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Fund Flows Part IV: what has been selling?

Citywire Asia presents the top net inflows funds in the bonds – Asia Pacific hard currency category.   

Top five sectors of fund inflows

On the fourth day of our series on top flowing sectors, we take a look at the funds within Bonds – Asia Pacific hard currency category that have benefited the most.

The analysis is based on global fund flows experienced by funds available for sale in Singapore and/or Hong Kong for the three months of August to October 2016.

All net inflows taken into account here are in US dollar terms.

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5. Fidelity Funds - Asian Hi Yield A-ACC-USD, Fidelity International

Managers: Bryan Collins (A rated)

Net inflows: $204.15 million

The fifth place in the Bonds – Asia Pacific hard currency sector goes to Fidelity Funds - Asian Hi Yield A-ACC-USD, run by Citywire A rated Bryan Collins.

As of October 31, the fund’s top three sectors were property (20.7%), banks (12.6%) and cyclical consumer goods (11.2%).

This fund seeks a high level of current income and capital appreciation by investing primarily in high-yielding, sub investment grade securities of issuers that have their principal business activities in the Asian region.

It may invest its net assets directly in onshore China fixed income securities listed or traded in exchanges of China.

Launched in April, 2007, the fund is domiciled in Luxembourg and registered for sale in Hong Kong and Singapore.

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4. CS (Lux) Asia Corporate Bond Fund UA USD, Credit Suisse Asset Management

Managers: Adrian Chee (A rated); Lei Zhu (A rated)

Net inflows: $232.16 million

Credit Suisse AM’s CS (Lux) Asia Corporate Bond Fund UA USD comes to the fourth place, and it is a sub-fund of CS (Lux) Asia Corporate Bond Fund B USD.

By the end of October 31, the fund’s top three asset classes were Chinese fixed interest (50%), global fixed interest (17%) and Hong Kong fixed interest (13.6%).

This bond fund aims to outperform the return of the JPM Asia Credit Index ex-Sovereign 1-10Y benchmark. The portfolio and the performance of the fund can deviate from the benchmark. It invests mainly in fixed income securities from the Asian region.

Investments in fixed income securities of issuers denominated in USD will account for a larger proportion than investments in fixed income securities in other currencies. The fund may use derivatives to achieve the above aims.

Domiciled in Luxembourg, the fund was launched in January, 2015, and is available for sale in Singapore.

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3. Fidelity Funds - Asian Bond A-ACC-USD, Fidelity International

Managers: Eric Wong

Net inflows: $242.67 million

The third place of this category goes to Fidelity Funds – Asian Bond A-ACC-USD from Fidelity International, run by Eric Wong.

The fund’s top three asset classes were investment grade – emerging markets (31.86%), investment grade – sovereigns and agencies (24.65%) and investment grade – non – financials (13.60%).

The fund aims to achieve income and capital appreciation by investing primarily, at least 70%, in investment grade fixed income securities of issuers that have their principal business activities in the Asian region.

Launched in 2011, the fund is domiciled in Luxembourg and available for sale in Hong Kong and Singapore.

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2. JPMorgan Asian Total Return Bond (mth) – USD, JPMorgan Asset Management

Managers: Stephen Chang (A rated)

Net inflows: $678.75 million

JPMorgan Asian Total Return Bond (mth) – USD from JPMorgan Asset Management gets the second place, run by Citywire A rated Stephen Chang.

By the end of September, the fund’s top three sectors were corporate – investment grade (32.2%), government (22.8%) and corporate -- high yield (21.5%).

The fund invests primarily in Asian bonds and other debt securities. It may invest in derivatives such as forward contracts, options, warrants, credit default swaps and futures, and also may hold substantial amounts of portfolio in cash and cash based instruments under limited circumstances.

Launched in January, 2005, the fund is available for sale in Hong Kong and Singapore via Hong Kong.

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1. BGF Asian Tiger Bond A2 USD, BlackRock

Managers: Seth Neeraj

Net inflows: $687.23 million

The first place goes to BGF Asian Tiger Bond A2 USD fund, run by Seth Neeraj from BlackRock.

The fund’s top three investing regions were China (36.74%), India (12.93%) and Indonesia (10.44%) by the end of October.

The fund seeks to maximise total return. It invests at least 70% of its total assets in the fixed income transferable securities of issuers and may invest in the full spectrum of available securities, including non-investment grade. The currency exposure of the fund is flexibly managed.

Launched in February, 1996, the fund is domiciled in Luxembourg and available for sale in Hong Kong and Singapore.

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Related Fund Managers

Eric Wong
Eric Wong
28/80 in Bonds - Emerging Markets Global Corporates (Performance over 3 years) Average Total Return: 16.02%
Adrian Chee
Adrian Chee
9/40 in Bonds - Asia Pacific Local Currency (Performance over 3 years) Average Total Return: 9.47%
Lei Zhu
Lei Zhu
10/40 in Bonds - Asia Pacific Local Currency (Performance over 3 years) Average Total Return: 9.47%
Neeraj Seth
Neeraj Seth
16/32 in Bonds - Asia Pacific Hard Currency (Performance over 3 years) Average Total Return: 12.94%
Stephen Chang
Stephen Chang
4/7 in Bonds - Hong Kong Dollar (Performance over 3 years) Average Total Return: 4.01%
Bryan Collins
Bryan Collins
182/296 in Bonds - US Dollar High Yield (Performance over 1 year) Average Total Return: 7.29%
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