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Statement of Net Assets
As at 31 March 2016
US$'000 Assets
Investments in securities at market value (note 2.2) 680,320 Cash at bank 13,210 Interest and dividends receivable 1,675 Subscriptions receivable 631 Unrealised gains on forward currency exchange
contracts (note 2.6) 589
Total assets 696,425
Liabilities
Taxes and expenses payable 854 Redemptions payable 1,638
Total liabilities 2,492
Net assets at the end of the period 693,933
Statement of Changes in Net Assets
For the period from 1 October 2015 to 31 March 2016
US$'000
Net assets at the beginning of the period 1,023,097 Net losses from investments (2,689) Net realised losses (39,367) Net unrealised gains 42,587 Proceeds from shares issued 64,378 Payments for shares redeemed (394,072) Net equalisation paid (note 10) (1)
Net assets at the end of the period 693,933
Statement of Operations
For the period from 1 October 2015 to 31 March 2016
US$'000 Income
Investment income 2,957
Bank interest 57
Stock lending income (note 19) 452
Other income 41
Total income 3,507
Expenses
Management fees (note 4.2) 5,285 Operating, administrative and servicing fees (note 4.4) 911
Total expenses 6,196
Net losses from investments (2,689)
Realised losses on investments (36,125) Realised losses on forward currency exchange contracts (365) Realised currency exchange losses (2,877)
Net realised losses (39,367)
Decrease in unrealised depreciation on investments 40,707 Decrease in unrealised depreciation on forward
currency exchange contracts 597 Unrealised currency exchange gains 1,283
Net unrealised gains 42,587
Share Transactions
For the period from 1 October 2015 to 31 March 2016
A-2 A(EUR)-2^ D(GBP)-2 I-2 R(GBP)-2
Shares outstanding at the beginning of the period 20,759,897 2,198,075 1,055,592 18,223,000 178,791 Shares issued during the period 2,750,546 73,191 5,065 416 128,071 Shares redeemed during the period (5,393,842) (198,608) (172,673) (12,195,498) (28,510)
Shares outstanding at the end of the period 18,116,601 2,072,658 887,984 6,027,918 278,352
Net asset value per share 20.7626 8.1811 14.4299 22.4753 9.9703
S-2 X-2 Y(EUR)-2 Z-2
Shares outstanding at the beginning of the period 485,604 64,598 9,000 10,194,457 Shares issued during the period 1,383 45,310 - 322,431 Shares redeemed during the period (40,166) - (9,000) (328,700)
Shares outstanding at the end of the period 446,821 109,908 - 10,188,188
Net asset value per share 17.9317 8.9290 - 12.9152
^ Base currency exposure share class.
Portfolio Statement
As at 31 March 2016
Security Nominal/ Quantity Market Value US$’000 Percentage of total net assets % Transferable securities and money market instruments admitted to an official exchange listing / dealt in on another regulated market 93.03% Equities 93.03%China 24.31%
Asia Satellite Telecommunications 8,727,500 11,972 1.73 China Conch Venture 9,626,000 18,925 2.73 China Merchants Bank 2,600,000 5,457 0.79
China Mobile 2,262,000 25,219 3.63
CNOOC 11,583,000 13,694 1.97
CSPC Pharmaceutical 10,800,000 9,795 1.41 Fuyao Glass Industry∞ 7,010,800 16,947 2.44
Greka Drilling 5,308,000 278 0.04
Hangzhou Hikvision Digital Technology 'A' 2,754,866 13,130 1.89
Huaxin Cement 'B' 1,811,520 1,327 0.19
PetroChina 25,213,800 16,741 2.41
Shanghai International Airport 'A' 999,979 4,655 0.67 Tong Ren Tang Technologies 10,197,000 16,354 2.36
Yingde Gases 37,197,500 14,219 2.05
168,713 24.31
Hong Kong 53.25%
Aeon Stores Hong Kong 12,753,000 11,904 1.72
AIA 7,482,600 42,375 6.11
ASM Pacific Technology∞ 1,112,400 8,702 1.25
City e-Solutions 13,000,000 3,620 0.52
Convenience Retail Asia 19,284,000 7,670 1.11
Dah Sing Banking 916,959 1,611 0.23
Dah Sing Financial 2,677,588 16,432 2.37 Dairy Farm International∞ 1,652,000 9,962 1.44
Giordano International 36,935,000 16,857 2.43
Global Brands 89,412,360 10,778 1.55
Green Dragon Gas 3,023,988 11,909 1.72
Hang Lung 5,293,000 15,183 2.19
Hang Lung Properties 3,870,000 7,394 1.07 Hong Kong & China Gas 5,386,200 10,069 1.45 Hong Kong & Shanghai Hotels 10,697,413 11,343 1.63 Hong Kong Aircraft Engineering 1,736,400 11,646 1.68 Hong Kong Exchanges & Clearing 440,836 10,608 1.53 Hung Hing Printing 15,888,000 1,915 0.28
Jardine Strategic 1,232,781 36,781 5.30
Kerry Logistics Network 15,876,000 22,781 3.28
Li & Fung 12,340,360 7,302 1.05
MTR 6,852,155 33,834 4.88
Pacific Basin Shipping∞ 57,717,000 8,408 1.21
Shangri-La Asia 20,748,000 23,766 3.42
Swire Pacific 'A' 189,000 2,032 0.29
Swire Properties 6,169,130 16,682 2.40
Texwinca 8,050,000 7,882 1.14
Security Nominal/ Quantity Market Value US$’000 Percentage of total net assets % Singapore 1.54%
Yanlord Land 11,849,300 10,713 1.54
United Kingdom 10.84%
Greka Engineering & Technology 9,799,500 109 0.02
HSBC∞ 4,438,163 27,679 3.99 Standard Chartered∞ 2,411,641 15,981 2.30 Vodafone 16,169,500 31,478 4.53 75,247 10.84 United States 3.09% Samsonite International∞ 4,376,700 14,657 2.11 Yum! Brands 83,000 6,794 0.98 21,451 3.09 Total Equities 645,570 93.03
Total Transferable securities and money market instruments admitted to an official
exchange listing / dealt in on another regulated market 645,570 93.03
Other transferable securities and money market instruments 5.01% Equities 5.01%
China 5.01%
China Vanke 'A' 11,076,900 34,750 5.01
Total Equities 34,750 5.01
Derivatives 0.08%
Forward currency exchange contracts 0.08%
Counterparty Buy Sell Settlement Buy Amount Sell Amount
Unrealised Gains/(Losses) US$’000
Percentage of total net assets %
BNP Paribas EUR USD 01/04/16 4,711 5,253 - - BNP Paribas EUR USD 05/04/16 6,984 7,906 - - BNP Paribas EUR USD 15/06/16 16,308,321 18,049,707 578 0.08 BNP Paribas EUR USD 15/06/16 470,656 524,511 12 - BNP Paribas EUR USD 15/06/16 55,863 63,150 1 - BNP Paribas GBP USD 01/04/16 10,000 14,133 - - BNP Paribas USD EUR 15/06/16 50,768 45,592 (1) - BNP Paribas USD EUR 15/06/16 35,869 32,599 (1) - BNP Paribas USD EUR 15/06/16 16,493 14,705 - - BNP Paribas USD EUR 15/06/16 7,923 6,984 - - BNP Paribas USD EUR 15/06/16 5,266 4,711 - - BNP Paribas USD EUR 15/06/16 3,586 3,258 - -
Unrealised gains on forward currency exchange contracts 589 0.08
Unrealised gains on derivatives 589 0.08
Total investments 680,909 98.12
Other net assets 13,024 1.88
Total 693,933 100.00
∞ A portion of this security is on loan at the period end.
Performance
For the six month period ended 31 March 2016, the value of Eastern European Equity – A Accumulation Shares increased by 8.36% compared to an increase of 6.19% in the benchmark, the MSCI Emerging Markets Europe 10/40 NR Index.
Source: Lipper, Basis: total return, NAV to NAV, net of annual charges, gross income reinvested, EUR.
Market review
Emerging European equities rose over the period despite increased market turbulence. Sentiment was relatively buoyant at first as investors welcomed supportive monetary policies in Europe. Markets also reacted calmly to the US Federal Reserve’s (Fed) highly-
anticipated rate hike in December: the impact had already largely been priced in. While lingering concerns over the health of the global economy, particularly China’s, and a renewed slump in commodity prices led to a global market sell-off at the turn of the year, markets rebounded towards the period-end, reversing the losses. This was partly aided by the Fed’s dovish comments, which raised hopes for a more gradual pace of rate hikes this year. A pickup in oil prices on hopes that major producers would agree to freeze output (although this failed to materialise in the end), and the European Central Bank’s (ECB) bolder-than-expected easing further supported sentiment.
The rebound in oil prices had the greatest impact on Russian equities, which rallied. Turkey was the other standout performer in the region. Investors shrugged off the same concerns that had driven them away in 2015, amid hopes that the capital flows into emerging markets will continue because of the Fed’s dovishness and the ECB’s fresh stimulus measures. Turkey’s growth has been fairly resilient to the jitters on geopolitical and global fronts. Lately, however, economic activity has been moribund, partly because Russia’s economic sanctions have weighed on bilateral trade. Hungary also did well. The country became the first emerging economy to enter negative interest rate territory, after the central bank slashed its overnight deposit rate to -0.05% from 0.1%. Muted inflation and sluggish growth mean that the easing cycle is likely to continue.
Portfolio review
At the stock level, Coca-Cola Icecek contributed the most to performance. The Turkish soft-drink bottler posted better results, despite continued pressure on earnings from currency weakness in its central Asian markets. The lack of exposure to Greek banks also aided performance, as the lenders sold off ahead of the next round of debt negotiations between Athens and its international creditors. The banking sector’s hopes of returning to profitability will hinge on the outcome of those talks. Retailers Jeronimo Martins (JMT) and Eurocash were resilient as waning food deflation boosted sales; JMT posted solid earnings despite a difficult operating environment.
In Russia, retailer Magnit lagged the rally. The backdrop for retailers remained challenging as lower disposable income curbed consumption. Software developer Luxoft sold off on concerns over a cutback in software spending by its key customers in the financial services sector. Its Belarus-based counterpart, EPAM, also performed poorly for similar reasons. But while EPAM recovered lost ground towards the period- end, Luxoft remained under pressure on the back of lower-than- expected margins and a stake sale by its former anchor shareholder, IBS Group. Vodka producer Synergy faced increased competition from illegal and regional producers; while lacklustre consumer spending hurt vodka sales volumes and pricing power.
In portfolio activity, we initiated a position in AvivaSA, a leading Turkish life insurer that is jointly-owned by local conglomerate Sabanci Holdings and the UK’s Aviva. Against this, we exited Anadolu Efes on concerns about a challenging market conditions for its beer businesses in Russia and Turkey, and sold Eurasia Drilling as it was privatised.
Outlook
Risk appetite has returned on the back of a bounce in oil prices and dovish comments from the Fed. But there are persistent headwinds, such as China’s slowdown and the possibilities of renewed commodity weakness, as global growth remains lacklustre. Divergent monetary policy will also continue to be a source of uncertainty as more central bankers venture into the unfamiliar territory of negative interest rates. On the other hand, investors will hope that the Fed sticks to its dovish stance, which has capped the dollar’s strength. Regardless of the macroeconomic background noise, we continue to see decent investment opportunities in the region. While political instability, poor infrastructure and regulatory uncertainty remain key obstacles for some, the long-term growth potential for well-managed, fiscally prudent companies in emerging countries remains compelling.
Aberdeen Global Emerging Markets Equity Team
April 2016