A snapshot of portfolio allocation:
| Allianz fund | JP Morgan fund | |
| Launch | 3 October, 2008 | 26 May, 1978 |
| AUM | $314.75m | $351.36m |
| Number of holdings | 50 | 100 |
| Top regions |
Japan – 39.6% China – 16.6% Australia – 12.9% Taiwan – 8.4% Hong Kong – 7.9%
|
Japan – 37.7% South Korea – 17.13% Hong Kong – 16.84% Taiwan – 7.81% New Zealand – 6.27% |
| Top sectors |
Financials – 32.6% Information technology – 21.7% Consumer discretionary – 17.4% Industrials – 7.2% Others – 6.5%
|
Information technology – 27.4% Financials – 21.94% Industrials – 19.49% Consumer discretionary – 15.5% Utilities – 5.83% |
| Top holdings |
Taiwan Semiconducter – 3.6% Ryohin Keikaku – 3.5% AIA Group – 3.4% Tencent Holdings – 3.4% Keyence Corporation – 2.8%
|
EO Technics – 5.35% Mainfreight – 5.24% Yamaha Motor – 4.60% Koh Young Technology – 4.28% Aiful Group – 3.84% |
Source: FE Analytics
Fund performance
Ng noted that the Allianz fund generally performs well through market corrections.
“When the market corrects, the Allianz fund has the flexibility to increase its fixed income exposure.”
In contrast, the JP Morgan fund is heavily exposed to Japan equities. The fund’s performance could be affected if Japan’s economy suffers from unexpected shocks. Ng also pointed out that the fund tends to be overweight on China’s real estate sector.
In 2011, both funds were in negative territory, but the JP Morgan fund was hit hardest of the two due to its exposure to China’s real estate sector, Ng said.
The Allianz fund in that year increased fixed income and cash to around 15-20%, which mitigated the negative performance, he added.
