ABF Pan Asia Bond Index Fund

Important Risk Disclosure for PAIF

  • ABF Pan Asia Bond Index Fund ("PAIF") is an exchange traded bond fund which seeks to provide investment returns that corresponds closely to the total return of the Markit iBoxx ABF Pan-Asia Index ("Index"), before fees and expenses, and its return may deviate from that of the Index.
  • PAIF primarily invests in local currency government and quasi-government bonds in eight Asian markets, comprising of China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore and Thailand.
  • Investment involves risks, including risks of exposure to bonds in both developed and emerging Asia markets. Investors may lose part or all of their investments.
  • PAIF is not "actively managed" and will not try to "beat" the market it tracks.
  • The Executives' Meeting of East Asia and Pacific Central Banks group (the "EMEAP") member central banks and monetary authorities are like any other investors in PAIF and each of them may dispose of their respective interest in the Units they hold. There are no guarantees that the EMEAP member central banks and monetary authorities will continue to be investors in PAIF.
  • The trading price of PAIF may differ from the underlying net asset value per share.
  • PAIF may not be suitable for all investors. Investors should not invest based on this marketing material only. Investors should read the PAIF's prospectus, including the risk factors, take into consideration of the product features, their own investment objectives, risk tolerance level etc and seek independent financial and professional advices as appropriate prior to making any investment.

Fund Overview

ABF Pan Asia Bond Index Fund (PAIF) is a component of Asian Bond Fund 2 (ABF2), the second phase of the EMEAP (Executives' Meeting of East-Asia and Pacific Central Banks) Group's initiative to further develop the bond markets in Asia. The EMEAP Group comprises 11 central banks and monetary authorities in East Asia and Pacific region, namely Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, and Thailand.

Fund Objective

The ABF Pan Asia Bond Index Fund ("PAIF") is an exchange traded fund ("ETF") that aims to track the performance of the Markit iBoxx ABF Pan Asia Index ("Index") before fees and expenses. The Manager seeks to achieve this investment objective by employing a stratified sampling approach to match the Index's characteristics and returns through investing in a well-diversified portfolio that represents the Index.

About the Index >>
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ABOUT THE INDEX


PAIF is benchmarked to Markit iBoxx ABF Pan-Asia Index (i.e. the Underlying Index), which is constructed and published by Markit Indices Limited.

The Markit iBoxx ABF Pan-Asia Index is an indicator of investment returns of Asian currency denominated bonds issued by both government and quasi-government organizations in China, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, and Thailand.

Aside from market capitalization, Markit Indices Limited also considers liquidity of the market, the country's sovereign rating, and the openness of the market, which takes into consideration the regulatory, legal and fiscal environment, and the trading and clearing infrastructure of each local market.

Fund Information

 
Bloomberg Ticker 2821 HK
SEHK Stock Code 2821
ISIN SG9999002026
SEDOL B0CDYD7
Benchmark Markit iBoxx ABF Pan Asia Index
Inception Date 29 June 2005
SEHK Listing Date 7 July 2005
Ongoing Charges
Over a Year
0.19% of the Net Asset Value (NAV) per annum1
Board Lot Size 10 units
Base Currency USD
Trading Currency USD
Domicile Location Singapore
Registration Location Hong Kong, Japan, Singapore
Primary Exchange Stock Exchange of Hong Kong
Regulatory Structure Collective Investment Schemes
Replication Method Stratified Sampling
Fund Manager State Street Global Advisors Singapore Limited
Trustee HSBC Institutional Trust Services (Singapore) Limited
Custodian HSBC Institutional Trust Services (Asia) Limited

Notes
1 The ongoing charges figure is based on expenses for the financial year ended 30 June 2016. This figure may vary from year to year. The ongoing charges figure is calculated by adding the applicable charges and payments deducted from the assets of the Trust and then dividing by the Trust’s average net asset value for the financial year.

About the Manager & Trustee >>
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ABOUT THE MANAGER & TRUSTEE

The Manager

PAIF is managed by State Street Global Advisors Singapore Limited (The Manager), which is part of State Street Global Advisors (SSGA), one of the largest investment managers in the world. SSGA is the investment management arm of State Street Corporation.

For nearly four decades, SSGA has been committed to helping our clients, and those who rely on them, achieve financial security. We partner with many of the world's largest, most sophisticated investors and financial intermediaries to help them reach their goals through a rigorous, research-driven investment process spanning both indexing and active disciplines. With trillions1 in assets, our scale and global reach offer clients unrivaled access to markets, geographies and asset classes, and allow us to deliver thoughtful insights and innovative solutions.

State Street Global Advisors Singapore Limited was established in 2000 and holds a capital market licensed in fund management regulated by the Monetary Authority of Singapore. In addition to being the Manager of PAIF, the Manager also acts as the manager of Singapore's first domestic exchange traded fund2 (ETF).

SSGA's Hong Kong office has emerged to become one of the leading investment managers in Asia. Established in 1990, the office became a full-service investment centre in 1997. In addition to portfolio management, marketing and client service activities for Asian clients outside Japan, it is also the home of SSGA's trading desk for the Asia Pacific region. As a full investment centre, the office now offers investment solutions to clients that range from defensive to aggressive strategies, utilising active, enhanced and passive styles of management. SSGA Hong Kong is also the manager of the first ETF in Asia3.

The Trustee

The Trustee of PAIF is HSBC Institutional Trust Services (Singapore) Limited, which is a company incorporated in Singapore with limited liability and a registered trust company under the Trust Companies Act, Chapter 336 of Singapore.

HSBC Institutional Trust Services (Singapore) Limited is appointed as Trustee of the PAIF pursuant to the Trust Deed.

HSBC Institutional Trust Services (Singapore) Limited is part of HSBC's Institutional Fund Services business in Asia and the Middle East, which has offices in Hong Kong, Korea, Malaysia, India, Indonesia, Philippines, Thailand, Saudi Arabia and Qatar.

Notes
  1. Assets under management were US$2.24 trillion as of 31 December 2015. AUM reflects approx. US$22.0 billion (as of 31 December 2015) with respect to which State Street Global Markets, LLC (SSGM) serves as marketing agent; SSGM and State Street Global Advisors are affiliated.
  2. This fund is not authorized by the Hong Kong Securities and Futures Commission (SFC) and is not offered nor generally available to Hong Kong residents.
  3. This fund is not authorized by the Monetary Authority of Singapore and is not offered nor generally available to Singapore residents.

Fund Characteristics

As of 30 Jun 2017
Number of Holdings N/A
Average Quality AA-/A+
Average Duration 6.47
Average Yield to Maturity

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3.32%
Convexity 0.82
Current Yield 3.68%
Average Coupon Rate 3.71%
Effective Duration 6.47
Year to Maturity 8.40
Average Yield History >>

Fund Market Price

As of
Bid/Ask Prices

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Closing Price

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Day High
Day Low

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Exchange Volume (HKD)
Exchange Volume (Shares)

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30 Day Average Exchange Volume (HKD)
30 Day Average Exchange Volume (Shares)

Fund Net Asset Value

As of 24 Jul 2017
Estimated Mid-day NAV / Unit1 USD 115.47
25 Jul 2017
Estimated Closing NAV / Unit1 USD 115.45
25 Jul 2017
NAV per Unit USD 114.19
Change
USD 0.15
Change (%)

"Change" indicates the change since the previous dealing day.

0.13%
Number of Outstanding Units 34,311,584.00
Total Net Assets USD 3,918,174,050.46

1 The values of Estimated Mid-day NAV per Unit and Estimated Closing NAV per Unit should not be viewed as "real time" updates. The estimated NAV per Unit and the actual NAV per Unit calculated in accordance with the terms of the Trust Deed and published on the following Dealing Day may differ. Dealing Day refers to any day on which commercial banks are open for business in Singapore and Hong Kong, the Stock Exchange of Hong Kong is open for trading, and the Markit iBoxx ABF Pan-Asia Index is compiled and published.

NAV History >>

Index Characteristics

As of 30 Jun 2017
Convexity 0.83
Average Coupon Rate 3.69%
Current Yield 3.70%
Effective Duration 6.47
Year to Maturity 8.49

Index Facts

As of
Index Launch Date 31 December 2000
Index Launch Value 100.00
Index Current Value

Purchase Information

PAIF is flexible and easy to trade. Investors buy and sell them like shares, typically through a stock broker. Investors can also employ traditional share trading techniques, including stop orders, limit orders and margin purchases (if available).

To purchase PAIF, please consult your stock broker or financial advisor.

Cumulative

As of
YTD 1-Month 3-Month 6-Month
MONTH END
Fund %
Index %
QUARTER END
Fund %
Index %

 

Annualized

As of
1-YR 3-YR 5-YR 10-YR Since Inception
(29/06/2005)
MONTH END
Fund %
Index %
QUARTER END
Fund %
Index %

 

Calendar

As of 31 Dec 2016
200520062007200820092010201120122013201420152016
Fund %N/A13.7%7.8%3.5%4.3%10.2%6.5%7.5%-4.9%3.8%-3.4%-0.5%
Index %N/A14.6%8.4%4.2%5.1%10.8%7.0%7.9%-4.2%4.2%-2.80%0.0%

 

Past performance information is not indicative of future performance. Investors may not get back the full amount invested. The computation basis of the cumulative and annualized performance is based on net-of-fees returns in USD terms on NAV-to-NAV basis, with all distributions reinvested.

The computation basis of the calendar-year performance is based on calendar year end, NAV-to-NAV, with dividend reinvested. These figures show by how much the ABF Pan Asia Bond Index Fund increased or decreased in value during the calendar year being shown. Performance data has been calculated in USD, including ongoing charges and excluding subscription fee and redemption fee you might have to pay. Where no past performance is shown there was insufficient data available in that year to provide performance.

The benchmark of the ABF Pan Asia Bond Index Fund is Markit iBoxx ABF Pan-Asia Index. The index returns are stated on a total return basis.

Fund Inception Date: 29 June 2005

 

Performance Graphs

Fund Top Holdings

As of 30 Jun 2017
Holding Weight
THAILAND (GOVT OF) 3.875PCT 13/06/2019 1.36%
PHILIPPINES (REP OF) SER 2017 8PCT 19/07/2031 1.32%
HONG KONG (GOVT OF) 2.93PCT 13/01/2020 1.11%
SINGAPORE (GOVT OF) 2.5PCT 01/06/2019 1.10%
CN (GOVT OF) SER 1608 3.52% 25APR2046 (INTERBANK) 1.09%
CHINA DEVELOPMENT BANK SER 1610 3.18% 05APR2026 1.05%
SINGAPORE (GOVT OF) 2.75% 01JUL2023 1.01%
SINGAPORE (GOVT OF) 0.5% 01APR2018 1.00%
SINGAPORE (GOVT OF) 3% 01SEP2024 0.98%
INDONESIA (REP OF) SER FR70 (REG) 8.375% 15MAR2024 0.96%
Download All Holdings: Daily XLS    Weekly XLS   Monthly XLS

 

Index Top Holdings

As of 30 Jun 2017
Holding Weight
Singapore (Govt) 3.5% 3/1/2027 1.33%
Singapore (Govt) 2.5% 6/1/2019 1.28%
Singapore (Govt ) 2.25% 6/1/2021 1.18%
Singapore (Govt) 4% 9/1/2018 1.01%
Singapore (Govt) 2.75% 7/1/2023 1.00%
Hong Kong (Govt) 1.47% 2/20/2019 0.99%
Singapore (Govt) 3% 9/1/2024 0.98%
Hong Kong (Govt) 1.06% 2/5/2020 0.94%
Singapore (Govt) 3.125% 9/1/2022 0.81%
Singapore (Govt) 3.25% 9/1/2020 0.80%

Download Latest Breakdown: Weekly XLS

The top holdings and sector weights shown are as of the date indicated and are subject to change. Information on this page should not be considered a recommendation to invest in a particular sector or to buy or sell any security shown. It is not known whether the sectors or securities shown will be profitable in the future. The Fund holdings are taken from the accounting records of SSGA which may differ from the official books and records of the custodian.

Definitions of Tracking Difference and Tracking Error

Tracking Difference (TD)

Tracking Difference is the return difference between an ETF and its underlying benchmark / index over a certain period of time.

Tracking Error (TE)

Tracking error measures how consistently an ETF follows its benchmark / index. It is the volatility (measured by standard deviation) of that return difference.

Tracking Difference

Fund Listing Date: 07 Jul 2005

As of 30 Jun 2017
Rolling 1-Year TD -0.5198%
Calendar Year Tracking Difference
2016 -0.5027%
2015 -0.5491%
2014 -0.4404%
2013 -0.6431%
2012 -0.4592%
2011 -0.5687%
2010 -0.5842%
2009 -0.7883%
2008 -0.6907%
2007 -0.5614%
2006 -0.9038%

Tracking Error

Fund Listing Date: 07 Jul 2005

As of 30 Jun 2017
Rolling 1-Year TE^ 0.2803%

^ Annualized based on the number of dealing days in the past year when daily TD is calculated

Graph for Tracking Difference

Performance is calculated on net-of-fees returns in USD terms on NAV-to-NAV basis, with all distributions reinvested.

Historical Dividends & Singapore Tax Vouchers

Announcement date Record date Dividend per unit Singapore Tax Vouchers *
18 Jul 2017 24 Jul 2017 US$1.65
06 Jan 2017 23 Jan 2017 US$1.52 PDF
14 Jul 2016 22 Jul 2016 US$1.25 PDF
14 Jan 2016 22 Jan 2016 US$1.64 PDF
14 Jul 2015 22 Jul 2015 US$1.67 PDF
14 Jan 2015 22 Jan 2015 US$1.89 PDF
14 Jul 2014 22 Jul 2014 US$2.09 PDF
14 Jan 2014 22 Jan 2014 US$2.04 PDF
12 Jul 2013 22 Jul 2013 US$1.77 PDF
14 Jan 2013 22 Jan 2013 US$1.67 PDF
13 Jul 2012 23 Jul 2012 US$1.80 PDF
13 Jan 2012 26 Jan 2012 US$1.88 PDF
14 Jul 2011 22 Jul 2011 US$2.13 PDF
14 Jan 2011 24 Jan 2011 US$1.88 PDF
14 Jul 2010 22 Jul 2010 US$1.95 PDF
14 Jan 2010 22 Jan 2010 US$1.95 PDF
14 Jul 2009 22 Jul 2009 US$1.67 PDF
14 Jan 2009 22 Jan 2009 US$2.14 PDF
14 Jul 2008 22 Jul 2008 US$2.09 PDF
17 Jan 2008 22 Jan 2008 US$2.16 PDF
18 Jul 2007 23 Jul 2007 US$2.05 PDF
19 Jan 2007 22 Jan 2007 US$2.16 PDF
19 Jul 2006 24 Jul 2006 US$2.17 PDF
19 Jan 2006 26 Jan 2006 US$2.06 PDF

 

*Singapore tax vouchers are issued pursuant to the Singapore Income Tax Act. If you are a person liable to Singapore tax, then please use the information to appropriately declare your taxable income in your tax returns. You will need to apply your pro rata holdings as at the record date to do the appropriate calculations.

Data as at Jul 2017. The semi-annual distributions are dependent on PAIF’s performance and are not guaranteed.