amundi opportunities semi-annual report€¦ · the benchmark had been changed from msci world...

51

AMUNDI OPPORTUNITIES

Semi-Annual ReportFor the half year ended 30 November 2016 (Unaudited)

52

AMUNDI OPPORTUNITIES

Manager

Amundi Singapore Limited 168 Robinson Road, #24-01 Capital Tower, Singapore 068912

Trustee and Registrar

HSBC Institutional Trust Services (Singapore) Limited21 Collyer Quay, #13-02 HSBC Building,

Singapore 049320

Auditors

PricewaterhouseCoopers LLP8 Cross Street, #17-00 PWC Building, Singapore 048424

1

Contents Page

Performance of the FundsAmundi Global Luxury & Lifestyle Fund ........................................................................................................................ 2Amundi India Infrastructure Fund.................................................................................................................................. 3Amundi Oasis Middle East & North Africa Fund ............................................................................................................. 4Amundi Singapore Dividend Growth ............................................................................................................................. 6Amundi Asian Silver Age Fund ....................................................................................................................................... 7

Statements of Total Return (Unaudited) ..................................................................................................................... 8

Statements Of Financial Position (Unaudited) .......................................................................................................... 11

Statements Of Movements Of Unitholders’ Funds (Unaudited) ................................................................................ 13

Statements of Portfolio (Unaudited) Amundi Global Luxury & Lifestyle Fund ....................................................................................................................... 15Amundi India Infrastructure Fund................................................................................................................................. 16Amundi Oasis Middle East & North Africa Fund ............................................................................................................ 21Amundi Singapore Dividend Growth ............................................................................................................................ 22Amundi Asian Silver Age Fund ..................................................................................................................................... 26

Report To UnitholdersAmundi Global Luxury & Lifestyle Fund ...................................................................................................................... 33Amundi India Infrastructure Fund................................................................................................................................. 37Amundi Oasis Middle East & North Africa Fund ............................................................................................................ 39Amundi Singapore Dividend Growth ............................................................................................................................ 43Amundi Asian Silver Age Fund ..................................................................................................................................... 46

2

AMUNDI OPPORTUNITIES(Constituted under a Trust Deed registered in the Republic of Singapore)

PERFORMANCE OF THE FUNDSFor the half year ended 30 November 2016 (Unaudited)

AMUNDI GLOBAL LUXURY & LIFESTYLE FUND

Returns of the Fund are calculated on a bid-to-bid basis with dividends reinvested net of all charges payable upon reinvestments.

Performance calculated up to 30 November 2016

3 Months

6 Months

1Year

3Years*

5Years*

Since Inception*1 March 2007

Amundi Global Luxury & Lifestyle Fund (AS-C)

2.7% 3.9% -4.9% 4.7% 9.3% 4.7%

MSCI World Consumer Discretionary Index (SGD)

5.9% 7.1% 1.2% 9.2% 16.5% 7.3%

Amundi Global Luxury & Lifestyle Fund (AU-C)

-2.3% -0.2% -6.4% 0.2% 6.9% 5.4%

MSCI World Consumer Discretionary Index (USD)

0.8% 3.0% -0.5% 4.4% 14.0% 8.0%

Source: Amundi Singapore Limited

* Annualised

The benchmark had been changed from MSCI World Textiles Apparel and Luxury Goods to MSCI World Consumer Discretionary with effect from 1 September 2009 to better reflect the investment objective and focus of the Fund.

Market Review for the period

The second part of the year was impacted by two unexpected political event. The UK exit of European Union on the 23 June and Donald Trump election at the US presidential election on the 8 November 2016. Despite these elements, the reflation policy anticipated in the US has driven the financial markets upwards pushing the dollar and the interest rates up.

Fund review

The Fund has underperformed its benchmark over the six months period ended 30 November 2016. This is despite a positive relative contribution of the consumer discretionary segment driven by the hotels and restaurant sectors as well as leisure and media.

Sectors that were absent in the benchmark were a drag on the relative performance. These includes consumer staples, healthcare and information technology. These sectors which outperformed last year were the victims of the sector rotation favouring the sectors with low valuation like energy and materials.

2017 Outlook

The luxury and lifestyle thematic positions itself to benefit from the buoyancy of consumption tied to well-being, with two-thirds in the United States (a GDP growth double that of Europe). It should benefit in 2017 from the increase in purchasing power of US consumers through potential tax-cuts and the continuing wage inflation. With the strengthening of the current trend in consumption that tends to emphasise more on experience, US companies, especially in travel-related sectors such as restaurants and leisure, are in a good position to benefit from this ongoing trend. The European luxury currently offer attractive valuations in view of its beneficiary growth in 2017, driven by the favorable macroeconomic environment in the US and the weakness of the euro against the dollar.

Note: Unless otherwise stated, market performance numbers are calculated in USD terms.

3



AMUNDI INDIA INFRASTRUCTURE FUND



3Months

6 Months

1Year

3Years*

5Years*

Since Inception*7 May 2008

Amundi India Infrastructure Fund (AS-C) -2.6% 9.5% 10.3% 21.7% 7.0% -3.0%

BSE 100 Index (SGD) -3.3% 4.8% 3.9% 12.7% 8.4% 0.1%

Amundi India Infrastructure Fund (AU-C) -7.4% 5.2% 8.4% 16.4% 4.6% -3.6%

BSE 100 Index (USD) -8.0% 0.7% 2.2% 7.8% 6.0% -0.5%


* Annualised

Market Review and Outlook

For the six months ended 30 November 2016, BSE 100 index rose by 0.7%. Utilities and materials sector were the best performers. On the other hand, information technology and telecommunications sector were the worst performers.

As of end November 2016, the number of stocks held in the portfolio was 38. During the period under review, the Fund added weights in industrials and telecommunications sector and reduced weights in the materials and utilities sector. We increased weights in industrials, specifically in road construction companies expecting improved orders momentum from government-led infrastructure spend. Weightage in materials sector was reduced to book profits in some of the stocks.

Stock wise, we added weights in State Bank of India, Larsen & Toubro, Voltas and Ahluwalia Contracts. We also initiated new positions in stocks like Max Financial Services, ICICI Prudential Life Insurance, RBL Bank, Container Corporation, Finolex Industries, Redington India, Bharti Airtel, Sagar Cement, Mahanagar Gas, Bosch and M&M Financial Services. On the other hand, we exited stocks such as Kansai Nerolac, Shriram Transport, Dynamatic Technologies, Bharti Infratel, Equitas Holdings, Gujarat State Petronet, Grasim Industries, Yes Bank, Motilal Oswal Financials, NTPC and Whirlpool India.

The Fund outperformed the benchmark, BSE 100 index, during the review period. The sectors that contributed to the Fund’s performance were overweight on energy, utilities and materials and underweight on information technology. Stock wise, the contributors to the Fund’s performance were Motilal Oswal Financials, Indraprastha Gas, Hindustan Petroleum, RBL Bank, Mahanagar Gas and Petronet LNG. The performance of the Fund was impacted by stocks such as Pidilite Industries, Shriram Transport, VA Tech Wabag and Bayer Cropscience.


4



AMUNDI OASIS MIDDLE EAST & NORTH AFRICA FUND



3 Months

6 Months

1Year

3Years*

5Years*

Since Inception*19 November

2007

Amundi Oasis Middle East & North Africa Fund (AS-C)

8.4% 6.7% -1.4% 2.9% 8.5% -1.0%

S&P Pan Arab Large Mid Cap Index (SGD) 10.4% 10.7% 4.9% 2.5% N.A N.A.

Amundi Oasis Middle East & North Africa Fund (AU-C)

3.1% 2.6% -3.1% -1.6% 6.3% -0.9%

S&P Pan Arab Large Mid Cap Index (USD) 5.0% 6.4% 3.1% -2.0% N.A N.A.


* Annualised

With effect from 3 January 2012, the benchmark of the Fund is the S&P Pan Arab Large Mid Cap Index in connection with the change in investment policy of the Fund from a direct investment fund to a feeder fund. Prior to 3 January 2012, there was no benchmark against which the performance of the Fund were to be measured as the Fund intended to take a total return approach.


Over the six months period ended 30 November 2016, the S&P Pan Arab Composite Large Midcap rose by +6.4%, underperforming MSCI EM index of +8.4% and outperforming MSCI World index of +3.2%. The main reason for the underperformance was country allocation and sector selection. Country wise, all key MENA markets with the exception of Egypt, showed positive performance, supported by positive prospects regarding the oil price.

Among key events was first the announcement of Saudi Arabia’s National Transformation Plan 2020 (“NTP”) which describes the road ahead for the diversification of the economy away from oil and gas. Despite good corporate earnings releases and net foreign inflows, the MENA markets suffered from low volumes during Ramadan and Eid holiday season. The oil price rose above USD 50 per barrel (“/bbl”), following OPEC’s agreement to cut production at its Vienna meeting in November. Over the period under review, the Brent ended at USD50.4, marking a significant rebound from the trough seen in August (USD 41.9/bbl). Another key event was the liberalisation of the Egyptian Pound by Egypt’s central bank.

Saudi Arabia was the best performer over the period, rallying +9.3% as a result of a strong rebound in oil price. OPEC’s agreement to cut production has spurred Brent futures back above USD 50/bbl, as prospects for tighter market conditions next year become the base case. Following the NTP 2020 announcement, aiming to boost non-oil revenue and diversify its GDP, Saudi Arabia is intensifying efforts to shrink its high budget deficit, expecting to cancel more than USD20 billion (“bn”) of projects and slash ministry budgets by a quarter. The other catalysts were the success of a sovereign bond issuance of around USD15 bn and the payment of USD10 bn of government receivables.

Kuwait gained +4.5%, supported by the oil price and despite the disclosure of a budget deficit at USD15.3 bn after 16 years of surplus.

Qatar was up by +4.4% on signs of better economic growth compared to 2015, with measures to improve its infrastructure, to encourage foreign investment and enhance partnerships. The FTSE inclusion of 22 Qatari companies in September was a major event for the market.

UAE also gained +3.2% as Dubai and Abu Dhabi’s real estate markets were supported by strong results. The merger of NBAD and First Gulf Bank into a regional powerhouse with USD175 bn of assets was announced as the Emirate is keen to create a bank that could compete with QNB and expand overseas.

Egypt was the worst performing market over the period, decreasing by a sharp -17.3% as the Egyptian Pound declined -50.5% following the liberalisation of the currency. Egypt’s central bank allowed its currency to float and raised its key policy rate by 300 basis points as part of a major reform program aimed at tackling persistent shortages of foreign currency and making the country’s economy more internationally competitive.

5



The November OPEC Meeting paved the way for a better cooperation between Saudi Arabia and Russia and has already had consequences on oil prices. We expect the market to reach a more balanced equilibrium in the short to medium term, driven by positive developments on the supply side with first signs of lower oil production among non-OPEC countries. We maintain a scenario where oil price remains in the range of USD50-60 in the medium term, which would be manageable for the MENA region and reduce pressures on the USD peg maintained by GCC countries. They still have large FX reserves and sovereign funds, which represent more than 250% of 2016 GCC GDP. There is a large backlog of assets for potential privatisation and markets are becoming more accessible to foreign capital.

Furthermore, government debt leverage in the GCC is still limited and is much lower compared to most other EM and DM countries. Compared to some other EM oil producers, GCC countries still have decent buffers against lower oil prices. Governments in the region will push investments in key areas of development like education and healthcare as highlighted in the Saudi 2030 National Transformation plan, precisely to diversify their economies outside of energy and address the challenge of high unemployment among the young population.


6



AMUNDI SINGAPORE DIVIDEND GROWTH

Returns of the Fund are calculated on a bid-to-bid basis with dividends reinvested net of all charges payable upon reinvestments, and in SGD terms


3 Months

6 Months

1Year

3 Years*

5Years*

10Years*

Since Inception*1 December 2003

Amundi Singapore Dividend Growth (Retail Class)

7.3% 9.0% 7.2% -0.7% 4.5% 3.1% 7.2%

MSCI Singapore Index 4.8% 6.3% 5.6% -0.4% 4.9% 3.1% 7.0%


* Annualised


The Fund delivered a positive net return of +9.00% for the six months ended 30 November 2016, outperforming the benchmark by 268 basis points, which came in at +6.32%.

It was an eventful six months period where Singapore suffered from both domestic and external factors. The unforgettable Brexit, which occurred on 23 June 2016, was a drag on the Singapore market, in particular, Singapore companies with exposure to the UK and Europe region.

While Singapore gradually recovered from the loss through the rest of the reporting period, the domestic market was constantly faced with weak consumer sentiments, soft growth outlook and weaknesses in the service and manufacturing sectors. One of the most notable event was the liquidation of Swiber Holdings, which resulted in a negative spiraling effect on the already tattered Offshore and Marine (“O&M”) sector in Singapore after oil prices hit its low in early 2016.

Asset quality in the local banks deteriorated as well in view of their high exposures to the O&M loans. The government subsequently rolled out initiatives to help the O&M sector, including the provision of soft loans to troubled companies, which have helped to ease concerns surrounding the asset quality issue and O&M companies’ survivability.

OPEC has also agreed to cut output production on 30 November 2016, which resulted in the recovery of oil prices, hence, providing further comfort on the recovery in the sector and the local banks. The surprised Trump’s victory in the US Presidential Election early November 2016 initially disrupted the Singapore’s market to the downside, before rallying upwards. While Trump’s mandate against free trade and protectionist stance could be detrimental to Singapore’s export-oriented economy, the gains in Financials (positive expectations leading up to the Fed rate hike in December 2016 and recovering O&M sector), outweighed these concerns towards the end of the period.

Elsewhere, the Monetary Authority of Singapore maintained a neutral policy stance for the SGD NEER band in the October’s meeting. TPG was shortlisted as the fourth telco operator in Singapore, posing greater competitions to the existing incumbents.

Note: Unless otherwise stated, market performance numbers are calculated in SGD terms.

7



AMUNDI ASIAN SILVER AGE FUND

Returns of the Fund are calculated on a bid-to-bid basis with dividends reinvested net of all charges payable upon reinvestments, and in SGD terms


3 Months

6 Months

1Year

3 Years*

5Years*

Since Inception*

Amundi Asian Silver Age Fund (AS-C) 5.5% 8.0% 3.0% NA NA 1.7%

Amundi Asian Silver Age Fund (AHU-C) 5.5% 7.8% 2.4% NA NA 0.6%

Amundi Asian Silver Age Fund (OS-C) 5.4% NA NA NA NA 7.1%


* Annualised

Inception Date: 3 August 2015 (AS-C), 13 November 2015 (AHU-C), 5 August 2016 (OS-C)


Over the six months period ended 30 November 2016, the Asian Silver Age Fund registered a positive return of +8.03%, albeit behind that of the broader MSCI Asia Pacific market, which came in at +10.78%.

There was positive outperformance initially in June amid a weak market backdrop, as the quality names that the Fund had in the Dependency, and Health Care Equipment & Services sector continued to exhibit resilient earnings trends in a soft environment. The initial positive alpha however gave way to underperformance in the subsequent months, right up to October as the broader market (with higher cyclical names) benefitted stronger from sharp inflows to the region post Brexit.

Strong re-rating in the commodity (materials) sector, of which the portfolio has no representation (given there is no silver-age element to this space), explains a large part of the Fund’s weak alpha over the period. The weak excess returns however reversed sharply in November following Trump’s surprising US election victory. The 45th US president’s reflationary policy rhetoric has led to a firm rebasing of forward inflationary and interest rate expectations. The view as of end 2016 was for an accelerated rise in global interest rates. This led to further USD appreciation, JPY weakness, and a sharp re-rating in the Asset Gatherers (both banks and insurers). The Fund’s sizeable position in this space led to strong performance alpha generation in November. Allocation to the Japanese automakers that rose strongly on the back of renewed JPY weakness added to the positive outperformance.

In summary, on the surface, it appears that the Asian Silver Age thematic has seemingly disappointed during the review period. This is however due to transient (albeit sharp) short-lived trends, where the Fund has nil participation. One must take a longer term approach for this proposition. The fact is ageing is a permanent thematic that is here to stay. The Asian population is ageing faster in comparison to other geographical regions, and at a faster rate compared to any other point in recorded history. This is an irreversible, non-market dependent trend, which is inherently less cyclical in nature. The growth drivers to this thematic, and the positive economic and financial implications that this brings for companies linked to this topic over the longer term, is to some degree detached from the trends in the equity market and broader economy.

Note: Unless otherwise stated, market performance numbers are calculated in SGD terms.

8

AMUNDI OPPORTUNITIES (Constituted under a Trust Deed registered in the Republic of Singapore)

STATEMENTS OF TOTAL RETURN (UNAUDITED)For the half year ended 30 November 2016

Amundi Global Luxury & Lifestyle Fund

Amundi India Infrastructure Fund

30 November 30 November 30 November 30 November 2016 2015 2016 2015 US$ US$ US$ US$

IncomeDividends - - 19,368 25,894

Less: ExpensesManagement fee 17,951 23,181 29,710 35,044 Trustee fee 2,341 2,752 2,507 2,507 Registrar fee 1,550 1,997 1,902 2,533 Custodian fee - - 710 857 Audit fee 3,856 4,011 4,230 4,371 Valuation fee 2,341 2,752 2,507 2,507 Transaction cost 544 912 16,263 20,817 Other expenses 3,797 5,892 6,318 11,991

32,380 41,497 64,147 80,627

Net losses (32,380) (41,497) (44,779) (54,733)

Net gains or losses on value of investments Net gains/(losses) on investments 30,048 (70,872) 196,073 (303,012)Net foreign exchange gains/(losses) 431 (2,494) (4,717) (13,979)

30,479 (73,366) 191,356 (316,991)

Total (deficit)/return for the period before income tax (1,901) (114,863) 146,577 (371,724)

Less: Income tax expenses - - - -

Total (deficit)/return for the period after income tax before distribution (1,901) (114,863) 146,577 (371,724)

9



Amundi Oasis Middle East & North Africa Fund

Amundi Singapore Dividend Growth

30 November 30 November 30 November 30 November 2016 2015 2016 2015 US$ US$ S$ S$

IncomeDividends - - 428,270 446,696Sundry income - - 585 - Interest - - 2 15

- - 428,857 446,711

Less: ExpensesManagement fee 37,189 50,177 152,179 162,758 Trustee fee 3,088 2,763 6,341 6,782 Registrar fee 3,180 3,587 7,647 7,861 Custodian fee - - 4,683 5,723 Audit fee 4,492 4,143 9,290 8,643 Valuation fee 3,088 2,763 6,283 6,516 Transaction cost 555 900 71,426 21,757 Other expenses 5,441 6,768 17,644 16,730

57,033 71,101 275,493 236,770

Net (losses)/income (57,033) (71,101) 153,364 209,941

Net gains or losses on value of investments Net gains/(losses) on investments 185,988 (1,613,779) 1,994,068 (4,680,119)Net foreign exchange gains/(losses) 1,124 (426) 131 1,646

187,112 (1,614,205) 1,994,199 (4,678,473)

Total return/(deficit) for the period before income tax 130,079 (1,685,306) 2,147,563 (4,468,532)

Add/(less): Income tax refund/(expenses) - - 7,843 (685)

Total return/(deficit) for the period after income tax before distribution 130,079 (1,685,306) 2,155,406 (4,469,217)

10



Amundi Asian Silver Age Fund

For the financial period from

3 August 2015 (date of

commencement of operation) to

30 November 30 November2016 2015 S$ S$

IncomeDividends 213,926 78,912 Interest 7 20

213,933 78,932

Less: ExpensesTrustee fee 4,138 2,466 Registrar fee 5,294 3,375 Custodian fee 3,312 1,810 Audit fee 6,564 5,210 Valuation fee 5,305 2,403 Preliminary expenses - 16,864 Transaction cost 67,567 25,880 Other expenses 7,707 3,037

99,887 61,045

Net income 114,046 17,887

Net gains or losses on value of investments Net gains/(losses) on investments 1,621,879 (102,004)Net gains/(losses) on forward foreign exchange contracts 435,733 (234)Net foreign exchange losses (300,888) (36,898)

1,756,724 (139,136)

Total return/(deficit) for the period before income tax 1,870,770 (121,249)

Less: Income tax expenses (23,848) (8,509)

Total return/(deficit) for the period after income tax before distribution 1,846,922 (129,758)

11


STATEMENTS OF FINANCIAL POSITION (UNAUDITED)As at 30 November 2016



30 November 31 May 30 November 31 May 2016 2016 2016 2016 US$ US$ US$ US$

ASSETS

Portfolio of investments 2,812,012 3,078,758 3,061,555 2,825,931 Bank balances 14,077 15,248 230,334 98,959 Sales awaiting settlement 10,000 - 51,391 - Amount receivable from unitholders - - 4,489 -Receivables - 2,015 486 3,306

Total assets 2,836,089 3,096,021 3,348,255 2,928,196

LIABILITIES

Amount payable to unitholders 13,316 2,303 14,060 11,825 Payables 12,154 17,939 18,340 26,252 Purchases awaiting settlement - - 92,645 -

Total liabilities 25,470 20,242 125,045 38,077

EQUITYNet assets attributable to unitholders 2,810,619 3,075,779 3,223,210 2,890,119



30 November 31 May 30 November 31 May 2016 2016 2016 2016 US$ US$ S$ S$

ASSETS

Portfolio of investments 5,345,936 5,442,914 24,696,235 24,730,052 Bank balances 27,846 26,821 72,970 385,914 Sales awaiting settlement - 15,200 663,452 930,808 Amount receivable from unitholders 2,094 - 12,346 245,172 Receivables - 3,658 19,107 168,625

Total assets 5,375,876 5,488,593 25,464,110 26,460,571

LIABILITIES

Amount payable to unitholders 4,008 14,605 452,724 100,192 Payables 19,986 28,339 79,623 88,338 Purchases awaiting settlement - - 109,372 1,169,295 Distribution payable - - 376,325 408,190

Total liabilities 23,994 42,944 1,018,044 1,766,015

EQUITYNet assets attributable to unitholders 5,351,882 5,445,649 24,446,066 24,694,556

12


STATEMENTS OF FINANCIAL POSITION (UNAUDITED)As at 30 November 2016


30 November 31 May 2016 2016

S$ S$ ASSETS

Portfolio of investments 22,497,015 14,049,359 Bank balances 1,419,118 84,013 Sales awaiting settlement 416,273 341,201 Receivables 82,678 67,293 Financial derivatives at fair value 123,175 98

Total assets 24,538,259 14,541,964

LIABILITIES

Payables 22,872 20,136 Purchases awaiting settlement 1,497,690 158,482 Financial derivatives at fair value - 410

Total liabilities 1,520,562 179,028

EQUITYNet assets attributable to unitholders 23,017,697 14,362,936

13


STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS (UNAUDITED)For the half year ended 30 November 2016



30 November 31 May 30 November 31 May2016 2016 2016 2016US$ US$ US$ US$

Net assets attributable to unitholders at the beginning of the financial period/year 3,075,779 4,130,155 2,890,119 4,120,889

OperationsChange in net assets attributable to unitholders resulting from operations (1,901) (336,689) 146,577 (299,602)

Unitholders’ contributions/(withdrawals)

Creation of units 30,252 386,488 1,228,167 1,750,887 Cancellation of units (293,511) (1,104,175) (1,041,653) (2,682,055)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (263,259) (717,687) 186,514 (931,168)

Total (decrease)/increase in net assets attributable to unitholders (265,160) (1,054,376) 333,091 (1,230,770)

Net assets attributable to unitholders at the end of the financial period/year 2,810,619 3,075,779 3,223,210 2,890,119



30 November 31 May 30 November 31 May2016 2016 2016 2016US$ US$ S$ S$

Net assets attributable to unitholders at the beginning of the financial period/year 5,445,649 8,462,246 24,694,556 30,917,762

OperationsChange in net assets attributable to unitholders

resulting from operations 130,079 (2,028,264) 2,155,406 (4,879,023)


Creation of units 62,218 369,873 2,561,165 5,363,628 Cancellation of units (286,064) (1,358,206) (4,588,736) (5,901,343)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (223,846) (988,333) (2,027,571) (537,715)

Distribution - - (376,325) (806,468)

Total decrease in net assets attributable to unitholders (93,767) (3,016,597) (248,490) (6,223,206)

Net assets attributable to unitholders at the end of the financial period/year 5,351,882 5,445,649 24,446,066 24,694,556

14


STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS (UNAUDITED)For the half year ended 30 November 2016


For the financial period from

3 August 2015 (date of

commencement of operation) to

30 November 31 May2016 2016

S$ S$

Net assets attributable to unitholders at the beginning of the financial period

14,362,936 -

OperationsChange in net assets attributable to unitholders resulting from operations 1,846,922 (807,879)


Creation of units 6,951,362 15,199,573 Cancellation of units (143,523) (28,758)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 6,807,839 15,170,815

Total increase in net assets attributable to unitholders 8,654,761 14,362,936

Net assets attributable to unitholders at the end of the financial period 23,017,697 14,362,936

15


STATEMENTS OF PORTFOLIO (Unaudited)As at 30 November 2016


Percentage Percentageof total of total

net assets net assetsattributable to attributable to

Holdings at Fair value at unitholders at unitholders at30 November 30 November 30 November 31 May

2016 2016 2016 2016 US$ % %

Quoted Investment fund

Amundi Funds Equity Global Luxury and Lifestyle 1,875 2,812,012 100.05 100.10

Portfolio of investments 2,812,012 100.05 100.10 Other net liabilities (1,393) (0.05) (0.10)

Net assets attributable to unitholders 2,810,619 100.00 100.00

As the sub-fund invests wholly into the Luxembourg-registered Amundi Funds Equity Global Luxury and Lifestyle, it is not meaningful to provide details on classification by country, industry and asset class.

16




Percentageof total

net assetsattributable to

Holdings at Fair value at unitholders at30 November 30 November 30 November

2016 2016 2016 US$ %

(a) Primary - By Industry

Quoted Equities

AutomotiveAshok Leyland Limited 78,000 90,593 2.81 Bosch Limited 150 44,980 1.40

Total Automotive 135,573 4.21

BankAxis Bank Limited 11,200 76,879 2.39 HDFC Bank Limited 11,000 219,843 6.82 lndusind Bank Limited 5,400 85,727 2.66 RBL Bank Limited 19,585 104,078 3.23 State Bank of India Limited 37,200 140,406 4.36

Total Bank 626,933 19.46

Building/ConstructionAhluwalia Contracts Limited 21,200 76,222 2.36 Grindwell Norton Limited 8,300 41,343 1.28 ITD Cementation India Limited 38,000 80,304 2.49 Ramco Cements Limited 12,600 112,325 3.48 Sadbhav Engineering Limited 18,600 74,741 2.32 Sagar Cements Limited 7,000 70,911 2.20

Total Building/Construction 455,846 14.13

CementShree Cements Limited 400 90,997 2.82

Total Cement 90,997 2.82

ChemicalAsian Paints Limited 2,700 38,258 1.19 Bayer Cropscience Limited 800 47,799 1.48 Finolex Industries Limited 13,227 85,335 2.65 Pidilite Industries Limited 8,200 76,718 2.38

Total Chemical 248,110 7.70

Computer/SoftwareRedington India Limited 57,000 81,525 2.53

Total Computer/Software 81,525 2.53

EnergyPetronet LNG Limited 15,500 88,020 2.73

Total Energy 88,020 2.73

Engineering and MachineVoltas Limited 9,000 41,529 1.29

Total Engineering and Machine 41,529 1.29

17




Percentageof total



2016 2016 2016 US$ %

(a) Primary - By Industry (continued)

Quoted Equities (continued)

FinanceBajaj Finance Limited 4,000 53,751 1.67 Housing Development Finance Corporation Limited 2,900 53,514 1.66Kotak Mahindra Bank Limited 6,000 66,220 2.05 Mahindra & Mahindra Financial Services Limited 8,000 34,905 1.08

Total Finance 208,390 6.46

InsuranceICICI Prudential Life Insurance Co Limited 23,218 105,068 3.26 Max Financial Services Limited 13,500 105,329 3.27

Total Insurance 210,397 6.53

Machine ToolsTimken India Limited 3,800 31,058 0.96

Total Machine Tools 31,058 0.96

ManufacturingJk Tyre & Industries Limited 20,000 35,618 1.11

Total Manufacturing 35,618 1.11

MiscellaneousBlue Dart Express Limited 770 53,505 1.66 Larsen and Toubro Limited 9,000 181,811 5.64

Total Miscellaneous 235,316 7.30

Oil and GasHindustan Petroleum Corporation Limited 15,000 103,259 3.20 Indian Oil Corporation Limited 20,000 89,615 2.78

Total Oil and Gas 192,874 5.98

18




Percentageof total



2016 2016 2016 US$ %



Telecom ServiceBharti Airtel Limited 15,000 71,133 2.21

Total Telecom Service 71,133 2.21

TransportationContainer Corporation Of India Limited 5,000 85,465 2.65

Total Transportation 85,465 2.65

UtilitiesIndraprastha Gas Limited 9,500 115,063 3.57Mahanagar Gas Limited 4,100 46,071 1.43 VA Tech Wabag Limited 8,500 61,637 1.91

Total Utilities 222,771 6.91

Portfolio of investments 3,061,555 94.98 Other net assets 161,655 5.02

Net assets attributable to unitholders 3,223,210 100.00

19





net assets net assetsattributable to attributable tounitholders at unitholders at30 November 31 May

2016 2016 % %

(a) Primary - By Industry (Summary)

Quoted EquitiesAutomotive 4.21 5.16 Bank 19.46 16.94 Building/Construction 14.13 12.92 Cement 2.82 2.70 Chemical 7.70 7.25 Computer/Software 2.53 1.28 Energy 2.73 2.25 Engineering and Machine 1.29 0.52 Finance 6.46 13.62 Insurance 6.53 - Machine Tools 0.96 2.88 Machinery - 2.35 Manufacturing 1.11 4.48 Miscellaneous 7.30 4.62 Oil and Gas 5.98 4.75 Petrochemical - 5.07 Power - 1.33 Telecom Service 2.21 2.31 Transportation 2.65 - Utilities 6.91 7.35

Portfolio of investments 94.98 97.78 Other net assets 5.02 2.22

Net assets attributable to unitholders 100.00 100.00

20






Fair value at unitholders at unitholders at30 November 30 November 31 May

2016 2016 2016 US$ % %

(b) Secondary - By Geography

Quoted EquitiesIndia 3,061,555 94.98 97.78

Portfolio of investments 3,061,555 94.98 97.78 Other net assets 161,655 5.02 2.22


21






Holdings at Fair value at unitholders at unitholders at 30 November 30 November 30 November 31 May

2016 2016 2016 2016 US$ % %

Quoted Investment fund

Amundi Funds Equity MENA 3,608 5,345,936 99.89 99.95



As the sub-fund invests wholly into the Luxembourg-registered Amundi Funds Equity MENA, it is not meaningful to provide details on classification by country, industry and asset class.

22




Percentageof total


Holdings at Fair value at unitholders at 30 November 30 November 30 November

2016 2016 2016 S$ %


Quoted Equities

AgricultureWilmar International Limited 412,700 1,452,704 5.94

Total Agriculture 1,452,704 5.94

BankDBS Group Holdings Limited 214,200 3,759,210 15.38 Oversea-Chinese Banking Corporation Limited 342,325 3,108,311 12.72 United Overseas Bank Limited 142,750 2,913,528 11.92

Total Bank 9,781,049 40.02

ElectronicsSarine Technologies Limited 315,800 566,861 2.32

Total Electronics 566,861 2.32

EnergyFirst Resources Limited 145,600 276,640 1.13

Total Energy 276,640 1.13

EntertainmentGenting Singapore PLC 199,600 193,612 0.79

Total Entertainment 193,612 0.79

HealthcareHealth Management International Limited 855,759 577,637 2.36 Singapore O&G Limited 657,400 769,158 3.15

Total Healthcare 1,346,795 5.51

Industrial and TransportationSATS Limited 141,000 678,210 2.77

Total Industrial and Transportation 678,210 2.77

Oil and GasMermaid Maritime PCL 7,064,700 1,024,382 4.19

Total Oil and Gas 1,024,382 4.19

23




Percentageof total



2016 2016 2016 S$ %



Real Estate Investment Trust (REIT)Ascendas Real Estate Investment Trust 53,000 124,550 0.51 Frasers Logistics & Industrial Trust 158,100 145,452 0.60

Total Real Estate Investment Trust (REIT) 270,002 1.11

Real EstateCapitaland Limited 493,900 1,521,212 6.22 City Developments Limited 54,200 457,447 1.87 Global Logistic Properties Limited 668,400 1,376,904 5.63 UOL Group Limited 52,200 307,980 1.26

Total Real Estate 3,663,543 14.98

ShipbuildingKeppel Corporation Limited 66,400 361,880 1.48

Total Shipbuilding 361,880 1.48

Telecom ServiceSingapore Telecommunications Limited 807,870 3,053,749 12.49

Total Telecom Service 3,053,749 12.49

TransportComfortDelGro Corporation Limited 600,400 1,513,008 6.19

Total Transport 1,513,008 6.19

WarehousingCWT Limited 256,900 513,800 2.10

Total Warehousing 513,800 2.10

Portfolio of investments 24,696,235 101.02 Other net liabilities (250,169) (1.02)


24





net assets net assetsattributable to attributable tounitholders at unitholders at 30 November 31 May

2016 2016% %


Quoted EquitiesAgriculture 5.94 6.41 Automotive - 1.08 Bank 40.02 35.08 Beverages - 0.54 Electronics 2.32 1.76 Energy 1.13 2.33 Entertainment 0.79 2.17 Healthcare 5.51 - Finance - 3.23 Industrial And Transportation 2.77 2.50 Oil and Gas 4.19 2.92 Real Estate Investment Trust (REIT) 1.11 3.13 Real Estate 14.98 16.11 Shipbuilding 1.48 2.18 Telecom Service 12.49 14.52 Transport 6.19 5.39 Warehousing 2.10 0.79

Portfolio of investments 101.02 100.14 Other net liabilities (1.02) (0.14)


25






Fair value at unitholders at unitholders at 30 November 30 November 31 May

2016 2016 2016S$ % %


Quoted EquitiesSingapore 24,696,235 101.02 100.14

Portfolio of investments 24,696,235 101.02 100.14 Other net liabilities (250,169) (1.02) (0.14)


26




Percentageof total



2016 2016 2016 S$ %


Quoted Equities

AirlinesAirports of Thailand PCL 16,000 258,221 1.12

Total Airlines 258,221 1.12

AutomotiveBrilliance China Automotive 132,000 264,724 1.15 Fuji Heavy Industries Limited 4,000 233,569 1.02 Hyundai Motor Company 531 86,532 0.38 Mazda Motor Corporation 9,700 223,635 0.97 Toyota Motor Corporation 7,800 651,959 2.83

Total Automotive 1,460,419 6.35

BankAustralia and New Zealand Banking Group Limited 6,670 200,548 0.87 Bank Mandiri 108,400 120,299 0.52 BDO Unibank Inc 75,970 245,079 1.06 China Construction Bank Corp H Shares 228,000 243,362 1.06 CIMB Group Holdings 70,700 103,629 0.45 Commonwealth Bank of Australia 3,420 284,672 1.24 DBS Group Holdings Limited 11,400 200,070 0.87 Hana Financial Holdings 5,206 205,077 0.89 HDFC Bank Limited 2,600 240,288 1.04 Industrial & Commercial Bank of China Limited H Shares 194,000 170,171 0.74 Kasikornbank PCL 17,700 120,800 0.52 Metropolitan Bank & Trust Company 88,660 191,529 0.83 Mitsubishi UFJ Financial Group 36,100 303,964 1.32 Mizuho Financial Group Inc 108,000 275,063 1.20 National Australia Bank Limited 5,731 175,469 0.76 Robinsons Retail Holdings Inc 71,730 149,274 0.65 Sumitomo Mitsui Financial Group Inc 5,600 296,092 1.29 United Overseas Bank Limited 11,900 242,879 1.06 Westpac Banking Corporation Limited 6,594 218,221 0.95

Total Bank 3,986,486 17.32

ChemicalNippon Shokubai Company Limited 2,800 246,743 1.07

Total Chemical 246,743 1.07

Commercial ServicesInvocare Limited 13,800 188,550 0.82 M3 Inc 4,800 178,186 0.77 Secom Company Limited 2,400 250,987 1.09

Total Commercial Services 617,723 2.68

27




Percentageof total



2016 2016 2016 S$ %



ConsumerAmorepacific Corporation 620 249,170 1.08 KAO Corporation 3,000 198,634 0.86 LG Household & Health Care Limited 216 208,286 0.91 Lion Corporation 8,000 187,056 0.81

Total Consumer 843,146 3.66

E-CommerceAlibaba Group Holding Limited 3,100 417,490 1.81

Total E-Commerce 417,490 1.81

ElectronicFuji Film Holdings Corporation 2,700 144,218 0.63

Total Electronic 144,218 0.63

EntertainmentGalaxy Entertainment Group Limited 19,000 135,084 0.59 Tatts Group Limited 37,055 164,317 0.71

Total Entertainment 299,401 1.30

FinanceBNK Financial Group Inc 13,935 152,984 0.66 Cathay Financial Holding Co Limited 127,000 267,682 1.16 Fubon Financial Holding Company Limited 114,000 253,345 1.10 KB Financial Group 3,056 157,640 0.69 Mega Financial Holding Co Limited 176,000 179,943 0.78 Nomura Holdings Incorporation 25,300 195,280 0.85 Sumitomo Mitsui Trust Holdings Inc. 4,700 245,197 1.07

Total Finance 1,452,071 6.31

FoodsChina Mengniu Dairy Co Limited 114,000 334,728 1.45 China Modern Dairy Holdings 1,023,000 389,164 1.69

Total Foods 723,892 3.14

28




Percentageof total



2016 2016 2016 S$ %



HealthcareApollo Hospitals Enterprise Limited 4,863 121,831 0.53 Bangkok Chain Hospital PCL 333,400 188,725 0.82 China Biologic Products Inc 700 120,041 0.52 Chularat Hospital PCL 1,402,100 163,238 0.71 Cochlear Limited 1,215 152,633 0.66 CSL Limited 1,943 201,521 0.87 Cyberdyne Inc 7,400 139,073 0.60 Eiken Chemical Company Limited 5,300 199,279 0.87 Healthscope Limited 73,049 173,947 0.76 IHH Healthcare 67,600 143,099 0.62 Mitra Keluarga Karyasehat 426,900 112,800 0.49 Paramount Bed Holdings Company Limited 2,600 136,948 0.59 Raffles Medical Group Limited 105,100 153,972 0.67 Ramsay Health Care Limited 2,198 164,719 0.72 Shimadzu Corporation 4,000 87,645 0.38 Ship Healthcare Holdings Inc 5,200 195,257 0.85 Siloam International Hospitals 111,400 123,629 0.54 Sysmex Corporation 1,700 147,244 0.64 Terumo Corporation 3,200 161,914 0.70 Tsukui Corporation 19,600 176,662 0.77

Total Healthcare 3,064,177 13.31

HotelMGM China Holdings Limited 42,800 136,103 0.59 Sands China Limited 20,800 146,729 0.64

Total Hotel 282,832 1.23

InsuranceAIA Group Limited 58,600 511,857 2.22 Challenger Limited 23,304 262,664 1.14 China Life Insurance Company H Shares 125,000 520,531 2.26 China Taiping Insurance Holding Company Limited 132,200 433,575 1.88 Dai-Ichi Life Holdings Inc 4,600 106,025 0.46 Dongbu Insurance Co Limited 1,811 161,984 0.70 Hyundai Marine & Fire Insurance Co Limited 4,994 222,731 0.97 Ping An Insurance Group Company of China Limited H Shares 64,000 507,023 2.20 Samsung Life Insurance Company Limited 2,054 286,904 1.25 Tokio Marine Holdings Inc 3,800 234,024 1.02

Total Insurance 3,247,318 14.10

Internet ServicesTencent Holdings Limited 17,700 633,130 2.75

Total Internet Services 633,130 2.75

Leisure Tosho Co Limited 1,900 120,141 0.52

Total Leisure 120,141 0.52

29




Percentageof total



2016 2016 2016 S$ %



ManufacturingHoya Corporation 3,600 203,605 0.88 Okamoto Industries Incorporation 17,000 228,452 0.99 Unicharm Corporation 2,000 61,208 0.27

Total Manufacturing 493,265 2.14

PharmaceuticalAin Holdings Inc 2,100 210,928 0.92 Astellas Pharma Inc 6,800 135,020 0.59 Celltrion Inc 1,062 133,246 0.58 CSPC Pharmaceutical Group Limited 102,000 156,904 0.68 Hanmi Pharmaceutical Company Limited 157 70,887 0.31 Santen Pharmaceutical Company 11,300 198,305 0.86 Sawai Pharmaceutical Company Limited 1,300 100,178 0.44 Shionogi & Company Limited 2,600 176,823 0.77 Sundrug Company Limited 1,200 120,078 0.52 Toho Holdings Company Limited 6,400 178,287 0.77

Total Pharmaceutical 1,480,656 6.44

Real EstateCentral Pattana PCL 72,500 164,449 0.71 SM Prime Holdings Inc 421,500 321,729 1.40

Total Real Estate 486,178 2.11

RetailIzumi Company Limited 3,100 195,240 0.85 President Chain Store Corporation 19,000 204,503 0.89 Seven & I Holdings Limited 3,200 178,407 0.78 Skylark Company Limited 6,400 128,727 0.56

Total Retail 706,877 3.08

ServicesNihon M&A Centre Inc 4,800 188,263 0.82

Total Services 188,263 0.82

TransportComfortDelGro Corporation Limited 98,500 248,220 1.08

Total Transport 248,220 1.08

Transport - RailCentral Japan Railway Company 1,800 422,687 1.84 West Japan Railway Company 4,600 402,299 1.75

Total Transport Rail 824,986 3.59

30




Percentageof total



2016 2016 2016 S$ %



WholesalePaltac Corporation 8,400 268,954 1.17

Total Wholesale 268,954 1.17

Unquoted shares

HealthcareSiloam International Hospitals Nil paid Rights 09/12/2016 13,925 2,208 0.01

Total Healthcare 2,208 0.01

Portfolio of investments 22,497,015 97.74 Other net assets 520,682 2.26


31





net assets net assetsattributable to attributable tounitholders at unitholders at 30 November 31 May

2016 2016% %


Quoted EquitiesAirlines 1.12 1.91Automotive 6.35 4.67 Bank 17.32 14.23 Building/Construction - 1.47 Chemical 1.07 0.69 Commercial Services 2.68 3.73 Consumer 3.66 3.68 E-Commerce 1.81 1.81 Electronic 0.63 1.36 Entertainment 1.30 2.70 Finance 6.31 3.71 Foods 3.14 - Healthcare 13.32 19.82 Hotel 1.23 1.82 Insurance 14.10 9.08 Internet Services 2.75 - Leisure 0.52 - Manufacturing 2.14 1.43 Media - 0.88 Pharmaceutical 6.44 9.85 Real Estate Investment Trust (REIT) - 1.41 Real Estate 2.11 1.16 Retail 3.08 6.44 Services 0.82 1.94 Transport 1.08 1.12 Transport - Rail 3.59 1.86 Wholesale 1.17 1.05

Portfolio of investments 97.74 97.82 Other net assets 2.26 2.18


32






Fair value at unitholders at unitholders at 30 November 30 November 31 May

2016 2016 2016S$ % %


Quoted EquitiesAustralia 2,187,261 9.50 11.84 China 4,190,843 18.19 10.72Hong Kong 929,773 4.04 4.95 India 362,119 1.57 1.81 Indonesia 358,936 1.56 2.57 Japan 8,732,256 37.96 42.50 Malaysia 246,728 1.07 2.53 Philippines 907,611 3.94 2.18 Singapore 845,141 3.68 4.73 South Korea 1,935,441 8.42 7.38 Taiwan 905,473 3.93 1.48 Thailand 895,433 3.88 5.13



33


REPORT TO UNITHOLDERSFor the half year ended 30 November 2016 (Unaudited)

AMUNDI GLOBAL LUXURY & LIFESTYLE FUND

1. Distribution of Investments by Asset Class

Please refer to the Statement of Portfolio on page 15.

2. Credit rating of all debt securities

Not applicable

3. Exposure to derivatives

Market value of derivative contracts

(in US$)

Market value as a percentage of NAV

(%)

Net unrealised gains/(losses) on outstanding derivative

contracts marked to market (in US$)

Net realised gains/(losses) on derivative

contracts(in US$)

- - - -

4. Other Details

Total Amount (US$) % of NAV

Total amount and percentage of NAV invested in other unit trusts, mutual funds and collective investment schemes

2,812,012 100.05

Total amount and percentage of borrowings to NAV of sub-fund Nil Nil

5. Financial ratios

30 November 2016 30 November 2015

Expense ratio (annualized) (a)

(excluding Underlying fund’s unaudited expense ratio)2.25 % 2.06%

Expense ratio (annualized) (b)

(including Underlying fund’s unaudited expense ratio)2.62% 2.45%

Portfolio turnover ratio (c) 0.43% 4.75%

(a) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 November 2016 was based on total operating expenses of US$69,151 (30 November 2015: US$82,885) divided by the average net asset value of US$3,075,022 (30 November 2015: US$4,028,068) for the year. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase and sale of other funds and tax deducted at source or arising out of income received. The sub-fund does not pay any performance fee. The average net asset value is based on the daily balances.

(c) The expense ratio is the sum of the sub-fund’s expense ratio and the Underlying fund’s unaudited expense ratio. The unaudited expense ratio of the Underlying fund, the Luxembourg registered Amundi Funds Equity Global Luxury and Lifestyle, is provided by Amundi Luxembourg. There is no requirement for the expense ratio of this Luxembourg domiciled fund to be published or audited.

(d) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio as at 30 November 2016 was based on the lower value of the total purchases or sales of the underlying investments, which being the total value of purchases of US$12,960 (30 November 2015 total value of purchases: US$183,130) divided by the weighted average daily net asset value of US$2,983,951 (30 November 2015: US$3,851,389).

34



6. Total amount of subscriptions and redemptions

Amount (US$)

Subscriptions 30,252

Redemptions 293,511

7. Related party transactions

(a) The Manager and Trustee of the sub-fund are Amundi Singapore Limited and HSBC Institutional Trust Service (Singapore) Limited respectively. Amundi Singapore Limited is a subsidiary of Amundi Group. HSBC Institutional Trust Services (Singapore) Limited is a subsidiary of the HSBC Group. Management and trustee fees paid or payable by the respective sub-funds to the Manager and Trustee are shown in the Statements of Total Return and are on terms agreed between the parties and within the provisions of the Trust Deed. All other related party transactions are disclosed elsewhere in the financial statements.

(b) During the period under review, investments in other unit trusts, mutual funds and collective investment scheme managed by Amundi Group are as follows:

Amount (US$) % of NAV

Investments 2,812,012 100.05

(c) As at the end of the financial period/year, the sub-fund maintained current accounts with related companies of the Trustee as follows:

30 November 2016(US$)

31 May 2016(US$)

Balances with related companies of the Trustee 14,077 15,248

8. Soft Dollar Commission and Arrangement

The Manager currently does not receive any soft dollar commission or enter into any soft dollar arrangement in the management of the sub-fund.

9. Any other material information that will adversely impact the valuation of the sub-fund

Nil

35



AMUNDI FUNDS EQUITY GLOBAL LUXURY AND LIFESTYLE (Underlying Fund)For the half year ended 30 November 2016

The sub-fund invests more than 30% of its assets into the Underlying Fund, the key information of the Underlying Fund is disclosed. The Underlying Fund is the Luxembourg registered Amundi Funds Equity Global Luxury and Lifestyle, a sub-fund of the Amundi Funds.

i. Top 10 Holdings of Underlying Fund (as of 30 November 2016)

Security name Market Value (US$) % of NAV(Underlying Fund)

Amazon.com 14,110,716 6.63

Comcast Class A 11,059,041 5.19

Home Depot Inc 10,326,120 4.85

Walt Disney Company 8,950,536 4.20

Alphabet Inc 7,681,212 3.61

Vail Resorts Inc. 7,064,640 3.32

Johnson & Johnson 6,789,300 3.19

Starbucks 6,718,723 3.16

First Republic Bank 6,429,150 3.02

Ing Group Nv 5,880,466 2.76

Top 10 Holdings of Underlying Fund (as of 30 November 2015)


Amazon.com 10,171,440 5.52

Home Depot Inc 8,139,904 4.41

Walt Disney Company 7,523,061 4.08

Alphabet Inc 6,407,940 3.47

Daimler 5,510,914 2.99

Nike B Inc 4,643,822 2.52

Ross Stores Inc 4,493,664 2.44

Reckitt Benckiser Group Plc 4,082,655 2.21

Carnival Corp 3,991,870 2.16

WPP Plc 3,720,119 2.02

ii. Expense ratio of Underlying Fund (a)

For the period 1 June 2016 – 30 November 2016 0.37%


(a) The expense ratio does not include brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end load arising from the purchase or sale of other schemes and tax deducted at source or arising out of income received.

36



iii. Portfolio turnover ratio of Underlying Fund (b)



(b) The portfolio turnover ratio is calculated based on the lower of the total value of purchases or sales of the underlying investments divided by the average daily net asset value. The figures are not based on the audited accounts of the underlying fund, as the methodology used to calculate the turnover ratio in such audited accounts differ from the above methodology.

37



AMUNDI INDIA INFRASTRUCTURE FUND



2. Top 10 Holdings (as of 30 November 2016)

Security Name Market Value (US$) % of NAV

HDFC Bank Limited 219,843 6.82

Larsen and Toubro Limited 181,811 5.64

State Bank of India Limited 140,406 4.36

Indraprastha Gas Limited 115,063 3.57

Ramco Cements Limited 112,325 3.48

Max Financial Services Limited 105,329 3.27

ICICI Prudential Life Insurance Co Limited 105,068 3.26

RBL Bank Limited 104,078 3.23

Hindustan Petroleum Corporation Limited 103,259 3.20

Shree Cements Limited 90,997 2.82

Top 10 Holdings (as of 30 November 2015)

Security Name Market Value (US$) % of NAV

HDFC Bank Limited 177,860 5.44

Reliance Industries Limited 159,393 4,87

Kansai Nerolac Paints Limited 123,416 3.77

Shree Cements Limited 116,647 3.57

Sanghvi Movers Limited 107,378 3.28

Housing Development Finance Corporation Limited 103,576 3.17

Kotak Mahindra Bank Limited 102,832 3.14

lndusind Bank Limited 102,428 3.13

VA Tech Wabag Limited 99,775 3.05

ICICI Bank Limited 98,927 3.02


Not applicable



(in US$)


(%)




contracts(in US$)

- - - -

38



5. Other Details


Total amount and percentage of NAV invested in other unit trusts, mutual funds and collective investment schemes Nil Nil


6. Financial ratios


Expense ratio (annualized) (a) 3.59% 3.22%

Portfolio turnover ratio (b) 42.14% 38.54%


(b) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio as at 30 November 2016 was based on the lower value of the total purchases or sales of the underlying investments, which being the total value of sales of the underlying investments of US$1,383,302 (30 November 2015 total value of purchases: US$1,502,675) divided by the weighted average daily net asset value of US$3,282,279 (30 November 2015: US$3,899,457).


Amount (US$)

Subscriptions 1,228,167

Redemptions 1,041,653



(b) As at the end of the financial period/year, the sub-fund maintained current accounts with related companies of the Trustee as follows:


31 May 2016(US$)





Nil

39



AMUNDI OASIS MIDDLE EAST & NORTH AFRICA FUND




Not applicable



(in US$)


(%)




contracts(in US$)

- - - -

4. Other Details



5,345,936 99.89


5. Financial ratios


Expense ratio (annualized) (a)

(excluding Underlying fund’s unaudited expense ratio)2.01% 1.90%

Expense ratio (annualized) (b)

(including Underlying fund’s unaudited expense ratio)2.54% 2.42%

Portfolio turnover ratio (c) 0.63% 1.96%


(b) The expense ratio is the sum of the sub-fund’s expense ratio and the Underlying fund’s unaudited expense ratio. The unaudited expense ratio of the Underlying fund, the Luxembourg registered Amundi Funds Equity MENA, is provided by Amundi Luxembourg. There is no requirement for the expense ratio of this Luxembourg domiciled fund to be published or audited.

(c) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio as at 30 November 2016 was based on the lower value of the total purchases or sales of the underlying investments, which being the total value of purchases of the underlying investments of US$33,520 (30 November 2015 total value of purchases: US$139,934) divided by the weighted average daily net asset value of US$5,299,232 (30 November 2015: US$7,132,818).

40




Amount (US$)

Subscriptions 62,218

Redemptions 286,064



(b) During the period under review, investments in other unit trusts, mutual funds and collective investment scheme managed by Amundi Group are as follows:

Amount (US$) % of NAV

Investments 5,345,936 99.89

(c) As at the end of the financial period/year, the sub-fund maintained current accounts with related companies of the Trustee as follows:


31 May 2016(US$)





Nil

41



AMUNDI FUNDS EQUITY MENA (Underlying Fund)For the half year ended 30 November 2015

The sub-fund invests more than 30% of its assets into the Underlying Fund, the key information of the Underlying Fund is disclosed. The Underlying Fund is the Luxembourg registered Amundi Funds Equity MENA, a sub-fund of the Amundi Funds.

i. Top 10 Holdings of Underlying Fund (as of 30 November 2016)


Al Rajhi Bank 6,139,656 9.40

Saudi Basic Industries Corp 4,960,131 7.61

EMAAR Properties Pjsc 2,935,432 4.50

Bupa Arabia Cooperative Insurance Company 2,442,992 3.74

Emirates Telecommunications Group Company 2,113,873 3.24

Qatar Insurance Company 2,059,651 3.15

Al Mouwasat Medical Services Company 2,037,494 3.12

Qatar National Bank 1,827,465 2.80

Saudi Electricity Company 1,817,701 2.78

Samba Financial Group 1,771,494 2.71

Top 10 Holdings of Underlying Fund (as of 30 November 2015)


Saudi Basic Industries Corp 5,937,490 7.44

Samba Financial Group 4,091,465 5.12

National Commercial Bank 3,800,595 4.76

Banque Saudi Fransi 3,752,564 4.71

Saudi Telecom Company 3,565,792 4.47

Al Mouwasat Medical Services Company 2,539,831 3.18

Bupa Arabia Cooperative Insurance Company 2,482,138 3.11

Qatar National Bank 2,438,954 3.06

National Bank of Kuwait 2,152,040 2.70

Qatar Insurance Company 2,020,163 2.53

ii. Expense ratio of Underlying Fund (a)



(a) The expense ratio does not include brokerage and other transaction costs, performance fee, foreign exchange gains/losses, front or back end load arising from the purchase or sale of other schemes and tax deducted at source or arising out of income received.

42



iii. Portfolio turnover ratio of Underlying Fund (b)



(b) The portfolio turnover ratio is calculated based on the lower of the total value of purchases or sales of the underlying investments divided by the average daily net asset value. The figures are not based on the audited accounts of the underlying fund, as the methodology used to calculate the turnover ratio in such audited accounts differ from the above methodology.

43



AMUNDI SINGAPORE DIVIDEND GROWTH




Security Name Market Value (S$) % of NAV

DBS Group Holdings Limited 3,759,210 15.38

Oversea-Chinese Banking Corporation Limited 3,108,311 12.72

Singapore Telecommunications Limited 3,053,749 12.49

United Overseas Bank Limited 2,913,528 11.92

Capitaland Limited 1,521,212 6.22

ComfortDelGro Corporation Limited 1,513,008 6.19

Wilmar International Limited 1,452,704 5.94

Global Logistic Properties Limited 1,376,904 5.63

Mermaid Maritime PCL 1,024,382 4.19

Singapore O&G Limited 769,158 3.15



DBS Group Holdings Limited 3,730,650 14.98

Singapore Telecommunications Limited 3,348,454 13.45

Oversea-Chinese Banking Corporation Limited 3,114,481 12.51

United Overseas Bank Limited 3,026,779 12.16

Capitaland Limited 1,594,560 6.40

Mermaid Maritime PCL 1,137,417 4.57

Global Logistic Properties Limited 1,070,498 4.30

ComfortDelGro Corporation Limited 973,346 3.91

Keppel Corporation Limited 721,810 2.90

UOL Group Limited 708,760 2.85


Not applicable



(in S$)


(%)


contracts marked to market (in S$)


contracts(in S$)

- - - -

44



5. Other Details

Total Amount (S$) % of NAV


270,002 1.11


6. Financial ratios


Expense ratio (annualized) (a) 1.54% 1.51%


(a) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 November 2016 was based on total operating expenses of S$381,235 (30 November 2015: S$452,135) divided by the average net asset value of S$24,775,505 (30 November 2015: S$29,989,631) for the year. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase and sale of other funds and tax deducted at source or arising out of income received. The sub-fund does not pay any performance fee. The average net asset value is based on the daily balances.

(b) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio as at 30 November 2016 was based on the lower value of the total purchases or sales of the underlying investments, which being the total value of purchases of the underlying investments of S$13,454,350 (30 November 2015 total value of purchases: S$3,774,638) divided by the weighted average daily net asset value of S$25,285,996 (30 November 2015: S$27,092,088).


Amount (S$)


Redemptions 4,588,736




30 November 2016(S$)

31 May 2016(S$)


45




The goods and services received from various brokers under the soft dollar and commission sharing arrangements include research and advisory services, economic and political analyses, portfolio analyses including valuation and performance measurements, market analyses, data and quotation services, computer hardware and software or any other information facilities used for and in support of the investment process of the Manager. Goods and services received were for the benefit of the sub-fund and there was no churning of trades. These brokers also execute trades for other funds managed by the Manager. The trades were conducted on best available terms and in accordance with best practices.


Nil

46



AMUNDI ASIAN SILVER AGE FUND





Toyota Motor Corporation 651,959 2.83

Tencent Holdings Limited 633,130 2.75

China Life Insurance Company H Shares 520,531 2.26

AIA Group Limited 511,857 2.22

Ping An Insurance Group Company of China Limited H Shares

507,023 2.20

China Taiping Insurance Holding Company Limited 433,575 1.88

Central Japan Railway Company 422,687 1.84

Alibaba Group Holding Limited 417,490 1.81

West Japan Railway Company 402,299 1.75

China Modern Dairy Holdings 389,164 1.69



Toyota Motor Corporation 612,575 4.10

Mitsubishi UFJ Financial Group 403,587 2.70

Japan Post Holdings Company Limited 335,640 2.24

Ping An Insurance Group Company of China Limited H Shares

335,623 2.24

KAO Corporation 324,574 2.17

Dai-Ichi Life Insurance Company Limited 314,031 2.10

AIA Group Limited 307,997 2.06

Mizuho Financial Group Inc 303,604 2.03

China Pacific Insurance Group Company Limited H Shares 300,334 2.01

Unicharm Corporation 296,693 1.98


Not applicable



(in S$)


(%)


contracts marked to market (in S$)


contracts(in S$)

123,175 0.54 123,175 312,558

47



5. Other Details

Total Amount (S$) % of NAV


Nil Nil


6. Financial ratios

30 November 2016

For the financial period from 03 August 2015 to

30 November 2015

AS Class AS Class

Expense ratio (excluding preliminary expenses) (annualized) (a)(i) 0.44% 0.38%

Expense ratio (including preliminary expenses) (annualized) (a) (ii) 0.44% 0.50%

(a) The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 November 2016 was based on :-

(i) total operating expenses (excluding preliminary expenses) of S$63,415 (30 November 2015: S$18,296) divided by the average daily net asset value of S$14,425,355 (30 November 2015: S$14,615,137) for the year/period;

(ii) total operating expenses (including preliminary expenses) of S$63,415 (30 November 2015: S$35,138) divided by the average daily net asset value of S$14,425,355 (30 November 2015: S$14,615,137) for the year/period;

30 November 2016

For the financial period from 13

November 2015 to 30 November 2015

AHU Class AHU Class

Expense ratio (excluding preliminary expenses) (annualized) (a) (iii)

0.33% 0.43%

Expense ratio (including preliminary expenses) (annualized) (a) (iv)

0.33% 0.55%

(iii) total operating expenses (excluding preliminary expenses) of S$5,809 (30 November 2015: S$4) divided by the average daily net asset value of S$1,755,315 (30 November 2015: S$18,924) for the year/period;

(iv) total operating expenses (including preliminary expenses) of S$5,809 (30 November 2015: S$26) divided by the average daily net asset value of S$1,755,315 (30 November 2015: S$18,924) for the year/period;

For the financial period from 05

August 2016 to 30 November 2016 30 November 2015

OS Class OS Class

Expense ratio (excluding preliminary expenses) (annualized) (a) (v)

0.26% NA

Expense ratio (including preliminary expenses) (annualized) (a) (vi)

0.26% NA

(v) total operating expenses (excluding preliminary expenses) of S$2,391 (30 November 2015: NA) divided by the average daily net asset value of S$2,898,126 (30 November 2015: NA) for the year/period;

(vi) total operating expenses (including preliminary expenses) of S$2,391 (30 November 2015: NA) divided by the average daily net asset value of S$2,898,126 (30 November 2015: NA) for the year/period.

48



The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase and sale of other funds and tax deducted at source or arising out of income received. The sub-fund does not pay any performance fee. The average net asset value is based on the daily balances.



(b) The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio as at 30 November 2016 was based on the lower value of the total purchases or sales of the underlying investments, which being the total value of sales of the underlying investments of S$13,631,407 (30 November 2015 total value of sales: S$2,557,067) divided by the weighted average daily net asset value of S$20,035,455 (30 November 2015: S$14,617,940).


Amount (S$)


Redemptions 143,523




30 November 2016 (S$)

31 May 2016 (S$)

Balances with related companies of the Trustee 1,419,118 84,013


The goods and services received from various brokers under the soft dollar and commission sharing arrangements include research and advisory services, economic and political analyses, portfolio analyses including valuation and performance measurements, market analyses, data and quotation services, computer hardware and software or any other information facilities used for and in support of the investment process of the Manager. Goods and services received were for the benefit of the sub-fund and there was no churning of trades. These brokers also execute trades for other funds managed by the Manager. The trades were conducted on best available terms and in accordance with best practices.


Nil

49

Important Note :

The contents of this document is for information purposes only and does not constitute an offer or solicitation to make a purchase of the mentioned Funds or enter into any such transactions.

Investors should read the relevant prospectus before deciding to invest in the Funds. The prospectus for the Funds is available and may be obtained from the Manager or its authorised distributors. All applications for the Funds must be made on application forms accompanying the prospectus.

As this document is intended for information and general circulation, it has not taken into account the specific investment objectives, financial situation or particular needs of any particular investor. An investor may wish to seek advice from a financial adviser regarding the suitability of any of the Funds before making a commitment to purchase units in the Funds. In the event an investor chooses not to do so, the investor should consider whether the Funds are suitable for him. Past performance and any forecasts made are not indicative of future performance of the Funds. Investments in the Funds are subject to investment risks, including the possible loss of the principal amount invested. Value of the units in the Funds and the income accruing to the units, if any, may fall or rise.

50

Amundi Singapore Limited168 Robinson Road, #24-01 Capital Tower, Singapore 068912

Telephone: (65) 6536 4822 Facsimile: (65) 6536 4322Website: amundi.com/sgp Email: [email protected]

Reg. No. 19890074E

amundi opportunities semi-annual report€¦ · the benchmark had been changed from msci world...

Documents