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Japan Dynamic Fund
Investing in volatile equity markets

Asia is back on investors’ radar. Much of this interest stems from renewed optimism over its future potential and the increased diversification opportunities from both old and new growth areas.

Investing in volatile equity markets

Asia is back on investors’ radar. Much of this interest stems from renewed optimism over its future potential and the increased diversification opportunities from both old and new growth areas.

Traditional sectors such as banking, tourism and oil and gas etc. continue to benefit from the gradual normalisation of economic activities. New growth drivers such as digitalisation, innovation, supply chain realignment and sustainability are presenting attractive investment opportunities.

Meanwhile China’s re-opening has lifted sentiment and is an additional tailwind for Asian companies with significant trade and services exposure to China. Asian exports to China are also expected to strongly recover this year. Overall, the macro picture bodes well for Asian equities and bonds.

Reasons to invest in Asia

World’s fastest growing region

Asia accounts for over half of the world’s population1 and almost half of its GDP2 . An increasing emphasis on regional trade, a growing consumer market and rising digital innovations are some of the key reasons why the region has been attracting a higher share of global foreign direct investments.

A graph showing rising corporate profitability for Japanese companies

Diverse countries, diverse options

Asia is home to both high-income (South Korea, Singapore and Taiwan) and emerging economies such as India and ASEAN that still enjoy demographic dividends. Asia’s diversity also extends to its companies. There are plenty of earnings opportunities in Asian countries with uncorrelated growth drivers.

More Japanese companies are cash rich

Rising sustainable investments

Sustainable investing is gaining momentum in the region with Asia being more vulnerable to climate change than other regions. ESG disclosure rates among Asian corporates are encouraging. As such there will be more opportunities for investors keen on ESG funds.

A graph showing the value of Japan equities compared to global equities

1Source: Statista Research Department, Distribution of the global population by continent 2022, 25 October 2022
2Source: World Economics, The Future is Asian, February 2023

Access Asia’s opportunities

With Asia expected to remain the world’s growth engine, capitalise on the growing opportunities by investing in a select suite of Asian funds that leverage on old and new growth drivers. At Eastspring Investments, our focus remains on identifying the many mispriced and attractive opportunities in the equity and fixed income markets.

Eastspring Investments –
Asian Dynamic Fund

A high conviction and unconstrained strategy A fund that is unconstrained by market cap or market’s thematic preferences, containing 30-40 of our best stock ideas across Asia ex Japan.

Disciplined valuation-based approach Our approach identifies mis-priced stocks which we believe will outperform the market in the medium to long term.

Highly experienced managers Our Regional Asia focus team consists of a diverse set of highly experienced managers with clearly defined responsibilities. They work within a unique culture that maximises challenge and debate.

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Eastspring Investments –
Asia Sustainable Bond Fund

An active total return strategy The fund seeks to maximise total returns over time by investing primarily in investment grade, USD-denominated Asian bonds including Green, Social and Sustainability labelled bonds.

Differentiated, pragmatic and responsive ESG approach Our credit selection process incorporates two robust ESG determinants: ESG risks faced by the company and a company’s preparedness in dealing with these ESG risks.

Monthly distribution payout* The fund [ADM and ASDM (hedged) share classes] has distributed monthly payout of 5.00% p.a. ex-date 1 February 2023 and aims to allow investors to enjoy a regular income in all market environments.

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Eastspring Investments –
Asian High Yield Bond Fund

A flexible strategy with multiple value-added sources Apart from Asian high yield bonds, the fund can invest in local currency and investment grade bonds to capitalise on any value opportunities that may arise in Asian fixed income.

Comprehensive investment approach Our approach is dynamic, multi-factor and emphasises on a rigorous and proprietary credit research process.

Monthly distribution payout* The fund [ADM and ASDM (hedged) share classes] has distributed monthly payout of 7.50% p.a. ex-date 1 February 2023 and aims to allow investors to enjoy a regular income in all market environments.

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*Refer to the distribution disclosure in the disclaimer below.

Interview with Eastspring's Quantitative Team

Find out how our Quantitative Strategies team leverages technology and data to identify and exploit market inefficiencies caused by market volatility and behavioural biases.

Lead fund managers

Sundeep Bihani

Portfolio Manager, Equity

Rong Ren Goh

Portfolio Manager, Fixed Income

Wai Mei Leong

Portfolio Manager, Fixed Income

Related insights

Keep abreast of developments with insights from our investment experts.

The case for Asia - Executive summary
Tapping the potential of the new Asian consumer
Unlock the value in Asia’s supply chains
Resource-rich Asia supports new growth areas

*Distribution disclosure

Please refer to the fund’s prospectus for further distribution-related information regarding other share classes. Distributions are not guaranteed and may fluctuate. Past distributions are not necessarily indicative of future trends, which may be lower. Distribution payouts and its frequency are determined by the Board of Directors, and can be made out of (a) income; or (b) net capital gains; or (c) capital of the Fund or a combination of any of (a) and/or (b) and/or (c). The payment of distributions should not be confused with the Fund’s performance, rate of return or yield. Any payment of distributions by the Fund will result in an immediate reduction in the net asset value per share. Payment of distributions out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. For further details on distributable income, and historical payments and their compositions for the last 12 rolling months, please refer to the website. Distribution of dividends is at the discretion of the Board of Directors taking into consideration market conditions and underlying securities actual annual dividend yield.

Source

1 Asia Bond Monitor Summer Issue released in 2010 and 2020 by the Asian Development Bank. Data as of March.
2 J.P. Morgan, as of March 2020. Asian USD bond market size is represented by the market value of J.P. Morgan Asia Credit Index.
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DISCLAIMER

This document is issued by Eastspring Investments (Singapore) Limited (UEN: 199407631H). Eastspring Investments (Singapore) Limited is the appointed Singapore Representative and agent for service of process in Singapore. This advertisement has not been reviewed by the Monetary Authority of Singapore.

The Fund is a sub-fund of Eastspring Investments, an open-ended investment company with variable capital (Société d’Investissement à Capital Variable or SICAV) registered in the Grand Duchy of Luxembourg, which qualifies as an Undertakings for Collective Investment in Transferable Securities (“UCITS”) under relevant EU legislation. The Management Company of the SICAV is Eastspring Investments (Luxembourg) S.A., Grand-Duchy of Luxembourg.

All transactions into the Fund should be based on the Singapore Prospectus and Product Highlights Sheet (“PHS”). Such documents, together with the articles of incorporation of the SICAV and the most recent financial reports, may be obtained free of charge from Eastspring Investments (Luxembourg) S.A., or at relevant Eastspring Investments business units/website and their distribution partners.

This document is solely for information and does not have any regard to the specific investment objectives, financial or tax situation and the particular needs of any specific person who may receive this document. This document is not intended as an offer, a solicitation of offer or a recommendation, to deal in shares of securities or any financial instruments.

Please refer to the offering documents for details on fees and charges, dealing and redemption, product features, risk factors and seek professional advice before making any investment decision. An investment in the Fund is subject to investment risks, including the possible loss of the principal amount invested. The value of shares in the Fund and the income accruing to the shares, if any, may fall or rise. Where an investment is denominated in a currency other than the base currency of the Fund, exchange rates may have an adverse effect on the value, price or income of that investment. Investors should not make any investment decision solely based on this document. Investors may wish to seek advice from a financial adviser before purchasing shares of the Fund. In the event that an investor may choose not to seek advice from a financial adviser, the latter should consider carefully whether the Fund in question is suitable for him.

Past performance and the predictions, projections, or forecasts on the economy, securities markets or the economic trends of the markets are not necessarily indicative of the future or likely performance of Eastspring Investments or any of the funds managed by Eastspring Investments. There are limitations to the use of indices as proxies for the past performance in the respective asset classes/sector.

The Fund may use derivative instruments for efficient portfolio management and/or hedging purposes.

Eastspring Singapore is an ultimately wholly-owned subsidiary of Prudential plc of the United Kingdom. Eastspring Singapore and Prudential plc are not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company Limited, a subsidiary of M&G plc, a company incorporated in the United Kingdom.

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Prudential plc, incorporated and registered in England and Wales. Registered office: 1 Angel Court, London EC2R 7AG. Registered number 1397169. Prudential plc is a holding company, some of whose subsidiaries are authorized and regulated, as applicable, by the Hong Kong Insurance Authority and other regulatory authorities.

Prudential plc is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America or with the Prudential Assurance Company Limited, a subsidiary of M&G plc. A company incorporated in the United Kingdom.

Copyright © 2021 Eastspring Investments (Singapore) Limited. All rights reserved.

Wei Ming Cheong

Portfolio Manager

Wei Ming Cheong joined Eastspring Investments, the Asian asset management business of Prudential plc, in November 2005. Wei Ming is a Portfolio Manager of the Fixed Income team and is responsible for managing and overseeing local currency fixed income strategies, including regional Asia, Singapore, Indonesia and RMB local currency fixed income funds. Wei Ming holds a Master degree in Finance from RMIT, Australia, and a Bachelor of Accountancy from Nanyang Technological University, Singapore.

Danny Tan

Portfolio Manager

Danny Tan joined Eastspring Investments, the Asian asset management business of Prudential plc, in February 2004. Danny is a Portfolio Manager of the Fixed Income team and is responsible for managing and overseeing portfolios of our insurance clients, as well as credit-focused portfolios. Danny is a CFA charterholder and holds a Bachelor of Business degree in Financial Analysis (Hons) from Nanyang Technological University, Singapore.

Sundeep Bihani

Portfolio Manager, Equity

Sundeep Bihani is a part of the Equity team and the Team Leader of the Regional Asia Value focus team. He is the Lead Portfolio Manager for the Regional Asia Equity strategies with over 19 years of investment experience. He holds a Post Graduate Diploma in Management (MBA) (Director’s Merit list) from India Institute of Management, Bangalore and a Bachelor’s degree in Commerce from Calcutta University.

Ivailo Dikov

Head of Japan Equities

Ivailo Dikov is the Head of our Japan Equity focus team, and the Lead Portfolio Manager for the team’s Japan Focused Value strategies. He has over 17 years of investment experience, holds a Master of Business from the Tsukuba University in Japan and is fluent in Japanese.

Rong Ren Goh

Portfolio Manager, Fixed Income

Rong Ren Goh is a Portfolio Manager in the Fixed Income team and is the Lead Portfolio Manager for Asian Macro, Global and ESG strategies. He has 14 years of investment experience and holds a Bachelor of Science (Hons) Economics from London School of Economics.

Wai Mei Leong

Portfolio Manager, Fixed Income

Wai Mei Leong is a Portfolio Manager in the Fixed Income team and Lead Portfolio Manager for Asian hard currency fixed income portfolios, including the Asian Bond, Asian Investment Grade Bond and High Yield Bond strategies. She has 22 years of investment experience and holds a Postgraduate Diploma (Finance) from Melbourne University and Bachelor of Business (Accounting) from RMIT, Australia.

Rong Ren Goh

Portfolio Manager

Rong Ren Goh joined Eastspring Investments in January 2016 as a Portfolio Manager in the Fixed Income team and is responsible for the management of Global, Japan and selective Asian local currency fixed Income funds. Rong Ren has 12 years of investment experience and holds a Bachelor of Science (Hons) Economics from London School of Economics.

Fig 1: Share of global FDI inflows

A graph showing rising corporate profitability for Japanese companies
Source: Eastspring Investments, World Investment Report 2022

Fig 2: Asia offers diversified exposure to different growth drivers

More Japanese companies are cash rich
Source: Eastspring Investments, Constituents weighting: MSCI, September 2022.

Fig 3 : ESG corporate disclosure rates across Asia Pacific

A graph showing the value of Japan equities compared to global equities
Source: Goldman Sachs Global Investment Research. Average corporate operational E&S disclosure rates in the GS SUSTAIN framework across APAC, MSCI ACWI, latest available data. *Dual listed A- and H-share companies are counted only under the H-share listing.