United Greater China Fund

United Greater China FundSemi Annual Report

for the half year ended 30th June 2018

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

United Greater China Fund(Constituted under a Trust Deed in the Republic of Singapore)

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A) Fund Performance

Fund Performance/Benchmark Returns

3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

29 May 1997Ann

CompRet

United Greater China Fund -1.24 -0.91 11.29 6.97 12.19 4.66 5.85Benchmark 0.09 0.23 13.38 7.85 12.49 6.47 4.97

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: MSCI Golden Dragon.

For the 6 months ended 30 June 2018, the net asset value of the Fund fell 0.91%, underperforming thebenchmark MSCI Golden Dragon index, which inched up 0.23%.

The Fund’s underperformance was largely due to negative selection in China Consumer Discretionaryand the slightly negative selection on Information Technology. In terms of country allocation, the Fundwas slightly overweight on China, neutral on Hong Kong and underweight on Taiwan over the period,where Taiwan outperformed. On the positive side, China Materials and Hong Kong Consumercontributed positively to performance and we were overweight these sectors during the period.

Key contributors to the Fund’s performance included China Resources Cement, Anhui Conch, CSPCPharmaceutical, Haier Electronics, Sasa International, Galaxy Entertainment and LarganPrecision. Key detractors from performance include Landmark Optoelectronics, Guangzhou Auto,China Zhengtong, MGM holdings and AAC Technologies.

As at end June 2018, the Fund had the following sector allocation: Information Technology (36.81%),Financials (25.74%), Real Estate (9.08%), Materials (7.91%), Consumer Discretionary (7.54%),Health Care (3.90%) and others (4.90%), with the remainder in cash (4.12%).

The Fund had the following country exposures: China (50.92%), Hong Kong (22.09%), Taiwan(20.82%), Macau (2.05%) and the remainder (4.12%) in cash.

Economic and Market Review

The Greater China equity markets ended the first half of 2018 relatively flat, underperforming developedmarkets, but outperforming most other emerging markets and Asia.

The markets started the year strongly in January as good macroeconomic data, positive earningsrevisions and weaker US dollar drove Asian markets. However the markets started correcting fromFebruary onwards, first led by the flash correction in the US markets and surge in the 10-year USTreasury yield as investors started worrying about tightening measures and the mounting US fiscaldeficit. There were further headwinds for China equities due to concerns over domestic policy andmonetary tightening with the government’s unrelenting drive for financial and economic deleveraging.Headline news of rising bond defaults also rattled the Financial sector despite strong evidence of


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A) Fund Performance (continued)

improving non-performing loans. In Hong Kong, property developers faced headwinds from rising USrates and HIBOR as liquidity tightened despite resilient property price index. Office and retail landlordsfared better. Hong Kong retailers were the bright spot for most of the period as retail sales reboundedstrongly year-to-date in 2018 after 3 years of losses from 2014 to 2016, and stabilising in 2017.

From March onwards, mounting trade tensions between the US and China further took its toll on theGreater China markets, culminating in June when it looked increasingly likely that US-China tradetensions would escalate after talks between both sides broke down. The threatened ban on Chinacommunication equipment manufacturer, ZTE from US suppliers also threatened to disrupt globaltechnology supply chains. The trade tensions overshadowed other positive geo-political events such asthe initiation of peace talks and de-nuclearisation of the Korean Peninsula.

Over the period, Taiwan performed the best, up +1.05%, followed by China, +0.16% and Hong Kong faredthe worst, down -0.69%.

Within Greater China, Taiwan performed the best given its relative defensive nature with high free cashflows and dividend yield.Within Taiwan, non-tech outperformed the Information Technology sector. TheInformation Technology sector faced headwinds from weak Apple iPhone sales, slowing in Chinasmartphone sales and potential disruption in the tech supply chain following the threatened ban on ZTE.MSCI China ended the half year relatively flat, giving back its gains in January, following headwinds fromthe government’s credit tightening and being at the epicentre of the US trade disputes. MSCI Hong Kongended slightly down as rising rates and tighter policies hit the property developers. The spill over of theUS-China trade disputes and sudden Renminbi depreciation in June also hit Hong Kong retailers andMacau Gaming, which had been the bright spot of the Hong Kong market.

Outlook and Fund Strategy

China’s fundamentals have continued to strengthen in 2018. Economic growth is steady with thepurchasing manager’s index (PMIs) in positive territory, corporate and industrial profits have continue togrow strongly helped by capacity rationalisation, improving utilisation and firmly positive producer priceinflation. Property sales are steady and corporate earnings continue to be revised up.

However, investors have been spooked by a series of concerns including rising corporate bond defaults,slower than expected May activity data, the accelerated depreciation of the renminbi since mid-June andlast but not least, escalating US-China trade tensions as President Trump carries through with his threatto impose trade tariffs and restrict China investments in the US.

On the issue of rising bond defaults, we note that this has been an ongoing trend since the beginning ofthe year as the government continues to rein shadow banking and promote more efficient credit riskpricing. It is part and parcel of China’s financial reform path. While the headline news looks alarming, itshould be noted that the rate of defaults is just 0.7% of the total corporate bond stock at the end of thefirst half of 2018 which is far from any indication of systemic risk. May 2018 activity data came in lowerthan expected; probably reflecting the lagged effects of slower credit creation in the shadow bankingsystem, but this is in the context of strong activity data since the start of the year. Meanwhile, the


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manufacturing and services PMI are still well above 50. To counter the fall in shadow banking, we expectthe authorities to ease policy in a targeted manner, such as cutting the reserve requirement ratio (a 50basis point cut was announced in June), keeping interbank rates low, and reviving investment projects tosupport growth.

The Renminbi depreciation accelerated in the last week of June, reviving fears of a scenario in August2015, when the market experienced a sharp correction. However, we do note that the Renminbi stillremains one of the strongest currencies year to date in the emerging markets. It has only depreciated 2%vs the US dollar in 2018. Ultimately, the Chinese yuan is still a controlled currency and the Chinese centralbank has pledged to refrain from using it as an instrument in a trade war.

On the US-China trade war, while we assess the growth and earnings impact on the market as muted, along drawn out trade war and escalating retaliation beyond trade is damaging for both countries and allmarket participants. Our base case remains that there should not be a full blown trade war, and thereshould be some negotiated settlement assuming rationality from both sides. Nonetheless, weacknowledge that trade tensions will persist and remain an overhang on the Greater China markets.However we believe much of this has already been priced into the markets. After the recent correction,the MSCI China 1-year forward price to earnings ratio of 11x is trading at close to its 10-year historicalmean and close to the levels at early 2016 when economic and corporate earnings were much weakerthan now. China ‘A’ share valuations are even more distressed at a price to earnings ratio of 10x, tradingbelow the early 2016 levels.

We have tactically dialed back our overweight call on China to neutral in the context of the currentnegative sentiment on the US-China trade tensions and emerging markets in general and now hold morecash in the Fund.

In China, we continue to favour the cheap cyclicals where we believe stock prices have not kept up withthe structural and earnings improvement, such as the materials sector. Capacity rationalisation andsupply side discipline have considerably raised profitability in the sector. Demand will be furthersupported if China increased fiscal stimulus to support the domestic economy should external growthdeteriorate due to a trade war. We have reduced our weight in financials and property to neutral givencurrent concerns about the renminbi although we still believe their underlying fundamentals andvaluations are attractive. We remain overweight on healthcare which enjoys strong policy support, andare relatively defensive in a scenario of slowing economic growth. We are underweight on technologyhardware, which could face supply chain disruption amidst US restrictions in the event of an escalatingtrade war. We prefer technology software which is relatively immune to such external threats. We areunderweight Telecommunication Services, Utilities and Consumer Staples which still see lacklustregrowth.

We remain overweight on Hong Kong. Hong Kong being more of a developed market should hold uprelatively better when emerging markets are under pressure. Within Hong Kong, we continue to favourproperty landlords over developers and retail which is enjoying a strong recovery year to date 2018. Wealso expect a marked increase in trading turnover with rising Connect flows, an expanded tradeableuniverse in Hong Kong following MSCI ‘A’ share inclusion and potential relisting of US Americandepositary receipts back in China. This would be positive for the Hong Kong Exchange.


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We also maintain our overweight position in Macau. We expect temporary softness in gross gamingrevenues in June and July to subside after the World Cup. We are positive on Macau over the longer termgiven improved infrastructure connectivity with the mainland, and projected visitor growth from China.

We remain underweight on Taiwan, given the headwinds in the Apple supply chain with disappointmentin iPhoneX sales and weak guidance from TSMC.We are underweight on technology now, though we aretactically positioned in some components that are seeing strong demand such as 3-D lens and waferswhich are seeing tight supply and resilient demand. We are overweight on non-tech sectors such asMaterials, Consumer Staples and Financials.

As is frequently the case with emerging markets, we can expect volatile performances and the GreaterChina markets are no exception. Over the longer term, we believe the Chinese economy is on the rightpath towards sustainable longer term growth, as it rebalances towards a more consumer and servicedriven economy. We believe the country also has the financial muscle to cushion the stresses during thetransition and other potential external headwinds with their strong balance sheet and many policy tools attheir disposal.

The question is whether China’s reforms will improve corporate profitability and stabilise the growthbackdrop in the long run. We believe the prospects for this are good, but the road will be bumpy andexecution is key.

In the long term, the Greater China region should continue to deliver above average economic growth,underpinned by the emergence of China as a global economic superpower in the years ahead. This willcreate interesting investment opportunities for many years ahead.


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B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2018under review classified by

i) Country

Fair Value(S$)

% of NAV

China 28,904,224 50.92Hong Kong 12,538,964 22.09Macau 1,164,948 2.05Taiwan 11,821,131 20.82Portfolio of investments 54,429,267 95.88Other net assets/(liabilities) 2,338,556 4.12Total 56,767,823 100.00

ii) Industry

Fair Value(S$)

% of NAV

Consumer Discretionary 4,280,510 7.54Consumer Staples 803,472 1.41Energy 1,156,223 2.04Financials 14,612,019 25.74Health Care 2,214,968 3.90Industrials 54,259 0.10Information Technology 20,896,275 36.81Materials 4,489,546 7.91Real Estate 5,157,210 9.08Telecommunication Services 545,108 0.96Utilities 219,677 0.39Portfolio of investments 54,429,267 95.88Other net assets/(liabilities) 2,338,556 4.12Total 56,767,823 100.00


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B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2018under review classified by (continued)

iii) Asset Class

Fair Value(S$) % of NAV

Quoted Equities 54,429,267 95.88Other net assets/(liabilities) 2,338,556 4.12Total 56,767,823 100.00

iv) Credit rating of quoted bonds

N/A

C) Top Ten Holdings

10 largest holdings as at 30 June 2018

Fair Value(S$)

Percentage oftotal net assetsattributable tounitholders

%

TENCENT HOLDINGS LTD 5,707,935 10.05ALIBABA GROUP HOLDING LTD 4,806,433 8.47TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 4,724,946 8.32AIA GROUP LTD 3,159,419 5.57CHINA CONSTRUCTION BANK CORP 2,961,032 5.22INDUSTRIAL & COMMERCIAL BANK OF CHINA 2,397,415 4.22PING AN INSURANCE GROUP CO OF CHINA 1,719,076 3.03LARGAN PRECISION CO LTD 1,606,406 2.83FORMOSA PLASTICS CORP 1,459,048 2.57HONG KONG EXCHANGES & CLEARING LTD 1,347,650 2.37


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C) Top Ten Holdings (continued)

10 largest holdings as at 30 June 2017

Fair Value

Percentage oftotal net assetsattributable tounitholders

(S$) %

TENCENT HOLDINGS LTD 6,106,188 9.70ALIBABA GROUP HOLDING LTD 5,431,949 8.62TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 5,048,789 8.02AIA GROUP LTD 3,119,251 4.95HON HAI PRECISION INDUSTRY CO 2,702,296 4.29CHINA CONSTRUCTION BANK CORP 2,240,824 3.56CHINA MOBILE LTD 2,191,880 3.48BANK OF CHINA LTD 1,938,714 3.08BOC HONG KONG HOLDINGS LTD 1,581,011 2.51PING AN INSURANCE GROUP CO OF CHINA 1,470,055 2.33

D) Exposure to derivatives

i) Fair value of derivative contracts and as a percentage of NAV as at 30 June 2018

Contract orunderlyingprincipalamount

Positivefair value % of NAV

Negativefair value % of NAV

$ $ $

Foreign currency contracts 1,570,054 723 -* 758 -*

* denotes amount less than 0.01%

ii) There was a net realised gain of SGD 7,490 on derivative contracts during the financial period from1 January 2018 to 30 June 2018.

iii) There was a net unrealised loss of SGD 35 on outstanding derivative contracts marked to market asat 30 June 2018.

E) Amount and percentage of NAV invested in other schemes as at 30 June 2018

N/A


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F) Amount and percentage of borrowings to NAV as at 30 June 2018

N/A

G) Amount of redemptions and subscriptions for the financial period from 1 January 2018 to30 June 2018

Total amount of redemptions SGD 12,522,673Total amount of subscriptions SGD 3,604,497

H) The amount and terms of related-party transactions for the financial period from 1 January2018 to 30 June 2018

i) As at 30 June 2018, the Fund maintained current accounts with its related parties as follows:

State Street Bank and Trust Company, Singapore BranchCash and bank balances SGD 2,506,021

United Overseas Bank LimitedMargin accounts SGD 297,352

ii) Investment in Initial Public Offerings managed by UOB Group

N/A

iii) As at 30 June 2018, the brokerage income earned by UOB Kay Hian Pte Ltd and United OverseasBank Limited were 1,791 and 106 respectively.


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I) Expense ratios

2018 2017$ $

Total operating expenses 1,295,631 1,188,409Average daily net asset value 64,294,519 68,522,119Expense ratio 2.02% 1.73%

Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association ofSingapore (“IMAS”). The calculation of the Fund’s expense ratio at 30 June 2018 was based on total operating expensesdivided by the average 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 tounitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and taxdeducted at source or arising out of income received. The Fund does not pay any performance fee. The average net assetvalue is based on the daily balances.

J) Turnover ratios

2018 2017$ $

Lower of total value of purchases or sales 27,884,576 15,008,309Average daily net assets value 62,659,996 65,656,945

Turnover ratio 44.50% 22.86%

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

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 30 June 2018 and 30 June 2017

N/A

ii) Expense ratios for the financial period ended 30 June 2018 and 30 June 2017

N/A


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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”)1should be disclosed as well (continued)

iii) Turnover ratios for the financial period ended 30 June 2018 and 30 June 2017

N/A

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.

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


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STATEMENT OF TOTAL RETURN

For the half year ended 30 June 2018 (Un-audited)

30 June 30 June2018 2017$ $

IncomeDividends 797,537 750,570Interest 257 -Total 797,794 750,570

Less: ExpensesManagement fee 465,508 487,685Trustee fee 10,757 12,215Audit fee 8,827 8,258Registrar fee 7,459 7,490Valuation fee 38,792 40,640Custody fee 26,166 14,597Transaction costs 283,145 239,456Interest expenses 24 13Other expenses 59,738 24,241Total 900,416 834,595

Net income/(losses) (102,622) (84,025)

Net gains/(losses) on value of investments and financialderivativesNet gains/(losses) on investments 57,110 12,274,175Net gains/(losses) on financial derivatives 7,455 (1,936)Net foreign exchange gains/(losses) 14,679 (496,560)

79,244 11,775,679

Total return/(deficit) for the period before income tax (23,378) 11,691,654Less: Income tax (expense)/refund (77,676) 134,931Total return/(deficit) for the period (101,054) 11,826,585


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STATEMENT OF FINANCIAL POSITION

As at 30 June 2018 (Un-audited)

30 June 31 December2018 2017$ $

AssetsPortfolio of investments 54,429,267 65,187,256Sales awaiting settlement 975,550 -Receivables 433,077 281,792Cash and bank balances 2,506,021 758,980Margin accounts 297,352 133,640Financial derivatives at fair value 723 -Total assets 58,641,990 66,361,668

LiabilitiesPurchases awaiting settlement 1,139,730 108,662Payables 733,679 465,953Financial derivatives at fair value 758 -Total liabilities 1,874,167 574,615

EquityNet assets attributable to unitholders 56,767,823 65,787,053


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STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDS

For the half year ended 30 June 2018 (Un-audited)

30 June 31 December2018 2017$ $

Net assets attributable to unitholders at the beginning of thefinancial period/year 65,787,053 68,152,316

OperationsChange in net assets attributable to unitholders resulting fromoperations (101,054) 19,621,082

Unitholders’ contributions/(withdrawals)Creation of units 3,604,497 8,046,462Cancellation of units (12,522,673) (30,032,807)

Change in net assets attributable to unitholders resulting from netcreation and cancellation of units (8,918,176) (21,986,345)

Total increase/(decrease) in net assets attributable to unitholders (9,019,230) (2,365,263)

Net assets attributable to unitholders at the end of the financialperiod/year 56,767,823 65,787,053


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STATEMENT OF PORTFOLIO


Holdings at Fair value at

Percentage oftotal net assetsattributable tounitholders at

30 June2018

30 June2018$

30 June2018%

By Geography - Primary

Quoted Equities

CHINAAAC TECHNOLOGIES HOLDINGS INC 17,000 326,474 0.58ALIBABA GROUP HOLDING LTD 19,000 4,806,433 8.47ANGANG STEEL CO LTD 572,000 703,828 1.24ANHUI CONCH CEMENT CO LTD 80,000 625,662 1.10BAIC MOTOR CORP LTD 280,000 364,970 0.64BAIDU INC 3,400 1,126,524 1.98BANK OF CHINA LTD 1,180,000 797,754 1.41CHINA CONSTRUCTION BANK CORP 2,350,000 2,961,032 5.22CHINA LONGYUAN POWER GROUP CORP 200,000 219,677 0.39CHINA MERCHANTS BANK CO LTD 140,000 704,391 1.24CHINA NATIONAL BUILDING MATERIAL COLTD 392,000 529,352 0.93CHINA PETROLEUM & CHEMICAL CORP 640,000 779,714 1.37CHINA RESOURCES CEMENT HOLDING 848,000 1,171,656 2.06CHINA RESOURCES LAND LTD 136,000 625,175 1.10COUNTRY GARDEN HOLDINGS CO LTD 205,000 491,666 0.87COUNTRY GARDEN SERVICES HOLDINGSCO LTD 31,034 54,259 0.10INDUSTRIAL & COMMERCIAL BANK OFCHINA 2,350,000 2,397,415 4.22KWG PROPERTY HOLDING LTD 190,000 325,588 0.57PING AN INSURANCE GROUP CO OFCHINA 137,000 1,719,076 3.03SHANGHAI PHARMACEUTICALS HOLDING 120,000 451,519 0.80SHIMAO PROPERTY HOLDINGS LTD 80,000 286,414 0.50TENCENT HOLDINGS LTD 83,400 5,707,935 10.05WEIBO CORP 7,400 895,580 1.58


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30 June2018

30 June2018$

30 June2018%

By Geography - Primary (continued)Quoted Equities

CHINA (continued)YICHANG HEC CHANGJIANGPHARMACEUTICAL CO LTD 120,000 832,130 1.47

TOTAL CHINA 28,904,224 50.92

HONG KONGAIA GROUP LTD 265,000 3,159,419 5.57CHINA MOBILE LTD 45,000 545,108 0.96CHINA OVERSEAS LAND & INVESTMENTLTD 180,000 808,668 1.43CK ASSET HOLDINGS LTD 40,000 433,097 0.76CNOOC LTD 160,000 376,509 0.66CSPC PHARMACEUTICAL GROUP LTD 156,000 642,555 1.13GALAXY ENTERTAINMENT GROUP LTD 41,000 432,880 0.76HAIER ELECTRONICS GROUP CO LTD 170,000 793,287 1.40HONG KONG EXCHANGES & CLEARINGLTD 32,857 1,347,650 2.37SA SA INTERNATIONAL HOLDINGS LTD 1,050,000 908,774 1.60SHANGRI-LA ASIA LTD 240,000 615,651 1.09SINO BIOPHARMACEUTICAL LTD 138,000 288,764 0.51SWIRE PROPERTIES LTD 222,000 1,118,892 1.97WHARF REAL ESTATE INVESTMENT COLTD 110,000 1,067,710 1.88

TOTAL HONG KONG 12,538,964 22.09


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30 June2018

30 June2018$

30 June2018%

By Geography - Primary (continued)Quoted Equities

MACAUMGM CHINA HOLDINGS LTD 230,000 727,506 1.28SANDS CHINA LTD 60,000 437,442 0.77

TOTAL MACAU 1,164,948 2.05

TAIWANCATCHER TECHNOLOGY CO LTD 67,000 1,021,759 1.80CATHAY FINANCIAL HOLDING CO LTD 330,000 793,991 1.40FORMOSA PLASTICS CORP 290,000 1,459,048 2.57FUBON FINANCIAL HOLDING CO LTD 320,000 731,291 1.29GLOBALWAFERS CO LTD 30,000 680,218 1.20LARGAN PRECISION CO LTD 8,000 1,606,406 2.83PRESIDENT CHAIN STORE CORP 52,000 803,472 1.41TAIWAN SEMICONDUCTORMANUFACTURING CO LTD 488,000 4,724,946 8.32

TOTAL TAIWAN 11,821,131 20.82

Total Equities 54,429,267 95.88

Portfolio of investments 54,429,267 95.88Other net assets/(liabilities) 2,338,556 4.12Net assets attributable to unitholders 56,767,823 100.00


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Percentage oftotal net assetsattributable tounitholders at30 June2018%

Percentage oftotal net assetsattributable tounitholders at31 December

2017%

By Geography - Primary (Summary)Quoted Equities

China 50.92 49.52Hong Kong 22.09 28.02Macau 2.05 -Taiwan 20.82 21.55Portfolio of investments 95.88 99.09Other net assets/(liabilities) 4.12 0.91Net assets attributable to unitholders 100.00 100.00


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Fair value at30 June2018$

Percentage oftotal net assetsattributable tounitholders at30 June2018%

Percentage oftotal net assetsattributable tounitholders at31 December

2017%

By Industry - SecondaryQuoted Equities

Consumer Discretionary 4,280,510 7.54 8.65Consumer Staples 803,472 1.41 3.70Energy 1,156,223 2.04 2.69Financials 14,612,019 25.74 28.84Health Care 2,214,968 3.90 1.84Industrials 54,259 0.10 1.96Information Technology 20,896,275 36.81 37.62Materials 4,489,546 7.91 3.85Real Estate 5,157,210 9.08 6.39Telecommunication Services 545,108 0.96 2.41Utilities 219,677 0.39 1.14Portfolio of investments 54,429,267 95.88 99.09Other net assets/(liabilities) 2,338,556 4.12 0.91Net assets attributable to unitholders 56,767,823 100.00 100.00


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United Greater China Fund

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