GrowthPath Portfolios · 2020-02-27 · Portfolios GrowthPath Today GrowthPath 2020 GrowthPath 2030...

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Semi Annual Report

for the half year ended 31 December 2019

MANAGERUOB Asset Management LtdRegistered Address:80 Raffles PlaceUOB PlazaSingapore 048624Company Registration No. : 198600120ZTel: 1800 22 22 228

DIRECTORS OF UOB ASSET MANAGEMENTLee Wai FaiEric Tham Kah JinPeh Kian HengThio Boon Kiat

TRUSTEEState Street Trust (SG) Limited168 Robinson Road#33-01, Capital TowerSingapore 068912

CUSTODIAN / ADMINISTRATOR / REGISTRARState Street Bank and Trust Company, acting through its Singapore Branch168 Robinson Road#33-01, Capital TowerSingapore 068912

AUDITORPricewaterhouseCoopers LLP7 Straits View, Marina OneEast Tower, Level 12Singapore 018936

GrowthPath Portfolios(Constituted under a Trust Deed in the Republic of Singapore)

-1-

A) Fund Performance

GrowthPath Today

Fund Performance/Benchmark Returns

3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

2 December2002Ann

CompRet

GrowthPath Today 0.50 4.06 12.70 5.00 4.24 3.52 3.69Benchmark -0.25 2.45 7.65 3.66 3.21 3.12 3.97

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributionsreinvested, if any.The benchmark of the Fund: Composite Benchmark comprises of MSCI AC WI, Singapore Straits Times Index, Citigroup G7 GovtBond Index (known as FTSE G7 Government Bond Index from 31 July 2018), TR/SGX SFI Govt Bond Index. Actual % vary fromtime to time.

GrowthPath 2020


3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

2 December2002Ann

CompRet

GrowthPath 2020 0.61 3.88 13.52 5.37 4.32 3.68 4.30Benchmark -0.46 2.23 8.99 4.58 4.15 4.04 4.64




-2-

A) Fund Performance (continued)

GrowthPath 2030


3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

2 December2002Ann

CompRet

GrowthPath 2030 2.77 4.49 18.47 7.93 5.72 4.37 4.71Benchmark 3.06 4.44 16.02 7.82 6.73 5.73 5.61



GrowthPath 2040


3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

2 December2002Ann

CompRet

GrowthPath 2040 3.57 4.88 20.55 8.74 6.27 4.92 5.04Benchmark 4.26 5.21 18.50 8.75 7.43 6.37 5.94




-3-


The asset allocations as at 31 December 2019 were as follow:

Allocation (%) GrowthPath Today GrowthPath 2020 GrowthPath 2030 GrowthPath 2040

Singapore Equity 2.54 4.82 16.04 19.75Global Equity 18.05 21.28 54.77 66.78Singapore Fixed Income 27.02 18.29 7.26 3.89Global Fixed Income 52.07 55.53 21.37 10.06Cash 0.32 0.08 0.56 (0.48)Total 100.00 100.00 100.00 100.00

6 Months Performance Benchmark Excess Returns

Growthpath Today 4.06% 2.45% 1.61%Growthpath 2020 3.88% 2.23% 1.65%Growthpath 2030 4.49% 4.44% 0.05%Growthpath 2040 4.88% 5.21% -0.33%

As shown in the above table, for the six-month period under review, all the GrowthPath Portfolios exceptGrowthPath 2040 outperformed their respective benchmarks.

Economic and Market Review

The six-month period ended 31 December 2019 saw a sharp reversal in relative asset class performance,as growth optimism started to accelerate after 31 August 2019. Whereas global fixed incomeoutperformed global equities till 31 August 2019 – driven by the deteriorating macro backdrop and the USFederal Reserve (Fed)’s pre-emptive policy easing, global equities strongly outperformed global fixedincome thereafter as global growth expectations ratcheted higher. Two key drivers of rising global growthexpectations were support from global monetary policy, as well as the gradual de-escalation in theUS-China trade tensions. Concurrently, global equity and bond market volatility eased over this six-monthperiod (both the Chicago Board Options Exchange (CBOE) Volatility Index and the Merrill Lynch OptionVolatility Estimate Index decreased).

In Singapore Dollar terms, the MSCI All Country World Index delivered a total return of 8.4% over the sixmonths ended 31 December 2019. Geographically, the outperformer was US equities (S&P 500 Indexdelivered 10.2%), while the underperformers were European and Asia Pacific equities (MSCI EuropeIndex delivered 6.6%, MSCI AC Asia Pacific Index delivered 7.4%).


-4-


In terms of fixed income performance, the Barclays Global Aggregate Index gained 1.2% inUnited States Dollar terms over the six months ended 31 December 2019. The benchmark US Treasury(UST) 10-year bond yield was 2.01% at the end of June 2019, and ended the year lower at 1.92% inDecember 2019. Similarly, the benchmark UST 2-year bond yield was 1.75% at the end of June 2019,and ended the year lower at 1.58% as of end December 2019, following the pre-emptive rate cuts by theUS Fed. Over these six months, the spreads between 2-year and 10-year UST yields widened from 26basis points to 35 basis points.

Asian assets similarly rallied over the six months ended 31 December 2019. Asian equities such asMSCI Asia ex-Japan Index rallied 6.0% for the six months ended 31 December 2019. Asian credits suchas the JP Morgan Asia Credit Index gained 3.1%, as risk-free rates rallied lower and as credit spreadstightened by 30 basis points over this period.

Over the past six months, markets continued to be driven by the intersection of the three key issues ofglobal monetary policy trends, global economic growth trends and macro risks such as the US-Chinatrade tensions.

At the end of June 2019, it appeared that both global growth was weakening and leading indicators (suchas the US yield curve) continued to be on a deteriorating trend. Specifically, global industrial production,global manufacturing and global exports weakened to contractionary levels across most regions.Furthermore, the deterioration in US-China trade relationship weighed on international trade and globalmanufacturing. The main concern was that the weakness in industrial production and businesses wouldsubsequently spill over to the services sector, resulting in employment cuts that would hurt the consumersaround the world and thus raise the risks for a full recession.

But by the end of December 2019, it was increasingly clear that global employment and globalconsumption had proven resilient despite the manufacturing slowdown. Furthermore, leading indicatorsand manufacturing indices also started to bottom, and underlying drivers in sectors such as global autosand global technology appeared to be stabilizing. With the end of the supportive pre-emptive rate cuts, webelieve the US Fed is likely to maintain a dovish mindset even as they remain watchful for downsidegrowth risks and market volatility.

As the second half of 2019 ended, markets turned more optimistic with the combination of a resilientconsumer and stabilizing manufacturing trends strengthened the odds of a “muddle through”environment in 2020. Finally, improvements on the US-China trade front (i.e. Phase One trade dealbetween the US and China) allayed investors’ fears of worst case outcomes for global growth.


-5-


Outlook and Fund Strategy

Global growth at the start of 2020 appears to have rebounded from the growth scare seen in the secondhalf of 2019. Leading indicators and corporate earnings trends are pointing to a year of more stable yetstill moderate growth during the year. The continued expansion should be supportive for equities. Thegrowth outlook also appears modest enough that it appears unlikely to trigger overheated growth that willlead to inflation and rising interest rates. Thus the environment should be a benign one for fixed incomeas well.

We think the economic weakness in industrial production, manufacturing and trade that persisted throughmost of 2019 has shown signs of stabilization at the end of 2019. Historically, weakness in industrialproduction late in a cycle has resulted in weakness in services, employment and consumption. Butdespite significant weakness in trade and manufacturing in 2019, employment and consumption were notaffected. Leading indicators now point to a stabilization of the manufacturing weakness and we think it isfair to conclude that recession risks are receding.

For equities, we expect the key driver to performance in another expansion year will be the level ofcorporate earnings growth around the world. At the start of 2020, consensus expectations are for 7-12%earnings growth around the world. The US and Asia lead with earning growth expectations of 10-12%.But typically, expectations usually start high at the beginning of the year and get revised down by the endof year. Current valuations are elevated across most equity markets and we think earnings growth will becritical to drive market performance in 2020 as there is little room for positive valuation re-ratings. We thinksome haircut to earnings growth expectations is realistic, but we still think earnings growth could hit 7-8%in 2020 and that level of growth is also realistic for equity market returns in 2020.

We expect global interest rates to be more stable in 2020. After four rate hikes in 2018 and three rate cutsin 2019, we think 2020 is a year where we can expect flat rates. That should decrease volatility in fixedincome markets but leaves the return outlook somewhat muted. We think bond portfolios will generallytrack their yields and that most corporate bond portfolios will achieve returns in the 3-4% range in 2020.

Throughout 2019, global fund flows have gone to money markets and fixed income markets, while therehas been a steady outflow from equities. In late 2019 and early 2020 there appears to be a trend wheresome of these fund flows are returning to equities as recession risks have declined. Positive flows toasset classes other than money market funds should help stabilize returns in 2020.

Geopolitical risks remain elevated. North Korea announced that it does not plan to denuclearize andprovocations between Iran and the US have been escalating. The year 2020 kicks off another US electionyear with uncertainties rising along US policies. US-China trade frictions appear to be de-escalating in anelection year, but risks remain that the fragile truce could unravel. Markets are assuming a benign inflationoutlook, but any surprise to that view would likely trigger significant market volatility.


-6-


Overall, we think portfolios should carry neutral levels of equities in early 2020, with an overweight ininvestment grade credits. Within equities we continue to overweight the US but have increased Asia toneutral with an eye to raising its weight if trade risks continue to decline. We are underweightcommodities, but within commodities are overweight gold. We are overweight alternatives andunderweight cash. The cycle is mature and extended but signs are that the expansion should continue atmuted levels for another year and that should enable most asset classes to continue to generate positivereturns.


-7-

A) Fund Performance

Please refer to page 2 of the Semi Annual Report.

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 31 December2019 under review classified by

i) Country

Fair Value(S$)

% of NAV

Singapore 6,224,834 99.68Portfolio of investments 6,224,834 99.68Other net assets/(liabilities) 19,822 0.32Total 6,244,656 100.00

ii) Industry

N/A

iii) Asset Class

Fair Value(S$) % of NAV

Quoted unit trusts 6,224,834 99.68Other net assets/(liabilities) 19,822 0.32Total 6,244,656 100.00

iv) Credit rating of quoted bonds

N/A

GrowthPath Today(Constituted under a Trust Deed in the Republic of Singapore)

-8-

C) Top Ten Holdings

10 largest holdings as at 31 December 2019

Fair Value(S$)

Percentage oftotal net assetsattributable to

unitholders%

UNITED HIGH GRADE CORPORATE BOND FUND -CLASS A SGD ACC 3,251,563 52.07UNITED SINGAPORE BOND FUND 1,687,498 27.02UNITED INTERNATIONAL GROWTH FUND 1,127,440 18.05UNITED SINGAPORE GROWTH FUND 158,333 2.54

There were only 4 holdings as at 31 December 2019.


Fair Value


unitholders(S$) %

UNITED HIGH GRADE CORPORATE BOND FUND -CLASS A SGD ACC 3,033,535 52.96UNITED SINGAPORE BOND FUND 1,615,757 28.21UNITED INTERNATIONAL GROWTH FUND 829,187 14.47UNITED SINGAPORE GROWTH FUND 226,089 3.95


D) Exposure to derivatives

i) Fair value of derivative contracts and as a percentage of NAV as at 31 December 2019

N/A

ii) Net gains/(losses) on derivative contracts realised during the financial period from 1 July 2019 to31 December 2019

N/A


-9-

D) Exposure to derivatives (continued)

iii) Net gains/(losses) on outstanding derivative contracts marked to market as at 31 December 2019

N/A

E) Amount and percentage of NAV invested in other schemes as at 31 December 2019

Please refer to the Statements of Portfolio.

F) Amount and percentage of borrowings to NAV as at 31 December 2019

N/A

G) Amount of redemptions and subscriptions for the financial period from 1 July 2019 to31 December 2019

Total amount of redemptions SGD 243,216Total amount of subscriptions SGD 160,327

H) The amount and terms of related-party transactions for the financial period from 1 July 2019to 31 December 2019

i) As at 31 December 2019, the Sub-Fund maintained current accounts with its related party asfollows:

State Street Bank and Trust Company, Singapore BranchCash and bank balances SGD 31,016

ii) Investment in Initial Public Offerings managed by UOB Group

N/A

iii) As at 31 December 2019, there was no brokerage income earned by UOB Kay Hian Pte Ltd.


-10-

I) Expense ratios

2019 2018$ $

Total operating expenses 40,554 31,802Average daily net asset value 6,107,356 6,138,836Weighted average of the Investee Funds’ expense ratio 1.13% 1.10%Expense ratio 1.79% 1.62%

Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association ofSingapore (“IMAS”). This is the sum of the Sub-Fund’s expense ratio and the weighted average of the Investee Funds’unaudited expense ratios. The unaudited expense ratios of the Investee Funds’ are obtained from Investee Funds’ Manager.The calculation of the Sub-Fund’s expense ratio at 31 December 2019 was based on total operating expenses divided by theaverage net asset value respectively for the financial period. The total operating expenses do not include (where applicable)brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreignexchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at sourceor arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is basedon the daily balances.

J) Turnover ratios

2019 2018$ $

Lower of total value of purchases or sales 136,533 98,790Average daily net assets value 6,260,664 5,976,246Turnover ratio 2.18% 1.65%

Note: The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective InvestmentSchemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales ofthe underlying investments divided by the average daily net asset value.

K) Any material information that will adversely impact the valuation of the scheme such ascontingent liabilities of open contracts

N/A


-11-

L) For schemes which invest more than 30% of their deposited property in another scheme, thefollowing key information on the second-mentioned scheme (“the underlying scheme”)1

should be disclosed as well

i) Top 10 holdings at fair value and as percentage of NAV as at 31 December 2019 and 31 December2018


United High Grade CorporateBond Fund

Fair Value


unitholders(S$) %

MONETARY AUTHORITY OF SINGAPORE BILLS 01/200.00000 1,498,388 3.00UBS AG SUBORDINATED REGS 05/24 5.125 871,333 1.74BEIJING ENVIRONMENT BVI CO LTD COMPANYGUARANT REGS 10/21 5.3 834,865 1.67PERUSAHAAN LISTRIK NEGARA PT SR UNSECUREDREGS 10/25 2.875 832,134 1.66JIANGXI RAILWAY INVESTMENT SR UNSECURED REGS02/22 4.85 830,161 1.66FEDERAL INTERNATIONAL FINANCE SR UNSECUREDREGS 05/21 4.125 819,252 1.64STANDARD CHARTERED PLC SUBORDINATED REGS02/30 3.516 818,618 1.64AT&T INC SR UNSECURED 03/39 4.85 776,905 1.55MICRON TECHNOLOGY INC SR UNSECURED 02/304.663 741,652 1.48INDUSTRIAL & COMMERCIAL BANK OF CHINASUBORDINATED REGS 09/25 4.875 738,532 1.48


-12-


should be disclosed as well (continued)

i) Top 10 holdings at fair value and as percentage of NAV as at 31 December 2019 and 31 December2018 (continued)



Fair Value


unitholders(S$) %

CNP ASSURANCES SUBORDINATED REGS 07/49 VAR 829,072 2.39BEIJING ENVIRONMENT BVI CO LTD COMPANYGUARANT REGS 10/21 5.3 819,979 2.36FEDERAL INTERNATIONAL FINANCE SR UNSECUREDREGS 05/21 4.125 816,523 2.35UBS AG SUBORDINATED REGS 05/24 5.125 815,813 2.35STANDARD CHARTERED PLC SR UNSECURED REGS01/23 VAR 811,996 2.34MALAYAN BANKING BHD SUBORDINATED REGS 10/26VAR 808,485 2.33GS CALTEX CORP SR UNSECURED REGS 06/22 3 802,280 2.31PERUSAHAAN LISTRIK NEGARA PT SR UNSECUREDREGS 10/25 2.875 774,908 2.23SHOUGANG GROUP CO LTD SR UNSECURED REGS08/20 1.35 769,883 2.22INDUSTRIAL & COMMERCIAL BANK OF CHINASUBORDINATED REGS 09/25 4.875 701,534 2.02


-13-



ii) Expense ratios for the financial period ended 31 December 2019 and 31 December 2018

United High Grade Corporate Bond Fund - Class A SGD Acc

31 December 2019 1.22%31 December 2018 1.23%

With effect from 31 January 2018 (the �Effective Date�), the existing units in United High Grade Corporate Bond Fund have been

designated and referred to as �Class A SGD Acc� units.

Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association ofSingapore (“IMAS”). The calculation of the underlying scheme’s expense ratio at 31 December 2019 was based on totaloperating expenses divided by the average net asset value respectively for the financial period. The total operating expensesdo not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paidout to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other fundsand tax deducted at source or arising out of income received. The underlying scheme does not pay any performance fee. Theaverage net asset value is based on the daily balances.

iii) Turnover ratios for the financial period ended 31 December 2019 and 31 December 2018

United High Grade Corporate Bond Fund



1 Where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or hasa formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed onthe underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readilyavailable to the Singapore manager.

M) Soft dollar commissions/arrangements

UOB Asset Management has entered into soft dollars arrangements with selected brokers fromwhom products and services are received from third parties. The products and services relateessentially to computer hardware and software to the extent that they are used to support theinvestment decision making process, research and advisory services, economic and politicalanalyses, portfolio analyses including performance measurements, market analyses, data andquotation services, all of which are believed to be helpful in the overall discharge of UOB AssetManagement’s duties to clients. As such services generally benefit all of UOB Asset Management’sclients in terms of input into the investment decision making process, the soft credits utilised are notallocated on a specific client basis. The Manager confirms that trades were executed on a bestexecution basis and there was no churning of trades.


-14-

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of theactual payouts received by participants and any significant deviation from thepre-determined payouts

N/A


-15-

A) Fund Performance



i) Country

Fair Value(S$)

% of NAV


ii) Industry

N/A

iii) Asset Class




N/A

GrowthPath 2020(Constituted under a Trust Deed in the Republic of Singapore)

-16-

C) Top Ten Holdings


Fair Value(S$)


unitholders%

UNITED HIGH GRADE CORPORATE BOND FUND -CLASS A SGD ACC 5,150,169 55.53UNITED INTERNATIONAL GROWTH FUND 1,934,552 20.86UNITED SINGAPORE BOND FUND 1,696,464 18.29UNITED SINGAPORE GROWTH FUND 447,267 4.82UNITED ASIA FUND 39,078 0.42



Fair Value


unitholders(S$) %

UNITED HIGH GRADE CORPORATE BOND FUND -CLASS A SGD ACC 4,988,064 54.98UNITED SINGAPORE BOND FUND 1,685,960 18.58UNITED INTERNATIONAL GROWTH FUND 1,659,546 18.29UNITED SINGAPORE GROWTH FUND 594,572 6.56UNITED ASIA FUND 82,517 0.91




N/A


N/A


-17-



N/A




N/A







N/A



-18-

I) Expense ratios

2019 2018$ $



J) Turnover ratios

2019 2018$ $




N/A


-19-






Fair Value


unitholders(S$) %

MONETARY AUTHORITY OF SINGAPORE BILLS 01/200.00000 1,498,388 3.00UBS AG SUBORDINATED REGS 05/24 5.125 871,333 1.74BEIJING ENVIRONMENT BVI CO LTD COMPANYGUARANT REGS 10/21 5.3 834,865 1.67PERUSAHAAN LISTRIK NEGARA PT SR UNSECUREDREGS 10/25 2.875 832,134 1.66JIANGXI RAILWAY INVESTMENT SR UNSECURED REGS02/22 4.85 830,161 1.66FEDERAL INTERNATIONAL FINANCE SR UNSECUREDREGS 05/21 4.125 819,252 1.64STANDARD CHARTERED PLC SUBORDINATED REGS02/30 3.516 818,618 1.64AT&T INC SR UNSECURED 03/39 4.85 776,905 1.55MICRON TECHNOLOGY INC SR UNSECURED 02/304.663 741,652 1.48INDUSTRIAL & COMMERCIAL BANK OF CHINASUBORDINATED REGS 09/25 4.875 738,532 1.48


-20-






Fair Value


unitholders(S$) %

CNP ASSURANCES SUBORDINATED REGS 07/49 VAR 829,072 2.39BEIJING ENVIRONMENT BVI CO LTD COMPANYGUARANT REGS 10/21 5.3 819,979 2.36FEDERAL INTERNATIONAL FINANCE SR UNSECUREDREGS 05/21 4.125 816,523 2.35UBS AG SUBORDINATED REGS 05/24 5.125 815,813 2.35STANDARD CHARTERED PLC SR UNSECURED REGS01/23 VAR 811,996 2.34MALAYAN BANKING BHD SUBORDINATED REGS 10/26VAR 808,485 2.33GS CALTEX CORP SR UNSECURED REGS 06/22 3 802,280 2.31PERUSAHAAN LISTRIK NEGARA PT SR UNSECUREDREGS 10/25 2.875 774,908 2.23SHOUGANG GROUP CO LTD SR UNSECURED REGS08/20 1.35 769,883 2.22INDUSTRIAL & COMMERCIAL BANK OF CHINASUBORDINATED REGS 09/25 4.875 701,534 2.02


-21-




United High Grade Corporate Bond Fund - Class A SGD Acc


With effect from 31 January 2018 (the �Effective Date�), the existing units in United High Grade Corporate Bond Fund have been

designated and referred to as �Class A SGD Acc� units.



United High Grade Corporate Bond Fund







-22-


N/A


-23-

A) Fund Performance



i) Country

Fair Value(S$)

% of NAV


ii) Industry

N/A

iii) Asset Class




N/A


-24-

C) Top Ten Holdings


Fair Value(S$)


unitholders%

UNITED INTERNATIONAL GROWTH FUND 2,721,559 51.15UNITED HIGH GRADE CORPORATE BOND FUND -CLASS A SGD ACC 1,136,890 21.37UNITED SINGAPORE GROWTH FUND 853,340 16.04UNITED SINGAPORE BOND FUND 386,170 7.26UNITED ASIA FUND 192,414 3.62



Fair Value


unitholders(S$) %

UNITED INTERNATIONAL GROWTH FUND 2,282,686 47.20UNITED HIGH GRADE CORPORATE BOND FUND -CLASS A SGD ACC 1,116,946 23.10UNITED SINGAPORE GROWTH FUND 790,965 16.35UNITED SINGAPORE BOND FUND 410,393 8.49UNITED ASIA FUND 194,644 4.02




N/A


N/A


-25-



N/A




N/A







N/A



-26-

I) Expense ratios

2019 2018$ $



J) Turnover ratios

2019 2018$ $




N/A


-27-





United International GrowthFund

Fair Value


unitholders(S$) %

MICROSOFT CORP 1,936,028 3.56ALPHABET INC - CLASS C 1,449,046 2.66FACEBOOK INC - CLASS A 1,128,797 2.08VISA INC - CLASS A 1,105,639 2.03NESTLE SA 1,055,293 1.94JPMORGAN CHASE & CO 1,054,749 1.94UNITEDHEALTH GROUP INC 1,051,894 1.93TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1,039,315 1.91ALIBABA GROUP HOLDING LTD 971,107 1.79MASTERCARD INC 942,720 1.73


-28-






Fair Value


unitholders(S$) %

MICROSOFT CORP 1,972,907 2.97ALPHABET INC - CLASS C 1,730,544 2.61AMAZON.COM INC 1,645,937 2.48UNITEDHEALTH GROUP INC 1,390,120 2.10ABBOTT LABORATORIES 1,351,118 2.04VISA INC - CLASS A 1,343,182 2.03ELI LILLY & CO 1,266,543 1.91NESTLE SA 1,238,832 1.87THE HOME DEPOT INC 1,192,499 1.80NOVARTIS AG 1,185,669 1.79


United International Growth Fund




-29-











N/A


-30-

A) Fund Performance



i) Country

Fair Value(S$)

% of NAV

Singapore 19,721,671 100.48Portfolio of investments 19,721,671 100.48Other net assets/(liabilities) (93,457) (0.48)Total 19,628,214 100.00

ii) Industry

N/A

iii) Asset Class


Quoted unit trusts 19,721,671 100.48Other net assets/(liabilities) (93,457) (0.48)Total 19,628,214 100.00


N/A


-31-

C) Top Ten Holdings


Fair Value(S$)


unitholders%

UNITED INTERNATIONAL GROWTH FUND 12,122,830 61.76UNITED SINGAPORE GROWTH FUND 3,875,537 19.75UNITED HIGH GRADE CORPORATE BOND FUND -CLASS A SGD ACC 1,975,399 10.06UNITED ASIA FUND 857,870 4.37UNITED SINGAPORE BOND FUND 762,667 3.89UNITED GLOBAL INNOVATION FUND - CLASS A SGDACC 127,368 0.65



Fair Value


unitholders(S$) %

UNITED INTERNATIONAL GROWTH FUND 9,876,563 56.49UNITED SINGAPORE GROWTH FUND 3,474,685 19.88UNITED HIGH GRADE CORPORATE BOND FUND -CLASS A SGD ACC 1,968,758 11.26UNITED ASIA FUND 1,360,699 7.78UNITED SINGAPORE BOND FUND 715,607 4.09




N/A


-32-



N/A


N/A




N/A







N/A



-33-

I) Expense ratios

2019 2018$ $



J) Turnover ratios

2019 2018$ $




N/A


-34-






Fair Value


unitholders(S$) %

MICROSOFT CORP 1,936,028 3.56ALPHABET INC - CLASS C 1,449,046 2.66FACEBOOK INC - CLASS A 1,128,797 2.08VISA INC - CLASS A 1,105,639 2.03NESTLE SA 1,055,293 1.94JPMORGAN CHASE & CO 1,054,749 1.94UNITEDHEALTH GROUP INC 1,051,894 1.93TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1,039,315 1.91ALIBABA GROUP HOLDING LTD 971,107 1.79MASTERCARD INC 942,720 1.73


-35-






Fair Value


unitholders(S$) %

MICROSOFT CORP 1,972,907 2.97ALPHABET INC - CLASS C 1,730,544 2.61AMAZON.COM INC 1,645,937 2.48UNITEDHEALTH GROUP INC 1,390,120 2.10ABBOTT LABORATORIES 1,351,118 2.04VISA INC - CLASS A 1,343,182 2.03ELI LILLY & CO 1,266,543 1.91NESTLE SA 1,238,832 1.87THE HOME DEPOT INC 1,192,499 1.80NOVARTIS AG 1,185,669 1.79






-36-











N/A


-37-

STATEMENTS OF TOTAL RETURN

For the half year ended 31 December 2019 (Un-audited)

GrowthPath Today GrowthPath 202031

December31

December31

December31

December2019 2018 2019 2018

$ $ $ $

IncomeDividends 1,712 3,194 4,839 9,786Interest 1 1 1 1Total 1,713 3,195 4,840 9,787

Less: ExpensesManagement fee 25,177 24,106 44,704 44,908Less: Management fee rebate (23,958) (23,342) (37,492) (38,574)Trustee fee 2,483 2,528 2,482 2,527Audit fee 2,981 2,890 4,257 4,471Registrar fee - - 7,448 7,582Valuation fee - - 4,706 4,727Custody fee 1,901 1,307 2,190 2,414Other expenses 17,392 7,312 23,003 6,215Total 25,976 14,801 51,298 34,270

Net income/(losses) (24,263) (11,606) (46,458) (24,483)

Net gains/(losses) on value of investmentsNet gains/(losses) on investments 270,741 (51,479) 402,813 (190,240)Net foreign exchange gains/(losses) 65 (73) 91 (157)

270,806 (51,552) 402,904 (190,397)

Total return/(deficit) for the period 246,543 (63,158) 356,446 (214,880)


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STATEMENTS OF TOTAL RETURN


GrowthPath 2030 GrowthPath 204031

December31

December31

December31

December2019 2018 2019 2018

$ $ $ $

IncomeDividends 8,951 9,813 41,950 42,170Interest 2 4 - 1Total 8,953 9,817 41,950 42,171

Less: ExpensesManagement fee 24,893 24,790 92,593 90,787Less: Management fee rebate (24,034) (24,309) (94,030) (94,038)Trustee fee 2,483 2,528 2,885 2,869Audit fee 2,323 2,456 9,151 8,869Registrar fee 7,448 7,582 11,387 11,205Valuation fee 2,620 2,610 9,747 9,556Custody fee 2,760 3,410 3,769 2,809Other expenses 14,475 2,864 41,037 8,080Total 32,968 21,931 76,539 40,137

Net income/(losses) (24,015) (12,114) (34,589) 2,034

Net gains/(losses) on value of investmentsNet gains/(losses) on investments 252,698 (319,440) 963,819 (1,494,348)Net foreign exchange gains/(losses) 50 (67) 1 (1)

252,748 (319,507) 963,820 (1,494,349)

Total return/(deficit) for the period 228,733 (331,621) 929,231 (1,492,315)


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STATEMENTS OF FINANCIAL POSITION

As at 31 December 2019 (Un-audited)

GrowthPath Today GrowthPath 202031 December 30 June 31 December 30 June

2019 2019 2019 2019$ $ $ $

AssetsPortfolio of investments 6,224,834 6,078,074 9,267,530 9,171,208Receivables 15,667 21,196 25,620 36,020Cash and bank balances 31,016 14,601 55,171 78,350Total assets 6,271,517 6,113,871 9,348,321 9,285,578

LiabilitiesPayables 26,861 32,869 73,209 44,307Total liabilities 26,861 32,869 73,209 44,307

EquityNet assets attributable to unitholders 6,244,656 6,081,002 9,275,112 9,241,271


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STATEMENTS OF FINANCIAL POSITION


GrowthPath 2030 GrowthPath 204031 December 30 June 31 December 30 June

2019 2019 2019 2019$ $ $ $

AssetsPortfolio of investments 5,290,373 5,082,840 19,721,671 19,086,961Sales awaiting settlement - - - 143,900Receivables 23,490 23,164 62,680 80,839Cash and bank balances 34,629 47,477 6,269 167Total assets 5,348,492 5,153,481 19,790,620 19,311,867

LiabilitiesBank overdrafts - - - 10,833Payables 28,408 27,894 162,406 109,397Total liabilities 28,408 27,894 162,406 120,230

EquityNet assets attributable to unitholders 5,320,084 5,125,587 19,628,214 19,191,637


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STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS


GrowthPath Today GrowthPath 202031 December 30 June 31 December 30 June

2019 2019 2019 2019$ $ $ $

Net assets attributable to unitholders atthe beginning of the financial period/year 6,081,002 6,198,617 9,241,271 9,658,659

OperationsChange in net assets attributable tounitholders resulting from operations 246,543 409,010 356,446 592,526

Unitholders’ contributions/(withdrawals)Creation of units 160,327 198,427 102,326 89,444Cancellation of units (243,216) (725,052) (424,931) (1,099,358)

Change in net assets attributable tounitholders resulting from net creation andcancellation of units (82,889) (526,625) (322,605) (1,009,914)

Total increase/(decrease) in net assetsattributable to unitholders 163,654 (117,615) 33,841 (417,388)

Net assets attributable to unitholders atthe end of the financial period/year 6,244,656 6,081,002 9,275,112 9,241,271


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STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS


GrowthPath 2030 GrowthPath 204031 December 30 June 31 December 30 June

2019 2019 2019 2019$ $ $ $

Net assets attributable to unitholders atthe beginning of the financial period/year 5,125,587 5,350,789 19,191,637 19,425,010

OperationsChange in net assets attributable tounitholders resulting from operations 228,733 296,901 929,231 1,090,989

Unitholders’ contributions/(withdrawals)Creation of units 208,706 130,597 166,670 158,871Cancellation of units (242,942) (652,700) (659,324) (1,483,233)

Change in net assets attributable tounitholders resulting from net creation andcancellation of units (34,236) (522,103) (492,654) (1,324,362)

Total increase/(decrease) in net assetsattributable to unitholders 194,497 (225,202) 436,577 (233,373)

Net assets attributable to unitholders atthe end of the financial period/year 5,320,084 5,125,587 19,628,214 19,191,637


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STATEMENTS OF PORTFOLIO


GrowthPath Today

Holdings at Fair value at

Percentage oftotal net assetsattributable tounitholders at

31 December2019

31 December2019

$

31 December2019

%

By Geography - Primary

Quoted unit trusts

SINGAPOREUNITED HIGH GRADE CORPORATE BONDFUND - CLASS A SGD ACC 1,950,548 3,251,563 52.07UNITED INTERNATIONAL GROWTH FUND 363,690 1,127,440 18.05UNITED SINGAPORE BOND FUND 1,061,319 1,687,498 27.02UNITED SINGAPORE GROWTH FUND 43,534 158,333 2.54

TOTAL SINGAPORE 6,224,834 99.68

Portfolio of investments 6,224,834 99.68Other net assets/(liabilities) 19,822 0.32Net assets attributable to unitholders 6,244,656 100.00


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GrowthPath TodayPercentage of

total net assetsattributable tounitholders at31 December

2019%


30 June2019

%

By Geography - Primary (Summary)Quoted unit trusts

Singapore 99.68 99.95Portfolio of investments 99.68 99.95Other net assets/(liabilities) 0.32 0.05Net assets attributable to unitholders 100.00 100.00

As the Sub-Fund is invested wholly into quoted unit trusts, it is not meaningful to classify the investmentsinto industry segment.


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GrowthPath 2020



31 December2019

31 December2019

$

31 December2019

%


Quoted unit trusts

SINGAPOREUNITED ASIA FUND 17,787 39,078 0.42UNITED HIGH GRADE CORPORATE BONDFUND - CLASS A SGD ACC 3,089,483 5,150,169 55.53UNITED INTERNATIONAL GROWTH FUND 624,049 1,934,552 20.86UNITED SINGAPORE BOND FUND 1,066,959 1,696,464 18.29UNITED SINGAPORE GROWTH FUND 122,977 447,267 4.82




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GrowthPath 2020Percentage of


2019%


30 June2019

%





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GrowthPath 2030



31 December2019

31 December2019

$

31 December2019

%


Quoted unit trusts

SINGAPOREUNITED ASIA FUND 87,580 192,414 3.62UNITED HIGH GRADE CORPORATE BONDFUND - CLASS A SGD ACC 681,998 1,136,890 21.37UNITED INTERNATIONAL GROWTH FUND 877,922 2,721,559 51.15UNITED SINGAPORE BOND FUND 242,874 386,170 7.26UNITED SINGAPORE GROWTH FUND 234,628 853,340 16.04




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2019%


30 June2019

%





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GrowthPath 2040



31 December2019

31 December2019

$

31 December2019

%


Quoted unit trusts

SINGAPOREUNITED ASIA FUND 390,474 857,870 4.37UNITED GLOBAL INNOVATION FUND -CLASS A SGD ACC 118,924 127,368 0.65UNITED HIGH GRADE CORPORATE BONDFUND - CLASS A SGD ACC 1,185,002 1,975,399 10.06UNITED INTERNATIONAL GROWTH FUND 3,910,590 12,122,830 61.76UNITED SINGAPORE BOND FUND 479,665 762,667 3.89UNITED SINGAPORE GROWTH FUND 1,065,586 3,875,537 19.75


Portfolio of investments 19,721,671 100.48Other net assets/(liabilities) (93,457) (0.48)Net assets attributable to unitholders 19,628,214 100.00


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2019%


30 June2019

%


Singapore 100.48 99.45Portfolio of investments 100.48 99.45Other net assets/(liabilities) (0.48) 0.55Net assets attributable to unitholders 100.00 100.00



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GrowthPath Portfolios · 2020-02-27 · Portfolios GrowthPath Today GrowthPath 2020 GrowthPath 2030...

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