annual report - uob group · the fund lost some performance within consumer staples. at stock...

UnitedEuropeanSmall and Mid Cap FundAnnual Report

for the financial year ended 30th June 2018

MANAGERUOB Asset Management LtdRegistered Address:80 Raffles PlaceUOB PlazaSingapore 048624Company Registration No. : 198600120ZTel: 1800 22 22 228

DIRECTORS OF UOB ASSET MANAGEMENTLee Wai FaiEric Tham Kah JinPeh Kian HengThio Boon Kiat

TRUSTEEState Street Trust (SG) Limited168 Robinson Road#33-01, Capital TowerSingapore 068912

CUSTODIAN / ADMINISTRATOR / REGISTRARState Street Bank and Trust Company, acting through its Singapore Branch168 Robinson Road#33-01, Capital TowerSingapore 068912

AUDITORPricewaterhouseCoopers LLP7 Straits View, Marina OneEast Tower, Level 12Singapore 018936

United European Small and Mid Cap Fund(Constituted under a Trust Deed in the Republic of Singapore)

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A) Fund Performance

Fund Performance/Benchmark Returns

3 mth%

Growth

6 mth%

Growth

1 yr%

Growth

3 yrAnn

CompRet

5 yrAnn

CompRet

10 yrAnn

CompRet

SinceInception

10 April 2000Ann

CompRet

United European Small andMid Cap Fund 3.37 1.47 7.49 3.42 7.92 1.78 0.83Benchmark 2.08 -0.45 8.98 7.77 11.78 4.68 6.70

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributionsreinvested, if any.The benchmark of the Fund: Apr 00 - Dec 01: MSCI Europe Small Cap USD; Jan 02 - Jul 08: Citigroup Broad Market Index Europe< US$2 billion; Aug 08 - Nov 14: MSCI Europe Mid Cap; Dec 14 - Present: MSCI Europe Small Companies Index.

For the twelve months ended 30 June 2018, the net asset value of the Fund rose 7.49%,underperforming its benchmark MSCI Europe Small Companies Index by 1.49%.

During this period, the Fund underperformed. At sector level, the Fund had a positive contribution fromConsumer Discretionary, Financials and Health Care. In contrast, some of our holdings withinInformation Technology, Consumer Staples and Industrials detracted.

The Fund gained within Consumer Discretionary. Of note, our holding of multinational sports bettingand gaming group, GVC, was a standout performer. GVC reported better than expected cost synergiesfollowing the completion of its Ladbrokes acquisition. During May 2018, news broke that theU.S. Supreme Court would lift the federal ban of sports betting across the United States, which was aclear tailwind for sentiment in the sector. In addition, our holding of auto component manufacturerFaurecia was a particularly rewarding position. During the period, the company issued a strong set ofresults for Q2 & Q3 2017 which came in ahead of consensus expectations that boosted the share price.

Within Information Technology, our holding of semiconductor manufacturer Dialog was the primarydetractor. In November 2017, investors became increasingly nervous after Apple (a key customer ofDialog) was intent on designing its own power management chips as early as 2018 – and should thiscome to pass would be a clear headwind for the name. Also, our holding of Spanish IT and defensesystems company Indra Sistemas underperformed given the general weakness of Spanish names in thewake of the political issues in the region during the month of October.

Within Financials, our holding of financial market analytics and data company Nex Group was astandout performer. At the beginning of February 2018, the company issued a solid trading update, whichpointed to 3% quarterly revenue growth. New contract wins in the area of regulatory reporting servicescoupled with continuing traction in cost savings was well received by investors. Furthermore, in March,the company received a preliminary approach from CME Group regarding a potential acquisition, whichwas clearly very supportive for the share price. Also of note was the positive contribution of Italianfinancial services company FinecoBank.


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A) Fund Performance (continued)

The Fund lost some performance within Consumer Staples. At stock level, our holding of foodprocessing companyGreencore was the main detractor. In March, the company issued a trading updatewhich rebased investor expectations regarding EPS growth citing foreign exchange (FX) and businessdevelopment headwinds. Investors have been disappointed by its business in the United States, whichappears to be facing setbacks concerning its growth outlook. We continue to hold the name and willmonitor further developments.

Within the Health Care sector, our holding of hearing aid distributor Amplifon continued to performstrongly. In the second half of 2017, the company issued a solid set of results that exceeded expectationson sales, EBITDA and EPS. On the outlook, the company does not issue formal guidance, howevermanagement remained upbeat - expecting the encouraging trends to continue, which allowed the shareprice to add gains.

Over the year, the Fund lost ground within Industrials. Our holding of capital goods company FLSmidthunderperformed. FLSmidth missed expectations Q2 2017, this combined with confirmation that orderintake in the company’s key cement business unit fell, dampened sentiment towards the name.Additionally, following a mixed set of Q1 2018 results, our holding in German-listed defense companyRheinmetall was the subject to some profit taking. We maintain our positive view on the company asRheinmetall has a robust order book that we expect will translate to sales thus meeting expectations.

Finally, Telecommunication Services added to gains. At a stock level, our holding of Spanish wirelessTelecommunications Services Company Cellnex performed favourably, on the back of continued newsflow surrounding potential mergers and acquisitions.

As at end June 2018, the Fund had the following sector allocation: Industrials (26.12%), Financials(12.78%), Materials (9.86%), Consumer Discretionary (9.69%), Information Technology (9.23%),Health Care (7.79%),Real Estate (6.81%), Telecommunication Services (5.07%) and others (7.43%).

Note: The Fund is sub-managed by Amundi Asset Management and the commentary that follows reflectsthe views of the sub-manager. The above holdings, performance and asset allocation pertain to that ofthe underlying Fund, Amundi Funds II – European Potential, which the United European Small & Mid CapFund invests all or substantially all of its assets into.

Economic and Market Review

The last 12 months was a positive period for European small caps with the MSCI Europe Small Capadding over 10%. This compares to around 3% performance for the large cap names (MSCI Europe).

For the second half of 2018, economic data pointed to an ongoing expansion in the Eurozone. Perhapsthe most interesting event during Q4 was the ECB’s October meeting. Investors had placed much focuson the potential for a more hawkish rhetoric given the more encouraging economic environment in theregion. Instead, ECB President Mario Draghi vowed to continue the current pace of monetary stimulus toyear-end, and while ECB purchases will be reduced next year, a very accommodative policy will remainin place as long as necessary. This was naturally supportive for risk assets.


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A) Fund Performance (continued)

After a promising start to 2018, volatility returned with renewed political risk as a result of complexoutcomes of elections in both Germany and Italy. Additionally, headlines in surrounding PresidentTrump’s protectionist measures further fueled investor nervousness in the market.

On the positive side, earnings for European companies were solid, helping to underpin our growthforecasts for earnings per share (EPS) in 2018 of approximately 8%. In Q2 2018, the Euro weakened,which boosted positive sentiment for the asset class.

With bouts of volatility likely to become more prevalent than we have observed in recent years, wecontinue to seek balance - believing the best way to navigate these market conditions is by focusing oncompelling idiosyncratic investment cases that have the ability to deliver EPS over the medium term.

Outlook and Fund Strategy

Looking to the second half of the 2018, we remain constructive on our outlook for European equities. Thatsaid, political uncertainty and risks of rising protectionism, warrant a less bullish outlook when comparedto the period at the start of 2018. We maintain our view that earnings growth should be a key catalyst indriving the market higher. The positive signal that the recent FX headwinds on earnings may switch to atailwind in Q3, helps to support this view. For us, perhaps now more than ever, we believe that a strongfocus should be on those companies with the ability to deliver reliable earnings through the cycle, whichwill be the key to delivering alpha in this environment. With the prospects of rising volatility and ongoingsectorial rotations, we continue to seek balance within the Fund with no significant sectorial or regionalexposures. As fundamental bottom up stock pickers with a medium-term view, we continue to monitor thecurrent situation, seeking to take advantage of valuation opportunities should they arise.


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Important Information

This report has been prepared for use by UOB Asset Management Ltd and their professional advisorsonly and is not to be distributed to the public. Whilst due care and attention has been taken during thepreparation of this document, Amundi and its affiliated companies (“Amundi”) cannot accept liability forany errors or omissions contained within and expressly disclaim any liability whether in contract ornegligence to the addressee of this document or any third party who may review it or use any materialfrom it in respect of any loss or damage occasioned whether direct or consequential.

Unless otherwise stated, all information contained in this document is from Amundi as at 30 June 2018.

Amundi Funds II – European Potential is a sub-fund (the “Sub-Fund”) of Amundi Funds II (the “Fund”), afonds commun de placement with several separate sub-funds established under the laws of the GrandDuchy of Luxembourg.

Unless otherwise stated, all views expressed are those of Amundi. These views are subject to change atany time based on market conditions and there can be no assurances that countries, markets or sectorswill perform as expected.

References to individual securities should not be taken as a recommendation to buy or sell a particularstock. Performance data provided refers to Class X EUR Non-Distributing only and is based upon NAVnet of fees. Past performance does not guarantee and is not indicative of future results. Investmentsinvolve certain risks, including political and currency risks. Investment return and principal value may godown as well as up and could result in the loss of all capital invested.

Unless otherwise stated all data is shown in Sub-Fund base currency, the Sub-Fund base currency isEuro.

This material is not a prospectus and does not constitute an offer to buy or a solicitation to sell any unitsof the Fund or any services, by or to anyone in any jurisdiction in which such offer or solicitation would beunlawful or in which the person making such offer or solicitation is not qualified to do so or to anyone towhom it is unlawful to make such offer or solicitation. For additional information on the Fund, a freeprospectus should be requested from Amundi Singapore Limited, 80 Raffles Place #23-01, UOB Plaza 1,048624 Singapore. Call + 65 6 536 4822 Fax + 65 6 536 4322.

This information is not for distribution and does not constitute an offer to sell or the solicitation of any offerto buy any securities or services in the United States or in any of its territories or possessions subject toits jurisdiction to or for the benefit of any Restricted U.S. Investor (as defined in the prospectus of theFund). The Fund has not been registered in the United States under the Investment Company Act of 1940and units of the Fund are not registered in the United States under the Securities Act of 1933.

This document is not intended for and no reliance can be placed on this document by retail clients, towhom the document should not be provided.

The MSCI information may only be used for your internal use, may not be reproduced or disseminated inany form and may not be used as a basis for or a component of any financial instruments or products orindices. None of the MSCI information is intended to constitute investment advice or a recommendationto make (or refrain from making) any kind of investment decision and may not be relied on as such.


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Important Information

Historical data and analysis should not be taken as an indication or guarantee of any future performanceanalysis, forecast or prediction. The MSCI information is provided on an �as is� basis and the user of thisinformation assumes the entire risk of any use made of this information. MSCI, each of its affiliates andeach other person involved in or related to compiling, computing or creating any MSCI information(collectively, the �MSCI Parties�) expressly disclaims all warranties (including, without limitation, anywarranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability andfitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, inno event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive,consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com).

Data shown in positioning and performance sections of this report are based on Standard & Poors andMSCI’s Global Industry Classification Standard (�GICS�). Performance commentary is written on thebasis of Amundi internal classifications, which are largely based on GICS but may be subject to changebased on Amundi Analysts stock-specific classifications.

The Global Industry Classification Standard (GICSSM) was developed by and is the exclusive propertyand a service mark of Standard & Poor’s and MSCI. Neither Standard & Poor’s, MSCI nor any other partyinvolved in making or compiling any GICS classifications makes any express or implied warranties orrepresentations with respect to such standard or classification (or the results to be obtained by the usethereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy,completeness, merchantability or fitness for a particular purpose with respect to any of such standard orclassification. Without limiting any of the forgoing, in not event shall Standard & Poor’s, MSCI, any of theiraffiliates or any third party involved in making or compiling any GICS classification have any liability forany direct, indirect, special, punitive, consequential or any other damages (including lost profits) even ifnotified of the possibility of such damages.

In Singapore, this document is provided solely for the use of UOB Asset Management Ltd only and is notto be distributed to the retail public. Distribution occurs through Amundi Singapore Ltd, 80 Raffles Place,#23-01, UOBPlaza 1, Singapore 048624. This document contains information about certain sub-funds ofAmundi Funds II which are notified as restricted schemes under the Sixth Schedule to the Securities andFutures (Offers of Investments) (Collective Investment Schemes) Regulations 2005. For the sub-funds orrelevant share/unit classes notified as restricted schemes in Singapore, such sub-funds or relevantshare/unit classes are not authorised or recognised by the Monetary Authority of Singapore (�MAS�) andare not allowed to be offered to the Singapore retail public. Accordingly, this document and the materialcontained within, may not be circulated or distributed, nor may the relevant shares/units be offered orsold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, topersons in Singapore other than (i) to an institutional investor under Section 304 of the SFA, (ii) to arelevant person pursuant to Section 305(1), or any person pursuant to Section 305(2), and in accordancewith the conditions specified in Section 305 of the SFA, or (iii) otherwise pursuant to, and in accordancewith the conditions of, any other applicable provision of the SFA.

Issue date 18 July 2018


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(continued)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2018under review classified by

i) Country

Fair Value(S$)

% of NAV

Luxembourg 5,896,830 99.79Portfolio of investments 5,896,830 99.79Other net assets/(liabilities) 12,620 0.21Total 5,909,450 100.00

ii) Industry

N/A

iii) Asset Class

Fair Value(S$) % of NAV

Quoted unit trusts 5,896,830 99.79Other net assets/(liabilities) 12,620 0.21Total 5,909,450 100.00

iv) Credit rating of quoted bonds

N/A

C) Top Ten Holdings

10 largest holdings as at 30 June 2018

Fair Value(S$)

Percentage oftotal net assetsattributable tounitholders

%

AMUNDI FUNDS II - EUROPEAN POTENTIALCLASS X EUR NON DISTRIBUTING 5,896,830 99.79

There was only 1 holding as at 30 June 2018.


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C) Top Ten Holdings (continued)


Fair Value


(S$) %

AMUNDI FUNDS II - EUROPEAN POTENTIAL CLASS XEUR NON DISTRIBUTING 6,496,354 98.18

There was only 1 holding as at 30 June 2017.

D) Exposure to derivatives

i) Fair value of derivative contracts and as a percentage of NAV as at 30 June 2018

N/A

ii) Net gains/(losses) on derivative contracts realised during the financial year ended 30 June 2018

N/A

iii) Net gains/(losses) on outstanding derivative contracts marked to market as at 30 June 2018

N/A

E) Amount and percentage of NAV invested in other schemes as at 30 June 2018

Please refer to the Statement of Portfolio.

F) Amount and percentage of borrowings to NAV as at 30 June 2018

N/A

G) Amount of redemptions and subscriptions for the financial year ended 30 June 2018

Total amount of redemptions SGD 1,527,716Total amount of subscriptions SGD 355,630

H) The amount and terms of related-party transactions for the financial year ended 30 June 2018

Please refer to Note 9 of the Notes to the Financial Statements.


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I) Expense ratios


J) Turnover ratios


K) Any material information that will adversely impact the valuation of the scheme such ascontingent liabilities of open contracts

N/A

L) For schemes which invest more than 30% of their deposited property in another scheme, thefollowing key information on the second-mentioned scheme (“the underlying scheme”)1

should be disclosed as well

i) Top 10 holdings at fair value and as percentage of NAV as at 30 June 2018 and 30 June 2017


Amundi Funds II - EuropeanPotential Class X EUR Non

Distributing

Fair Value


(EUR) %

AMPLIFON S.P.A. 38,401,365 3.16LOGITECH INTERNATIONAL SA 37,901,085 3.12ASR NEDERLAND NV 34,331,576 2.83ALTEN SA 33,219,255 2.74CHR. HANSEN HOLDING A/S 33,207,693 2.72UDG HEALTHCARE COMPANY PLC 32,757,609 2.70GVC HOLDINGS PLC 32,500,602 2.68CELLNEX TELECOM SA 32,113,541 2.65SAAB B 31,853,940 2.62AAREAL BANK AG 30,509,649 2.51


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L) For schemes which invest more than 30% of their deposited property in another scheme, thefollowing key information on the second-mentioned scheme (“the underlying scheme”)1should be disclosed as well (continued)

i) Top 10 holdings at fair value and as percentage of NAV as at 30 June 2018 and 30 June 2017(continued)


Amundi Funds II - EuropeanPotential Class X EUR Non

Distributing

Fair Value


(EUR) %

LOGITECH INTERNATIONAL SA 33,590,983 3.17TRELLEBORG B ORD 30,149,442 2.84UDG HEALTHCARE COMPANY PLC 30,110,861 2.84RHEINMETALL AG 29,686,807 2.80ASR NEDERLAND NV 29,389,746 2.77BANCA GENERALI S.P.A 29,277,993 2.76FAURECIA S.A. 28,987,191 2.73SMURFIT KAPPA GROUP PLC 28,571,771 2.70RPC GROUP PLC 27,925,060 2.63SAAB B 27,737,168 2.62

ii) Expense ratios for the financial year ended 30 June 2018 and 30 June 2017

Amundi Funds II - European Potential Class X EUR Non Distributing

30 June 2018 0.07%30 June 2017 0.07%

iii) Turnover ratios for the financial year ended 30 June 2018 and 30 June 2017

Amundi Funds II - European Potential Class X EUR Non Distributing

30 June 2018 40.00%30 June 2017 39.00%


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M) Soft dollar commissions/arrangements

UOB Asset Management has entered into soft dollars arrangements with selected brokers fromwhom products and services are received from third parties. The products and services relateessentially to computer hardware and software to the extent that they are used to support theinvestment decision making process, research and advisory services, economic and politicalanalyses, portfolio analyses including performance measurements, market analyses, data andquotation services, all of which are believed to be helpful in the overall discharge of UOB AssetManagement’s duties to clients. As such services generally benefit all of UOB Asset Management’sclients in terms of input into the investment decision making process, the soft credits utilised are notallocated on a specific client basis. The Manager confirms that trades were executed on a bestexecution basis and there was no churning of trades.

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of theactual payouts received by participants and any significant deviation from thepre-determined payouts

N/A


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REPORT OF THE TRUSTEE

The Trustee is under a duty to take into custody and hold the assets of United European Small and MidCap Fund (the “Fund”) in trust for the unitholders. In accordance with the Securities and Futures Act (Cap.289), its subsidiary legislation and the Code on Collective Investment Schemes, the Trustee shall monitorthe activities of theManager for compliance with the limitations imposed on the investment and borrowingpowers as set out in the Trust Deed in each annual accounting year and report thereon to unitholders inan annual report.

To the best knowledge of the Trustee, the Manager has, in all material respects, managed the Fundduring the financial year covered by these financial statements, set out on pages 17 to 37, in accordancewith the limitations imposed on the investment and borrowing powers set out in the Trust Deed.

For and on behalf of the TrusteeSTATE STREET TRUST (SG) LIMITED

Authorised signatory21 September 2018


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STATEMENT BY THE MANAGER

In the opinion of UOB Asset Management Ltd, the accompanying financial statements set out on pages17 to 37, comprising the Statement of Total Return, Statement of Financial Position, Statement ofMovements of Unitholders’ Funds, Statement of Portfolio and Notes to the Financial Statements aredrawn up so as to present fairly, in all material respects, the financial position and portfolio holdings ofUnited European Small andMid Cap Fund (the “Fund”) as at 30 June 2018, and the financial performanceand movements of unitholders’ funds for the year then ended in accordance with the recommendationsof Statement of Recommended Accounting Practice 7 “Reporting Framework for Unit Trusts” issued bythe Institute of Singapore Chartered Accountants. At the date of this statement, there are reasonablegrounds to believe that the Fund will be able tomeet its financial obligations as and when theymaterialise.

For and on behalf of the ManagerUOB ASSET MANAGEMENT LTD

THIO BOON KIATAuthorised signatory21 September 2018


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INDEPENDENT AUDITOR’S REPORT TO THE UNITHOLDERS OF UNITED EUROPEAN SMALLAND MID CAP FUND

Our Opinion

In our opinion, the accompanying financial statements of United European Small and Mid Cap Fund (the“Fund”), are properly drawn up in accordance with the recommendations of Statement of RecommendedAccounting Practice 7 “Reporting Framework for Unit Trusts” issued by the Institute of SingaporeChartered Accountants, so as to present fairly, in all material respects, the financial position and portfolioholdings of the Fund as at 30 June 2018, and of the financial performance andmovements of unitholders’funds for the financial year ended on that date.

What we have audited

The financial statements of the Fund comprise:

• the Statement of Total Return for the financial year ended 30 June 2018;

• the Statement of Financial Position as at 30 June 2018;

• the Statement of Movements of Unitholders’ Funds for the financial year ended 30 June 2018;

• the Statement of Portfolio as at 30 June 2018; and

• the notes to the financial statements, including a summary of significant accounting policies.

Basis for Opinion

We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Ourresponsibilities under those standards are further described in the Auditor’s Responsibilities for the Auditof the Financial Statements section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion.

Independence

We are independent of the Fund in accordance with the Accounting and Corporate Regulatory AuthorityCode of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”)together with the ethical requirements that are relevant to our audit of the financial statements inSingapore, and we have fulfilled our other ethical responsibilities in accordance with these requirementsand the ACRA Code.

Other Information

The Fund’s Manager (the “Manager”) is responsible for the other information. The other informationcomprises all sections of the annual report but does not include the financial statements and our auditor’sreport thereon.


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Our opinion on the financial statements does not cover the other information and we do not and will notexpress any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other informationand, in doing so, consider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If,based on the work we have performed on the other information, we conclude that there is a materialmisstatement of this other information, we are required to report that fact. We have nothing to report inthis regard.

Responsibilities of the Manager for the Financial Statements

The Manager is responsible for the preparation and fair presentation of these financial statements inaccordance with the recommendations of Statement of Recommended Accounting Practice 7“Reporting Framework for Unit Trusts” issued by the Institute of Singapore Chartered Accountants andfor such internal control as the Manager determines is necessary to enable the preparation of financialstatements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Manager is responsible for assessing the Fund’s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using thegoing concern basis of accounting unless the Manager either intends to terminate the Fund or to ceasethe Fund’s operations, or has no realistic alternative but to do so.

The Manager’s responsibilities include overseeing the Fund’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole arefree from material misstatement, whether due to fraud or error, and to issue an auditor’s report thatincludes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that anaudit conducted in accordance with SSAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if, individually or in theaggregate, they could reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintainprofessional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence that is sufficient and appropriate to provide a basis for our opinion. The risk of notdetecting a material misstatement resulting from fraud is higher than for one resulting from error,as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overrideof internal control.


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• Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the Fund’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accountingestimates and related disclosures made by the Manager.

• Conclude on the appropriateness of the Manager’s use of the going concern basis of accountingand, based on the audit evidence obtained, whether a material uncertainty exists related to eventsor conditions that may cast significant doubt on the Fund’s ability to continue as a going concern.If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’sreport to the related disclosures in the financial statements or, if such disclosures are inadequate,to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date ofour auditor’s report. However, future events or conditions may cause the Fund to cease to continueas a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including thedisclosures, and whether the financial statements represent the underlying transactions andevents in a manner that achieves fair presentation.

We communicate with the Manager regarding, among other matters, the planned scope and timing of theaudit and significant audit findings, including any significant deficiencies in internal control that we identifyduring our audit.

PricewaterhouseCoopers LLPPublic Accountants and Chartered Accountants

Singapore, 21 September 2018


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STATEMENT OF TOTAL RETURN

For the financial year ended 30 June 2018

2018 2017Note $ $

Interest 2 -Total 2 -

Less: ExpensesManagement fee 9 111,756 107,624Trustee fee 9 5,032 5,001Audit fee 14,000 15,000Registrar fee 9 15,041 14,990Valuation fee 9 12,772 12,299Custody fee 9 7,317 3,597Other expenses 48,430 37,654Total 214,348 196,165

Net income/(losses) (214,346) (196,165)

Net gains/(losses) on value of investments and financialderivativesNet gains/(losses) on investments 679,964 1,569,197Net gains/(losses) on financial derivatives - (135)Net foreign exchange gains/(losses) (1,139) 37

678,825 1,569,099

Total return/(deficit) for the year 464,479 1,372,934


The accompanying notes form an integral part of these financial statements.

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STATEMENT OF FINANCIAL POSITION

As at 30 June 2018

2018 2017Note $ $

AssetsPortfolio of investments 5,896,830 6,496,354Sales awaiting settlement 57,192 -Receivables 4 2,763 5,617Cash and bank balances 7,461 173,826Total assets 5,964,246 6,675,797

LiabilitiesPayables 5 54,796 58,740Total liabilities 54,796 58,740

EquityNet assets attributable to unitholders 6 5,909,450 6,617,057



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STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDS


2018 2017Note $ $

Net assets attributable to unitholders at the beginning ofthe financial year 6,617,057 6,052,721

OperationsChange in net assets attributable to unitholders resulting fromoperations 464,479 1,372,934

Unitholders’ contributions/(withdrawals)Creation of units 355,630 556,697Cancellation of units (1,527,716) (1,365,295)

Change in net assets attributable to unitholders resulting fromnet creation and cancellation of units (1,172,086) (808,598)

Total increase/(decrease) in net assets attributable tounitholders (707,607) 564,336

Net assets attributable to unitholders at the end of thefinancial year 6 5,909,450 6,617,057



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STATEMENT OF PORTFOLIO

As at 30 June 2018

Holdings at Fair value at

Percentage oftotal net assetsattributable tounitholders at

30 June2018

30 June2018$

30 June2018%

By Geography - Primary

Quoted unit trusts

LUXEMBOURGAMUNDI FUNDS II - EUROPEANPOTENTIAL CLASS X EUR NONDISTRIBUTING 2,578 5,896,830 99.79

Portfolio of investments 5,896,830 99.79Other net assets/(liabilities) 12,620 0.21Net assets attributable to unitholders 5,909,450 100.00



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STATEMENT OF PORTFOLIO

As at 30 June 2018

Percentage oftotal net assetsattributable tounitholders at30 June2018%

Percentage oftotal net assetsattributable tounitholders at30 June2017%

By Geography - Primary (Summary)Quoted unit trusts

Luxembourg 99.79 98.18Portfolio of investments 99.79 98.18Other net assets/(liabilities) 0.21 1.82Net assets attributable to unitholders 100.00 100.00

As the Fund is invested wholly into a quoted unit trust, it is not meaningful to classify the investmentsinto industry segment.



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These notes form an integral part of and should be read in conjunction with the accompanying financialstatements.

1 General

United European Small and Mid Cap Fund (the “Fund”) is a Singapore-registered trust fund constitutedunder a Trust Deed dated 21 February 2000 between UOB Asset Management Ltd (the “Manager”) andHSBC Institutional Trust Services (Singapore) Limited (the “Retired Trustee”). The Trust Deed isgoverned by the laws of the Republic of Singapore.

With effect from 1 April 2017, the Trustee of the Fund has changed from HSBC Institutional TrustServices (Singapore) Limited to State Street Trust (SG) Limited (the “Trustee”).

The Fund’s investment objective is to achieve long term capital growth mainly through investing in smalland medium securities of corporations listed, domiciled or having substantial operations in Europe. All orsubstantially all of the Fund’s assets are invested in Amundi funds II - European Potential (EUR) (the“Underlying Fund”).

The management company of the Underlying Fund is Amundi Luxembourg S.A (the “ManagementCompany”), a company incorporated in the Grand Duchy of Luxembourg belonging to the UniCreditBanking Group. The Management Company has delegated the investment management of theUnderlying Fund to Amundi Ireland Limited, an asset management company domiciled in Dublin, of theAmundi Asset Management group of companies.

Subscriptions and redemptions of the units are denominated in the Singapore Dollar.

2 Significant accounting policies

(a) Basis of preparation

The financial statements have been prepared under the historical cost convention, modified by therevaluation of financial assets held at fair value through profit or loss, and in accordance with therecommendations of Statement of Recommended Accounting Practice 7 “Reporting Framework for UnitTrusts” issued by the Institute of Singapore Chartered Accountants.

(b) Recognition of income

Dividend income is recognised when the right to receive payment is established. Interest income isrecognised on a time proportion basis using the effective interest method.


NOTES TO THE FINANCIAL STATEMENTS


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2 Significant accounting policies (continued)

(c) Investments

Investments are classified as financial assets at fair value through profit or loss.

(i) Initial recognition

Purchases of investments are recognised on the trade date. Investments are recorded at fair value oninitial recognition.

(ii) Subsequent measurement

Investments are subsequently carried at fair value. Net changes in fair value on investments are includedin the Statement of Total Return in the year in which they arise.

(iii) Derecognition

Investments are derecognised on the trade date of disposal. The resultant realised gains and losses onthe sale of investments are computed on the basis of the difference between the weighted average costand selling price gross of transaction costs, and are taken up in the Statement of Total Return.

(d) Basis of valuation of investments

The fair value of investments held in underlying funds is the quoted net asset value of the underlyingfunds as determined by the underlying funds’ administrator. Net changes in fair value of investments areincluded in the Statement of Total Return in the year in which they arise.

(e) Foreign currency translation

(i) Functional and presentation currency

The Fund’s investors are mainly from Singapore with the subscriptions and redemptions of the unitsdenominated in the Singapore Dollar.

The performance of the Fund is measured and reported to the investors in the Singapore Dollar. TheManager considers the Singapore Dollar as the currency of the primary economic environment in whichthe Fund operate. The financial statements are presented in the Singapore Dollar, which is the Fund’sfunctional and presentation currency.




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(e) Foreign currency translation (continued)

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange ratesprevailing at the dates of the transactions. Foreign exchange gains and losses resulting from thesettlement of such transactions and from the translation at year-end exchange rates of monetary assetsand liabilities denominated in foreign currencies are recognised in the Statement of Total Return.Translation differences on non-monetary financial assets and liabilities are also recognised in theStatement of Total Return within “Net gains/losses on investments”.

(f) Financial derivatives

Financial derivatives including forwards and swaps may be entered into for the purposes of efficientportfolio management, tactical asset allocation or specific hedging of financial assets held as determinedby the Manager and in accordance with the provision of the Trust Deed and the Code on CollectiveInvestment Schemes.

Financial derivatives outstanding on the financial year end date are valued at the forward rate or at thecurrent market prices using the “mark-to-market” method, as applicable, and the resultant gains andlosses are taken up in the Statement of Total Return.

(g) Distributions

The Manager has the absolute discretion to determine whether a distribution is to be made. In such anevent, an appropriate amount will be transferred to a distribution account, to be paid out on the distributiondate. The amount shall not be treated as part of the property of the Fund. Distributions are accrued forat the financial year end date if the necessary approvals have been obtained and a legal or constructiveobligation has been created.




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(h) Structured entities

A structured entity is an entity that has been designed so that voting or similar rights are not the dominantfactor in deciding who controls the entity, such as when any voting rights relate to administrative tasks onlyand the relevant activities are directed by means of contractual arrangements. A structured entity oftenhas some or all of the following features or attributes: (a) restricted activities, (b) a narrow andwell-defined objective, such as to provide investment opportunities for investors by passing on risks andrewards associated with the assets of the structured entity to investors, (c) insufficient equity to permit thestructured entity to finance its activities without subordinated financial support and (d) financing in theform of multiple contractually linked instruments to investors that create concentrations of credit or otherrisks (tranches).

The Fund considers all of their investments in other funds (“Investee Funds”) to be investments inunconsolidated structured entities. The Fund invests in Investee Funds whose objectives range fromachieving short to long term capital growth and whose investment strategy does not include the use ofleverage. The Investee Funds aremanaged by unrelated/related asset managers and the Investee Fundsapply various investment strategies to accomplish their respective investment objectives. The InvesteeFunds finance their operations by issuing redeemable shares which are puttable at the holder’s optionand entitles the holder to a proportional stake in the respective fund’s net assets. The Fund holdsredeemable shares in each of its Investee Funds.

The change in fair value of the Investee Funds are included in the Statement of Total Return within “Netgains/losses on investments”.

3 Income tax

The Fund was granted the status of Designated Unit Trust (“DUT”) in Singapore. The Trustee of the Fundensures that the Fund fulfill their reporting obligations under the DUT Scheme.

Under the DUT Scheme, subject to certain conditions and reporting obligations being met, certainincome of the DUT Fund is not taxable in accordance with Sections 35(12) and 35(12A) of the IncomeTax Act. Such income includes:

(i) gains or profits derived from Singapore or elsewhere from the disposal of securities;

(ii) interest (other than interest for which tax has been deducted under Section 45 of the Income TaxAct);

(iii) dividends derived from outside Singapore and received in Singapore;




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3 Income tax (continued)

(iv) gains or profits derived from foreign exchange transactions, transactions in futures contracts,transactions in interest rate or currency forwards, swaps or option contracts and transactions inforwards, swaps or option contracts relating to any securities or financial index;

(v) discount, prepayment fee, redemption premium and break cost from qualifying debt securitiesissued during the prescribed period; and

(vi) distributions from foreign unit trusts derived from outside Singapore and received in Singapore.

4 Receivables

2018 2017$ $

Amounts receivable for creation of units 2,763 5,617

5 Payables

2018 2017$ $

Amount payable for cancellation of units 5,571 14,718Amount due to the Manager 30,183 31,732Amount due to Trustee 1,261 1,247Other creditors and accrued expenses 17,781 11,043

54,796 58,740




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6 Units in issue

During the financial year ended 30 June 2018 and 2017, the numbers of units issued, redeemed andoutstanding were as follows:

2018 2017

Units at the beginning of the financial year 6,431,018 7,371,575Units created 328,354 550,434Units cancelled (1,412,516) (1,490,991)Units at the end of the financial year 5,346,856 6,431,018

$ $

Net assets attributable to unitholders 5,909,450 6,617,057Net assets value per unit 1.105 1.028

There is no difference between the net assets attributable to unitholders per unit per financial statements

and the net assets attributable to unitholders per unit for issuing/redeeming of units.

7 Financial risk management

The Fund’s activities expose it to a variety of market risks (including currency risk, interest rate risk andprice risk), credit risk and liquidity risk. The Fund’s overall risk management programme seeks tominimise potential adverse effects on the Fund’s financial performance. The Fund may use futurescontracts, financial options contracts and/or foreign currency contracts subject to the terms of the TrustDeed to moderate certain risk exposures. Specific guidelines on exposures to individual securities andcertain industries are in place for the Fund at any time as part of the overall financial risk management toreduce the Fund’s risk exposures.

The Fund’s assets principally consist of investments in the Underlying Fund which are managed byAmundi Ireland Limited. They are held in accordance with the published investment policies of the Fund.The allocation of assets between the various types of investments is determined by the Manager toachieve its investment objectives.




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7 Financial risk management (continued)

(a) Market risk

Market risk is the risk of loss arising from uncertainty concerning movements in market prices and rates,including observable variables such as interest rates, credit spreads, exchange rates, and others thatmay be only indirectly observable such as volatilities and correlations. Market risk includes such factorsas changes in economic environment, consumption pattern and investor’s expectation etc. which mayhave significant impact on the value of the investments. The Fund’s investments are substantiallydependent on changes in market prices and are monitored by the Manager on a regular basis so as toassess changes in fundamentals and valuation. Although the Manager makes reasonable efforts in thechoice of investments, events beyond reasonable control of the Manager could affect the prices of theunderlying investments and hence the asset value of the Fund. Guidelines are set to reduce the Fund’srisk exposures to market volatility such as diversifying the portfolio by investing across variousgeographies, alternatively, the Fund may be hedged using derivative strategies.

(i) Foreign exchange risk

The Fund has monetary financial assets and liabilities denominated in currencies other than theSingapore Dollar and it may be affected favourably or unfavourably by exchange rate regulations orchanges in the exchange rates between the Singapore Dollar and such other currencies. The Managermay at his discretion, implement a currency management strategy either to reduce currency volatility orto hedge the currency exposures of the Fund.




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(a) Market risk (continued)

(i) Foreign exchange risk (continued)

The table below summarises the Fund’s exposure to foreign currencies at the end of the financial year.

As at 30 June 2018SGD EUR USD Total$ $ $ $

AssetsPortfolio of investments - 5,896,830 - 5,896,830Sales awaiting settlement - 57,192 - 57,192Receivables 2,763 - - 2,763Cash and bank balances 5,096 1,216 1,149 7,461Total Assets 7,859 5,955,238 1,149 5,964,246

LiabilitiesPayables 54,796 - - 54,796Total Liabilities 54,796 - - 54,796

Net currency exposure (46,937) 5,955,238 1,149




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(i) Foreign exchange risk (continued)

As at 30 June 2017SGD EUR USD Total$ $ $ $

AssetsPortfolio of investments - 6,496,354 - 6,496,354Receivables 5,617 - - 5,617Cash and bank balances 173,013 565 248 173,826Total Assets 178,630 6,496,919 248 6,675,797

LiabilitiesPayables 58,740 - - 58,740Total Liabilities 58,740 - - 58,740

Net currency exposure 119,890 6,496,919 248

Investments, which is the significant item in the Statement of Financial Position, is exposed to currencyrisk and other price risk. Other price risk sensitivity analysis includes the impact of currency risk onnon-monetary investments. The Fund’s net financial assets comprise significantly non-monetaryinvestments, hence currency risk sensitivity analysis has not been presented on the remaining financialassets.

(ii) Price risk

Price risk is the risk of potential adverse changes to the value of financial investments because ofchanges in market conditions and volatility in security prices.




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(ii) Price risk (continued)

The table below summarises the impact of increases/decreases from the Fund’s investment in theInvestee Fund on the Fund’s net assets attributable to unitholders at 30 June 2018 and 2017. Theanalysis is based on the assumption that the index components within the benchmarkincreased/decreased by a reasonable possible shift, with all other variables held constant and that the fairvalue of the Fund’s investments moved according to the historical correlation with the index.

Benchmark component

2018Net impact tonet assets

attributable tounitholders

2017Net impact tonet assets

attributable tounitholders

$ % $ %

MSCI Europe SmallCompanies Index 1,213,065 20 1,221,314 20

(iii) Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due to changes in marketinterest rates.

Investment funds that invest in equity securities may be subject to interest rate risk as any interest ratechange may affect the equity risk premium though at varying degrees. To manage this risk, the Manageranalyses how interest rate changesmay affect different industries and securities and then seeks to adjustthe Fund’s portfolio investments accordingly. However, the effects of changes in interest rates on theFund’s portfolio may not be quantified as the relationship between the interest rates and the value ofequity securities is indirect.

Other than the cash and bank balances which are at short term market interest rates, and thereforesubject to insignificant interest rate risk, the Fund’s financial assets and liabilities are largely non-interestbearing.

Hence, no sensitivity analysis has been presented separately.




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(b) Liquidity risk

The Fund is exposed to daily cash redemptions and disbursements for the settlements of purchases. TheManager therefore ensures that the Fund maintains sufficient cash and cash equivalents and that it isable to obtain cash from the sale of investments held to meet its liquidity requirements. Reasonableefforts will be taken to invest in securities which are traded in a relatively active market and which can bereadily disposed of.

The Fund’s investments in other funds are considered to be readily realisable as the net asset value isstruck daily, and units are redeemable on demand at the published price.

The table below analyses the Fund’s financial liabilities into relevant maturity groupings based on theremaining period at the financial year end date to the contractual maturity date. The amounts in the tableare the contractual undiscounted cash flows. Balances due within 12 months equal their carryingbalances, as the impact of discounting is not significant.

Less than 3months

3 months to1 year

Over1 year

$ $ $

As at 30 June 2018Payables 54,796 - -

Less than 3months

3 months to1 year

Over1 year

$ $ $As at 30 June 2017Payables 58,740 - -

(c) Credit risk

The Fund takes on exposure to credit risk, which is the risk that a counterparty will be unable to payamounts in full when due. The Fund’s credit risk is concentrated on cash and bank balances, andamounts or securities receivable on the sale and purchase of investments respectively. In order tomitigate exposure to credit risk, all transactions in listed securities are settled/paid for upon delivery andtransacted with approved counterparties using an approved list of brokers that are regularly assessedand updated by the Manager.




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(c) Credit risk (continued)

The table below summarises the credit rating of banks and custodians in which the Fund’s assets areheld as at 30 June 2018 and 2017.

The credit ratings are based on the Viability ratings published by Fitch.

Credit ratingas at 30 June

2018

Credit ratingas at 30 June

2017Bank and custodianState Street Bank and Trust Company aa- aa-

The custodian of the Investee Fund is Société Générale Bank & Trust. As at 30 June 2018, Société

Générale Bank & Trust is rated a (30 June 2017: a) based on the Viability ratings by Fitch.

The maximum exposure to credit risk at the financial year end date is the carrying amount of the portfolio

of investments and cash and bank balances as presented in Statement of Financial Position.

(d) Capital management

The Fund’s capital is represented by the net assets attributable to unitholders. The Fund strives to investthe subscriptions of redeemable participating units in investments that meet the Fund’s investmentobjectives while maintaining sufficient liquidity to meet unitholder redemptions.

(e) Fair value estimation

The Fund classifies fair value measurements using a fair value hierarchy that reflects the significance ofthe inputs used in making the measurements. The fair value hierarchy has the following levels:

• Quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1).

• Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2).

• Inputs for the asset or liability that are not based on observable market data (that is, unobservableinputs) (Level 3).




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(e) Fair value estimation (continued)

The following table analyses within the fair value hierarchy, the Fund’s financial assets and liabilities (byclass) measured at fair value at 30 June 2018 and 2017:

Level 1 Level 2 Level 3 Total$ $ $ $

As at 30 June 2018AssetsPortfolio of investments- Quoted unit trusts 5,896,830 - - 5,896,830

Total 5,896,830 - - 5,896,830

Level 1 Level 2 Level 3 Total$ $ $ $

As at 30 June 2017AssetsPortfolio of investments- Quoted unit trusts 6,496,354 - - 6,496,354

Total 6,496,354 - - 6,496,354

Investment in open-ended investment funds whose net asset value is struck daily, price information ispublished and readily available and units are subscribed and redeemable on demand at the publishedprice, are classified within Level 1. The quotes price for these financial instruments is not adjusted.

Except for cash and bank balances which are classified as Level 1, the Fund’s assets and liabilities notmeasured at fair value at 30 June 2018 and 2017 have been classified as Level 2. The carrying amountsof these assets and liabilities approximate their fair values as at the financial year end date.

8 Structured entities

The Fund’s investment in the Investee Fund is subject to the terms and conditions of the Investee Fund’soffering documentation and is susceptible to market price risk arising from uncertainties about futurevalue of the Investee Fund. The Manager makes investment decisions after extensive due diligence ofthe Investee Fund, its strategy and the overall quality of the Investee Fund’s manager. The InvesteeFund’s portfolio manager is compensated by the Investee Fund for their services. Such compensationgenerally consists of an asset based fee and is reflected in the valuation of the Fund’s investment in theInvestee Fund.




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8 Structured entities (continued)

The Fund has the right to request redemption of its investments in the Investee Fund on a daily basis.

The exposure to investment in the Investee Fund at fair value is disclosed under the Statement ofPortfolio. The investment is included within “Portfolio of investments” in the Statement of FinancialPosition.

The Fund’s holdings in an Investee Fund, as a percentage of the Investee Fund’s total net asset value, willvary from time to time, dependent on the volume of subscriptions and redemptions at the Investee Fundlevel. It is possible that the Fund may, at any point in time, hold a majority of an Investee Fund’s total unitsin issue.

The Fund’smaximum exposure to loss from its interests in the Investee Fund is equal to the total fair valueof its investment in the Investee Fund.

Once the Fund has disposed of its shares in an Investee Fund, the Fund ceases to be exposed to any riskfrom it.

9 Related party transactions

(a) The Manager and the Trustee of the Fund are UOB Asset Management Ltd and State Street Trust(SG) Limited respectively. State Street Trust (SG) Limited replaced HSBC Institutional Trust Services(Singapore) Limited as the Trustee with effect from 1 April 2017. The Manager is a subsidiary of UnitedOverseas Bank Limited while the Trustee is a subsidiary of State Street Bank and Trust Company.

Management fee and valuation fee are paid to theManager for the financial year. Trustee fee and registrarfee were paid to the Retired Trustee for the period from 1 July 2016 to 31 March 2017.

With effect from 1 April 2017, trustee fee is paid to the Trustee while registrar fee and custody fee are paidto State Street Bank and Trust Company, Singapore Branch.

These fees paid or payable by the Fund shown in the Statement of Total Return and in the respectiveNotes to the Financial Statements are on terms set out in the Trust Deed. All other related partytransactions are shown elsewhere in the financial statements.




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9 Related party transactions (continued)

(b) As at the end of the financial year, the Fund maintained the following accounts with the relatedparties:

2018 2017$ $

State Street Bank and Trust Company, Singapore BranchCash and bank balances 7,461 173,826

(c) The following transactions took place during the financial year between the Fund and related partiesat terms agreed between the parties:

2018 2017$ $

State Street Bank and Trust Company, Singapore BranchBank charges - 146Interest income 2 -

United Overseas Bank LimitedBank charges 1,398 60




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10 Financial ratios

2018 2017$ $

Total operating expenses 214,348 196,165Average daily net asset value 6,387,701 6,144,332Investee Fund’s expense ratio 0.07% 0.07%Expense ratio1 3.43% 3.26%

Lower of total value of purchases or sales# 1,279,488 1,131,077Average daily net assets value 6,387,701 6,144,332

Turnover ratio2 20.03% 18.41%

1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association ofSingapore (“IMAS”). This is the sum of the Fund’s expense ratio and the Investee Fund’s unaudited expense ratio. The unauditedexpense ratio of the Investee Fund is obtained from Investee Fund’s manager. The calculation of the Fund’s expense ratio atfinancial year end was based on total operating expenses divided by the average net asset value respectively for the financial year.The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interestexpense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase orsale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee.The average net asset value is based on the daily balances.

# There were no purchases during the financial year ended 30 June 2018 and 30 June 2017. Therefore, the total value of sales isused in the calculation of portfolio turnover ratio.

2 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 was based on the lower of the total value of purchases or sales of the underlyinginvestments divided by the average daily net asset value.




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annual report - uob group · the fund lost some performance within consumer staples. at stock...

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