The Legg Mason Asian Bond Trust was the best performing fund over five years (end March 2005 to end March 2010) with an annualised 3.9% return. On a calendar-year basis, the fund has done better than its peers by delivering four positive calendar-year returns over the past five years. However, the fund scored badly in terms of resiliency. In the period after Lehman’s Brother Inc’s collapse (12 September 2008 to 30 October 2008), the fund dived 23.5%, a fall more than double most of its peers’. The past performance of the fund suggests an aggressive style of fund management, which is likely to benefit investors more during periods of economic up cycles.

Asian bonds should form a core part of an investor’s fixed income exposure. As the category of Asian bonds is regionally focused, Asian bond funds may exhibit greater volatility than global bond funds. Investor should note that most Asian bond funds invest in a mix of local currency and USD-denominated issues, with a focus on the latter. This means that Singaporean investors are taking on USD foreign currency risk unless the fund is hedged into SGD. Foreign exchange risk is mitigated for Legg Mason Asian Bond Fund as the fund is at least 70% hedged into SGD.

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The Fidelity Funds - Asian Special Situations Fund (USD) was the second-best performing Asia ex-Japan equity fund on the platform over the five-year period ended March 2010. The fund’s 12.2% annualised return compares favourably with the 8.4% average of its peers. Over calendar-year periods, the fund displayed consistency in performance, ranking third (out of sixteen funds in the category) in 2006, 2007 and 2008. The fund also displayed resilience in the 2008 market downturn, declining 45.2% from 6 May 2008 to 24 November 2008, better than the 50.8% average decline of its peers.

The fund is expected to be less volatile than single-country Asian equity funds, given its diversified scope. While the fund is denominated in USD, investors should note that their currency exposure will be to the various Asian currencies of the different markets that the fund is invested in. However, currency risk is mitigated owing to the geographically-diversified nature of the fund’s investments. Investors should note that the fund’s objective states a focus on “smaller growth companies” and “special situation stocks”, which could lead to larger deviations from benchmark returns.

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The Schroder Asian Growth Fund was the fourth-best performing fund in its category over five years (end March 2005 to end March 2010). The fund’s 10.3% annualised return over the period compares favourably with the 8.5% return of its peers (those with a five-year history). On a calendar-year basis, the fund exhibited consistent performance by doing better than the peer median in all but one year (from 2005 to 2009). It was ranked fourth for 2009, with a 79% return substantially higher than its peers’ average of 64.7%.

The fund is expected to be less volatile than single-country Asian equity funds, given its diversified scope. While the fund is denominated in SGD, investors should note that their currency exposure will be to the various Asian currencies of the different markets that the fund is invested in. However, currency risk is mitigated owing to the geographically-diversified nature of the fund’s investments.

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The DWS Premier Select Trust was the best performing fund in its category over five years (end March 2005 to end March 2010) with an annualised 3.8% return, better than the 1.5% average return for peers on the platform. It was also the strongest performer (out of seven CPFIS-SA approved funds) over cumulative one-year and five-year periods, and the second-best performer over two-year and four year periods. On a calendar-year basis, the fund was the best performer in 2005, 2006, 2007 and 2009, indicating consistency in performance.

The fund may be suitable for investors with a lower risk appetite in their core portfolios as it is globally diversified into both bonds and equities. While the fund is denominated in SGD, investors should note that their currency exposure will be to the various currencies of the different markets that the fund is invested in. However, with a composite benchmark whereby MSCI Singapore represents 40% of the portfolio, the fund tends to be biased towards Singapore, reducing currency risk for local investors.

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The First State Bridge Fund was the best performing fund in its category over five years (end March 2005 to end March 2010) with an annualised 6.6% return, better than the 5.4% average for peers on the platform (those with a four-year history). It was also the strongest performer over cumulative two-year, three-year, four-year and five year periods (out of five CPFIS-SA approved funds). On a calendar-year basis, the fund was the best performer in 2008 and the second-best performer in 2006.

This fund may be suitable for inclusion in the core portfolio, even though it may be more volatile than global balanced funds due to a more concentrated regional allocation. The fund is invested in both bonds and equities, which means that there is diversification across asset classes. While the fund is denominated in SGD, the investor’s currency exposure will be to the various Asian currencies, but currency risk is mitigated due to the wide scope of currencies across the Asian region.

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The Schroder Emerging Europe Fund was the best performing Emerging Europe Equity fund on the platform for cumulative returns over four-year, three-year and two-year periods ended March 2010. Over four years (end March 2006 to end March 2010), the fund’s -1.8% annualised return was better than the -3.2% average return for funds in the category. On a calendar-year basis, the fund was ranked first (out of three funds in the category) in 2009, and was ranked second in both 2007 and 2008, indicating consistency in performance.

Funds which invest into sub-regions like Emerging Europe should be part of an investor’s supplementary portfolio. Despite its diversified sub-regional focus, the fund is expected to be more volatile than global or more-developed regional equity markets due to heightened political and inflationary risk associated with emerging markets. The fund is denominated in SGD but investors should note that their currency exposure will be to the various Emerging European currencies like the Russian rouble. The fund is also available in EUR.

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The Aberdeen Global Emerging Markets Fund was the best performing fund in its category over four years (end March 2006 to end March 2010) with an annualised 9.3% return, better than the 3.2% average for its peers (those with a four-year history) on the platform. It was also the strongest performer over cumulative one-year, two-year and three-year periods. On a calendar-year basis, the fund was the second-best performer in 2009, and was ranked third (out of ten funds) in 2006 and 2008, indicating consistency in performance. The fund also exhibited resilience in the recent market downturn, its 47.3% decline from 21 May 2008 to 9 March 2009 comparing favourably to the 52.9% average decline of its peers.

While emerging market equities tend to exhibit higher volatility compared to developed market peers, global emerging market equity funds provide diversified exposure across various geographical locations and markets. Hence, volatility is expected to be lower than single-country emerging market equity funds. The fund is denominated in SGD but investors should note that their currency exposure will be to the various currencies of the emerging markets in which the fund invests. While currency risk is diversified across the various emerging markets, political issues and inflationary conditions are more inherent in GEMs which may result in higher currency volatility which could have a negative impact on fund performance.

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The Schroder International Selection Fund - GEM Opportunities was the second-best performing fund in its category over three years (end March 2007 to end March 2010) with an annualised 5.2% return, compared to the 0.7% average for its peers on the platform. The fund was the second-best performer in 2008, falling 42.8% while its peers declined by 52.7% on average. Despite its relative resilience in the downturn, the fund’s 70.2% return in 2009 was also stronger than the 67.7% average for other global emerging market funds.

The fund is denominated in SGD but investors should note that their currency exposure will be to the various currencies of the emerging markets in which the fund invests. While currency risk is diversified across the various emerging markets, political issues and inflationary conditions are more inherent in GEMs which may result in higher currency volatility which could have a negative impact on fund performance. Investors should also note that the fund has the ability to shift assets into fixed income to buffer downside risk (the fund held 19% of its assets in cash as at end March 2010), which could result in a larger deviation of returns from the benchmark.

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The United Global Emerging Market Portfolios was the best performing fund over three years (end March 2007 to end March 2010) with an annualised 6.6% return. On a calendar-year basis, the fund’s performance led other funds in the category in 2008 (during the downturn for emerging market bonds) but lagged during the upturn in 2009. The fund stood out for its resiliency during periods of distress for global emerging markets bonds. Form 15 September 2008 to 24 October 2008 following the collapse of Lehman Brothers Inc, the fund fell only 3.1% while peers on the platform fell 23.9% on average.

Global emerging market bonds are a more volatile class within the different bond categories. As such, investors may want to limit global emerging market bond exposure to a smaller portion of the fixed income portfolio, even though the addition of global emerging market bonds would likely enhance the portfolio yield. Investor should note that most emerging market bond funds invest in a mix of local currencies and USD denominated issues, with a focus on the latter. This means that Singapore-based investors will take on foreign currency risk unless the fund is hedged into SGD. The fund takes an active approach to managing foreign currency risks.

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The Henderson Horizon Fund - Pan European Equity Fund (EUR) was the best performing Europe equity fund on the platform over a cumulative five-year period ending March 2010. The fund’s annualised return of 3% was substantially stronger than the -1.6% average return of its peers over the same period. The strong cumulative performance was achieved as the fund displayed resilience in the market downturn from 1 June 2007 to 9 March 2009, declining only 48.4% while funds in the category declined 60.4% on average. On a calendar-year basis, the fund ranked first (out of seventeen funds) in 2008, and fourth in both 2005 and 2007.

Europe is a key regional market and should form part of an investor’s diversified core portfolio. Due to the geographical diversity of its investment focus, the fund is expected to be less volatile than a more focused single-country equity fund. The fund is denominated in EUR and while a large portion of the fund’s assets are expected to EUR-denominated, investors should note that they may be exposed to other European currencies like the British pound (GBP) or the Swiss franc (CHF).

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The PRU Pan European Fund was the second-best performing Europe equity fund on the platform over five years (end March 2005 to end March 2010). The fund’s 0.3% annualised return compares favourably with the -1.6% average return for funds in the category over the same period. On a calendar-year basis, the fund displayed consistency in performance, and was ranked second (out of seventeen funds) in 2006, fifth in both 2008 and 2009, and seventh in 2005. In the market downturn from 1 June 2007 to 9 March 2009, the fund declined 57.2%, but this was less than the 60.4% average decline for funds in the category.

Europe is a key regional market and should form part of an investor’s diversified core portfolio. Due to the geographical diversity of its investment focus, the fund is expected to be less volatile than a more focused single-country equity fund. The fund is denominated in SGD but investors should note that their main currency exposure will be to the EUR, and to a lesser extent, other European currencies like the British pound (GBP) and the Swiss franc (CHF).

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The DWS Lion Bond Fund was the second-best performing fund over five years (end March 2005 to end March 2010) with an annualised 2.9% return. On a calendar-year basis, it was the only fund in its category that delivered positive calendar-year returns for all the past five years. During times of downturn for global investment grade bonds, the fund has exhibited resiliency by falling much lesser than most peers. From 17 March 2008 to 13 June 2008 when global bonds on the platform fell 5% on average, the fund dipped only 2.2%.

Global bonds should form a core part of an investor’s fixed income exposure. Being the only fund onboard to deliver all positive calendar-year returns over the past five years suggests that the fund manager has demonstrated good skill in allocating the assets between developed and corporate bonds along the economic cycle. While the fund has been categorised as a global bond fund due to its ability to invest in G7 countries, it is benchmarked against the 6-month Singapore Interbank Offered Rate less 12.5 basis points. The fund focuses on SGD-denominated issues, indicating a Singapore bias.

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The PIMCO Global Bond Fund USD delivered returns slightly above the peer average over the past three years (end March 2007 to end March 2010) with an annualised 2.2% gain. On a calendar-year basis, the fund was ranked third in 2009, but fared poorly in 2008 and 2007. While its historical performance numbers are not outstanding, the fund’s resiliency stood out during periods of downturn for global investment grade bonds. From 17 March 2008 to 13 June 2008, global bonds on the platform fell 5% on average while the fund dipped only 2.0%.

Global bonds should form a core part of an investor’s fixed income exposure. Within the global bonds space, each fund’s characteristics can differ quite significantly depending on whether its focus is on developed government bonds or corporate bonds. As the fund is managed against the Barclays Capital Global Aggregate (USD hedged) Index and that the mandate limits non-USD exposure to a 20% maximum, investors are largely exposed to the USD, which typically benefits during times of financial distress due to a flight-to-safety to US Treasuries by global investors.

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The Aberdeen Global Opportunities Fund was the second-best performing global equity fund on the platform over five years (end March 2005 to end March 2010). The fund’s 3% annualised return was significantly better than the -0.5% average return for funds in the category, and was just one of three funds (out of twelve funds with a five-year history) to achieve a positive return over the period. On a three-year cumulative basis, the fund was the best performing global equity fund with a -4.4% annualised return, ahead of the -9.5% average return for global equity funds on the platform. On a calendar-year basis, the fund was ranked first in 2005, second in 2008, and fourth in 2007, indicating consistency in performance.

The fund invests in equities from around the world, allowing investors to benefit from global diversification. It is expected to be less volatile compared to more focused equity funds and is suitable for investors with a long-term view of global equity markets but do not wish to consider country or sector allocations in a portfolio. The fund is denominated in SGD but investors should note that currency exposure is to the various currencies of the underlying assets. However, currency risk is mitigated owing to the globally-diversified nature of the fund.

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The Henderson Horizon Fund - Global Opportunities Fund (USD) was the third best-performing global equity fund on the platform over the five-year period ending March 2010. The fund’s 0.4% annualised return over the five-year period compares favourably with the -0.5% average return for funds in the category, and was just one of three funds (out of twelve funds with a five-year history) to achieve a positive return. On a calendar-year basis, the fund was ranked second, ninth and sixth (out of nineteen funds in the category) in 2007, 2008 and 2009 respectively, indicating a consistent record of outperformance. In the market downturn from 20 May 2008 to 9 March 2009, the fund displayed its resilience by declining 47%, less than the 50.5% average decline for global equity funds.

The fund invests in equities from around the world, allowing investors to benefit from global diversification. It is expected to be less volatile compared to more focused equity funds and is suitable for investors with a long-term view of global equity markets but do not wish to consider country or sector allocations in a portfolio. The fund is denominated in UGD but investors should note that currency exposure is to the various currencies of the underlying assets. However, currency risk is mitigated owing to the globally-diversified nature of the fund.

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The Henderson Global Technology Fund was the best-performing fund in its category over five years (end March 2005 to end March 2010) with an annualised 3.8% return, better than the 2.2% average for its peers on the platform. It was also the strongest performer over cumulative two-year, three-year, four-year and five-year periods. On a calendar-year basis, the fund was the top performer in 2007 and second-best performer in 2008 (out of five funds), indicating consistency in performance.

The survivors of the tech bubble from 2000 have improved their competitiveness over the years. During the recent crisis in 2008, the sector held up better relative to other sectors, showing its resilience. With global demand recovering, the technology sector appears to be attractive and can be considered in the supplementary portfolio for potentially higher returns. While the fund is denominated in SGD, investors should note that their currency exposure will be to the various currencies of the different markets that the fund is invested in. However, currency risk is mitigated owing to the geographically-diversified nature of the fund’s investments.

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The First State Regional China Fund was the best performing Greater China equity fund on the platform over cumulative five-year, four-year and one-year periods ending March 2010. Over five years (end March 2005 to end March 2010), the fund’s annualised return of 14.6% was significantly better than the 11.9% average return for funds in the category, while the fund’s 12.2% annualised return over four years (end March 2006 to end March 2010) also compares favourably with the 7.9% average for Greater China equity funds. The fund also displayed resilience in the market downturn from 31 October 2007 to 31 October 2008, falling the least among its peers (out of seven funds in the category).

The fund invests in the Greater China sub-region, which includes China, Hong Kong and Taiwan. Volatility figures for Greater China equity funds are expected to be higher than Asia ex-Japan equity funds owing to the more concentrated geographical allocation into these three markets. The fund is denominated in SGD but investors will be exposed to the various currencies of the Greater China region.

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The Prudential Monthly Income Plan was the best performing fund over five years (end March 2005 to end March 2010) with an annualised return of 5.0%. On a calendar-year basis, it was ranked either first or second among its peers from 2006 to 2008 following its launch in 2005. However, during the upturn in 2009, the fund’s performance lagged behind its peers. In terms of resiliency, the fund does not stand out as it performed in line with peers during periods of distress in global high yield bonds markets.

Global high yield bonds are a more volatile class within the different bond categories. As such, investors may want to limit global high yield bond exposure to a smaller portion of the fixed income portfolio even though the addition of global high yield bonds would likely enhance the portfolio yield. While the fund invests in Asia and US high yield bond markets, most high yield bonds are denominated in USD so Singapore-based investors will be taking on USD foreign exchange risk. However, the fund has the flexibility to hedge USD currency exposure to SGD and the April 2010 factsheet shows that the fund is making full use of that flexibility.

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The HSBC GIF Indian Equity Fund was third-best performing Indian equity fund on the platform over a cumulative five-year period ending March 2010. Despite being ranked third (out of five funds in the category), the fund’s 16.9% annualised return was still higher than the 15.9% average return for Indian equity funds. Calendar-year returns are far more impressive. The fund was ranked first in 2006, 2007 and 2009, and its 126.3% return in 2009 was significantly better than the 79.3% average return of its peers. However, the fund’s resilience appears to be a detractor. The fund fell 70.3% in 2008, substantially worse than the 58.2% average peer decline.

Having a single-country focus, the fund is less diversified compared to global or regional equity funds, and should be part of an investor’s supplementary portfolio. The fund is denominated in SGD, but investors should note that their currency exposure will be to the Indian rupee (INR) when investing in this fund.

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The DBS Japan Growth Fund was the second-best performing Japan equity fund on the platform over five years (end March 2005 to end March 2010). The Japanese equity market had a relatively poor spell of performance over this period, but the fund’s -2.5% annualised return was better than the -4.6% average return of its peers. On a calendar-year basis, the fund was ranked first in 2007, second in 2008, third in 2006 and fourth in 2005 (out of eight funds in the category), indicating consistency in performance.

Despite a prolonged period of poor performance, the Japanese economy is still an important component of the global economy. Given its substantial size, the Japanese equity market remains one of the key regional markets and should form part of an investor’s diversified core portfolio. The fund is denominated in SGD but investors should note that their currency exposure will be to the Japanese yen (JPY).

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The LionGlobal Japan Growth Fund was the best performing Japan equity fund on the platform over five years (end March 2005 to end March 2010). The fund’s -1.9% annualised return over the period was a poor result, but this compares favourably to the -4.6% return of its peers over the same period. On a calendar-year basis, the fund was ranked first in both 2005 and 2009, with its 24.4% gain in 2009 far outperforming the 7.1% peer average return.

Despite a prolonged period of poor performance, the Japanese economy is still an important component of the global economy. Given its substantial size, the Japanese equity market remains one of the key regional markets and should form part of an investor’s diversified core portfolio. The fund is denominated in SGD but investors should note that their currency exposure will be to the Japanese yen (JPY).

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The Fidelity Funds - Korea Fund (USD) was best performing South Korean equity fund on the platform over cumulative one-year, three-year, four-year and five-year periods ended March 2010. Over five years (end March 2005 to end March 2010), the fund’s 7.2% annualised return was much stronger than the 2.8% average return of its peers. While the fund has demonstrated strong cumulative returns, the fund displayed lower resilience in market downturns. The fund declined 70.6% from 31 October 2007 to 28 November 2008, the worst performer among the four South Korean equity funds over the period.

The fund invests principally in South Korean equities, and has a narrower focus compared to regional or global equity funds. Due to its less diversified nature, the fund should be part of an investor’s supplementary portfolio. The fund is denominated in USD but investors should note that their currency exposure will be to the Korean won (KRW) when investing in the fund.

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The ING Invest - Latin America (USD) was the best performing fund in its category over a cumulative five-year period ending March 2010, with an annualised return of 21.1%, compared to the average return of 19.5% for funds in the category. Over four years (from end March 2006 to end March 2010), the fund was the second-best performer, its 10.6% annualised return over the period outperforming the 9.1% average return for Latin American funds on the platform. On a calendar-year basis, the fund was ranked first (out of four funds) in both 2005 and 2006, and was ranked second in 2007, 2008 and 2009, indicating a consistent ability to outperform its peers.

Funds which invest into sub-regions like Latin America should be part of an investor’s supplementary portfolio. While Latin America represents a diversified region, Latin American equity funds tend to be more volatile than global or more-developed regional equity markets due to heightened political and inflationary risk. The fund is denominated in USD but investors should note that their currency exposure will be to the various Latin American currencies rather than the USD.

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The Aberdeen Malaysia Equity Fund was best performing Malaysian equity fund on the platform over cumulative two-year and three-year periods ending March 2010. On a calendar-year basis, the fund was ranked first in 2005, 2007 and 2008, but its 30.4% return in 2009 was lower than the 39.2% average return for funds in the category. Despite the recent underperformance, the fund’s resilience in market downturns was demonstrated as it declined 29.4% between 31 December 2007 and 31 October 2008, significantly better than the 43.7% average decline of its peers.

This fund should be part of an investor’s supplementary portfolio due to its narrow focus on Malaysian equities. The fund is denominated in SGD but investors should note that their currency exposure is to the Malaysian ringgit (MYR) when investing in the fund.

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The Aberdeen Singapore Equity Fund was best performing Singapore equity fund on the platform over a cumulative three-year period ending March 2010. The fund’s annualised 2.1% return is much stronger than the -4.6% average return of its peers, making it the only fund in the category to achieve a positive return over the period. The fund was also ranked second (out of ten funds in the category) for cumulative returns over four years and five years. The fund’s resilience was clearly demonstrated in the market downturn from 31 October 2007 to 27 February 2009 as the fund declined 48.6%, the least among its peers and substantially better than the 59% average decline for funds in the category.

The fund should be part of an investor’s supplementary portfolio, given its narrow focus on Singapore equities. The fund’s exposure is largely to the SGD, which means that Singapore-based investors should not experience currency risk when investing in the fund. However, there may be the risk of home bias, which occurs from the concurrent participation in the local stock market.

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The Legg Mason Singapore Bond Fund has delivered returns in line with its peer average over four years (end March 2006 to end March 2010) with an annualised 3.6% return. On a calendar-year basis, the fund returned positive calendar-year returns over the past four years and was ranked first in 2007 and 2008. In terms of resilience, the fund has often managed to protect investors’ capital over past periods of downturn in the Singapore bond market.

Singapore bonds play the role of capital preservation within an investor’s portfolio. Typical risk factors associated with bond investments such as currency risk and credit risk are expected to be low as the fund is benchmarked against the UOB Singapore Government Bond Index All(S$). Past performance characterises the defensive style of management for this fund, which suits the role that Singapore bonds should play within an investor’s portfolio.

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The Fidelity Funds - Taiwan Fund (USD) has demonstrated a stronger return over cumulative one-year, three-year, four-year and five-year periods ended March 2010. The fund had an annualised return of 1.9% over five years (end March 2005 to end March 2010), better than its peer’s 0.7% return. While the fund declined more than its peer in 2008, the fund performed strongly in the subsequent market rebound with a 67.4% return in 2009, significantly stronger than its peer’s 55% gain.

The fund has a narrow focus as it invests principally in Taiwanese equities. Single-country equity funds are expected to be more volatile as compared to more diversified regional or global equity funds and investors should hold the fund in the supplementary portion of the portfolio. The fund is denominated in USD but investors should note that their currency exposure will be to the New Taiwan Dollar (TWD) when investing in this fund.

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The Aberdeen Thailand Equity Fund was the best performing Thailand equity fund on the platform over a cumulative five-year period ended March 2010. The fund’s 8.3% annualised return over the period was stronger than the 6.2% average return for funds in the category. The fund also demonstrated strong consistency in calendar-year returns, and was ranked first (out of four funds in the category) in 2005, 2006 and 2008. The fund’s displayed its resilience in the recent market downturn, declining the least among its peers from 31 July 2007 to 28 November 2008, but underperformed in the subsequent recovery with a 57.6% increase in 2009, worse than the 72% average return of its peers.

This fund should be part of an investor’s supplementary portfolio, given its narrow investment focus. Political risk is an important aspect for emerging market economies, and investors may wish to note Thailand’s long-standing record of continued political instability, which often leads to heightened volatility in the equity market. The fund is denominated in SGD but investors should note that their currency exposure will be to the Thai baht (THB).

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The Fortis L Fund - Opportunities USA (USD) was the best performing US equity fund on the platform over a cumulative five-year period ended March 2010. The fund returned an annualised 5% over this period, substantially better than the -2.1% average return for funds in the category. On a calendar-year basis, the fund displayed consistency in performance and was ranked first in 2005, 2006, 2007 and 2008 (out of five funds in the category). In the prolonged market downturn from 10 October 2007 to 9 March 2009, the fund displayed its resilience with a 28.6% decline, compared to the 51.3% average decline for US equity funds on the platform.

The US equity market is a key regional market, and is relatively more mature and efficient as compared to other regional markets like Asia ex-Japan or the emerging markets. Investors should note that their currency exposure in this fund is to the US dollar (USD). Investors should also note that the fund has the ability to shift assets into fixed income to buffer downside risk, or short index futures to reduce the fund’s net equity exposure (the fund’s net equity exposure was 60% as at 31 March 2010). Given the fund’s unique features, investors may expect larger-than-normal deviations from benchmark returns when investing in this fund.

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The Fidelity Funds - America Fund (USD) was the second-best performing US equity fund on the platform over five years (end March 2005 to end March 2010). The fund’s annualised -0.9% return over this period compares favourably with the -2.1% average return for funds in the category. The fund was also the best performer over a cumulative two-year period ended March 2010). On a calendar-year basis, the fund was ranked first in 2009 (out of five funds in the category) with a 37% return, and was ranked second in 2005, indicating strong performances in market recoveries.

The US equity market is a key regional market, and should form part of an investor’s diversified core portfolio. The market is relatively more mature and efficient as compared to other regional markets like Asia ex-Japan or the emerging markets, and volatility is expected to be lower. Investors should note that their currency exposure in this fund is to the US dollar (USD).

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