First State Asia Pacific Leaders Class A Accumulation Units 
Also available as income units
Overview
| Fund manager's initial charge | 4.00% |
|---|---|
| HL initial saving | 4.00% |
| Net initial charge | 0.00% |
| Dealing charge | Free |
| Fund manager's annual charge | 1.50% |
| Performance charges | No |
| Total Expense Ratio | 1.58% |
| HL annual saving | 0.15% 2 |
| Platform fee | Free |
| Launch date | 01-12-2003 |
| Launch price | £1.00 |
| Sector | Asia Pacific Ex Japan |
| Fund size | £5,345 million |
| Number of holdings | 57 |
| Fund type | OEIC |
| Type of units | Accumulation |
Please read the Simplified Prospectus/Key Investor Information Document in addition to the information above.
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Before you invest please read the key features and Simplified Prospectus/Key Investor Information Document for more details.
HL research - our view on this fund
Alistair Thompson and Angus Tulloch have a more cautious approach to investing in the Asia Pacific region. This has paid off during the volatility we have experienced during the past few months - the fund has held up much better than many of its more aggressively managed peers, although there are no guarantees this will continue.The managers are sceptical about the prospects for global growth, believing that many company earnings forecasts are overly optimistic, and results therefore have the potential to disappoint. Against this backdrop they are focusing on well-managed companies with sound balance sheets and strong cash flow. They believe companies with such characteristics have more sustainable and predictable growth, helping them grow during the tough times as well as the good times. Another feature they look for is pricing power - the ability to raise prices in line with costs to maintain profitability.
Although short-term volatility is likely to persist, there are many reasons for long-term investors to look east. Most Asian economies are growing faster than their Western counterparts, are unburdened by excessive levels of government debt, and have younger, more dynamic workforces. Alistair Thompson and Angus Tulloch believe the outlook for domestic consumption is strong, with a growing, increasingly aspirational middle class across Asia. Challenges remain, however, not least the spectre of inflation, and Asian markets should still be considered higher risk.
We hold Alistair Thompson, Angus Tulloch and their team at First State in extremely high regard, and their more defensive approach has helped shelter their investors from the worst of the summer's market falls. Nevertheless, as the last few months have clearly demonstrated, all investments will fall in value as well as rise, and you could get back less than you invest. The fund is one of our favourite ways to gain long-term exposure to this exciting region, and it remains firmly on the Wealth 150 list.
About the Fund Manager
Angus Tulloch
Located in: Edinburgh
Angus Tulloch is Joint Managing Partner of the Asia Pacific and Global Emerging Markets equity team at First State Investments, having joined the Company in 1988. Graduating from Cambridge University in 1970 with a BA (Honours) in Economics and History, Angus worked with Chartered Accountants Whinney Murray (now Ernst & Young) for four years. He then gained substantial industry experience in corporate planning and finance roles with various national companies before joining London stockbrokers Cazenove & Coin 1980. Specialising mainly in Far Eastern markets, Angus spent three of the next eight years with this firm based in Hong Kong as a regional analyst before assuming a fund management role in its London office. In 1988 he returned to Scotland, joining Stewart Ivory (now part of First State Investments) to establish an Asia Pacific and Emerging Markets capability.
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Income details
| Historic yield | 0.96% |
|---|---|
| Income paid | Bi-annually |
| Type of payment | Dividend |
All yields are variable and not guaranteed. Information as at 30-11-2011.
Distribution dates
| Ex-dividend date | 01 February 2012 |
|---|---|
| Payment date 4 | 31 March 2012 |
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Top 10 holdings
| Taiwan Semiconductor Manufacturing | 6.94% |
|---|---|
| DBS Group Holdings | 5.60% |
| Cheung Kong (Holdings) | 4.80% |
| Hong Kong & China Gas Co. | 4.44% |
| Newcrest Mining | 4.42% |
| Samsung Electronics Co. | 3.79% |
| Oversea-Chinese Banking | 3.73% |
| Axiata Group Bhd | 3.11% |
| Qbe Insurance Group | 3.03% |
| Wesfarmers | 2.82% |
Top 10 sectors
| Technology Hardware & Equipment | 11.77% |
|---|---|
| Mobile Telecommunications | 10.22% |
| Banks | 10.20% |
| Real Estate Investment & Services | 6.60% |
| Nonlife Insurance | 4.77% |
| Cash and Equiv. | 4.74% |
| General Retailers | 4.58% |
| Gas, Water & Multiutilities | 4.44% |
| Mining | 4.42% |
| Fixed Line Telecommunications | 3.80% |
Top 10 countries
| Australia | 21.02% |
|---|---|
| Hong Kong | 18.66% |
| South Korea | 14.85% |
| Singapore | 13.48% |
| Taiwan | 11.44% |
| Cash and Equiv. | 4.74% |
| Malaysia | 3.60% |
| India | 2.71% |
| United States | 2.08% |
| Philippines | 1.83% |
Some of the data on this page and other related pages is provided to you for your information and is received from the Fund Management Company administering this fund. Hargreaves Lansdown accepts no liability for the reliability or accuracy of the data provided by third parties.
2 Annual saving is not available in the SIPP or Junior ISA.
4 If you elect to receive the income from a Vantage ISA, Fund or Share Account, we will collect any dividends for you and then pay them directly into your bank account within the first 10 working days of the following month.
Prices as at 09-02-2012. Data as at 31/12/2011.
