Final Results

RNS Number : 2585I

Henderson TR Pacific Inv. Trust PLC

08 March 2010

 



                                    Page 1 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

This announcement contains regulated information

Henderson TR Pacific Investment Trust plc announces its results for the year ended 31 December 2009.

Henderson TR Pacific Investment Trust plc seeks a high rate of total return from companies operating primarily in the Pacific region excluding Japan and Australasia.

Key Data
Per ordinary share	31 December 2009	31 December 2008	Change %
Net asset value #	179.9p	112.5p	+59.9
Share price #	165.5p	101.0p	+63.9
Total return/(loss)	69.77p	(69.78p)
Net revenue return	2.18p	2.41p	-9.5
Dividend per ordinary share in respect of the year	1.90p	2.40p	-20.8
Gearing*	7.8%	8.5%

# Excluding reinvested income.

*Defined here as borrowings, less cash balances and deposits, as a percentage of shareholders' funds.

Performance for 12 Months to 31 December 2009

	%
Net asset value total return (1)	65.0
Share price total return (1)	67.7
Peer group NAV total return (2)	59.3
MSCI All Country Asia ex-Japan Index total return (3)	53.6

(1) Source: AIC Information Services Ltd (net income reinvested).

(2) Source: AIC Information Services Ltd. The performance of a group of leading investment trust competitors (weighted average).

(3) Source: Datastream (gross income reinvested).

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Page 2 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Commenting on the results Chairman, David Robins, said:

I am pleased to be able to report that the strong conviction that your Portfolio Manager and the Board held at the start of 2009, that Asian markets were seriously undervalued, has proved to be absolutely correct.

After the disappointment of 2008, when virtually all asset classes appeared to be correlated in falling sharply, and the strength of Asian economies seemed to be ignored, it is gratifying that a return of confidence and appetite for risk, coupled with sound policies and strong growth in the region have driven markets forward dramatically.

Performance

As a result, your Company's Net Asset Value (NAV) total return rose by 65.0% last year, compared with a rise in the MSCI All Country Asia ex-Japan Index (sterling adjusted) of 53.6%. The share price total return was even better, rising by 67.7%.

This performance has positioned your Company as one of the leaders in the peer group, with the price performance having outstripped the peer group average over the last one, three and five years.

This owes much not only to the conviction that Asian markets would bounce from depressed levels in the early part of 2009, but also to your Portfolio Manager's stock picking skills and judicious use of gearing.  Stock selection provided the largest contribution to the relative performance of NAV in 2009, as your Portfolio Manager adhered to his investment philosophy of identifying mispriced growth stocks. This is an approach which sets your Company apart from the peer group, and led to the exceptional performance last year.

Further details of this successful stock picking approach can be found in your Portfolio Manager's Report in the Annual Report and Financial Statements.

Dividend

Whilst the Board felt last year that it was right to pay out almost the maximum possible dividend in light of the poor capital return generated, it became clear from some shareholders' reactions that achieving a high yield compared with our peer group was not a compelling reason to own the shares.

Accordingly, in light of the high rate of capital return in 2009, the Board have determined to pay at least 85% of the revenue return on ordinary activities after taxation, which amounts to 1.90p per share, compared with 2.40p per share last year.  This will be paid as an interim dividend, in lieu of a final dividend, on 1 April 2010.

Share Repurchases

Given the strong share price performance and narrowing of the discount, there were no instances when share repurchases were required in 2009.

Fees and Expenses

The usual base Management Fee of 0.6% of gross assets will be paid in respect of 2009.

Despite the very strong NAV and share price performance in 2009, on a rolling 3 year basis, the Company has slightly under-performed the MSCI All Country Asia ex-Japan Index, when excluding the positive impact of share buy-backs in 2008.  As a result, no performance fee is due.

Accordingly, total fees for the year will amount to £1,548,000 compared with £631,000 last year when there was a claw back of the Management Fee. The total expense ratio will therefore also rise to 0.9%, compared with 0.5% last year, but this still compares favourably with the peer group average of 1.4%.

Page 3 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Chairman's comments continued

VAT

I am pleased to report that the case for repayment of VAT on Management Fees for the 1990 to 1996 period has been won, and that £71,000 including interest has been paid back to the Company. As explained in last year's Report, this is not a particularly large sum, as most of the VAT previously paid had already been claimed, on the basis that the bulk of the Company's business is outside the UK and EU.

There remains an open issue as to whether HMRC should pay compound interest rather than simple interest on the sums of VAT that have been reclaimed, and we have reserved our position on this issue, as HMRC has been firm in turning down such applications to date.

Outlook

The major Western economies appear to be moving slowly out of recession, but the prospects for global growth and world trade do not at this juncture appear overly strong, particularly when the major Western countries are facing the need to reduce their fiscal deficits at the same times as reversing Quantitative Easing of the money supply. The dramatic performance of equity markets over the last year might, at face value, be seen as an indication of a strong recovery from recession.  However, at this juncture, it seems more likely that in addition to a "relief" bounce after the near meltdown in late 2008, it has been the massive injections of liquidity into the world's financial system that have driven markets.

One risk therefore remains that as fiscal rectitude is followed by the major Western economies and Quantitative Easing is brought to an end, the impetus for equities dries up. Much of the improvement in company earnings over the last year has been driven by cost cutting, and further improvements will almost certainly have to be derived from top line growth.  This may be difficult to achieve in conditions of sluggish growth.

However, unless we again see total correlation of asset classes and markets throughout the world, the impact on Asian markets may be less than for those in the West. Asian Governments, after all, are nowhere near as stretched on the fiscal front and have had no recourse to Quantitative Easing.  

Even though markets have reacted poorly to the evidence of some tightening of monetary policy in China in the first weeks of 2010, we expect that this will not unduly hamper the prospects for the Chinese economy over the longer term, and is simply evidence that the authorities wish to achieve consistent growth and avoid overheating. For, the policy emphasis has been on domestic demand expansion rather than exports, which means that Asia Pacific is less dependent on a recovery in growth in the West than it was perhaps before the recession. With low interest rates, high savings ratios, healthy household balance sheets, low consumer debt, sound financial institutions and the possibility of strengthening exchange rates, Asian countries are well placed to continue to grow at rates exceeding the West during the coming year.

Nevertheless, a second risk is that Western economies do indeed recover at a stronger rate than currently expected.  If this were to happen, then inflationary expectations may rise, commodity prices could soar and speculative bubbles could again appear in financial markets.  With Asian markets at levels which suggest that they are fairly valued, the risk is that such a bubble could develop and then be burst by monetary tightening.  Whilst we believe that this second risk is least likely, it will be necessary to remain especially vigilant during this year for signs that growth and inflation are beginning to exceed expectations.

In such an environment, when the relative attraction of Asian markets is perhaps not as marked as it was a year ago, it is essential that stock picking skills are of the highest order in identifying undervalued growth situations.  Having amply demonstrated such skills in 2009, your Company is well positioned to continue to benefit in 2010.

David Robins

Chairman

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Page 4 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Principal risks and uncertainties

The Board has drawn up a matrix of risks facing the Company and has put in place a schedule of investment limits and restrictions, appropriate to the Company's investment objective and policy, in order to mitigate these risks as far as practicable. The principal risks which have been identified and the steps taken by the Board to mitigate these are as follows:

● Portfolio and market

Although the Company invests almost entirely in securities that are quoted on recognised markets, share prices may move sharply. The companies in which investments are made may operate unsuccessfully, or fail entirely. A fall in the market value of the Company's portfolio would have an adverse effect on shareholders' funds.

The Board manages the overall level of market risk in the investment portfolio by ensuring full and timely reporting of relevant information from the Manager on a bi-weekly basis. The Board reviews the portfolio each month and endeavours to mitigate the risk through diversification of investments in the portfolio. The Manager manages its exposure to market price risk through its asset allocation decisions and, if necessary, by buying/selling put or call options on indices relevant to its portfolio.  Where appropriate, foreign currency borrowings are used to achieve the portfolio characteristics to minimise the exposure to foreign currency risk.  The possible effects on fair values and cash flows arising on account of changes in interest rates are considered when making investment decisions and the level of gearing.

● Investment activity and performance

An inappropriate investment strategy (for example, in terms of asset allocation or the level of gearing) may result in underperformance against the index and the companies in its peer group. The Board monitors at each Board meeting the Manager's compliance with the Company's objectives, and is directly responsible for investment strategy, the level of gearing and asset allocation between countries and economies. For managing the liquidity risk, the Board gives guidance to the Manager as to the maximum amount of the Company's exposure to individual investments.  Short term borrowings are used to manage short term cash requirements.

● Tax and regulatory risks

A breach of Section 842 of the Income and Corporation Taxes Act 1988 could lead to a loss of investment trust status, resulting in capital gains realised within the portfolio being subject to corporation tax. A breach of the UKLA Listing Rules could result in suspension of the Company's shares, while a breach of the Companies Acts 2006 could lead to criminal proceedings, or financial or reputational damage. The Company must also ensure compliance with the listing rules of the New Zealand Stock Exchange.

The Manager has contracted to provide investment, company secretarial, administration and accounting services through qualified professionals. The Board receives internal control reports produced by the Manager on a quarterly basis, which confirmed regulatory compliance during the year.

● Financial

By its nature as an investment trust, the Company's business activities are exposed to market risk (including currency risk, interest rate risk and market price risk), liquidity risk, and credit and counterparty risk.

● Operational

Disruption to, or failure of, the Manager's accounting, dealing or payment systems or the Custodian's records could prevent the accurate reporting and monitoring of the Company's financial position. The Company is also exposed to the operational risk that one or more of its suppliers may not provide the required level of service.

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Page 5 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Principal risks and uncertaintiescontinued

Related party transactions

Investment management, accounting, company secretarial and administration services are provided to the Company by wholly owned subsidiary companies of Henderson Global Investors (Holdings) plc ("Henderson"). This is the only related party arrangement currently in place. Other than the fees payable by the Company in the ordinary course of business there have been no material transactions with this related party which have affected the financial position or performance of the Company in the financial year.

Statement of Directors' Responsibilities

In accordance with Disclosure and Transparency Rule 4.1.12, each of the Directors confirm to the best of their knowledge:

·   the financial statements, which have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

·   the Report of the Directors in the Annual Report and Financial Statements includes a fair review of the development and performance of the business and the position of the Company, together with a description of the principal risks and uncertainties that it faces.

For and behalf of the Board

David Robins

Chairman

For further information contact:

Andrew Beal Portfolio Manager Tel: [phone]

David Robins Chairman Tel: [phone]

David Masters Lansons Communications Tel: [phone]

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Page 6 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Income Statement

For the year ended 31 December 2009

	Year ended 31 December 2009			Year ended 31 December 2008
	Revenue Return	Capital Return	Total	Revenue Return	Capital Return	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gains/(losses) from investments held at fair value through profit or loss (note 2)	-	110,175	110,175	-	(118,578)	(118,578)
Income from investments held at fair value through profit or loss (note 3)	5,248	-	5,248	6,590	-	6,590
Other interest receivable and similar income (note 4)	38	-	38	233	-	233
	-------	--------	--------	-------	--------	--------
Gross revenue and capital gains/(losses)	5,286	110,175	115,461	6,823	(118,578)	(111,755)
Management fee (note 5)	(574)	(974)	(1,548)	(345)	(286)	(631)
Other administrative expenses	(562)	-	(562)	(624)	-	(624)
	-------	--------	--------	-------	--------	--------
Net return/(loss) on ordinary activities before finance charges and taxation	4,150	109,201	113,351	5,854	(118,864)	(113,010)
Finance charges	(67)	(202)	(269)	(172)	(515)	(687)
	--------	--------	--------	--------	--------	--------
Net return/(loss) on ordinary activities before taxation	4,083	108,999	113,082	5,682	(119,379)	(113,697)
Taxation on net return/(loss) on ordinary activities	(566)	123	(443)	(1,706)	228	(1,478)
	-------	--------	--------	-------	--------	--------
Net return/(loss) on ordinary activities after taxation	3,517	109,122	112,639	3,976	(119,151)	(115,175)
	=====	=====	======	=====	=====	======
Basic and diluted return/(loss) per ordinary share  (note 6)	2.18p	67.59p	69.77p	2.41p	(72.19)p	(69.78)p

The total column of this statement represents the Income Statement of the Company. The revenue return and capital return columns are supplementary to this and are prepared under guidance published by the Association of Investment Companies. All revenue and capital items in the above statement derive from continuing operations.  No operations were acquired or discontinued during the year.  The Company had no recognised gains or losses other than those disclosed in the Income Statement.

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Page 7 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Reconciliation of Movements in Shareholders' Funds

For the years ended 31 December 2009 and 31 December 2008

	Called up share capital	Capital redemption reserve	Special reserve	Other capital reserves	Revenue reserve	Total
Year ended 31 December 2009	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2008	8,073	7,833	51,500	103,430	10,851	181,687
Net return from ordinary activities after taxation	-	-	-	109,122	3,517	112,639
Dividend paid in respect of year ended 31 December 2008 (paid 30 April 2009)	-	-	-	-	(3,875)	(3,875)
	----------	-----------	----------	----------	----------	----------
At 31 December 2009	8,073	7,833	51,500	212,552	10,493	290,451
	======	======	======	======	======	======
	Called up share capital	Capital redemption reserve	Special reserve	Other capital reserves	Revenue reserve	Total
Year ended 31 December 2008	£'000	£'000	£'000	£'000	£'000	£'000
At 31 December 2007	8,516	7,390	63,802	222,581	10,271	312,560
Net (loss)/return from ordinary activities after taxation	-	-	-	(119,151)	3,976	(115,175)
Dividend paid in respect of  year ended 31 December 2007  (paid 30 April 2008)	-	-	-	-	(3,396)	(3,396)
Purchase of own shares	(443)	443	(12,302)	-	-	(12,302)
	--------	---------	---------	----------	---------	-----------
At 31 December 2008	8,073	7,833	51,500	103,430	10,851	181,687
	---------	----------	----------	-----------	---------	------------

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Page 8 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Balance Sheet

At 31 December 2009

	2009	2008
	£'000	£'000
Fixed asset investments held at fair value through profit or loss
Quoted at market value	312,623	197,798
	----------	----------
Current assets
Debtors	2,084	474
Cash at bank	9,344	5,403
	------------	------------
	11,428	5,877
Creditors: amounts falling due within one year	(33,600)	(21,988)
	-----------	-----------
Net current liabilities	(22,172)	(16,111)
	------------	------------
Total net assets	290,451	181,687
	------------	------------
Capital and reserves
Called up share capital (note 7)	8,073	8,073
Capital redemption reserve	7,833	7,833
Special reserve	51,500	51,500
Other capital reserves	212,552	103,430
Revenue reserve	10,493	10,851
	-----------	-----------
Shareholders' funds	290,451	181,687
	======	======
Net asset value per ordinary share (note 8)	179.9p	112.5p

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Cash Flow Statement

For the year ended 31 December 2009

	2009	2009	2008	2008
	£'000	£'000	£'000	£'000
Net cash inflow from operating activities		3,593		2,933
Servicing of finance
Interest paid	(277)		(752)
	------------		------------
Net cash outflow from servicing of finance		(277)		(752)
Taxation
Corporation tax paid	-		(278)
	------------		------------
Net tax paid		-		(278)
Financial investment
Purchases of investments	(116,979)		(123,136)
Sales of investments	110,214		172,186
	------------		------------
Net cash (outflow)/inflow from financial investment		(6,765)		49,050
Equity dividends paid		(3,875)		(3,396)
		----------		----------
Net cash (outflow)/inflow before financing		(7,324)		47,557
Financing
Repurchases of ordinary shares	-		(12,302)
Drawdown/(repayment) of multi-currency loan facility	11,981		(35,504)
	------------		------------
Net cash inflow/(outflow) from financing		11,981		(47,806)
		----------		----------
Increase/(decrease) in cash		4,657		(249)
		======		======
Reconciliation of net cash flow to movement in net debt
Increase/(decrease) in cash as above		4,657		(249)
Net (inflow)/outflow from financing		(11,981)		35,504
		-----------		-----------
Change in net debt resulting from cash flows		(7,324)		35,255
Exchange movements		76		(4,359)
		-----------		-----------
		(7,248)		30,896
Net debt at 1 January		(15,353)		(46,249)
		-----------		-----------
Net debt at 31 December		(22,601)		(15,353)
		=======		=======

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Page 10 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Notes:

1.	Accounting policies
	The financial statements are prepared on a going concern basis and under the historical cost basis of accounting, as modified to include the revaluation of investments and derivative financial instruments.  The financial statements have been prepared in accordance with United Kingdom Generally Accepted Accounting Practice and with the Statement of Recommended Practice ("the SORP") for investment trusts issued by the Association of Investment Companies ("the AIC") in January 2009.  All of the Company's operations are out of a continuing nature. The Company's accounting policies are consistent with the prior year.
2.	Gains/(losses) from investments held at fair value through profit or loss	2009 £'000	2008 £'000
	(Losses)/gains on sale of investments based on historical cost	(3,741)	4,370
	Revaluation gains recognised in previous years	(16,378)	(24,208)
		--------	--------
	Losses on investments sold in the year based on carrying value at previous balance sheet date	(20,119)	(19,838)
	Revaluation of investments held at 31 December	130,218	(94,381)
	Exchange gains/(losses)	76	(4,359)
		----------	----------
		110,175	(118,578)
		======	======
		2009	2008
3.	Income from investments held at fair value through profit or loss	£'000	£'000
	Dividends from listed overseas equities	5,043	5,969
	Dividends from listed UK equities	83	-
	Taiwanese stock dividends	9	93
	Special dividends from listed overseas equities	113	528
		--------	--------
		5,248	6,590
		====	====
		2009	2008
4.	Other interest receivable and similar income	£'000	£'000
	Bank interest	3	80
	Stock lending income	-	153
	Interest on VAT refunds	35	-
		-------	-------
		38	233
		====	====
At 31 December 2009 the Company had no securities on loan (2008: £nil). The maximum aggregate value of securities on loan at any time during the year ended 31 December 2009 was £nil (2008: £39,657,000).

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Notes continued:

5.	Management and performance fee
		Year ended 31 December 2009			Year ended 31 December 2008
		Revenue Return	Capital return	Total	Revenue return	Capital return	Total
		£'000	£'000	£'000	£'000	£'000	£'000
	Investment management fee	333	1,001	1,334	281	841	1,122
	Accounting, secretarial and administration costs	250	-	250	250	-	250
	Refund of base fee	-	-	-	(172)	(514)	(686)
	VAT recovered	(9)	(27)	(36)	(14)	(41)	(55)
		---------	--------	--------	---------	--------	--------
		574	974	1,548	345	286	631
		=====	=====	=====	=====	=====	====
	There is no performance fee in respect of the year ended 31 December 2009 (2008: £nil)
6.	Return/(loss) per ordinary share
	The total return per ordinary share is based on the net return attributable to the ordinary shares of £112,639,000 (2008: loss of £115,175,000) and on 161,451,407 ordinary shares (2008: 165,057,821) being the weighted average number of shares in issue during the year. The total return/(loss) can be further analysed as follows:

		2009	2008
		£'000	£'000
	Revenue return	3,517	3,976
	Capital return/(loss)	109,122	(119,151)
		----------------	----------------
	Total	112,639	(115,175)
		=========	=========
	Weighted average number of ordinary shares	161,451,407	165,057,821
	Revenue return per ordinary share	2.18p	2.41p
	Capital return/(loss) per ordinary share	67.59p	(72.19)p
		----------	----------
	Total return/(loss) per ordinary share	69.77p	(69.78)p
		======	======
	The Company does not have any dilutive securities. Therefore, the basic and diluted returns per share are the same.

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Page 12 of 13

HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Notes continued:

		2009		2008
7.	Called up share capital	£'000		£'000
	Allotted, issued and fully paid:
	161,451,407 (2008:161,451,407) ordinary shares of 5p each	8,073		8,073
		======		======
	During the year the Company made no repurchases for cancellation of its own issued shares (2008: 8,880,000 shares were repurchased for cancellation for a total consideration of £12,302,000 (including stamp duty)).
8.	Net asset value per ordinary share
	The net asset value per ordinary share is based on net assets attributable to the ordinary shares of £290,451,000 (2008: £181,687,000) and on 161,451,407 (2008: 161,451,407) ordinary shares in issue at 31 December 2009. The movements during the year of the assets attributable to the ordinary shares were as follows:
			£'000
	Total net assets at 1 January 2009		181,687
	Total net return on ordinary activities after taxation		112,639
	Dividend paid in the year (paid 30 April 2009)		(3,875)
			-----------
	Total net assets at 31 December 2009		290,451
			======
9.	2008 Financial Information
	The figures and financial information for the year ended 31 December 2008 are an extract of the latest published accounts of the Company and do not constitute statutory accounts for that year.  The Annual Report and Financial Statements have been delivered to the Registrar of Companies and included the Report of the Independent Auditors which was unqualified and did not contain a statement under Section 237(2) or 237(3) of the Companies Act 1985.
10.	2009 Financial Information
	The figures and financial information for 2009 are extracted from the Annual Report and Financial Statements for the year ended 31 December 2009 and do not constitute statutory accounts.  The Annual Report and Financial statements for the year to 31 December 2009 have been audited but have not yet been delivered to the Registrar of Companies.  The auditors' report on the 2009 annual financial statements was unqualified, did not include a reference to any matter to which the auditors drew attention without qualifying the report, and did not contain any statements under section 498 of the Companies Act 2006.
11.	Annual Report and Financial Statements
	Copies of the Annual Report and Financial Statements will be posted to shareholders by the end of March 2010 and will be available on the Company's website www.hendersontrpacific.com or in hard copy format from the Registered Office, 201 Bishopsgate, London EC2M 3AE. The Annual General Meeting will be held at that address at 12.30 pm on Monday 26 April 2010.

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HENDERSON TR PACIFIC INVESTMENT TRUST PLC

Annual Financial Report for the year ended 31 December 2009

Notes continued:

12.	Dividend
	An interim dividend, in lieu of a final dividend, of 1.90p per ordinary share will be paid on 1 April 2010 to shareholders recorded on the Register of Members on 12 March 2010. The Company's shares will be quoted ex-dividend on 10 March 2010.

Geographical Distribution of the Investment Portfolio			Sector Analysis of Investment Portfolio
	As at 31 December 2009 %			As at 31 December 2009 %
China	37.9		Financials and Property	47.9
Taiwan	16.8		Information Technology	20.3
India	12.2		Industrials	17.9
Hong Kong	11.7		Consumer Discretionary	6.9
Korea	10.4		Materials	4.2
Singapore	6.4		Energy	2.8
Indonesia	3.4		Telecommunication Services	0.0
Vietnam	1.2		Health Care	0.0
Malaysia	0.0		Consumer Staples	0.0
Thailand	0.0		Utilities	0.0
The Philippines	0.0
	-------			-------
	100.0			100.0
	====			====

Top Twenty Investments as at 31 December 2009

Company	Country	Sector	Value of Investment £'000
Industrial & Commercial Bank of China	China	Financials & Property	13,662
Tencent Holdings	China	Information Technology	13,190
Agile Property	China	Financials & Property	11,949
Mediatek	Taiwan	Information Technology	11,920
China Life Insurance	China	Financials & Property	11,154
Samsung Electronics	Korea	Information Technology	11,104
Sun Hung Kai Properties	Hong Kong	Financials & Property	11,071
Bank Mandiri	Indonesia	Financials & Property	10,612
DBS Group	Singapore	Financials & Property	10,125
Ctrip.Com	China	Consumer Discretionary	10,012
Standard Chartered	Hong Kong	Financials & Property	9,810
ICICI Bank	India	Financials & Property	9,533
China Dongxiang	China	Consumer Discretionary	9,520
Yuanta Financial Holdings	Taiwan	Financials & Property	9,299
Bank of China	China	Financials & Property	8,893
CNOOC	China	Energy	8,754
KB Financial Group	Korea	Financials & Property	8,638
Bharat Heavy Electricals	India	Industrials	8,635
Sands China	China	Consumer Discretionary	8,521
Foxconn Technology	Taiwan	Industrials	8,402
			------------
			204,804
			------------
		Top 20 as a percentage of total investments	65.5%

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