although over the last three months it remains comfortably ahead.
Legal Status
a sub fund of
Blackfriars Developing
Markets Funds plc, an
Irish domiciled UCITS
(IV)
Custodian
HSBC Institutional
Trust Services
(Ireland) Limited
DEALING INFORMATION
Minimum Initial Investment
$10,000
Minimum Subsequent Investment
Dealing Frequency
Dealing Contact
– HSBC Fund Services
Consumer stocks across the region were firm in October. Amongst the Fund's holdings Zee
Entertainment continued its recent run and rose just over 10% whilst Want Want gained 9%.
TSMC was one of a number of holdings to announce quarterly earnings results; net income rose
47% and the stock price gained 9% on the month. Tenaga announced a good set of results at the
end of the month and the stock gained ahead of these, rising 8% over the month. However,
Hyundai Motor did not fair so well. It fell 12% after announcing disappointing results although the
company can justifiably blame currency headwinds. In the ASEAN region, Pace Development and
Ayala Corporation corrected 8% and 7% respectively after posting large gains in preceeding
months.
Other Enquiries
– Blackfriars Asset
Management Limited
SEDOL
+ 44 (0) 20 7332 2270
IE00B02H5587
Bloomberg Ticker
BDTEMDA ID
Benchmark
MSCI AC Asia ex Japan
IMA Sector
Pacific excluding Japan
Morningstar Category
150
+ 353 1635 6799
B02H558
ISIN
200
$2,500
Daily (by 5pm)
Asia ex Japan Equity
Annual Management Fee
1.5%
Ongoing Charges
2.4%
Entry Charge
NIL
Exit Charge
NIL
$0.40
Historic Dividend
100
Historic Yield
1.7%
Dividend Paid
February
$23.65
Net Asset Value per share
50
Oct 09
$36.8
Fund Size (mn)
Oct 10
Oct 11
Oct 12
Blackfriars Oriental Focus Fund A $
CUMULATIVE PERFORMANCE
Blackfriars Oriental Focus A $
MSCI AC Asia ex Japan $
HISTORIC PERFORMANCE
Blackfriars Oriental Focus A $
MSCI AC Asia ex Japan $
Oct 13
Oct 14
MSCI AC Asia ex Japan TR $
ONE MONTH
THREE MONTH
SIX MONTH
ONE YEAR
THREE YEAR
FIVE YEAR
-0.1%
2.0%
-0.1%
-3.4%
5.5%
6.7%
3.8%
5.7%
25.3%
22.9%
29.1%
42.7%
2009
2010
2011
2012
2013
2014YTD
88.9%
72.1%
16.3%
19.6%
-18.5%
-17.4%
32.5%
22.2%
-7.3%
3.1%
8.3%
6.7%
YR TO OCT 10
YR TO OCT 11
YR TO OCT 12
YR TO OCT 13
YR TO OCT 14
17.0%
23.3%
-11.9%
-5.8%
18.2%
5.4%
2.1%
10.3%
3.8%
5.7%
DISCRETE PERFORMANCE
Blackfriars Oriental Focus A $
MSCI AC Asia ex Japan $
* Formerly BDT Invest Oriental Focus Fund
Dollar total return including net dividends, source; Blackfriars Asset Management Limited, MSCI
This document is intended solely for Professional Investors and should not be relied upon by any other persons. This document does not constitute investment advice and should not be regarded
as constituting a distribution, an offer or solicitation to sell shares or units in any of the Blackfriars Asset Managment funds in any jurisdiction in which such distribution, offer or solicitation would
be contrary to local law or regulation. Past performance is not a guide to future returns. The value of investments and the income from them can go down as well as up and an investor may not get
back the original amount invested. This document is for information only. The information and opinions contained have been obtained from sources believed to be reliable but no representation or
warranty is made as to their accuracy, completeness or correctness. This document is being issued by Blackfriars Asset Management Limited, authorised and regulated by the Financial Conduct
Authority in the United Kingdom and is also a registered investment adviser with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940.
Compliance: 3839 04 November 2014
31 October 2014
Update: 121
TOP TWENTY HOLDINGS
REGULATORY STATUS
Listed on the Irish Stock Exchange, approved by the
Central Bank of Ireland and Recognised by the FCA.
WEIGHT
COMPANY
MARKET
SECTOR
ITC
INDIA
CONSUMER STAPLES
5.8%
TSMC
TAIWAN
INFORMATION TECHNOLOGY
5.8%
WANT WANT CHINA
CHINA
CONSUMER STAPLES
5.5%
KIIDS
SIAM CITY CEMENT
THAILAND
MATERIALS
5.4%
ZEE ENTERPRISE
INDIA
CONSUMER DISCRETIONARY
4.9%
The Key Investor Information Documents can be
found on our website.
SAMSONITE INTL
CHINA
CONSUMER DISCRETIONARY
4.6%
SAMSUNG ELECTRONICS
KOREA
INFORMATION TECHNOLOGY
4.4%
AYALA LAND
PHILIPPINES
FINANCIALS
4.0%
MINTH GROUP
CHINA
CONSUMER DISCRETIONARY
3.9%
LAFARGE CEMENT
MALAYSIA
MATERIALS
3.9%
IJM LAND
MALAYSIA
FINANCIALS
3.5%
BTS GROUP HOLDINGS
THAILAND
INDUSTRIALS
3.4%
SUN ART RETAIL
CHINA
CONSUMER STAPLES
3.2%
GS RETAIL
KOREA
CONSUMER STAPLES
3.2%
UNI-PRESIDENT ENTERPRISES
TAIWAN
CONSUMER STAPLES
3.1%
METRO PACIFIC INVESTMENTS
PHILIPPINES
FINANCIALS
3.0%
AYALA
PHILIPPINES
FINANCIALS
2.9%
LAND AND HOUSES
THAILAND
FINANCIALS
2.9%
MALAYAN BANKING
MALAYSIA
FINANCIALS
2.9%
PACE DEVELOPMENT
THAILAND
FINANCIALS
2.8%
SECTOR EXPOSURE
3.4%
9.3%
Liquidity
The Reporting Fund Income Disclosure Statement
can be found on our website.
PROSPECTUS
The
Prospectus
and
other
supporting
documentation and application forms can be found
on our website.
www.blackfriarsam.com
COUNTRY EXPOSURE
Consumer Staple
7.7%
REPORTING FUND
9.8%
Liquidity
China
7.7%
2.2%
Financials
12.6%
27.1%
India
9.9%
19.3%
Consumer Disc
Information Tech
Thailand
Malaysia
11.3%
Materials
Taiwan
15.0%
15.7%
Industrial
22.0%
12.5%
Utilities
STEPHEN SIMMONS
SIMON DOBSON
Philippines
Korea
14.5%
HENRY THORNTON
CONTACT DETAILS
CONTACT DETAILS
CONTACT DETAILS
+44 (0)20 7332 2287
+44 (0)20 7332 2278
+44 (0)20 7332 2272
[email protected]
[email protected]
[email protected]
Stephen is Head of Business Development and Sales, bringing
some 19 years of experience in Asian markets to Blackfriars
in 2014. After leaving the Army he returned to Hong Kong
and spent 11 years with CLSA Asia Pacific Markets in Hong
Kong, London and latterly in Thailand where he was Country
Head. He left CLSA to become a partner in Cambodia’s first
private equity fund. He remained with the fund until its
successful hard close at which point he returned to London
to join BDT Invest as Client Relationship and Marketing
Director.
Simon is a Portfolio Manager at Blackfriars, having joined the
team in 2014. Prior to that, he joined GT Management
(latterly INVESCO) in 1985 as a fund manager in Hong Kong.
In 1988 he was appointed Investment Director and Head of
the South East Asian investment team, a position he retained
until he moved to Japan. In 1992 he transferred to Tokyo,
working on Pan Asian investment strategy and managing
Japanese equities. In 1999 he transferred to London to
manage global equity mandates for Japanese clients. Simon
resigned in 2000 to co-found BDT Invest and managed the
BDT Invest Japan Focus Fund and the Japanese portion of the
BDT Asian Focus Fund (now Blackfriars Asian Focus Fund). He
earned a BA from Oxford University.
Henry joined Blackfriars in 2014 as a Portfolio Manager. He
began his career at Thornton Management (Asia) in 1985. In
1989 he was appointed investment director of Royal Trust
Asset Management (Asia), a position he retained during
subsequent acquisitions by Credit Lyonnais International
Asset Management and Nicholas Applegate Capital
Management. In 1999 he was appointed head of emerging
markets at Colonial First State First Investments, a position
he retained until his resignation in April 2000. Henry went on
to co-found BDT Invest LLP and was chief executive officer
for 14 years, where he managed the Establishment
Investment Trust and co-managed BDT Invest's Oriental
Focus and Asian Focus Funds (now Blackfriars Oriental Focus
and Asian Focus Funds). He holds a BSSc from Bristol
University.
This document is intended solely for Professional Investors and should not be relied upon by any other persons. This document does not constitute investment advice and should not be regarded
as constituting a distribution, an offer or solicitation to sell shares or units in any of the Blackfriars Asset Managment funds in any jurisdiction in which such distribution, offer or solicitation would
be contrary to local law or regulation. Past performance is not a guide to future returns. The value of investments and the income from them can go down as well as up and an investor may not get
back the original amount invested. This document is for information only. The information and opinions contained have been obtained from sources believed to be reliable but no representation or
warranty is made as to their accuracy, completeness or correctness. This document is being issued by Blackfriars Asset Management Limited, authorised and regulated by the Financial Conduct
Authority in the United Kingdom and is also a registered investment adviser with the United States Securities and Exchange Commission under the Investment Advisers Act of 1940.
Compliance: 3839 04 November 2014