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PineBridge Fund Series Reports And Financial Statements For the six months ended 30 June 2020 (Unaudited)
PINEBRIDGE ASIAN BOND FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge Asian Bond Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-12
Statement of net assets 13
Statement of comprehensive income 14
Statement of changes in equity 15
Statement of cash flows 16
Notes to the financial statements 17-18
PineBridge Asian Bond Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge Asian Bond Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
The Asian credit market had one of the most volatile periods in history on the back of the COVID-19 outbreak and
oil price shock. The J.P. Morgan Asia Credit Index average credit spread widened by 200bps in 1Q before
subsequently tightening by 107bps in 2Q. For the first half of 2020, the investment grade and high yield sector
delivered 3.53% and -1.60% total return respectively. After the sharp correction in 1Q, investment sentiment
gradually recovered in 2Q as policy makers globally were quick with follow with fiscal and monetary supports to
the economy. These started to gradually filter through the credit markets. Concerns on second wave virus outbreak,
US-China tensions and various geopolitical flare ups have introduced bouts of volatility to the market in 2Q but
these were largely offset by the supportive policies measures and optimism on re-opening of major economies. With
the return in risk appetite over recent months, Asia USD bond supply continued to flow at a rapid pace in June,
driven mostly by IG issuers. YTD issuance continues to be on par with 2019 on a gross basis, though on a net basis
we are tracking roughly 30% below YoY.
2020 H2 Market Outlook and Strategy
After the strong performance in 2Q, the Asian credit market is not as dislocated as in March but current credit spread
levels remain wider than historical average and are still pricing in excessive rating downgrade and default risks, in
our view. 1H20 corporate earnings from impacted sectors inevitably will be weak but selective sectors (e.g. real
estate) are showing encouraging signs of rebound in recent months as economies reopen. Major economies in the
region such as China and Korea remain ahead of the curve in virus containment though India and Indonesia continue
to require more intensive monitoring, in our view. We also remain cognizant of the risk of a second wave outbreak
and also the rising US-China tension. Nevertheless, we expect selective sectors and companies will withstand the
current downturn. We also expect supply/demand technical to remain supportive as net issuance decreases year on
year. Against this backdrop, careful credit selection remains critical and we expect both the secondary and primary
markets to continue to present attractive opportunities amid market volatility.
The fund outperformed the benchmark by 311bps. The outperformance was primarily driven by successful credit
selection and asset allocation while duration and curve positioning had largely neutral impact. In terms of countries,
positions in China, Malaysia, Australia and Indonesia have contributed to the outperformance. Looking ahead, we
expect credit selection continue to be a major source of alpha. We remain selective in credit positioning and focus at
sectors and companies which will withstand the current economic downturn and benefit from supportive
government pressures.
PineBridge Asian Bond Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Nominal Market % of net
value value assets
US$ US$
LISTED/QUOTED INVESTMENTS
BONDS
UNITED STATES DOLLAR
ADANI TRANSMISSION LTD 4.25% 21MAY2036 264,670 255,628 0.30%
AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/UNITED
KINGDOM 6.75% 29DEC2049 1,800,000 1,998,387 2.32%
AZURE NOVA INTERNATIONAL FINANCE LTD 4.25% 21MAR2027 400,000 438,368 0.51%
AZURE ORBIT IV INTERNATIONAL FINANCE LTD 3.5% 25JAN2021 500,000 504,232 0.59%
AZURE ORBIT IV INTERNATIONAL FINANCE LTD 3.75%
25JAN2023 1,000,000 1,041,321 1.21%
BANK MANDIRI PERSERO TBK PT 4.75% 13MAY2025 730,000 775,015 0.90%
BANK OF CHINA LTD 5% 13NOV2024 2,550,000 2,845,690 3.31%
BHP BILLITON FINANCE USA LTD 6.75% 19OCT2075 400,000 462,578 0.54%
BLUESTAR FINANCE HOLDINGS LTD 3.5% 30SEP2021 1,000,000 1,016,529 1.18%
BOC AVIATION LTD 3.25% 29APR2025 515,000 528,147 0.61% BOCOM LEASING MANAGEMENT HONG KONG CO LTD 4%
22JAN2022 410,000 423,161 0.49%
BP CAPITAL MARKETS PLC 4.375% 31DEC2049 335,000 340,863 0.40%
BP CAPITAL MARKETS PLC 4.875% 31DEC2049 1,035,000 1,071,225 1.24%
CCCI TREASURE LTD 3.65% 31DEC2049 400,000 397,000 0.46%
CDBL FUNDING 1 1.64238% 15NOV2021 645,000 641,317 0.74%
CDBL FUNDING 1 3.5% 24OCT2027 700,000 733,137 0.85%
CHALCO HONG KONG INVESTMENT CO LTD 4.25% 29DEC2049 1,500,000 1,514,986 1.76%
CHALCO HONG KONG INVESTMENT CO LTD 4.875% 7SEP2021 900,000 925,268 1.07%
CHINA CINDA 2020 I MANAGEMENT LTD 3% 18MAR2027 290,000 297,554 0.35%
CHINA CLEAN ENERGY DEVELOPMENT LTD 4% 5NOV2025 1,800,000 1,984,132 2.30%
CHINA CONSTRUCTION BANK CORP 4.25% 27FEB2029 330,000 352,836 0.41%
CHINA LIFE INSURANCE OVERSEAS CO LTD/HONG KONG 3.35% 27JUL2027 330,000 334,643 0.39%
CHINA MENGNIU DAIRY CO LTD 4.25% 7AUG2023 375,000 403,733 0.47%
CHINA MINMETALS CORP 3.75% 31DEC2049 1,950,000 1,969,401 2.29%
CHINA OVERSEAS FINANCE CAYMAN V LTD 3.95% 15NOV2022 500,000 525,565 0.61%
CHINA RESOURCES GAS GROUP LTD 4.5% 5APR2022 450,000 471,559 0.55%
CHINALCO CAPITAL HOLDINGS LTD 4.1% 29DEC2049 1,230,000 1,242,116 1.44%
CLP POWER HONG KONG FINANCING LTD 2.125% 30JUN2030 505,000 503,766 0.58%
CMB WING LUNG BANK LTD 3.75% 22NOV2027 1,000,000 1,016,076 1.18%
CNAC HK FINBRIDGE CO LTD 3.5% 19JUL2022 800,000 820,979 0.95%
CNAC HK FINBRIDGE CO LTD 4.125% 19JUL2027 300,000 327,169 0.38%
CNAC HK FINBRIDGE CO LTD 4.75% 19JUN2049 310,000 357,178 0.41%
COMMONWEALTH BANK OF AUSTRALIA 3.375% 20OCT2026 350,000 355,370 0.41%
COSTCO WHOLESALE CORP 1.75% 20APR2032 220,000 223,734 0.26%
COUNTRY GARDEN HOLDINGS CO LTD 7.25% 8APR2026 250,000 272,596 0.32%
CRCC CHENGAN LTD 3.97% 31DEC2049 250,000 254,956 0.30%
DAH SING BANK LTD 4.25% 30NOV2026 1,400,000 1,418,935 1.65%
ELECT GLOBAL INVESTMENTS LTD 4.1% 31DEC2049 1,090,000 1,051,850 1.22%
GOODMAN HK FINANCE 4.375% 19JUN2024 400,000 428,489 0.50%
PineBridge Asian Bond Fund
Investment Report
As at 30 June 2020
(Unaudited)
4
INVESTMENT PORTFOLIO (CONTINUED)
Nominal Market % of net
value value assets
US$ US$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR (CONTINUED)
HONGKONG LAND FINANCE CAYMAN ISLANDS CO LTD 2.875%
27MAY2030 200,000 208,410 0.24%
HORSE GALLOP FINANCE LTD 3.25% 30MAY2022 610,000 629,108 0.73%
HSBC HOLDINGS PLC 4.95% 31MAR2030 1,980,000 2,384,773 2.77%
HUARONG FINANCE 2017 CO LTD 4.25% 7NOV2027 300,000 316,349 0.37%
HUARONG FINANCE 2017 CO LTD 4.75% 27APR2027 900,000 971,380 1.13%
HUARONG FINANCE 2019 CO LTD 3.375% 24FEB2030 805,000 791,598 0.92%
HUARONG FINANCE 2019 CO LTD 3.875% 13NOV2029 275,000 281,902 0.33%
HUARONG FINANCE II CO LTD 4.625% 3JUN2026 500,000 537,507 0.62%
HUARONG FINANCE II CO LTD 4.875% 22NOV2026 800,000 875,767 1.02%
HYUNDAI CAPITAL AMERICA 3.1% 5APR2022 346,000 353,128 0.41%
HYUNDAI CAPITAL AMERICA 5.875% 7APR2025 800,000 899,184 1.04%
ICBCIL FINANCE CO LTD 1.49238% 15MAY2023 1,000,000 986,566 1.14%
INDONESIA ASAHAN ALUMINIUM PERSERO PT 5.45% 15MAY2030 1,580,000 1,765,966 2.05%
INDONESIA ASAHAN ALUMINIUM PERSERO PT 6.53% 15NOV2028 300,000 356,259 0.41%
INDONESIA GOVERNMENT INTERNATIONAL BOND 4.75% 18JUL2047 250,000 294,548 0.34%
KOREA GAS CORP 3.5% 2JUL2026 900,000 1,022,759 1.19%
LEMBAGA PEMBIAYAAN EKSPOR INDONESIA 3.875% 6APR2024 700,000 724,763 0.84%
LLPL CAPITAL PTE LTD 6.875% 4FEB2039 1,345,820 1,476,089 1.71%
LONGFOR GROUP HOLDINGS LTD 3.95% 16SEP2029 733,000 762,837 0.89%
MALAYAN BANKING BHD 3.905% 29OCT2026 800,000 812,140 0.94%
MEGLOBAL CANADA ULC 5% 18MAY2025 1,320,000 1,426,168 1.66%
MEGLOBAL CANADA ULC 5.875% 18MAY2030 235,000 266,412 0.31%
MEXICO GOVERNMENT INTERNATIONAL BOND 5% 27APR2051 500,000 540,500 0.63%
MINEJESA CAPITAL BV 4.625% 10AUG2030 500,000 509,280 0.59%
MINEJESA CAPITAL BV 5.625% 10AUG2037 1,000,000 1,029,295 1.19%
MINMETALS BOUNTEOUS FINANCE BVI LTD 3.375% 31DEC2049 500,000 501,935 0.58%
MINMETALS BOUNTEOUS FINANCE BVI LTD 4.75% 30JUL2025 900,000 1,009,809 1.17%
NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.4% 29SEP2027 800,000 773,534 0.90%
NEXEN INC 5.875% 10MAR2035 1,500,000 2,089,709 2.43%
NIPPON LIFE INSURANCE CO 3.4% 23JAN2050 750,000 778,150 0.90%
OIL INDIA LTD 5.125% 4FEB2029 400,000 425,513 0.49%
ONGC VIDESH VANKORNEFT PTE LTD 3.75% 27JUL2026 550,000 567,382 0.66%
PERTAMINA PERSERO PT 5.625% 20MAY2043 500,000 581,686 0.68%
PERTAMINA PERSERO PT 6% 3MAY2042 500,000 597,415 0.69%
PERTAMINA PERSERO PT 6.45% 30MAY2044 800,000 1,028,128 1.19%
PERTAMINA PERSERO PT 6.5% 7NOV2048 1,500,000 1,971,441 2.29%
PERUSAHAAN LISTRIK NEGARA PT 5.5% 22NOV2021 300,000 314,288 0.36%
PineBridge Asian Bond Fund
Investment Report
As at 30 June 2020
(Unaudited)
5
INVESTMENT PORTFOLIO (CONTINUED)
Nominal Market % of net
value value assets
US$ US$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR (CONTINUED)
PERUSAHAAN LISTRIK NEGARA PT 6.15% 21MAY2048 1,800,000 2,244,231 2.60%
PERUSAHAAN LISTRIK NEGARA PT 6.25% 25JAN2049 500,000 631,250 0.73%
PETRONAS CAPITAL LTD 4.55% 21APR2050 1,200,000 1,527,634 1.77%
PHILIPPINE GOVERNMENT INTERNATIONAL BOND 3.95% 20JAN2040 300,000 349,274 0.41%
PHILIPPINE NATIONAL BANK 3.28% 27SEP2024 310,000 318,005 0.37%
PTT GLOBAL CHEMICAL PCL 4.25% 19SEP2022 650,000 682,493 0.79%
PTTEP TREASURY CENTER CO LTD 3.903% 6DEC2059 230,000 246,098 0.29%
RELIANCE HOLDING USA INC 5.4% 14FEB2022 450,000 474,573 0.55%
SANTOS FINANCE LTD 5.25% 13MAR2029 750,000 806,015 0.94%
SCENTRE GROUP TRUST 2 4.375% 28MAY2030 1,430,000 1,574,455 1.83%
SHINHAN BANK CO LTD 3.75% 20SEP2027 500,000 533,528 0.62%
SHINHAN BANK CO LTD 3.875% 24MAR2026 700,000 762,603 0.88%
SHINHAN BANK CO LTD 4% 23APR2029 775,000 851,556 0.99%
SINOPEC CAPITAL 2013 LTD 3.125% 24APR2023 700,000 732,002 0.85% SINOPEC GROUP OVERSEAS DEVELOPMENT 2015 LTD 3.25%
28APR2025 1,000,000 1,079,287 1.25% SINOPEC GROUP OVERSEAS DEVELOPMENT 2016 LTD 2.75%
29SEP2026 500,000 531,767 0.62%
SINOPEC GROUP OVERSEAS DEVELOPMENT 2016 LTD 3.5% 3MAY2026 300,000 330,358 0.38%
SINOPEC GROUP OVERSEAS DEVELOPMENT 2017 LTD 3.25% 13SEP2027 500,000 538,913 0.63%
SPIC LUXEMBOURG LATIN AMERICA RENEWABLE ENERGY
INVESTMENT CO SARL 4.65% 30OCT2023 1,030,000 1,103,768 1.28% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.75%
13MAY2030 200,000 204,241 0.24% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.75%
25FEB2029 290,000 319,920 0.37%
TAKEDA PHARMACEUTICAL CO LTD 2.05% 31MAR2030 1,000,000 1,001,652 1.16%
TAKEDA PHARMACEUTICAL CO LTD 3.175% 9JUL2050 385,000 385,602 0.45%
TENCENT HOLDINGS LTD 3.24% 3JUN2050 650,000 653,463 0.76%
THAIOIL TREASURY CENTER CO LTD 3.625% 23JAN2023 490,000 510,338 0.59%
UNITED OVERSEAS BANK LTD 3.5% 16SEP2026 1,200,000 1,224,774 1.42%
UNITED OVERSEAS BANK LTD 3.75% 15APR2029 200,000 211,667 0.25%
VANKE REAL ESTATE HONG KONG CO LTD 1.9095% 25MAY2023 500,000 492,667 0.57%
VANKE REAL ESTATE HONG KONG CO LTD 3.975% 9NOV2027 908,000 968,807 1.12%
WESTPAC BANKING CORP/NEW ZEALAND 5% 31DEC2049 500,000 495,023 0.57%
WOORI BANK 5.125% 6AUG2028 900,000 1,044,927 1.21%
TOTAL UNITED STATES DOLLAR 84,218,058 97.75%
TOTAL INVESTMENTS* 84,218,058 97.75%
TOTAL INVESTMENTS, AT COST* 79,596,800
* Investments are accounted for on a trade date basis.
PineBridge Asian Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
6
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Nominal value
1 January 2020 Additions Deductions 30 June 2020
US$ US$ US$ US$
LISTED/QUOTED INVESTMENTS
BONDS
UNITED STATES DOLLAR
ABU DHABI GOVERNMENT INTERNATIONAL BOND 3.875% 16APR2050 – 200,000 (200,000) –
ADANI TRANSMISSION LTD 4.25% 21MAY2036 266,000 – (1,330) 264,670
AIA GROUP LTD 3.375% 7APR2030 – 300,000 (300,000) – AUSTRALIA & NEW ZEALAND BANKING GROUP LTD/UNITED
KINGDOM 6.75% 29DEC2049 – 1,800,000 – 1,800,000
AZURE NOVA INTERNATIONAL FINANCE LTD 4.25% 21MAR2027 400,000 – – 400,000 AZURE ORBIT IV INTERNATIONAL FINANCE LTD 3.5%
25JAN2021 1,000,000 – (500,000) 500,000 AZURE ORBIT IV INTERNATIONAL FINANCE LTD 3.75%
25JAN2023 1,000,000 – – 1,000,000
AZURE ORBIT IV INTERNATIONAL FINANCE LTD 4% 25JAN2028 600,000 – (600,000) –
BAIDU INC 3.425% 7APR2030 – 200,000 (200,000) –
BANK MANDIRI PERSERO TBK PT 3.75% 11APR2024 – 300,000 (300,000) –
BANK MANDIRI PERSERO TBK PT 4.75% 13MAY2025 – 730,000 – 730,000
BANK OF CHINA LTD 5% 13NOV2024 1,950,000 1,000,000 (400,000) 2,550,000
BANK OF CHINA LTD/HONG KONG 3.875% 30JUN2025 432,000 – (432,000) –
BHP BILLITON FINANCE USA LTD 6.75% 19OCT2075 400,000 – – 400,000
BLUESTAR FINANCE HOLDINGS LTD 3.5% 30SEP2021 1,000,000 – – 1,000,000
BOC AVIATION LTD 3.25% 29APR2025 – 515,000 – 515,000 BOCOM LEASING MANAGEMENT HONG KONG CO LTD 4%
22JAN2022 410,000 – – 410,000
BP CAPITAL MARKETS PLC 4.375% 31DEC2049 – 335,000 – 335,000
BP CAPITAL MARKETS PLC 4.875% 31DEC2049 – 1,035,000 – 1,035,000
BUSAN BANK CO LTD 3.625% 25JUL2026 700,000 – (700,000) –
CCCI TREASURE LTD 3.65% 31DEC2049 – 400,000 – 400,000
CDBL FUNDING 1 1.64238% 15NOV2021 1,645,000 – (1,000,000) 645,000
CDBL FUNDING 1 3.5% 24OCT2027 700,000 – – 700,000
CHALCO HONG KONG INVESTMENT CO LTD 4.25% 29DEC2049 500,000 1,000,000 – 1,500,000
CHALCO HONG KONG INVESTMENT CO LTD 4.875% 7SEP2021 900,000 – – 900,000
CHINA CINDA 2020 I MANAGEMENT LTD 3% 18MAR2027 – 290,000 – 290,000
CHINA CLEAN ENERGY DEVELOPMENT LTD 4% 5NOV2025 1,800,000 – – 1,800,000
CHINA CONSTRUCTION BANK CORP 3.875% 13MAY2025 1,989,000 – (1,989,000) –
CHINA CONSTRUCTION BANK CORP 4.25% 27FEB2029 330,000 – – 330,000
CHINA LIFE INSURANCE OVERSEAS CO LTD/HONG KONG 3.35% 27JUL2027 330,000 – – 330,000
CHINA MENGNIU DAIRY CO LTD 4.25% 7AUG2023 375,000 – – 375,000
CHINA MINMETALS CORP 3.75% 31DEC2049 1,750,000 200,000 – 1,950,000
CHINA OVERSEAS FINANCE CAYMAN V LTD 3.95% 15NOV2022 500,000 – – 500,000
CHINA RESOURCES GAS GROUP LTD 4.5% 5APR2022 450,000 – – 450,000
CHINALCO CAPITAL HOLDINGS LTD 4.1% 29DEC2049 730,000 500,000 – 1,230,000
CITIC LTD 2.85% 25FEB2030 – 275,000 (275,000) –
CLP POWER HONG KONG FINANCING LTD 2.125% 30JUN2030 – 505,000 – 505,000
CMB WING LUNG BANK LTD 3.75% 22NOV2027 1,000,000 – – 1,000,000
CNAC HK FINBRIDGE CO LTD 3.5% 19JUL2022 800,000 – – 800,000
CNAC HK FINBRIDGE CO LTD 4.125% 14MAR2021 500,000 – (500,000) –
CNAC HK FINBRIDGE CO LTD 4.125% 19JUL2027 300,000 – – 300,000
PineBridge Asian Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
7
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
US$ US$ US$ US$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR (CONTINUED)
CNAC HK FINBRIDGE CO LTD 4.75% 19JUN2049 310,000 – – 310,000
COMMONWEALTH BANK OF AUSTRALIA 3.375% 20OCT2026 350,000 – – 350,000
COSTCO WHOLESALE CORP 1.75% 20APR2032 – 220,000 – 220,000
COUNTRY GARDEN HOLDINGS CO LTD 4.75% 25JUL2022 – 300,000 (300,000) –
COUNTRY GARDEN HOLDINGS CO LTD 5.125% 14JAN2027 – 400,000 (400,000) –
COUNTRY GARDEN HOLDINGS CO LTD 5.625% 15DEC2026 – 900,000 (900,000) –
COUNTRY GARDEN HOLDINGS CO LTD 7.25% 8APR2026 – 250,000 – 250,000
CRCC CHENGAN LTD 3.97% 31DEC2049 250,000 – – 250,000
DAH SING BANK LTD 4.25% 30NOV2026 1,400,000 – – 1,400,000
DBS GROUP HOLDINGS LTD 3.3% 31DEC2049 – 1,000,000 (1,000,000) –
ELECT GLOBAL INVESTMENTS LTD 4.1% 31DEC2049 – 1,090,000 – 1,090,000
EXPORT-IMPORT BANK OF INDIA 1.37413% 21AUG2022 400,000 – (400,000) –
EXXON MOBIL CORP 3.452% 15APR2051 – 800,000 (800,000) –
FUKOKU MUTUAL LIFE INSURANCE CO 5% 29DEC2049 350,000 – (350,000) –
GOODMAN HK FINANCE 4.375% 19JUN2024 400,000 – – 400,000
HONGKONG LAND FINANCE CAYMAN ISLANDS CO LTD 2.875% 27MAY2030 – 200,000 – 200,000
HORSE GALLOP FINANCE LTD 3.25% 30MAY2022 610,000 – – 610,000
HSBC HOLDINGS PLC 4.95% 31MAR2030 – 1,980,000 – 1,980,000
HUARONG FINANCE 2017 CO LTD 4.25% 7NOV2027 300,000 – – 300,000
HUARONG FINANCE 2017 CO LTD 4.75% 27APR2027 200,000 700,000 – 900,000
HUARONG FINANCE 2019 CO LTD 1.4845% 24FEB2023 – 495,000 (495,000) –
HUARONG FINANCE 2019 CO LTD 3.375% 24FEB2030 – 805,000 – 805,000
HUARONG FINANCE 2019 CO LTD 3.875% 13NOV2029 275,000 – – 275,000
HUARONG FINANCE II CO LTD 4.625% 3JUN2026 900,000 – (400,000) 500,000
HUARONG FINANCE II CO LTD 4.875% 22NOV2026 700,000 800,000 (700,000) 800,000
HYUNDAI CAPITAL AMERICA 3.1% 5APR2022 – 346,000 – 346,000
HYUNDAI CAPITAL AMERICA 5.875% 7APR2025 – 800,000 – 800,000
HYUNDAI CAPITAL SERVICES INC 3% 6MAR2022 – 212,000 (212,000) –
ICBCIL FINANCE CO LTD 1.34238% 15MAY2021 500,000 – (500,000) –
ICBCIL FINANCE CO LTD 1.49238% 15MAY2023 1,000,000 – – 1,000,000
INDIAN RAILWAY FINANCE CORP LTD 3.249% 13FEB2030 – 280,000 (280,000) – INDONESIA ASAHAN ALUMINIUM PERSERO PT 4.75%
15MAY2025 – 500,000 (500,000) – INDONESIA ASAHAN ALUMINIUM PERSERO PT 5.45%
15MAY2030 – 1,580,000 – 1,580,000
INDONESIA ASAHAN ALUMINIUM PERSERO PT 5.8% 15MAY2050 – 200,000 (200,000) – INDONESIA ASAHAN ALUMINIUM PERSERO PT 6.53%
15NOV2028 – 300,000 – 300,000
INDONESIA GOVERNMENT INTERNATIONAL BOND 4.75% 18JUL2047 250,000 – – 250,000
INDONESIA GOVERNMENT INTERNATIONAL BOND 5.125% 15JAN2045 250,000 – (250,000) –
INDONESIA GOVERNMENT INTERNATIONAL BOND 5.25%
17JAN2042 600,000 – (600,000) –
INDONESIA GOVERNMENT INTERNATIONAL BOND 5.95%
8JAN2046 1,150,000 – (1,150,000) –
ISRAEL GOVERNMENT INTERNATIONAL BOND 3.875% 3JUL2050 – 320,000 (320,000) –
KASIKORNBANK PCL/HONG KONG 3.343% 2OCT2031 360,000 – (360,000) –
KOREA GAS CORP 3.5% 2JUL2026 1,400,000 – (500,000) 900,000
LEMBAGA PEMBIAYAAN EKSPOR INDONESIA 3.875% 6APR2024 700,000 500,000 (500,000) 700,000
LLPL CAPITAL PTE LTD 6.875% 4FEB2039 – 1,345,820 – 1,345,820
PineBridge Asian Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
8
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
US$ US$ US$ US$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR (CONTINUED)
LONGFOR GROUP HOLDINGS LTD 3.95% 16SEP2029 200,000 733,000 (200,000) 733,000
LONGFOR GROUP HOLDINGS LTD 4.5% 16JAN2028 200,000 – (200,000) –
MALAYAN BANKING BHD 3.905% 29OCT2026 800,000 – – 800,000
MCC HOLDING HONG KONG CORP LTD 2.95% 31MAY2020 800,000 – (800,000) –
MEGLOBAL CANADA ULC 5% 18MAY2025 – 1,520,000 (200,000) 1,320,000
MEGLOBAL CANADA ULC 5.875% 18MAY2030 – 485,000 (250,000) 235,000
MEIJI YASUDA LIFE INSURANCE CO 5.2% 20OCT2045 500,000 – (500,000) –
MEXICO GOVERNMENT INTERNATIONAL BOND 5% 27APR2051 – 1,000,000 (500,000) 500,000
MINEJESA CAPITAL BV 4.625% 10AUG2030 – 500,000 – 500,000
MINEJESA CAPITAL BV 5.625% 10AUG2037 – 1,000,000 – 1,000,000
MINMETALS BOUNTEOUS FINANCE BVI LTD 3.375% 31DEC2049 – 500,000 – 500,000
MINMETALS BOUNTEOUS FINANCE BVI LTD 4.75% 30JUL2025 1,400,000 – (500,000) 900,000
MITSUI SUMITOMO INSURANCE CO LTD 4.95% 31DEC2049 2,030,000 300,000 (2,330,000) –
MIZUHO FINANCIAL GROUP CAYMAN 3 LTD 4.6% 27MAR2024 1,655,000 – (1,655,000) –
NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.4%
29SEP2027 500,000 300,000 – 800,000
NEXEN INC 5.875% 10MAR2035 1,500,000 – – 1,500,000
NEXEN INC 6.4% 15MAY2037 500,000 – (500,000) –
NIPPON LIFE INSURANCE CO 3.4% 23JAN2050 – 1,650,000 (900,000) 750,000
OIL INDIA LTD 5.125% 4FEB2029 – 400,000 – 400,000
ONGC VIDESH LTD 4.625% 15JUL2024 – 300,000 (300,000) –
ONGC VIDESH VANKORNEFT PTE LTD 3.75% 27JUL2026 – 2,600,000 (2,050,000) 550,000
PERTAMINA PERSERO PT 3.1% 25AUG2030 – 310,000 (310,000) –
PERTAMINA PERSERO PT 4.15% 25FEB2060 – 500,000 (500,000) –
PERTAMINA PERSERO PT 4.175% 21JAN2050 – 570,000 (570,000) –
PERTAMINA PERSERO PT 4.7% 30JUL2049 350,000 – (350,000) –
PERTAMINA PERSERO PT 5.625% 20MAY2043 1,100,000 500,000 (1,100,000) 500,000
PERTAMINA PERSERO PT 6% 3MAY2042 – 500,000 – 500,000
PERTAMINA PERSERO PT 6.45% 30MAY2044 – 800,000 – 800,000
PERTAMINA PERSERO PT 6.5% 7NOV2048 – 1,500,000 – 1,500,000
PERUSAHAAN LISTRIK NEGARA PT 4.125% 15MAY2027 – 500,000 (500,000) –
PERUSAHAAN LISTRIK NEGARA PT 4.875% 17JUL2049 1,310,000 – (1,310,000) –
PERUSAHAAN LISTRIK NEGARA PT 5.25% 15MAY2047 200,000 – (200,000) –
PERUSAHAAN LISTRIK NEGARA PT 5.5% 22NOV2021 – 300,000 – 300,000
PERUSAHAAN LISTRIK NEGARA PT 6.15% 21MAY2048 – 2,300,000 (500,000) 1,800,000
PERUSAHAAN LISTRIK NEGARA PT 6.25% 25JAN2049 – 500,000 – 500,000
PETROLEOS MEXICANOS 6.49% 23JAN2027 400,000 – (400,000) –
PETROLEOS MEXICANOS 6.95% 28JAN2060 – 300,000 (300,000) –
PETRONAS CAPITAL LTD 3.5% 21APR2030 – 1,200,000 (1,200,000) –
PETRONAS CAPITAL LTD 4.55% 21APR2050 – 1,900,000 (700,000) 1,200,000
PETRONAS CAPITAL LTD 4.8% 21APR2060 – 200,000 (200,000) –
PineBridge Asian Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
9
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
US$ US$ US$ US$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR (CONTINUED)
PHILIPPINE GOVERNMENT INTERNATIONAL BOND 2.457% 5MAY2030 – 385,000 (385,000) –
PHILIPPINE GOVERNMENT INTERNATIONAL BOND 2.95% 5MAY2045 – 295,000 (295,000) –
PHILIPPINE GOVERNMENT INTERNATIONAL BOND 3.95%
20JAN2040 – 300,000 – 300,000
PHILIPPINE NATIONAL BANK 3.28% 27SEP2024 710,000 – (400,000) 310,000
POWER FINANCE CORP LTD 4.5% 18JUN2029 825,000 – (825,000) –
PSA TREASURY PTE LTD 2.25% 30APR2030 – 200,000 (200,000) –
PTT GLOBAL CHEMICAL PCL 4.25% 19SEP2022 650,000 – – 650,000
PTTEP TREASURY CENTER CO LTD 3.903% 6DEC2059 230,000 – – 230,000
QATAR GOVERNMENT INTERNATIONAL BOND 4.4% 16APR2050 – 200,000 (200,000) –
QNB FINANCE LTD 2.75% 12FEB2027 – 690,000 (690,000) –
RELIANCE HOLDING USA INC 5.4% 14FEB2022 450,000 – – 450,000
SANTOS FINANCE LTD 4.125% 14SEP2027 1,300,000 – (1,300,000) –
SANTOS FINANCE LTD 5.25% 13MAR2029 550,000 500,000 (300,000) 750,000
SAUDI GOVERNMENT INTERNATIONAL BOND 4.5% 22APR2060 – 230,000 (230,000) –
SCENTRE GROUP TRUST 2 4.375% 28MAY2030 – 1,430,000 – 1,430,000
SHIMAO GROUP HOLDINGS LTD 6.375% 15OCT2021 – 200,000 (200,000) –
SHINHAN BANK CO LTD 3.75% 20SEP2027 500,000 – – 500,000
SHINHAN BANK CO LTD 3.875% 24MAR2026 700,000 – – 700,000
SHINHAN BANK CO LTD 4% 23APR2029 275,000 500,000 – 775,000
SINOPEC CAPITAL 2013 LTD 3.125% 24APR2023 700,000 – – 700,000
SINOPEC GROUP OVERSEAS DEVELOPMENT 2015 LTD 3.25%
28APR2025 1,000,000 – – 1,000,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2016 LTD 2.75%
29SEP2026 500,000 – – 500,000 SINOPEC GROUP OVERSEAS DEVELOPMENT 2016 LTD 3.5%
3MAY2026 300,000 – – 300,000
SINOPEC GROUP OVERSEAS DEVELOPMENT 2017 LTD 3.25% 13SEP2027 500,000 – – 500,000
SINOSING SERVICES PTE LTD 2.625% 20FEB2030 – 520,000 (520,000) – SPIC LUXEMBOURG LATIN AMERICA RENEWABLE ENERGY
INVESTMENT CO SARL 4.65% 30OCT2023 1,030,000 – – 1,030,000
STATE OF ISRAEL 3.8% 13MAY2060 – 230,000 (230,000) – SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.75%
13MAY2030 – 200,000 – 200,000
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.75% 25FEB2029 290,000 – – 290,000
SUNNY EXPRESS ENTERPRISES CORP 3.125% 23APR2030 – 200,000 (200,000) –
PineBridge Asian Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
10
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
US$ US$ US$ US$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR (CONTINUED)
TAKEDA PHARMACEUTICAL CO LTD 2.05% 31MAR2030 – 1,000,000 – 1,000,000
TAKEDA PHARMACEUTICAL CO LTD 3.175% 9JUL2050 – 385,000 – 385,000
TENCENT HOLDINGS LTD 3.24% 3JUN2050 – 650,000 – 650,000
TENCENT HOLDINGS LTD 3.29% 3JUN2060 – 525,000 (525,000) –
THAIOIL TREASURY CENTER CO LTD 3.625% 23JAN2023 490,000 – – 490,000
UNITED OVERSEAS BANK LTD 3.5% 16SEP2026 1,200,000 – – 1,200,000
UNITED OVERSEAS BANK LTD 3.75% 15APR2029 200,000 – – 200,000
UNITED STATES TREASURY NOTE/BOND 1.75% 15NOV2029 – 800,000 (800,000) –
UNITED STATES TREASURY NOTE/BOND 2.375% 15NOV2049 – 1,400,000 (1,400,000) –
VANKE REAL ESTATE HONG KONG CO LTD 1.9095% 25MAY2023 500,000 – – 500,000
VANKE REAL ESTATE HONG KONG CO LTD 3.975% 9NOV2027 – 908,000 – 908,000
WESTPAC BANKING CORP/NEW ZEALAND 5% 31DEC2049 650,000 700,000 (850,000) 500,000
WOORI BANK 5.125% 6AUG2028 900,000 – – 900,000
XINGSHENG BVI CO LTD 4.5% 20SEP2021 1,300,000 – (1,300,000) –
PineBridge Asian Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
11
PineBridge Asian Bond Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There
have been no changes to the investment policy during the period.
Investment objectives and policies
The Fund seeks to provide a stable return and long term capital growth through investing in a wide range of debt
securities within the Asian region. The Fund shall predominantly (i.e. at least 70% of the total net assets) be invested
in fixed or floating rate fixed income securities issued by sovereigns in the Asian region, or issued by corporations
and banks in the Asian region.
30 June 2020 30 June 2019 30 June 2018
US$ US$ US$
Investments and investment income
Total value of investments 84,218,058 78,764,057 98,949,028
Interest on bank deposits 8,490 13,952 17,061
Interest on investments (net of withholding tax) 1,354,463 1,454,918 2,592,356
Net income excluding capital appreciation/(depreciation) 1,311,243 1,419,924 2,536,275
Net appreciation/(depreciation) of financial assets and
financial liabilities at fair value through profit or loss
– realized and unrealized 4,122,991 4,299,813 (5,323,840)
Performance table
Net asset value
Total net
asset value
Net asset
value per unit
Number of
units in issue
US$ US$ Units
Provident Fund units
30 June 2020 86,158,247 16.07 5,361,515
31 December 2019 71,588,690 15.07 4,750,746
31 December 2018 62,508,609 13.42 4,657,674
PineBridge Asian Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
12
Performance table (Continued)
Performance record since inception
Highest
issue price
per unit
US$
Lowest
redemption price
per unit
US$
Investment
return
(Note 2)
%
Provident Fund units
30 June 2020 16.07 14.72 6.64
31 December 2019 15.07 13.44 12.30
31 December 2018 13.43 13.01 0.45
31 December 2017 13.41 12.61 6.12
31 December 2016 13.10 12.07 4.66
31 December 2015 12.10 11.61 3.62
31 December 2014 11.66 10.88 6.71
31 December 2013 11.21 10.53 (1.10)
31 December 2012 (Note 1) 11.01 9.99 9.96
Note 1: The Fund started to issue Provident Fund units on 10 February 2012.
Note 2: The investment return is calculated by comparing the net asset value per unit at the period end against the
net asset value per unit at the beginning of the period except for the first period where the initial
subscription price per unit is used. The Fund was launched on 10 February 2012.
Note 3: No Standard units were issued by the Fund since inception. The “Standard units” have been renamed to
“Standard units – Accumulation” with effect from 27 June 2013.
Note 4: No Standard units – Monthly Distribution were issued by the Fund since its launch.
PineBridge Asian Bond Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
13
30 June 2020 31 December 2019
US$ US$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 84,218,058 68,412,875
Interest receivable on investments 738,113 687,274
Bank interest receivable 9 124
Amounts receivable on subscription 43,597 28,934
Cash and cash equivalents 2,675,554 2,626,362
Total assets 87,675,331 71,755,569
Liabilities
Current liabilities
Amounts payable on redemption 105,435 136,510
Amount payable to brokers 1,383,040 –
Accounts payable and accrued expenses 28,609 30,369
Total liabilities 1,517,084 166,879
Net Asset 86,158,247 71,588,690
Equity
Net assets attributable to unitholders 86,158,247 71,588,690
The accompanying notes form an integral part of these financial statements.
PineBridge Asian Bond Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
14
30 June 2020 30 June 2019
US$ US$
Income
Interest on bank deposits 8,490 13,952
Interest on investments 1,354,463 1,454,918
Net gains on financial assets and financial liabilities at fair
value through profit or loss 4,122,991 4,299,813
Total investment income 5,485,944 5,768,683
Expenses
Trustee's fee 18,579 17,626
Custodian and administration fees 21,708 21,501
Audit fee 5,524 6,292
Bank charges 207 173
Legal and professional fees 2,538 214
Other expenses 3,154 3,140
Total operating expenses 51,710 48,946
Total comprehensive income 5,434,234 5,719,737
The accompanying notes form an integral part of these financial statements.
PineBridge Asian Bond Fund
Statement of Changes in Equity
For the six months ended 30 June 2020
(Unaudited)
15
30 June 2020 30 June 2019
Note US$ US$
Balance at the beginning of the period 71,588,690 62,508,609
Issue of units 3 28,031,030 17,978,919
Redemption of units 3 (18,895,707) (5,648,338)
Net increase from unit transactions 9,135,323 12,330,581
Total comprehensive income 5,434,234 5,719,737
Balance at the end of the period 3 86,158,247 80,558,927
The accompanying notes form an integral part of these financial statements.
PineBridge Asian Bond Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
16
30 June 2020 30 June 2019
US$ US$
Cash flows from operating activities
Total comprehensive income 5,434,234 5,719,737
Adjustment for:
Interest on bank deposits (8,490) (13,952)
Interest on investments (1,354,463) (1,454,918)
Operating profit before working capital changes 4,071,281 4,250,867
Net increase in investments (15,805,183) (17,819,958)
Net increase in amounts payable to brokers 1,383,040 487,122
Net (decrease)/increase in accounts payable and accrued
expenses (1,760) 4,425
Cash used in operations (10,352,622) (13,077,544)
Interest on bank deposits received 8,605 13,787
Interest on investments received 1,303,624 1,302,583
Net cash used in operating activities (9,040,393) (11,761,174)
Cash flows from financing activities
Proceeds from issue of units 28,016,367 17,977,448
Payments on redemption of units (18,926,782) (5,602,346)
Net cash generated from financing activities 9,089,585 12,375,102
Net increase in cash and cash equivalents 49,192 613,928
Cash and cash equivalents at the beginning of the period 2,626,362 980,528
Cash and cash equivalents at the end of the period 2,675,554 1,594,456
Analysis of balance of cash and cash equivalents
Cash at banks 10,054 497,156
Short-term deposits 2,665,500 1,097,300
2,675,554 1,594,456
The accompanying notes form an integral part of these financial statements.
PineBridge Asian Bond Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
17
1. The Fund
PineBridge Asian Bond Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission
of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2020
Standard
Units –
Monthly
Distribution
(Note 1)
Standard
Units –
Accumulation
(Note 2)
Provident
Fund
Units Units Units
Number of units in issue at the beginning of the
period – – 4,750,746
Issue of units – – 1,833,870
Redemption of units – – (1,223,101)
Net increase from unit transactions – – 610,769
Number of units in issue at the end of the
period – – 5,361,515
PineBridge Asian Bond Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
18
3. Number of units in issue (Continued)
30 June 2019 30 June 2019 30 June 2019
Standard
Units –
Monthly
Distribution
(Note 1)
Standard
Units –
Accumulation
(Note 2)
Provident
Fund
Units Units Units
Number of units in issue at the beginning of the
period – – 4,657,674
Issue of units – – 1,280,244
Redemption of units – – (401,961)
Net increase from unit transactions – – 878,283
Number of units in issue at the end of the
period – – 5,535,957
Note 1: No Standard units – Monthly Distribution were issued by the Fund since its launch. Note 2: No Standard units were issued by the Fund since inception. The “Standard units” have been renamed to
“Standard units – Accumulation” with effect from 27 June 2013.
PINEBRIDGE ASIAN FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge Asian Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-8
Statement of net assets 9
Statement of comprehensive income 10
Statement of changes in equity 11
Statement of cash flows 12
Notes to the financial statements 13
PineBridge Asian Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge Asian Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
Growth slump in 1H 2020 due to the Covid-19 pandemic. The Asian equities had one of the worst quarters in
history in 1st Quarter 2020 before a strong rebound in 2nd Quarter 2020 supported by flattening of Covid-10 cases,
and policy bazooka around the world. In the 1H 2020, China, first in and out of lockdown, was the best performing
market. The country has laying bricks again with construction surging. Indonesia was the worst performing market
in the region largely due to its current account deficit, limited fiscal capability for stimulus. Additionally, Covid-19
cases has not flattened in Indonesia as the number of tests has been small.
2020 H2 Market Outlook and Strategy
For the rest of the year 2020, we expect volatility will remain in the Asian equity markets. The Asia economic
prospect hinge on local and global evolution of the pandemic. Global trade, which is the essential fuel for Asia’s
economies will take awhile to come back. Private capex will likely fail to snap back in coming quarters considering
the yawning output gaps. We maintain our positive stance in Korea as valuations remain compelling. We remain
cautious on Malaysia as political risk lingers and valuations are not attractive.
PineBridge Asian Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Holding Market % of net
shares value assets
US$
LISTED EQUITIES
CHINA
CHINA TOURISM GROUP DUTY FREE CORP LTD 241,789 5,269,404 2.62%
LUXSHARE PRECISION INDUSTRY CO LTD 613,185 4,455,040 2.21%
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD 974,714 3,020,236 1.50%
TOTAL CHINA 12,744,680 6.33%
HONG KONG
AIA GROUP LTD 177,000 1,651,146 0.82%
ALIBABA GROUP HOLDING LTD 236,644 6,399,715 3.18%
CHINA GAS HOLDINGS LTD 287,000 885,021 0.44%
CHINA MOBILE LTD 112,500 759,151 0.38%
CHINA TOWER CORP LTD 13,860,000 2,449,953 1.22%
CHINA VANKE CO LTD 1,245,400 3,936,850 1.96%
CHOW TAI FOOK JEWELLERY GROUP LTD 2,655,400 2,538,762 1.26%
CIFI HOLDINGS GROUP CO LTD 2,858,000 2,227,271 1.11%
CNOOC LTD 2,160,000 2,402,342 1.19%
HAIER ELECTRONICS GROUP CO LTD 1,245,000 3,766,917 1.87%
JD.COM INC 65,350 1,954,488 0.97%
MEITUAN DIANPING 258,100 5,724,502 2.84%
PING AN INSURANCE GROUP CO OF CHINA LTD 557,500 5,574,686 2.77%
PRADA SPA 670,000 2,325,418 1.15%
SITC INTERNATIONAL HOLDINGS CO LTD 2,947,000 3,144,557 1.56%
STELLA INTERNATIONAL HOLDINGS LTD 2,755,500 2,826,451 1.40%
SUN ART RETAIL GROUP LTD 2,388,500 4,080,253 2.03%
TENCENT HOLDINGS LTD 120,300 7,739,123 3.84%
UNI-PRESIDENT CHINA HOLDINGS LTD 5,457,000 5,435,570 2.70%
VITASOY INTERNATIONAL HOLDINGS LTD 627,000 2,398,646 1.19%
WEICHAI POWER CO LTD 1,544,000 2,876,659 1.43%
TOTAL HONG KONG 71,097,481 35.31%
PHILIPPINES
GT CAPITAL HOLDINGS INC 199,460 1,818,236 0.90%
INTERNATIONAL CONTAINER TERMINAL SERVICES INC 530,410 1,091,146 0.54%
UNIVERSAL ROBINA CORP 816,170 2,129,469 1.06%
TOTAL PHILIPPINES 5,038,851 2.50%
SINGAPORE
JARDINE CYCLE & CARRIAGE LTD 98,500 1,423,433 0.71%
TOTAL SINGAPORE 1,423,433 0.71%
SOUTH KOREA
AMOREPACIFIC CORP 13,070 1,820,034 0.90%
CHUNBO CO LTD 42,390 3,217,535 1.60%
LG CHEM LTD 19,307 7,873,049 3.91%
LG ELECTRONICS INC 63,677 3,345,714 1.66%
NAVER CORP 50,831 11,283,116 5.60%
SAMSUNG BIOLOGICS CO LTD 7,567 4,875,448 2.42%
PineBridge Asian Fund
Investment Report
As at 30 June 2020
(Unaudited)
4
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market % of net
shares value assets
US$
LISTED EQUITIES (CONTINUED)
SOUTH KOREA (CONTINUED)
SAMSUNG ELECTRONICS CO LTD 86,169 3,782,458 1.88%
SHINSEGAE INC 10,694 1,960,369 0.97%
SK HYNIX INC 78,243 5,535,593 2.75%
TOTAL SOUTH KOREA 43,693,316 21.69%
TAIWAN
AIRTAC INTERNATIONAL GROUP 217,000 3,795,067 1.89%
CATCHER TECHNOLOGY CO LTD 137,000 1,030,822 0.51%
DELTA ELECTRONICS INC 1,069,000 6,068,796 3.01%
LARGAN PRECISION CO LTD 19,000 2,630,605 1.31%
MEDIATEK INC 600,000 11,774,428 5.85%
SILERGY CORP 52,000 3,383,877 1.68%
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 942,833 10,002,052 4.97%
TOTAL TAIWAN 38,685,647 19.22%
THAILAND
AP THAILAND PCL 19,337,900 3,691,499 1.83%
SABINA PCL 3,464,300 2,062,409 1.02%
THAI OIL PCL 1,335,500 1,912,047 0.95%
TOTAL THAILAND 7,665,955 3.80%
UNITED STATES OF AMERICA
KINGSOFT CLOUD HOLDINGS LTD 61,490 1,938,165 0.96%
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 21,066 2,743,425 1.36%
PINDUODUO INC 36,530 3,135,735 1.56%
YUM CHINA HOLDINGS INC 68,813 3,307,841 1.64%
TOTAL UNITED STATES OF AMERICA 11,125,166 5.52%
TOTAL INVESTMENTS* 191,474,529 95.08%
TOTAL INVESTMENTS, AT COST* 160,863,150
* Investments are accounted for on a trade date basis.
PineBridge Asian Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
5
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES
CHINA
CHINA TOURISM GROUP DUTY FREE CORP LTD 241,789 – – 241,789
FOSHAN HAITIAN FLAVOURING & FOOD CO LTD 73,621 – (73,621) –
KWEICHOW MOUTAI CO LTD 8,300 – (8,300) –
LUXSHARE PRECISION INDUSTRY CO LTD 416,192 379,293 (182,300) 613,185
ZHEJIANG SANHUA INTELLIGENT CONTROLS CO LTD 925,180 224,934 (175,400) 974,714
HONG KONG
AIA GROUP LTD 554,400 82,800 (460,200) 177,000
ALIBABA GROUP HOLDING LTD 178,344 120,600 (62,300) 236,644
CHINA GAS HOLDINGS LTD 414,800 323,600 (451,400) 287,000
CHINA MOBILE LTD 112,500 – – 112,500
CHINA TOWER CORP LTD – 13,860,000 – 13,860,000
CHINA UNICOM HONG KONG LTD 790,000 – (790,000) –
CHINA VANKE CO LTD 535,200 710,200 – 1,245,400
CHOW TAI FOOK JEWELLERY GROUP LTD 2,655,400 – – 2,655,400
CIFI HOLDINGS GROUP CO LTD – 2,858,000 – 2,858,000
CNOOC LTD 1,719,000 441,000 – 2,160,000
CRRC CORP LTD 2,383,000 – (2,383,000) –
HAIER ELECTRONICS GROUP CO LTD 1,245,000 – – 1,245,000
JD.COM INC – 65,350 – 65,350
MEITUAN DIANPING – 340,700 (82,600) 258,100
PING AN INSURANCE GROUP CO OF CHINA LTD 621,000 – (63,500) 557,500
PRADA SPA 589,900 80,100 – 670,000
SITC INTERNATIONAL HOLDINGS CO LTD 3,243,000 – (296,000) 2,947,000
STELLA INTERNATIONAL HOLDINGS LTD 1,457,000 1,298,500 – 2,755,500
SUN ART RETAIL GROUP LTD 3,333,500 320,500 (1,265,500) 2,388,500
TENCENT HOLDINGS LTD 136,300 15,100 (31,100) 120,300
TIMES CHINA HOLDINGS LTD 1,012,000 – (1,012,000) –
TIMES NEIGHBORHOOD HOLDINGS LTD 431,396 – (431,396) –
UNI-PRESIDENT CHINA HOLDINGS LTD 3,584,000 2,042,000 (169,000) 5,457,000
VITASOY INTERNATIONAL HOLDINGS LTD 471,000 156,000 – 627,000
WEICHAI POWER CO LTD – 1,544,000 – 1,544,000
ZHEJIANG EXPRESSWAY CO LTD 3,220,000 – (3,220,000) –
PHILIPPINES
GT CAPITAL HOLDINGS INC 127,850 71,610 – 199,460
INTERNATIONAL CONTAINER TERMINAL SERVICES INC – 530,410 – 530,410
UNIVERSAL ROBINA CORP 633,870 182,300 – 816,170
SINGAPORE
HONGKONG LAND HOLDINGS LTD 474,100 95,400 (569,500) –
JARDINE CYCLE & CARRIAGE LTD – 98,500 – 98,500
PineBridge Asian Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
6
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
SOUTH KOREA
AMOREPACIFIC CORP 11,164 1,906 – 13,070
CHUNBO CO LTD – 52,065 (9,675) 42,390
DOUZONE BIZON CO LTD 53,264 1,403 (54,667) –
KOH YOUNG TECHNOLOGY INC 21,078 – (21,078) –
LG CHEM LTD 11,848 7,459 – 19,307
LG ELECTRONICS INC 63,677 – – 63,677
NAVER CORP 42,636 11,594 (3,399) 50,831
NONGSHIM CO LTD 8,775 – (8,775) –
SAMSUNG BIOLOGICS CO LTD 10,549 – (2,982) 7,567
SAMSUNG ELECTRONICS CO LTD 148,152 – (61,983) 86,169
SAMSUNG LIFE INSURANCE CO LTD 23,633 – (23,633) –
SHINSEGAE INC – 10,694 – 10,694
SK HYNIX INC 44,112 34,131 – 78,243
TAIWAN
AIRTAC INTERNATIONAL GROUP 240,000 24,000 (47,000) 217,000
CATCHER TECHNOLOGY CO LTD 94,000 43,000 – 137,000
DELTA ELECTRONICS INC 590,000 479,000 – 1,069,000
FORMOSA PLASTICS CORP 577,000 – (577,000) –
LARGAN PRECISION CO LTD 19,000 – – 19,000
MEDIATEK INC 406,000 194,000 – 600,000
POYA INTERNATIONAL CO LTD 124,000 18,000 (142,000) –
SILERGY CORP – 52,000 – 52,000
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 1,065,833 – (123,000) 942,833
THAILAND
AP THAILAND PCL 13,363,700 5,974,200 – 19,337,900
CENTRAL PATTANA PCL 465,600 – (465,600) –
KASIKORNBANK PCL 339,400 203,200 (542,600) –
SABINA PCL 2,875,900 588,400 – 3,464,300
THAI OIL PCL 1,335,500 – – 1,335,500
UNITED STATES OF AMERICA
KINGSOFT CLOUD HOLDINGS LTD – 61,490 – 61,490
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC – 24,896 (3,830) 21,066
PINDUODUO INC 65,495 – (28,965) 36,530
YUM CHINA HOLDINGS INC 71,674 18,122 (20,983) 68,813
PineBridge Asian Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
7
PineBridge Asian Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as amended,
supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There have been
no changes to the investment policy during the period.
Investment objectives and policies
The Fund seeks long-term capital appreciation by investing in the equity securities of companies which are expected
to benefit from the development and growth of the Asian economies outside of Japan.
The equity securities in which the Fund may invest will include common stock, preferred stock and securities
convertible into or exchangeable for such equity securities, or which carry warrants to purchase such equity
securities, depository receipts, other securities that are approved, or are of a kind approved by the Mandatory
Provident Fund Schemes Authority and such other equity securities permissible under the Mandatory Provident Fund
Schemes (General) Regulation (Cap. 485A of the Laws of Hong Kong).
30 June 2020 30 June 2019 30 June 2018
US$ US$ US$
Investments and investment income
Total value of investments 191,474,529 161,078,114 177,424,427
Interest on bank deposits 26,456 79,081 52,977
Dividend income (net of withholding tax) 2,079,520 1,988,912 2,996,046
Net foreign currency losses (22,153) (69,685) (488,266)
Net income excluding capital appreciation/(depreciation) 1,728,610 1,661,446 1,537,840
Net appreciation/(depreciation) of financial assets and
financial liabilities at fair value through profit or loss
- realized and unrealized 12,782,502 17,802,439 (17,133,035)
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
US$ US$ Units
Provident Fund units
30 June 2020 201,375,756 62.58 3,217,811
31 December 2019 181,637,222 58.51 3,104,641
31 December 2018 161,688,524 47.17 3,427,644
PineBridge Asian Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
8
Performance table (Continued)
Performance record for the past 10 years
Highest
issue price
per unit
US$
Lowest
redemption price
per unit
US$
Investment
return
(Note 1)
%
Standard units - Accumulation (Note 2)
31 December 2011 36.25 35.59 –
31 December 2010 36.50 27.53 12.57
Provident Fund units
30 June 2020 63.19 43.18 6.96
31 December 2019 58.62 45.85 24.04
31 December 2018 64.64 46.27 (20.28)
31 December 2017 60.61 43.81 35.93
31 December 2016 47.54 38.21 0.51
31 December 2015 53.75 41.12 (3.30)
31 December 2014 47.37 40.32 2.97
31 December 2013 43.59 36.10 14.27
31 December 2012 38.16 30.51 21.34
31 December 2011 41.21 28.28 (20.29)
31 December 2010 40.47 30.18 15.40 Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the
net asset value per unit at the beginning of the period.
Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013. No Standard units were issued by the Fund since the year ended 31 December 2011.
PineBridge Asian Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
9
30 June 2020 31 December 2019
US$ US$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 191,474,529 170,352,149
Interest receivable 25 534
Dividends receivable 425,762 70,221
Amounts receivable on subscription 58,652 60,412
Amounts receivable from brokers 398,441 –
Cash and cash equivalents 9,548,312 11,394,846
Total assets 201,905,721 181,878,162
Liabilities
Current liabilities
Financial liabilities at fair value through profit or loss
Derivative financial instruments 184 –
Amounts payable on redemption 88,594 60,722
Amounts payable to brokers 400,002 136,513
Accounts payable and accrued expenses 41,185 43,705
Total liabilities 529,965 240,940
Net Asset 201,375,756 181,637,222
Equity
Net assets attributable to unitholders 201,375,756 181,637,222
The accompanying notes form an integral part of these financial statements.
PineBridge Asian Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
10
30 June 2020 30 June 2019
US$ US$
Income
Interest on bank deposits 26,456 79,081
Dividend income 2,282,003 2,284,793
Net gains on financial assets and financial liabilities at fair
value through profit or loss 12,782,502 17,802,439
Net foreign currency losses (22,153) (69,685)
Total investment income 15,068,808 20,096,628
Expenses
Trustee's fee 41,469 39,155
Custodian and administration fees 32,462 32,529
Audit fee 5,968 6,246
Bank charges 124 122
Legal and professional fees 4,028 1,333
Other expenses 3,164 3,144
Transaction costs 267,998 254,333
Total operating expenses 355,213 336,862
Net profit before tax 14,713,595 19,759,766
Withholding tax (202,483) (295,881)
Total comprehensive income 14,551,112 19,463,885
The accompanying notes form an integral part of these financial statements.
PineBridge Asian Fund
Statement of Changes in Equity
For the six months ended 30 June 2020
(Unaudited)
11
30 June 2020 30 June 2019
Note US$ US$
Balance at the beginning of the period 181,637,222 161,688,524
Issue of units 3 56,459,330 29,757,633
Redemption of units 3 (51,231,908) (41,108,621)
Net increase/(decrease) from unit transactions 5,227,422 (11,350,988)
Total comprehensive income 14,511,112 19,463,885
Balance at the end of the period 3 201,375,756 169,801,421
The accompanying notes form an integral part of these financial statements.
PineBridge Asian Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
12
30 June 2020 30 June 2019
US$ US$
Cash flows from operating activities
Total comprehensive income 14,511,112 19,463,885
Adjustment for:
Dividend income (2,282,003) (2,284,793)
Interest on bank deposits (26,456) (79,081)
Withholding tax 202,483 295,881
Operating profit before working capital changes 12,405,136 17,395,892
Net increase in investments (21,122,380) (13,762,121)
Net change in derivative financial instruments 184 (625)
Net (increase)/decrease in amounts receivable from
brokers (398,441) 3,085,913
Net decrease in other receivables – 878
Net increase/(decrease) in amounts payable to brokers 263,489 (2,807,441)
Net (decrease)/increase in accounts payable and accrued
expenses (2,520) 1,419
Cash (used in)/generated from operations (8,854,532) 3,913,915
Dividend income received 1,723,979 1,315,471
Interest on bank deposits received 26,965 78,136
Net cash (used in)/generated from operating activities (7,103,588) 5,307,522
Cash flows from financing activities
Proceeds from issue of units 56,461,090 29,766,164
Payments on redemption of units (51,204,036) (40,906,812)
Net cash generated from/(used in) financing activities 5,257,054 (11,140,648)
Net decrease in cash and cash equivalents (1,846,534) (5,833,126)
Cash and cash equivalents at the beginning of the period 11,394,846 14,271,452
Cash and cash equivalents at the end of the period 9,548,312 8,438,326
Analysis of balance of cash and cash equivalents
Cash at banks 1,976,112 348,426
Short-term deposits 7,572,200 8,089,900
9,548,312 8,438,326
The accompanying notes form an integral part of these financial statements.
PineBridge Asian Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
13
1. The Fund
PineBridge Asian Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission
of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2019 30 June 2019
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Units Units Units Units
Number of units in issue at
the beginning of the
period – 3,104,641
– 3,427,644
Issue of units – 1,054,523 – 592,342
Redemption of units – (941,353) – (795,313)
Net increase/(decrease) from
unit transactions – 113,170
– (202,971)
Number of units in issue at
the end of the period – 3,217,811
– 3,224,673
Note 1: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013. No Standard units were issued by the Fund since the year ended 31 December 2011.
4. Derivative financial instruments
Derivative financial instruments represent outstanding foreign exchange contracts and are summarized below:
At 30 June 2020
Counterparty Contract to deliver In exchange for Settlement date Fair value
US$
Open contracts:
Citibank, Hong Kong HK$198,262 US$25,572 2 July 2020 (9)
Citibank, Hong Kong US$400,177 HK$3,100,193 3 July 2020 (175)
(184)
As at 31 December 2019, the Fund did not hold any derivative financial instruments.
PINEBRIDGE EUROPE EQUITY FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge Europe Equity Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-14
Statement of net assets 15
Statement of comprehensive income 16
Statement of changes in equity 17
Statement of cash flows 18
Notes to the financial statements 19
PineBridge Europe Equity Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge Europe Equity Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
An orderly Brexit helped to prevent further volatility within European equities but global coronavirus fears
destabilized the market over the course of January and wiped away early 2020 gains. After reaching all-time highs
during the month of February, equities experienced a sharp sell-off towards the end of the month due to serious
concerns about the economic impact that the coronavirus would have on earnings and consumer sentiment.
The sharp de-risking across global equities was fueled by continued commentary from global health authorities
regarding the severity of the coronavirus outbreak as the virus reached areas in scale outside of China, including
Italy and Korea. Even as governments pledged financial support to help combat the outbreaks, it was not enough to
lift the heavy weight of the coronavirus impact on markets.
European markets had a positive April on the hope that the global coronavirus pandemic was slowing in many
European countries including the worst hit like Italy. The situations in Europe saw mild improvement as spread
slowed while the US followed shortly with its own relative flattening of the virus curves. With governments around
the world pledging to combat economic slowdown with whatever tools are available, markets were optimistic that
this support would help to stem the negative effects of the global coronavirus shutdowns.
In Europe, the ECB moved to help maintain access to liquidity. While the oil market reached crisis levels of
volatility where futures temporarily dipped into negative territory, the effect on European equities was somewhat
muted. European markets, along with other global equities, were resilient in the month of June which saw spiking
Covid-19 cases in some areas and geopolitical tensions. While there were pockets of coronavirus case spikes seen in
the US, Europe was largely considered to be under control despite areas of the region phasing in reopenings of
businesses. The ECB was active in June with further easing actions to help support growth with the Bank of
England also following suit by delivering on more asset purchases over the month.
2020 H2 Market Outlook and Strategy
As all regions around the world begin to grapple with the changes the global coronavirus pandemic has brought to
all industries, European equities are vulnerable to the dynamics of that volatility. There has been evidence of
equities being largely influenced by these macro factors as average pairwise correlation has increased since March
but there is also evidence of a wide dispersion of EPS estimates, lending to a greater opportunity set for stock
selection. This dispersion is something PineBridge will continue to monitor as equity market performance will
continue to reflect bifurcating prospects of companies.
PineBridge Europe Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Holding Market
% of net
shares value
assets
HK$ LISTED EQUITIES
AUSTRIA
ANDRITZ AG 15,486 4,367,653
0.29%
ERSTE GROUP BANK AG 9,271 1,690,731
0.11%
OMV AG 22,762 5,896,676
0.39%
TOTAL AUSTRIA
11,955,060
0.79%
BELGIUM
ANHEUSER-BUSCH INBEV SA/NV (formerly known as NEWBELCO SA/NV) 32,348 12,351,777
0.82%
PROXIMUS SADP 16,262 2,567,882
0.17%
TOTAL BELGIUM
14,919,659
0.99%
DENMARK
AP MOLLER - MAERSK A/S A SHS 1,639 13,782,674
0.91%
AP MOLLER - MAERSK A/S B SHS 390 3,520,090
0.23%
CARLSBERG A/S 16,787 17,186,861
1.13%
DANSKE BANK A/S 138,269 14,256,377
0.94%
GENMAB A/S 8,036 20,836,028
1.38%
NOVO NORDISK A/S 13,738 6,889,815
0.45%
TOTAL DENMARK
76,471,845
5.04%
FINLAND
ELISA OYJ 25,419 11,979,553
0.79%
FORTUM OYJ 52,434 7,715,997 0.51%
ORION OYJ 6,490 2,432,667
0.16%
TOTAL FINLAND
22,128,217
1.46%
FRANCE
AEROPORTS DE PARIS 1,950 1,551,475 0.10%
AIR LIQUIDE SA 24,632 27,531,418 1.82%
AIRBUS SE 8,195 4,531,305 0.30%
ATOS SE 10,701 7,070,173 0.47%
AXA SA 58,924 9,546,609 0.63%
BIOMERIEUX 2,045 2,177,127 0.14%
BNP PARIBAS SA 61,535 18,946,158 1.25%
BOLLORE SA 211,869 5,156,660 0.34%
BOUYGUES SA 25,489 6,747,348 0.45%
CAPGEMINI SE 19,963 17,716,459 1.17%
CARREFOUR SA 16,863 2,019,107 0.13%
CREDIT AGRICOLE SA 60,391 4,430,581 0.29%
DASSAULT AVIATION SA 689 4,921,094 0.33%
EIFFAGE SA 19,669 13,937,041 0.92%
ELECTRICITE DE FRANCE SA 46,666 3,335,090 0.22%
PineBridge Europe Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
4
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market
% of net
shares value
assets
HK$
LISTED EQUITIES (CONTINUED)
FRANCE (CONTINUED)
ESSILORLUXOTTICA SA 15,907 15,820,069
1.04%
ILIAD SA 2,427 3,668,668
0.24%
INGENICO GROUP SA 4,573 5,652,667
0.37%
IPSEN SA 7,800 5,136,502
0.34%
L'OREAL SA 3,504 8,714,415
0.58%
LVMH MOET HENNESSY LOUIS VUITTON SE 2,082 7,077,268
0.47%
NATIXIS SA 22,078 446,834
0.03%
ORANGE SA 157,451 14,589,989
0.96%
PEUGEOT SA 90,237 11,374,102
0.75%
SAFRAN SA 1,594 1,237,982
0.08%
SANOFI 6,424 5,069,174
0.33%
SARTORIUS STEDIM BIOTECH 4,546 8,903,809
0.59%
SES SA 42,466 2,247,547
0.15%
TELEPERFORMANCE 96 188,778
0.01%
TOTAL SA 22,255 6,581,895
0.43%
WENDEL SE 1,928 1,424,042 0.09%
TOTAL FRANCE 227,751,386 15.02%
GERMANY
ADIDAS AG 9,562 19,443,993
1.28%
ALLIANZ SE 18,221 28,829,321 1.90%
BAYER AG 32,516 18,621,767 1.23%
BAYERISCHE MOTOREN WERKE AG 23,034 11,392,905 0.75%
BRENNTAG AG 18,942 7,711,824 0.51%
CARL ZEISS MEDITEC AG 7,259 5,484,795 0.36%
DEUTSCHE BANK AG 41,819 3,081,153 0.20%
DEUTSCHE BOERSE AG 12,259 17,186,192 1.13%
DEUTSCHE POST AG 60,432 17,123,078 1.13%
DEUTSCHE TELEKOM AG 180,626 23,498,496 1.55%
FRESENIUS MEDICAL CARE AG & CO KGAA 1,636 1,086,605 0.07%
HANNOVER RUECK SE 11,902 15,893,121 1.05%
HENKEL AG & CO KGAA 24,605 15,881,752 1.05% MUENCHENER RUECKVERSICHERUNGS-GESELLSCHAFT AG
IN MUENCHEN 3,395 6,838,597
0.45%
QIAGEN NV 20,302 6,775,710 0.45%
SAP SE 9,646 10,438,838 0.69%
SIEMENS AG 1,549 1,412,573 0.09%
UNIPER SE 25,392 6,343,701 0.42%
UNITED INTERNET AG 5,045 1,656,081 0.11%
TOTAL GERMANY 218,700,502 14.42%
ITALY
ASSICURAZIONI GENERALI SPA 126,100 14,785,859 0.98%
ATLANTIA SPA 34,677 4,316,596 0.29%
ENEL SPA 326,644 21,831,656 1.44%
EXOR HOLDING NV 10,876 4,813,252 0.32%
FERRARI NV 12,218 16,150,233 1.07%
FIAT CHRYSLER AUTOMOBILES NV 115,399 8,984,579 0.59%
LEONARDO SPA 3,429 176,110 0.01%
TOTAL ITALY 71,058,285 4.70%
PineBridge Europe Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
5
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market % of net
shares value assets
HK$
LISTED EQUITIES (CONTINUED)
NETHERLANDS
ADYEN NV 1,095 12,348,535 0.82%
ALTICE NV 52,971 1,583,904 0.10%
ASML HOLDING NV 14,093 40,103,498 2.65%
ING GROEP NV 130,136 7,021,225 0.46%
KONINKLIJKE AHOLD DELHAIZE NV 87,497 18,477,697 1.22%
TOTAL NETHERLANDS 79,534,859 5.25%
NORWAY
EQUINOR ASA 13,492 1,480,676 0.10%
YARA INTERNATIONAL ASA 27,836 7,467,176 0.49%
TOTAL NORWAY 8,947,852 0.59%
PORTUGAL
EDP - ENERGIAS DE PORTUGAL SA 469,083 17,354,117 1.15%
TOTAL PORTUGAL 17,354,117 1.15%
SPAIN
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA 67,143 13,115,579 0.87%
AMADEUS IT GROUP SA 16,865 6,808,963 0.45%
BANCO BILBAO VIZCAYA ARGENTARIA SA 432,008 11,522,439 0.76%
BANCO SANTANDER SA 210,698 3,988,262 0.26%
ENDESA SA 11,688 2,231,222 0.15%
IBERDROLA SA 69,926 6,281,773 0.41%
TELEFONICA SA 58,561 2,164,984 0.14%
TOTAL SPAIN 46,113,222 3.04%
SWEDEN
ALFA LAVAL AB 12,368 2,103,042 0.14%
ASSA ABLOY AB 98,181 15,473,535 1.02%
ATLAS COPCO AB A SHS 10,265 3,369,640 0.22%
ATLAS COPCO AB B SHS 60,823 17,436,150 1.15%
EPIROC AB 65,479 6,207,030 0.41%
ESSITY AB 73,642 18,446,069 1.22%
HEXAGON AB 16,429 7,434,941 0.49%
ICA GRUPPEN AB 23,042 8,468,634 0.56%
INVESTOR AB 28,789 11,775,905 0.78%
SVENSKA HANDELSBANKEN AB 20,757 1,527,147 0.10%
TOTAL SWEDEN 92,242,093 6.09%
SWITZERLAND
ABB LTD 132,645 23,142,253 1.53%
BALOISE HOLDING AG 12,323 14,323,014 0.95%
CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG 266 16,970,715 1.12%
CLARIANT AG 54,155 8,243,446 0.54%
CREDIT SUISSE GROUP AG 17,934 1,437,270 0.10%
EMS-CHEMIE HOLDING AG 1,869 11,220,940 0.74%
LAFARGEHOLCIM LTD 27,974 9,497,979 0.63%
NESTLE SA 53,337 45,694,617 3.02%
NOVARTIS AG 70,284 47,381,954 3.13%
PineBridge Europe Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
6
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market % of net
shares value assets
HK$
LISTED EQUITIES (CONTINUED)
SWITZERLAND (CONTINUED)
ROCHE HOLDING AG 21,572 57,936,375 3.82%
SONOVA HOLDING AG 675 1,044,321 0.07%
SWATCH GROUP AG 11,329 3,434,163 0.23%
VIFOR PHARMA AG 8,535 9,951,640 0.66%
TOTAL SWITZERLAND 250,278,687 16.54%
UNITED KINGDOM
ADMIRAL GROUP PLC 25,907 5,703,746 0.38%
ANGLO AMERICAN PLC 98,776 17,683,072 1.17%
ANTOFAGASTA PLC 135,698 12,184,146 0.80%
ASHTEAD GROUP PLC 38,969 10,146,880 0.67%
ASSOCIATED BRITISH FOODS PLC 26,661 4,889,329 0.32%
ASTRAZENECA PLC 14,324 11,551,331 0.76%
AUTO TRADER GROUP PLC 191,995 9,678,540 0.64%
AVIVA PLC 60,141 1,575,763 0.10%
BAE SYSTEMS PLC 300,823 13,925,851 0.92%
BARCLAYS PLC 501,066 5,490,361 0.36%
BARRATT DEVELOPMENTS PLC 218,729 10,387,344 0.69%
BERKELEY GROUP HOLDINGS PLC 23,831 9,505,201 0.63%
BHP GROUP PLC 138,806 21,991,396 1.45%
BP PLC 785,210 23,099,952 1.52%
BRITISH AMERICAN TOBACCO PLC 89,130 26,498,398 1.75%
BRITISH LAND CO PLC 147,535 5,459,291 0.36%
BT GROUP PLC 218,737 2,389,030 0.16%
COCA-COLA HBC AG 50,118 9,733,426 0.64%
DIAGEO PLC 354 90,904 0.01%
GLAXOSMITHKLINE PLC 207,155 32,466,989 2.14%
HSBC HOLDINGS PLC 622,450 22,567,795 1.49%
INTERTEK GROUP PLC 2,017 1,050,773 0.07%
ITV PLC 452,700 3,237,568 0.21%
JD SPORTS FASHION PLC 34,459 2,053,226 0.14%
LONDON STOCK EXCHANGE GROUP PLC 25,065 20,061,995 1.32%
MONDI PLC 55,217 7,987,256 0.53%
NATIONAL GRID PLC 51,402 4,869,318 0.32%
ROYAL DUTCH SHELL PLC A SHS 50,161 6,182,282 0.41%
ROYAL DUTCH SHELL PLC B SHS 45,309 5,310,922 0.35%
SCHRODERS PLC 5,496 1,552,121 0.10%
TESCO PLC 520,373 11,366,954 0.75%
UNILEVER PLC 5,947 2,480,220 0.16%
TOTAL UNITED KINGDOM 323,171,380 21.32%
UNITED STATES OF AMERICA
COCA-COLA EUROPEAN PARTNERS PLC 10,759 3,148,691 0.21%
TOTAL UNITED STATES OF AMERICA
3,148,691 0.21%
PineBridge Europe Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
7
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market % of net
shares value assets
HK$
LISTED INVESTMENT FUNDS
UNITED STATES OF AMERICA
ISHARES EUROPE ETF 148,493 46,495,774 3.07%
TOTAL UNITED STATES OF AMERICA 46,495,774 3.07%
LISTED RIGHTS ISSUE
SPAIN
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA RTS
7JUL20 67,143 811,541 0.05%
TELEFONICA SA RTS 1JUL2020 58,561 89,260 0.01%
TOTAL SPAIN 900,801 0.06%
TOTAL INVESTMENTS* 1,511,172,430 99.74%
TOTAL INVESTMENTS, AT COST* 1,493,547,760
* Investments are accounted for on a trade date basis.
PineBridge Europe Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
8
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES
AUSTRIA
ANDRITZ AG – 15,486 – 15,486
ERSTE GROUP BANK AG – 9,271 – 9,271
OMV AG 25,731 25,936 (28,905) 22,762
RAIFFEISEN BANK INTERNATIONAL AG – 75,387 (75,387) –
BELGIUM
ANHEUSER-BUSCH INBEV SA/NV (formerly known
as NEWBELCO SA/NV) 743 36,878 (5,273) 32,348
PROXIMUS SADP – 16,262 – 16,262
TELENET GROUP HOLDING NV 10,691 – (10,691) –
DENMARK
AP MOLLER - MAERSK A/S A SHS 1,333 687 (381) 1,639
AP MOLLER - MAERSK A/S B SHS 117 362 (89) 390
CARLSBERG A/S 13,571 7,252 (4,036) 16,787
DANSKE BANK A/S 135,588 52,431 (49,750) 138,269
DSV PANALPINA A/S 18,455 5,835 (24,290) –
GENMAB A/S 8,207 4,919 (5,090) 8,036
H LUNDBECK A/S – 56,200 (56,200) –
NOVO NORDISK A/S 3,762 13,385 (3,409) 13,738
PANDORA A/S 42,546 – (42,546) –
FINLAND
ELISA OYJ – 27,687 (2,268) 25,419
FORTUM OYJ – 52,434 – 52,434
ORION OYJ – 6,490 – 6,490
FRANCE
AEROPORTS DE PARIS 1,707 2,587 (2,344) 1,950
AIR LIQUIDE SA 20,179 26,147 (21,694) 24,632
AIRBUS SE – 8,195 – 8,195
AMUNDI SA 18,167 4,969 (23,136) –
ATOS SE – 11,034 (333) 10,701
AXA SA 45,605 27,080 (13,761) 58,924
BIOMERIEUX 4,877 2,375 (5,207) 2,045
BNP PARIBAS SA 51,181 24,955 (14,601) 61,535
BOLLORE SA 79,880 162,096 (30,107) 211,869
BOUYGUES SA – 28,296 (2,807) 25,489
CAPGEMINI SE 15,813 8,816 (4,666) 19,963
CARREFOUR SA – 16,863 – 16,863
CIE DE SAINT-GOBAIN 49,719 27,751 (77,470) –
CREDIT AGRICOLE SA – 60,391 – 60,391
DANONE SA 26,967 7,482 (34,449) –
DASSAULT AVIATION SA – 722 (33) 689
EIFFAGE SA 16,911 8,098 (5,340) 19,669
PineBridge Europe Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
9
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
FRANCE (CONTINUED)
ELECTRICITE DE FRANCE SA – 230,828 (184,162) 46,666
ENGIE SA 133,012 7,363 (140,375) –
ESSILORLUXOTTICA SA – 17,158 (1,251) 15,907
ILIAD SA – 2,427 – 2,427
INGENICO GROUP SA – 18,995 (14,422) 4,573
IPSEN SA 6,369 3,272 (1,841) 7,800
L'OREAL SA 3,759 1,730 (1,985) 3,504
LVMH MOET HENNESSY LOUIS VUITTON SE 1,402 1,136 (456) 2,082
NATIXIS SA – 23,413 (1,335) 22,078
ORANGE SA 139,545 66,982 (49,076) 157,451
PEUGEOT SA 73,459 37,944 (21,166) 90,237
SAFRAN SA – 1,719 (125) 1,594
SANOFI 3,011 6,505 (3,092) 6,424
SARTORIUS STEDIM BIOTECH – 4,903 (357) 4,546
SCHNEIDER ELECTRIC SE – 29,214 (29,214) –
SES SA – 43,160 (694) 42,466
STMICROELECTRONICS NV – 88,224 (88,224) –
TELEPERFORMANCE – 96 – 96
TOTAL SA 12,792 13,803 (4,340) 22,255
WENDEL SE – 3,261 (1,333) 1,928
GERMANY
ADIDAS AG 8,674 4,216 (3,328) 9,562
ALLIANZ SE 14,811 7,732 (4,322) 18,221
BASF SE – 52,348 (52,348) –
BAYER AG – 35,024 (2,508) 32,516
BAYERISCHE MOTOREN WERKE AG – 41,202 (18,168) 23,034
BRENNTAG AG 34,361 28,218 (43,637) 18,942
CARL ZEISS MEDITEC AG – 7,259 – 7,259
CONTINENTAL AG – 10,076 (10,076) –
COVESTRO AG 23,122 6,326 (29,448) –
DELIVERY HERO SE – 1,167 (1,167) –
DEUTSCHE BANK AG – 41,819 – 41,819
DEUTSCHE BOERSE AG 13,377 6,136 (7,254) 12,259
DEUTSCHE POST AG – 60,432 – 60,432
DEUTSCHE TELEKOM AG 159,505 86,338 (65,217) 180,626
E.ON SE 160,777 41,392 (202,169) –
FRESENIUS MEDICAL CARE AG & CO KGAA 3,273 30,446 (32,083) 1,636
FRESENIUS SE & CO KGAA 20,337 32,000 (52,337) –
HANNOVER RUECK SE 2,742 11,964 (2,804) 11,902
HENKEL AG & CO KGAA 16,622 14,358 (6,375) 24,605
MERCK KGAA 16,529 4,032 (20,561) –
MUENCHENER RUECKVERSICHERUNGS- GESELLSCHAFT AG IN MUENCHEN 4,998 3,662 (5,265) 3,395
QIAGEN NV – 21,919 (1,617) 20,302
SAP SE 5,968 6,399 (2,721) 9,646
SIEMENS AG 1,459 1,630 (1,540) 1,549
UNIPER SE – 26,568 (1,176) 25,392
UNITED INTERNET AG – 5,045 – 5,045
WIRECARD AG – 6,139 (6,139) –
PineBridge Europe Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
10
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
ITALY
ASSICURAZIONI GENERALI SPA 102,535 53,506 (29,941) 126,100
ATLANTIA SPA – 34,677 – 34,677
CNH INDUSTRIAL NV – 38,823 (38,823) –
ENEL SPA 160,518 345,824 (179,698) 326,644
ENI SPA – 214,937 (214,937) –
EXOR HOLDING NV 441 23,244 (12,809) 10,876
FERRARI NV 3,403 14,630 (5,815) 12,218
FIAT CHRYSLER AUTOMOBILES NV 125,779 84,985 (95,365) 115,399
INTESA SANPAOLO SPA 929,612 353,020 (1,282,632) –
LEONARDO SPA – 3,429 – 3,429
MONCLER SPA 14,850 4,917 (19,767) –
NETHERLANDS
ADYEN NV 297 1,074 (276) 1,095
AKZO NOBEL NV 12,339 – (12,339) –
ALTICE NV – 57,128 (4,157) 52,971
ASML HOLDING NV 14,139 12,950 (12,996) 14,093
HEINEKEN NV 19,673 5,047 (24,720) –
ING GROEP NV 105,809 54,813 (30,486) 130,136
KONINKLIJKE AHOLD DELHAIZE NV 67,386 52,533 (32,422) 87,497
UNILEVER NV – 4,328 (4,328) –
WOLTERS KLUWER NV 25,282 1,616 (26,898) –
NORWAY
AKER BP ASA 7,331 1,995 (9,326) –
EQUINOR ASA – 13,492 – 13,492
YARA INTERNATIONAL ASA – 27,836 – 27,836
PORTUGAL
EDP - ENERGIAS DE PORTUGAL SA 416,820 537,563 (485,300) 469,083
SPAIN ACS ACTIVIDADES DE CONSTRUCCION Y
SERVICIOS SA 41,818 43,875 (18,550) 67,143
AENA SME SA 6,191 3,505 (9,696) –
AMADEUS IT GROUP SA – 18,759 (1,894) 16,865
BANCO BILBAO VIZCAYA ARGENTARIA SA 351,147 182,044 (101,183) 432,008
BANCO SANTANDER SA 486,771 224,125 (500,198) 210,698
ENDESA SA – 13,094 (1,406) 11,688
IBERDROLA SA 66,266 26,288 (22,628) 69,926
REPSOL SA 86,290 – (86,290) –
TELEFONICA SA – 58,561 – 58,561
SWEDEN
ALFA LAVAL AB – 12,368 – 12,368
ASSA ABLOY AB 70,233 49,088 (21,140) 98,181
ATLAS COPCO AB A SHS 21,523 11,072 (22,330) 10,265
ATLAS COPCO AB B SHS 49,457 25,614 (14,248) 60,823
EPIROC AB – 70,632 (5,153) 65,479
PineBridge Europe Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
11
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
SWEDEN (CONTINUED)
ESSITY AB 63,434 83,794 (73,586) 73,642
HENNES & MAURITZ AB – 31,237 (31,237) –
HEXAGON AB – 16,429 – 16,429
ICA GRUPPEN AB 34,958 13,564 (25,480) 23,042
INVESTOR AB – 31,053 (2,264) 28,789
LUNDIN PETROLEUM AB 14,417 – (14,417) –
SVENSKA HANDELSBANKEN AB – 22,389 (1,632) 20,757
SWITZERLAND
ABB LTD – 132,645 – 132,645
ADECCO GROUP AG – 38,678 (38,678) –
BALOISE HOLDING AG 10,525 4,971 (3,173) 12,323
CHOCOLADEFABRIKEN LINDT & SPRUENGLI AG 245 144 (123) 266
CLARIANT AG – 54,155 – 54,155
CREDIT SUISSE GROUP AG – 17,934 – 17,934
DUFRY AG 18,077 8,099 (26,176) –
EMS-CHEMIE HOLDING AG 2,875 1,032 (2,038) 1,869
LAFARGEHOLCIM LTD 41,728 19,578 (33,332) 27,974
LONZA GROUP AG – 4,993 (4,993) –
NESTLE SA 39,421 25,731 (11,815) 53,337
NOVARTIS AG 58,619 32,929 (21,264) 70,284
ROCHE HOLDING AG 7,661 17,344 (3,433) 21,572
SONOVA HOLDING AG 8,588 675 (8,588) 675
STRAUMANN HOLDING AG 1,959 737 (2,696) –
SWATCH GROUP AG – 11,329 – 11,329
VIFOR PHARMA AG – 9,561 (1,026) 8,535
UNITED KINGDOM
ADMIRAL GROUP PLC – 27,942 (2,035) 25,907
AIB GROUP PLC 409,953 176,056 (586,009) –
ANGLO AMERICAN PLC 81,148 41,065 (23,437) 98,776
ANTOFAGASTA PLC 98,198 119,836 (82,336) 135,698
ASHTEAD GROUP PLC – 38,969 – 38,969
ASSOCIATED BRITISH FOODS PLC 38,041 16,220 (27,600) 26,661
ASTRAZENECA PLC 7,010 9,708 (2,394) 14,324
AUTO TRADER GROUP PLC 109,420 126,405 (43,830) 191,995
AVIVA PLC 49,600 24,728 (14,187) 60,141
BAE SYSTEMS PLC 291,924 117,829 (108,930) 300,823
BARCLAYS PLC – 501,066 – 501,066
BARRATT DEVELOPMENTS PLC 211,825 82,758 (75,854) 218,729
BERKELEY GROUP HOLDINGS PLC 8,383 18,243 (2,795) 23,831
BHP GROUP PLC 113,821 57,927 (32,942) 138,806
BP PLC 109,657 719,217 (43,664) 785,210
BRITISH AMERICAN TOBACCO PLC 32,590 74,297 (17,757) 89,130
BRITISH LAND CO PLC 79,401 91,109 (22,975) 147,535
BT GROUP PLC – 230,024 (11,287) 218,737
BUNZL PLC 13,947 13,702 (27,649) –
BURBERRY GROUP PLC 22,371 22,426 (44,797) –
PineBridge Europe Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
12
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
UNITED KINGDOM (CONTINUED)
CARNIVAL PLC 11,815 5,073 (16,888) –
CENTRICA PLC – 187,113 (187,113) –
COCA-COLA HBC AG 40,765 21,097 (11,744) 50,118
COMPASS GROUP PLC 68,504 18,742 (87,246) –
DIAGEO PLC 5,377 3,055 (8,078) 354
EVRAZ PLC 40,750 11,088 (51,838) –
EXPERIAN PLC – 15,780 (15,780) –
GLAXOSMITHKLINE PLC 168,376 97,112 (58,333) 207,155
HALMA PLC 52,712 14,421 (67,133) –
HSBC HOLDINGS PLC 505,898 264,280 (147,728) 622,450
INTERTEK GROUP PLC – 2,464 (447) 2,017
ITV PLC – 452,700 – 452,700
JD SPORTS FASHION PLC – 37,164 (2,705) 34,459
LONDON STOCK EXCHANGE GROUP PLC 18,832 15,152 (8,919) 25,065
MONDI PLC – 59,555 (4,338) 55,217
NATIONAL GRID PLC – 55,440 (4,038) 51,402
PEARSON PLC 59,507 15,320 (74,827) –
ROYAL DUTCH SHELL PLC A SHS 128,506 41,136 (119,481) 50,161
ROYAL DUTCH SHELL PLC B SHS 36,812 19,103 (10,606) 45,309
SCHRODERS PLC – 5,496 – 5,496
TAYLOR WIMPEY PLC 210,840 11,672 (222,512) –
TESCO PLC 423,431 218,954 (122,012) 520,373
UNILEVER PLC – 6,616 (669) 5,947
UNITED STATES OF AMERICA
COCA-COLA EUROPEAN PARTNERS PLC – 11,605 (846) 10,759
NXP SEMICONDUCTORS NV – 9,491 (9,491) –
LISTED INVESTMENT FUNDS
UNITED STATES OF AMERICA
ISHARES EUROPE ETF 236,117 197,078 (284,702) 148,493
LISTED RIGHTS ISSUE
SPAIN
ACS ACTIVIDADES DE CONSTRUCCION Y SERVICIOS SA RTS 7JUL20 – 67,143 – 67,143
REPSOL SA RTS 7JAN2020 86,290 – (86,290) –
TELEFONICA SA RTS 1JUL2020 – 58,561 – 58,561
PineBridge Europe Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
13
PineBridge Europe Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There
have been no changes to the investment policy during the period.
Investment objectives and policies
The Fund seeks to provide capital appreciation through a managed portfolio of shares in European Companies.
30 June 2020 30 June 2019 30 June 2018
HK$ HK$ HK$
Investments and investment income
Total value of investments 1,511,172,430 1,502,746,157 2,170,989,950
Interest on bank deposits 14,845 27,794 13,728
Dividend income (net of withholding tax) 16,119,560 38,657,606 42,260,645
Net foreign currency gains 2,759,711 1,968,552 29,218
Net income excluding capital (depreciation)/appreciation 14,037,627 34,834,693 34,457,192
Net (depreciation)/appreciation of financial assets and
financial liabilities at fair value through profit or loss
- realized and unrealized (204,599,579) 185,420,185 (120,649,335)
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
HK$ HK$ Units
Provident Fund units
30 June 2020 1,515,127,056 22.38 67,692,997
31 December 2019 1,449,344,575 26.01 55,718,287
31 December 2018 1,665,804,204 21.44 77,684,840
PineBridge Europe Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
14
Performance table (Continued)
Performance record for the past 10 years
Highest
issue price
per unit
HK$
Lowest
redemption price
per unit
HK$
Investment
return
(Note 1)
%
Provident Fund units
30 June 2020 26.22 16.40 (13.96)
31 December 2019 26.08 21.19 21.32
31 December 2018 27.60 20.89 (16.71)
31 December 2017 25.75 20.69 25.01
31 December 2016 20.59 16.89 3.31
31 December 2015 22.45 18.62 (1.09)
31 December 2014 22.66 18.88 (4.46)
31 December 2013 21.10 16.59 27.06
31 December 2012 16.76 13.03 20.71
31 December 2011 17.97 12.57 (11.41)
31 December 2010 16.41 12.30 1.01 Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against
the net asset value per unit at the beginning of the period.
Note 2: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard
units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
PineBridge Europe Equity Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
15
30 June 2020 31 December 2019
HK$ HK$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 1,511,172,430 1,444,395,100
Interest receivable 20 208
Dividends receivable 746,766 814,615
Amounts receivable on subscription 522,732 489,585
Cash and cash equivalents 3,690,545 4,488,460
Total assets 1,516,132,493 1,450,187,968
Liabilities
Current liabilities
Amounts payable on redemption 696,840 492,128
Accounts payable and accrued expenses 308,597 351,265
Total liabilities 1,005,437 843,393
Net Asset 1,515,127,056 1,449,344,575
Equity
Net assets attributable to unitholders 1,515,127,056 1,449,344,575
The accompanying notes form an integral part of these financial statements.
PineBridge Europe Equity Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
16
30 June 2020 30 June 2019
HK$ HK$
Income
Interest on bank deposits 14,845 27,794
Dividend income 20,600,365 48,082,208
Net (losses)/gains on financial assets and financial liabilities at
fair value through profit or loss (204,599,579) 185,420,185
Net foreign currency gains 2,759,711 1,968,552
Other income 2,011 6,320
Total investment (loss)/income (181,222,647) 235,505,059
Expenses
Trustee's fee 322,312 426,462
Custodian and administration fees 283,858 318,920
Audit fee 48,373 49,520
Bank charges 950 950
Legal and professional fees 19,596 1,735
Other expenses 24,529 24,596
Transaction costs 4,158,882 5,003,396
Total operating expenses 4,858,500 5,825,579
Net (loss)/profit before tax (186,081,147) 229,679,480
Withholding tax (4,480,805) (9,424,602)
Total comprehensive (loss)/income (190,561,952) 220,254,878
The accompanying notes form an integral part of these financial statements.
PineBridge Europe Equity Fund
Statement of Changes in Equity
For the six months ended 30 June 2020
(Unaudited)
17
30 June 2020 30 June 2019
Note HK$ HK$
Balance at the beginning of the period 1,449,344,575 1,665,804,204
Issue of units 3 628,477,430 179,514,292
Redemption of units 3 (372,132,997) (558,381,851)
Net increase/(decrease) from unit transactions 256,344,433 (378,867,559)
Total comprehensive (loss)/income (190,561,952) 220,254,878
Balance at the end of the period 3 1,515,127,056 1,507,191,523
The accompanying notes form an integral part of these financial statements.
PineBridge Europe Equity Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
18
30 June 2020 30 June 2019
HK$ HK$
Cash flows from operating activities
Total comprehensive (loss)/income (190,561,952) 220,254,878
Adjustment for:
Dividend income (20,600,365) (48,082,208)
Interest on bank deposits (14,845) (27,794)
Withholding tax 4,480,805 9,424,602
Operating (loss)/profit before working capital changes (206,696,357) 181,569,478
Net (increase)/decrease in investments (66,777,330) 158,064,522
Net change in derivative financial instruments – (744)
Net decrease in other receivables – 27,057
Net decrease in amounts payable to brokers – (3,208,715)
Net (decrease)/increase in accounts payable and accrued
expenses (42,668) 29,800
Cash (used in)/generated from operations (273,516,355) 336,481,398
Dividend income received 16,187,409 38,182,594
Interest on bank deposits received 15,033 27,249
Net cash (used in)/generated from operating activities (257,313,913) 374,691,241
Cash flows from financing activities
Proceeds from issue of units 628,444,283 179,671,067
Payments on redemption of units (371,928,285) (556,829,939)
Net cash generated from/(used in) financing activities 256,515,998 (377,158,872)
Net decrease in cash and cash equivalents (797,915) (2,467,631)
Cash and cash equivalents at the beginning of the period 4,488,460 8,143,264
Cash and cash equivalents at the end of the period 3,690,545 5,675,633
Analysis of balance of cash and cash equivalents
Cash at banks 97,145 345,433
Short-term deposits 3,593,400 5,330,200
3,690,545 5,675,633
The accompanying notes form an integral part of these financial statements.
PineBridge Europe Equity Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
19
1. The Fund
PineBridge Europe Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998,
as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures
Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of
Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2019 30 June 2019
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Units Units Units Units
Number of units in issue at
the beginning of the
period – 55,718,287
– 77,684,840
Issue of units – 29,438,644 – 7,967,841
Redemption of units – (17,463,934) – (23,624,648)
Net increase/(decrease) from
unit transactions – 11,974,710
– (15,656,807)
Number of units in issue at
the end of the period – 67,692,997
– 62,028,033
Note 1: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard
units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
PINEBRIDGE HONG KONG DOLLAR FIXED INCOME FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge Hong Kong Dollar Fixed Income Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-12
Statement of net assets 13
Statement of comprehensive income 14
Statement of changes in net assets attributable to unitholders 15
Statement of cash flows 16
Notes to the financial statements 17-18
PineBridge Hong Kong Dollar Fixed Income Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge Hong Kong Dollar Fixed Income Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
COVID-19, oil price volatility and dovishness expressed by global central banks have repriced the rates markets
during the first half of 2020. We saw Hong Kong Dollar rates underperformed those of the US Dollar, especially in
the long end. Hong Kong Dollar 2-year swap rates declined from 2.02% at end-2019 to 0.72% by the end of Jun-
2020, during the same period 2-year US Dollar swap rates dropped from 1.7% to 0.23%. In the 10-year segment,
HKD swap fell from 2.04% to 1.04%, but the decline in USD rates are more pronounced from 1.90% to 0.64%. 3-
month HIBOR started the year at 2.43% and dropped to 0.78%, whereas 3-month LIBOR dropped from 1.77% to
0.3%.
In 1H 2020, HKD bond market followed the trajectory of the USD bond market. Interest rates in both markets
tightened significantly over 6 months, except the temporary shock in March at the peak of the virus outbreak. The
significant tightening in US rates reflected the strong commitment of the Fed in keeping the rates low. The HKD
interest rate differential over USD may continue for the time being. Higher interest rates in Hong Kong and Chinese
equity dual listings in Hong Kong increased the demand in HKD. During 2Q20, HKD spent most of the quarter at
the strong end of the peg range, prompting the HKMA to inject HKD liquidity multiple times. Aggregate balance,
which is a measure of interbank liquidity in Hong Kong, increased to HK$132bn from HK$68bn at the end of 2019.
Hong Kong’s economy continued to stay in recession as the 1Q20 GDP was down 8.9% yoy, due to the economic
impact from the virus outbreak. The full year GDP growth is expected to be -4% to -7% with weakness in retail,
tourism and international trades.
2020 H2 Market Outlook and Strategy
Hong Kong’s economy will be impacted by COVID-19 in 2020. As a small and open economy, it would continue to
be subject to external factors such as headwinds from China’s economy, US monetary policies, trade war and local
social events. We expect the Linked Exchange Rate System of Hong Kong to remain, supported by strong FX
reserves of USD 442 bn. Over the medium term, the Hong Kong rates will continue to converge to USD rates,
although short-term deviations will be driven by fund flows and risk premium. We think the belly of the HKD credit
curve offers good value at the moment. The fund will continue to seek to invest into quality instruments at higher
yields in 2H.
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Nominal Market % of net
value value assets
HK$ HK$
LISTED/QUOTED INVESTMENTS
BONDS
HONG KONG DOLLAR
ADCB FINANCE CAYMAN LTD 2.84% 21NOV2023 2,000,000 2,060,280 0.45%
ADCB FINANCE CAYMAN LTD 2.86% 4MAY2021 2,000,000 2,019,100 0.44%
ADCB FINANCE CAYMAN LTD 3.2% 3FEB2022 1,000,000 1,022,270 0.22%
AIA GROUP LTD 3.68% 16JAN2031 16,000,000 17,542,240 3.81%
AROUNDTOWN SA 3.69% 11MAR2024 4,000,000 4,111,486 0.89%
ASB FINANCE LTD 2.457% 25SEP2024 2,000,000 2,077,214 0.45%
ASB FINANCE LTD 2.63% 14DEC2021 2,000,000 2,037,510 0.44%
BANK OF NOVA SCOTIA 2.74% 13FEB2023 2,000,000 2,079,999 0.45%
BANK OF NOVA SCOTIA 3.34% 20SEP2023 2,000,000 2,141,278 0.47%
CDBL FUNDING 2 3% 2AUG2021 9,000,000 9,092,804 1.97%
CDBL FUNDING 2 3.2% 22JAN2021 2,000,000 2,014,527 0.44%
CDBL FUNDING 2 3.6% 16NOV2021 10,000,000 10,241,548 2.22%
CENTRICA PLC 3.68% 22FEB2022 3,000,000 3,050,912 0.66%
CHINA OVERSEAS FINANCE CAYMAN VIII LTD 2.9% 15JAN2025 16,200,000 16,503,118 3.58%
CITIGROUP INC 2.67% 6OCT2025 1,000,000 986,831 0.21%
CK PROPERTY FINANCE MTN LTD 2.25% 25AUG2022 1,500,000 1,517,922 0.33%
CLP POWER HONG KONG FINANCING LTD 2.83% 20SEP2022 3,000,000 3,063,075 0.67%
CLP POWER HONG KONG FINANCING LTD 3.5% 28NOV2029 4,000,000 4,516,774 0.98%
CLP POWER HONG KONG FINANCING LTD 3.93% 20SEP2021 1,000,000 1,025,715 0.22%
COMMONWEALTH BANK OF AUSTRALIA 2.505% 21SEP2026 4,000,000 4,207,380 0.91%
COMMONWEALTH BANK OF AUSTRALIA 2.77% 27JAN2026 2,000,000 2,126,450 0.46%
CORP ANDINA DE FOMENTO 2.89% 18MAR2026 2,000,000 2,097,855 0.46%
CORP ANDINA DE FOMENTO 3.265% 24MAR2027 2,000,000 2,162,198 0.47%
DBS GROUP HOLDINGS LTD 3.24% 19APR2026 5,000,000 5,064,732 1.10% EASTERN CREATION II INVESTMENT HOLDINGS LTD 3.85%
20DEC2021 3,000,000 3,026,355 0.66%
EMIRATES NBD PJSC 3.4% 13MAY2022 2,000,000 2,041,194 0.44%
ENGIE SA 2.65% 26SEP2032 2,000,000 2,135,175 0.46%
EXPORT-IMPORT BANK OF KOREA 3.45% 23SEP2021 1,000,000 1,024,506 0.22%
GENERAL ELECTRIC CO 5.05% 27JUN2023 3,000,000 3,119,287 0.68%
HKCG FINANCE LTD 2.25% 22JUL2026 5,000,000 5,145,724 1.12%
HKCG FINANCE LTD 2.65% 3JUL2027 2,000,000 2,107,091 0.46%
HKCG FINANCE LTD 2.69% 10FEB2030 13,000,000 13,742,806 2.98%
HKCG FINANCE LTD 3.25% 11MAY2030 5,000,000 5,530,569 1.20%
HKCG FINANCE LTD 3.3% 16MAY2022 5,000,000 5,145,428 1.12%
HONG KONG GOVERNMENT BOND 0.8% 27AUG2027 4,500,000 4,652,510 1.01%
HONG KONG GOVERNMENT BOND 1.49% 22FEB2028 1,000,000 1,085,809 0.24%
HONG KONG GOVERNMENT BOND 2.24% 27AUG2029 6,000,000 6,964,800 1.51%
HONG KONG GOVERNMENT BOND 2.48% 28FEB2029 5,000,000 5,880,079 1.28%
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
As at 30 June 2020
(Unaudited)
4
INVESTMENT PORTFOLIO (CONTINUED)
Nominal Market
% of net
value value
assets
HK$ HK$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
HONG KONG DOLLAR (CONTINUED)
HONG KONG GOVERNMENT BOND PROGRAMME 2.02% 7MAR2034 2,000,000 2,341,013
0.51%
HONG KONG GOVERNMENT BOND PROGRAMME 2.13% 16JUL2030 16,000,000 18,361,222
3.99%
HONGKONG LAND NOTES CO LTD 3.15% 10MAY2028 2,000,000 2,141,526
0.47%
HONGKONG LAND NOTES CO LTD 3.83% 5NOV2028 3,000,000 3,351,360
0.73%
HONGKONG LAND NOTES CO LTD 3.95% 29NOV2023 12,000,000 13,025,610
2.83%
HONGKONG LAND NOTES CO LTD 4.1% 28JUL2025 6,000,000 6,725,277
1.46%
HYSAN MTN LTD 3.05% 10JUN2029 2,000,000 2,085,194
0.45%
HYSAN MTN LTD 3.1% 4APR2029 4,000,000 4,192,096
0.91%
HYSAN MTN LTD 5.38% 2SEP2020 2,000,000 2,014,491
0.44%
KEB HANA BANK 3.165% 15JUN2021 5,000,000 5,083,783
1.10%
KOREA DEVELOPMENT BANK 3.6% 16SEP2021 1,000,000 1,024,649
0.22%
KOREA HYDRO & NUCLEAR POWER CO LTD 3.35% 13MAR2028 11,000,000 12,000,817
2.61%
KOREA LAND & HOUSING CORP 2.43% 28SEP2024 2,000,000 2,067,500
0.45%
KOREA LAND & HOUSING CORP 4.2% 18JAN2022 2,000,000 2,084,099
0.45%
KOREA NATIONAL OIL CORP 4.5% 4MAR2021 6,000,000 6,129,551
1.33%
KOREA RAILROAD CORP 3.375% 7JUN2023 1,000,000 1,047,788
0.23%
KOWLOON-CANTON RAILWAY CORP 4.13% 15MAY2024 500,000 552,508
0.12%
LINK FINANCE CAYMAN 2009 LTD 2.67% 4JUL2022 1,000,000 1,015,581
0.22%
LINK FINANCE CAYMAN 2009 LTD 3% 2MAR2026 2,000,000 2,080,757
0.45%
LINK FINANCE CAYMAN 2009 LTD 3.15% 2FEB2026 2,000,000 2,096,630
0.46%
LINK FINANCE CAYMAN 2009 LTD 3.2% 6SEP2021 3,000,000 3,054,566
0.66%
MALAYAN BANKING BHD 2.295% 25MAY2022 4,000,000 4,127,458
0.90%
MALAYAN BANKING BHD 2.9% 18JAN2023 2,000,000 2,103,202
0.46%
MALAYAN BANKING BHD 3.25% 20JUL2022 5,000,000 5,253,841
1.14%
MALAYAN BANKING BHD 3.66% 10OCT2023 1,000,000 1,086,622
0.24%
MIZUHO BANK LTD 2.65% 22NOV2021 2,000,000 2,044,067
0.44%
MORGAN STANLEY FINANCE LLC 3.2% 7APR2025 2,000,000 2,034,990
0.44%
MTR CORP CI LTD 3% 24FEB2037 3,000,000 3,434,679
0.75%
NATIONAL AUSTRALIA BANK LTD 3.29% 21JUN2023 8,000,000 8,461,566
1.84%
NATIONAL AUSTRALIA BANK LTD 3.73% 17MAY2026 5,000,000 5,012,864
1.09%
NATIONAL GRID NORTH AMERICA INC 2.62% 9JUN2025 2,000,000 2,042,911
0.44%
OP CORPORATE BANK PLC 2.16% 18SEP2020 1,000,000 1,000,527
0.22%
ORIX CORP 2.3% 23AUG2022 1,500,000 1,516,418
0.33%
PLACES FOR PEOPLE TREASURY PLC 3.25% 30AUG2023 2,000,000 2,079,606
0.45%
SGSP AUSTRALIA ASSETS PTY LTD 3.33% 21MAY2027 1,000,000 1,122,952
0.24%
SHINHAN BANK CO LTD 3.14% 26JUL2021 3,000,000 3,055,660
0.66%
SHINHAN BANK CO LTD 3.2% 24AUG2021 4,000,000 4,083,906
0.89%
STATE GRID OVERSEAS INVESTMENT 2016 LTD 2.7% 17APR2024 4,000,000 4,126,804
0.90%
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
As at 30 June 2020
(Unaudited)
5
INVESTMENT PORTFOLIO (CONTINUED)
Nominal Market % of net
value value assets
HK$ HK$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
HONG KONG DOLLAR (CONTINUED)
STATE GRID OVERSEAS INVESTMENT 2016 LTD 2.85% 17APR2029 15,000,000 15,572,529 3.38%
SUMITOMO MITSUI BANKING CORP 2.92% 30APR2025 2,000,000 2,121,319 0.46%
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.32% 26JUL2026 2,000,000 2,036,271 0.44%
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.59%
15APR2026 1,000,000 1,033,997 0.22% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.7%
24AUG2027 2,000,000 2,079,873 0.45% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.7%
26JUN2027 2,000,000 2,087,940 0.45%
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.95% 8MAY2023 3,000,000 3,117,578 0.68%
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.21%
1MAR2029 2,000,000 2,144,765 0.47% SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.21%
27MAR2029 1,000,000 1,071,717 0.23%
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.38%
18JAN2029 1,000,000 1,086,627 0.24%
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.39% 24JAN2029 13,000,000 14,134,598 3.07%
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.88% 22NOV2028 2,000,000 2,251,302 0.49%
SWIRE PACIFIC MTN FINANCING LTD 2.85% 18JUL2022 1,000,000 1,015,635 0.22%
SWIRE PACIFIC MTN FINANCING LTD 2.9% 24JAN2023 7,000,000 7,137,768 1.55%
SWIRE PROPERTIES MTN FINANCING LTD 2.6% 5JUL2025 2,000,000 2,058,673 0.45%
SWIRE PROPERTIES MTN FINANCING LTD 2.65% 7JUN2027 5,000,000 5,116,283 1.11%
SWIRE PROPERTIES MTN FINANCING LTD 2.8% 26MAR2025 1,000,000 1,041,500 0.23%
SWIRE PROPERTIES MTN FINANCING LTD 2.8% 31MAY2027 2,000,000 2,065,952 0.45%
SWIRE PROPERTIES MTN FINANCING LTD 2.9% 23JAN2025 1,000,000 1,049,904 0.23%
SWIRE PROPERTIES MTN FINANCING LTD 3% 19MAR2025 3,000,000 3,180,235 0.69%
UNITED OVERSEAS BANK LTD 3.19% 26AUG2028 4,000,000 4,166,218 0.90%
UNITED UTILITIES WATER FINANCE PLC 2.37% 4OCT2027 2,000,000 2,090,844 0.45% VICTORIA POWER NETWORKS FINANCE PTY LTD 3.16%
26MAR2025 2,000,000 2,144,802 0.47%
VODAFONE GROUP PLC 2.85% 28JUN2027 2,000,000 2,091,749 0.45%
WELLS FARGO & CO 3% 5JUN2025 3,000,000 3,197,512 0.69%
WESTPAC BANKING CORP 2.84% 20FEB2024 6,000,000 6,379,661 1.39%
WHARF REIC FINANCE BVI LTD 2.1% 16MAR2027 2,000,000 1,998,099 0.43%
WHARF REIC FINANCE BVI LTD 3.07% 22JAN2028 1,500,000 1,594,935 0.35%
WHARF REIC FINANCE BVI LTD 3.1% 26JAN2028 3,000,000 3,195,736 0.69%
TOTAL HONG KONG DOLLAR 407,692,664 88.53%
UNITED STATES DOLLAR
AROUNDTOWN SA 5.375% 21MAR2029 580,000 5,100,876 1.11%
DBS GROUP HOLDINGS LTD 3.3% 31DEC2049 310,000 2,363,592 0.51%
HANWHA LIFE INSURANCE CO LTD 4.7% 23APR2048 700,000 5,397,888 1.17%
HYUNDAI CAPITAL AMERICA 5.875% 7APR2025 400,000 3,484,532 0.76%
HYUNDAI CAPITAL AMERICA 6.375% 8APR2030 400,000 3,739,176 0.81%
KOOKMIN BANK 4.35% 31DEC2049 400,000 3,194,152 0.69%
KOOKMIN BANK 4.5% 1FEB2029 1,073,000 9,537,890 2.07%
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
As at 30 June 2020
(Unaudited)
6
INVESTMENT PORTFOLIO (CONTINUED)
Nominal Market
% of net
value value
assets
HK$ HK$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR (CONTINUED)
NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.4% 29SEP2027 200,000 1,498,806
0.33%
PERUSAHAAN LISTRIK NEGARA PT 3.375% 5FEB2030 350,000 2,750,969
0.60%
SANTOS FINANCE LTD 5.25% 13MAR2029 240,000 1,999,029
0.43%
SCENTRE GROUP TRUST 2 4.375% 28MAY2030 430,000 3,669,346
0.80%
SHINHAN FINANCIAL GROUP CO LTD 5.875% 31DEC2049 280,000 2,303,032 0.50%
TOTAL UNITED STATES DOLLAR 45,039,288
9.78%
CERTIFICATES OF DEPOSIT
HONG KONG DOLLAR
FIRST ABU DHABI BANK PJSC/HONG KONG CD 4.6% 29JAN2021 1,000,000 1,018,539
0.22%
TOTAL HONG KONG DOLLAR 1,018,539
0.22%
TOTAL INVESTMENTS* 453,750,491
98.53%
TOTAL INVESTMENTS, AT COST* 439,698,444
* Investments are accounted for on a trade date basis.
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
7
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Nominal value
1 January 2020 Additions Deductions 30 June 2020
HK$ HK$ HK$ HK$
LISTED/QUOTED INVESTMENTS
BONDS
HONG KONG DOLLAR
ADCB FINANCE CAYMAN LTD 2.46% 16MAR2020 1,000,000 – (1,000,000) –
ADCB FINANCE CAYMAN LTD 2.84% 21NOV2023 2,000,000 – – 2,000,000
ADCB FINANCE CAYMAN LTD 2.86% 4MAY2021 2,000,000 – – 2,000,000
ADCB FINANCE CAYMAN LTD 3.2% 3FEB2022 1,000,000 – – 1,000,000
AIA GROUP LTD 3.68% 16JAN2031 – 16,000,000 – 16,000,000
AROUNDTOWN SA 3.69% 11MAR2024 4,000,000 – – 4,000,000
ASB FINANCE LTD 2.457% 25SEP2024 2,000,000 – – 2,000,000
ASB FINANCE LTD 2.63% 14DEC2021 2,000,000 – – 2,000,000
AUSNET SERVICES HOLDINGS PTY LTD 4.125% 16MAR2020 7,000,000 – (7,000,000) –
BANK OF NOVA SCOTIA 2.74% 13FEB2023 2,000,000 – – 2,000,000
BANK OF NOVA SCOTIA 3.34% 20SEP2023 2,000,000 – – 2,000,000
CCT MTN PTE LTD 2.27% 22MAR2021 1,000,000 – (1,000,000) –
CDBL FUNDING 2 3% 2AUG2021 9,000,000 – – 9,000,000
CDBL FUNDING 2 3.2% 22JAN2021 2,000,000 – – 2,000,000
CDBL FUNDING 2 3.6% 16NOV2021 10,000,000 – – 10,000,000
CENTRICA PLC 3.68% 22FEB2022 3,000,000 – – 3,000,000
CHINA OVERSEAS FINANCE CAYMAN VIII LTD 2.9% 15JAN2025 13,200,000 3,000,000 – 16,200,000
CITIGROUP INC 2.67% 6OCT2025 1,000,000 – – 1,000,000
CK PROPERTY FINANCE MTN LTD 2.25% 25AUG2022 1,500,000 – – 1,500,000
CLP POWER HONG KONG FINANCING LTD 2.83% 20SEP2022 3,000,000 – – 3,000,000
CLP POWER HONG KONG FINANCING LTD 3.5% 28NOV2029 4,000,000 – – 4,000,000
CLP POWER HONG KONG FINANCING LTD 3.93% 20SEP2021 1,000,000 – – 1,000,000
COMMONWEALTH BANK OF AUSTRALIA 2.505% 21SEP2026 4,000,000 – – 4,000,000
COMMONWEALTH BANK OF AUSTRALIA 2.77% 27JAN2026 2,000,000 – – 2,000,000
CORP ANDINA DE FOMENTO 2.89% 18MAR2026 2,000,000 – – 2,000,000
CORP ANDINA DE FOMENTO 3.265% 24MAR2027 2,000,000 – – 2,000,000
DBS GROUP HOLDINGS LTD 3.24% 19APR2026 5,000,000 – – 5,000,000 EASTERN CREATION II INVESTMENT HOLDINGS LTD 3.85%
20DEC2021 3,000,000 – – 3,000,000
EMIRATES NBD PJSC 3.4% 13MAY2022 2,000,000 – – 2,000,000
ENGIE SA 2.65% 26SEP2032 2,000,000 – – 2,000,000
EXPORT-IMPORT BANK OF KOREA 3.45% 23SEP2021 1,000,000 – – 1,000,000
FIRST GULF BANK PJSC 2.43% 17FEB2020 2,000,000 – (2,000,000) –
GENERAL ELECTRIC CO 5.05% 27JUN2023 3,000,000 – – 3,000,000
HKCG FINANCE LTD 2.25% 22JUL2026 5,000,000 – – 5,000,000
HKCG FINANCE LTD 2.65% 3JUL2027 2,000,000 – – 2,000,000
HKCG FINANCE LTD 2.69% 10FEB2030 – 13,000,000 – 13,000,000
HKCG FINANCE LTD 3.25% 11MAY2030 5,000,000 – – 5,000,000
HKCG FINANCE LTD 3.3% 16MAY2022 5,000,000 – – 5,000,000
HONG KONG GOVERNMENT BOND 0.8% 27AUG2027 4,500,000 – – 4,500,000
HONG KONG GOVERNMENT BOND 1.49% 22FEB2028 1,000,000 – – 1,000,000
HONG KONG GOVERNMENT BOND 1.51% 24FEB2027 2,300,000 – (2,300,000) –
HONG KONG GOVERNMENT BOND 2.07% 26AUG2026 5,000,000 – (5,000,000) –
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
8
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
HK$ HK$ HK$ HK$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
HONG KONG DOLLAR (CONTINUED)
HONG KONG GOVERNMENT BOND 2.24% 27AUG2029 6,000,000 – – 6,000,000
HONG KONG GOVERNMENT BOND 2.48% 28FEB2029 5,000,000 – – 5,000,000
HONG KONG GOVERNMENT BOND PROGRAMME 1.68%
21JAN2026 10,000,000 – (10,000,000) – HONG KONG GOVERNMENT BOND PROGRAMME 2.02%
7MAR2034 – 2,000,000 – 2,000,000 HONG KONG GOVERNMENT BOND PROGRAMME 2.13%
16JUL2030 14,000,000 2,000,000 – 16,000,000
HONGKONG LAND NOTES CO LTD 3.15% 10MAY2028 2,000,000 – – 2,000,000
HONGKONG LAND NOTES CO LTD 3.83% 5NOV2028 3,000,000 – – 3,000,000
HONGKONG LAND NOTES CO LTD 3.95% 29NOV2023 12,000,000 – – 12,000,000
HONGKONG LAND NOTES CO LTD 4.1% 28JUL2025 6,000,000 – – 6,000,000
HYSAN MTN LTD 3.05% 10JUN2029 2,000,000 – – 2,000,000
HYSAN MTN LTD 3.1% 4APR2029 – 4,000,000 – 4,000,000
HYSAN MTN LTD 5.38% 2SEP2020 2,000,000 – – 2,000,000
KEB HANA BANK 2.61% 22MAR2021 2,000,000 – (2,000,000) –
KEB HANA BANK 3.165% 15JUN2021 5,000,000 – – 5,000,000
KOREA DEVELOPMENT BANK 3.6% 16SEP2021 1,000,000 – – 1,000,000
KOREA DEVELOPMENT BANK 4.42% 12APR2021 3,000,000 – (3,000,000) –
KOREA HYDRO & NUCLEAR POWER CO LTD 3.35% 13MAR2028 11,000,000 – – 11,000,000
KOREA LAND & HOUSING CORP 2.43% 28SEP2024 2,000,000 – – 2,000,000
KOREA LAND & HOUSING CORP 4.2% 18JAN2022 5,000,000 – (3,000,000) 2,000,000
KOREA NATIONAL OIL CORP 4.5% 4MAR2021 6,000,000 – – 6,000,000
KOREA RAILROAD CORP 3.375% 7JUN2023 1,000,000 – – 1,000,000
KOWLOON-CANTON RAILWAY CORP 4.13% 15MAY2024 500,000 – – 500,000
LINK FINANCE CAYMAN 2009 LTD 2.67% 4JUL2022 1,000,000 – – 1,000,000
LINK FINANCE CAYMAN 2009 LTD 3% 2MAR2026 2,000,000 – – 2,000,000
LINK FINANCE CAYMAN 2009 LTD 3.15% 2FEB2026 2,000,000 – – 2,000,000
LINK FINANCE CAYMAN 2009 LTD 3.2% 6SEP2021 3,000,000 – – 3,000,000
MACQUARIE BANK LTD 2.06% 12FEB2020 1,000,000 – (1,000,000) –
MALAYAN BANKING BHD 2.295% 25MAY2022 4,000,000 – – 4,000,000
MALAYAN BANKING BHD 2.9% 18JAN2023 2,000,000 – – 2,000,000
MALAYAN BANKING BHD 3.25% 20JUL2022 5,000,000 – – 5,000,000
MALAYAN BANKING BHD 3.66% 10OCT2023 1,000,000 – – 1,000,000
MIZUHO BANK LTD 2.65% 22NOV2021 2,000,000 – – 2,000,000
MORGAN STANLEY FINANCE LLC 3.2% 7APR2025 – 2,000,000 – 2,000,000
MTR CORP CI LTD 3% 24FEB2037 3,000,000 – – 3,000,000
NATIONAL AUSTRALIA BANK LTD 3.29% 21JUN2023 8,000,000 – – 8,000,000
NATIONAL AUSTRALIA BANK LTD 3.73% 17MAY2026 5,000,000 – – 5,000,000
NATIONAL GRID NORTH AMERICA INC 2.62% 9JUN2025 2,000,000 – – 2,000,000
OP CORPORATE BANK PLC 2.16% 18SEP2020 1,000,000 – – 1,000,000
OPTUS FINANCE PTY LTD 3.825% 10JUN2020 2,000,000 – (2,000,000) –
ORIX CORP 2.3% 23AUG2022 1,500,000 – – 1,500,000
PLACES FOR PEOPLE TREASURY PLC 3.25% 30AUG2023 2,000,000 – – 2,000,000
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
9
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
HK$ HK$ HK$ HK$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
HONG KONG DOLLAR (CONTINUED)
PSA INTERNATIONAL PTE LTD 3.8% 26MAY2020 5,000,000 – (5,000,000) –
SGSP AUSTRALIA ASSETS PTY LTD 3.33% 21MAY2027 1,000,000 – – 1,000,000
SHINHAN BANK CO LTD 3.14% 26JUL2021 3,000,000 – – 3,000,000
SHINHAN BANK CO LTD 3.2% 24AUG2021 4,000,000 – – 4,000,000
STATE GRID OVERSEAS INVESTMENT 2016 LTD 2.7% 17APR2024 4,000,000 – – 4,000,000
STATE GRID OVERSEAS INVESTMENT 2016 LTD 2.85% 17APR2029 15,000,000 – – 15,000,000
SUMITOMO MITSUI BANKING CORP 2.92% 30APR2025 2,000,000 – – 2,000,000
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.32% 26JUL2026 2,000,000 – – 2,000,000
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.59%
15APR2026 1,000,000 – – 1,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.7%
24AUG2027 2,000,000 – – 2,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.7%
26JUN2027 2,000,000 – – 2,000,000
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 2.95% 8MAY2023 3,000,000 – – 3,000,000
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.21% 1MAR2029 2,000,000 – – 2,000,000
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.21%
27MAR2029 1,000,000 – – 1,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.38%
18JAN2029 1,000,000 – – 1,000,000 SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.39%
24JAN2029 12,000,000 1,000,000 – 13,000,000
SUN HUNG KAI PROPERTIES CAPITAL MARKET LTD 3.88% 22NOV2028 – 2,000,000 – 2,000,000
SWIRE PACIFIC MTN FINANCING LTD 2.85% 18JUL2022 1,000,000 – – 1,000,000
SWIRE PACIFIC MTN FINANCING LTD 2.9% 24JAN2023 7,000,000 – – 7,000,000
SWIRE PROPERTIES MTN FINANCING LTD 2.6% 5JUL2025 2,000,000 – – 2,000,000
SWIRE PROPERTIES MTN FINANCING LTD 2.65% 7JUN2027 5,000,000 – – 5,000,000
SWIRE PROPERTIES MTN FINANCING LTD 2.8% 26MAR2025 1,000,000 – – 1,000,000
SWIRE PROPERTIES MTN FINANCING LTD 2.8% 31MAY2027 2,000,000 – – 2,000,000
SWIRE PROPERTIES MTN FINANCING LTD 2.9% 23JAN2025 1,000,000 – – 1,000,000
SWIRE PROPERTIES MTN FINANCING LTD 3% 19MAR2025 3,000,000 – – 3,000,000
UNITED OVERSEAS BANK LTD 3.19% 26AUG2028 4,000,000 – – 4,000,000
UNITED UTILITIES WATER FINANCE PLC 2.37% 4OCT2027 2,000,000 – – 2,000,000 VICTORIA POWER NETWORKS FINANCE PTY LTD 3.16%
26MAR2025 2,000,000 – – 2,000,000
VODAFONE GROUP PLC 2.85% 28JUN2027 2,000,000 – – 2,000,000
WELLS FARGO & CO 3% 5JUN2025 3,000,000 – – 3,000,000
WESTPAC BANKING CORP 2.84% 20FEB2024 6,000,000 – – 6,000,000
WHARF REIC FINANCE BVI LTD 2.1% 16MAR2027 – 2,000,000 – 2,000,000
WHARF REIC FINANCE BVI LTD 3.07% 22JAN2028 1,500,000 – – 1,500,000
WHARF REIC FINANCE BVI LTD 3.1% 26JAN2028 3,000,000 – – 3,000,000
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
10
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
HK$ HK$ HK$ HK$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR
AROUNDTOWN SA 5.375% 21MAR2029 780,000 – (200,000) 580,000
CNAC HK FINBRIDGE CO LTD 4.875% 14MAR2025 – 200,000 (200,000) –
CNAC HK FINBRIDGE CO LTD 5.125% 14MAR2028 400,000 – (400,000) –
DBS GROUP HOLDINGS LTD 3.3% 31DEC2049 – 310,000 – 310,000
HANWHA LIFE INSURANCE CO LTD 4.7% 23APR2048 700,000 – – 700,000
HUARONG FINANCE 2019 CO LTD 3.875% 13NOV2029 200,000 – (200,000) –
HUARONG FINANCE 2019 CO LTD 4.5% 29MAY2029 200,000 – (200,000) –
HYUNDAI CAPITAL AMERICA 3.5% 2NOV2026 200,000 – (200,000) –
HYUNDAI CAPITAL AMERICA 5.875% 7APR2025 – 400,000 – 400,000
HYUNDAI CAPITAL AMERICA 6.375% 8APR2030 – 400,000 – 400,000
KOOKMIN BANK 4.35% 31DEC2049 400,000 – – 400,000
KOOKMIN BANK 4.5% 1FEB2029 303,000 1,200,000 (430,000) 1,073,000
MITSUI SUMITOMO INSURANCE CO LTD 4.95% 31DEC2049 800,000 – (800,000) –
MIZUHO FINANCIAL GROUP INC 3.153% 16JUL2030 – 200,000 (200,000) –
NEWCASTLE COAL INFRASTRUCTURE GROUP PTY LTD 4.4%
29SEP2027 200,000 – – 200,000
NIPPON LIFE INSURANCE CO 3.4% 23JAN2050 – 520,000 (520,000) –
PERUSAHAAN LISTRIK NEGARA PT 3.375% 5FEB2030 – 350,000 – 350,000
REC LTD 3.875% 7JUL2027 300,000 – (300,000) –
SANTOS FINANCE LTD 5.25% 13MAR2029 240,000 – – 240,000
SCENTRE GROUP TRUST 2 4.375% 28MAY2030 – 430,000 – 430,000
SHINHAN BANK CO LTD 4.5% 26MAR2028 350,000 – (350,000) –
SHINHAN FINANCIAL GROUP CO LTD 5.875% 31DEC2049 – 280,000 – 280,000
SUMITOMO MITSUI FINANCIAL GROUP INC 2.75% 15JAN2030 – 200,000 (200,000) –
WOORI BANK 5.125% 6AUG2028 280,000 – (280,000) –
CERTIFICATES OF DEPOSIT
HONG KONG DOLLAR
BANK OF CHINA LTD/HONG KONG CD 3.9% 31MAY2021 3,000,000 – (3,000,000) –
DBS BANK HONG KONG LTD CD 3.92% 21JAN2020 5,000,000 – (5,000,000) –
FIRST ABU DHABI BANK PJSC/HONG KONG CD 4.6% 29JAN2021 1,000,000 – – 1,000,000
SUMITOMO MITSUI BANKING CORP/HONG KONG CD 2.7%
21FEB2022 5,000,000 – (5,000,000) – SUMITOMO MITSUI BANKING CORP/HONG KONG CD 2.93%
9AUG2021 1,000,000 – (1,000,000) –
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
11
PineBridge Hong Kong Dollar Fixed Income Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10
August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct
investment policy. There have been no changes to the investment policy during the period.
Investment objectives and policies The Fund is a fixed income fund that seeks to provide investors with a stable source of high recurring income
through a managed portfolio of bonds and other income yielding securities. The Fund’s objective is to provide
security of capital as well as a comparatively high level of income by investing at least 70% of its total net assets in
a range of fixed and floating rate instruments, either denominated in Hong Kong dollars or, if they are not
denominated in Hong Kong dollars, the currency exposure shall be hedged back into Hong Kong dollars in order to
ensure that the Fund has an effective exposure of at least 30% to the Hong Kong dollars.
30 June 2020 30 June 2019 30 June 2018
HK$ HK$ HK$
Investments and investment income
Total value of investments 453,750,491 464,458,527 454,568,728
Interest on bank deposits 13,495 17,704 21,220
Interest on investments 6,380,399 6,887,932 6,365,086
Net foreign currency losses (10,257) (1,474) (7,545)
Net income excluding capital appreciation/(depreciation) 4,876,746 5,353,787 4,737,881
Net appreciation/(depreciation) of financial assets and
financial liabilities at fair value through profit or loss
- realized and unrealized 16,891,336 13,961,132 (9,817,340)
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
HK$ HK$ Units
Standard units - Accumulation (Note 2)
30 June 2020 316,291,695 20.25 15,618,997
31 December 2019 299,354,893 19.34 15,480,987
31 December 2018 331,139,717 18.62 17,781,198
Provident Fund units
30 June 2020 144,231,963 23.34 6,178,314
31 December 2019 154,135,487 22.21 6,940,182
31 December 2018 160,245,736 21.23 7,548,028
PineBridge Hong Kong Dollar Fixed Income Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
12
Performance table (Continued)
Performance record for the past 10 years
Highest
issue price
per unit
HK$
Lowest
redemption price
per unit
HK$
Investment
return
(Note 1)
%
Standard units - Accumulation (Note 2)
30 June 2020 20.28 19.30 4.71
31 December 2019 19.70 18.59 3.87
31 December 2018 18.63 18.04 1.14
31 December 2017 18.77 17.98 2.39
31 December 2016 18.77 17.82 (0.77)
31 December 2015 18.20 17.61 2.72
31 December 2014 17.78 16.94 3.76
31 December 2013 17.73 16.70 (3.52)
31 December 2012 17.64 16.98 3.46
31 December 2011 17.28 16.17 4.67
31 December 2010 16.63 15.88 2.20
Provident Fund units
30 June 2020 23.36 22.17 5.09
31 December 2019 22.57 21.20 4.62
31 December 2018 21.24 20.47 1.92
31 December 2017 21.18 20.19 3.12
31 December 2016 21.03 19.91 0.00
31 December 2015 20.26 19.49 3.43
31 December 2014 19.67 18.63 4.49
31 December 2013 19.10 18.01 (2.85)
31 December 2012 18.95 18.12 4.30
31 December 2011 18.40 17.14 5.34
31 December 2010 17.60 16.70 2.93 Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against
the net asset value per unit at the beginning of the period.
Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013.
Note 3: No Standard units - Monthly Distribution were issued by the Fund since the year ended 31 December
2013.
PineBridge Hong Kong Dollar Fixed Income Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
13
30 June 2020 31 December 2019
HK$ HK$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 453,750,491 448,398,415
Interest receivable on investments 3,509,224 4,474,509
Bank interest receivable 27 208
Amounts receivable on subscription 430,858 259,146
Cash and cash equivalents 4,958,417 3,880,470
Total assets 462,649,017 457,012,748
Liabilities
Current liabilities
Amounts payable on redemption 1,720,137 3,097,107
Accounts payable and accrued expenses 405,222 425,261
Liabilities (excluding net assets attributable to
unitholders) 2,125,359 3,522,368
Net assets attributable to unitholders 460,523,658 453,490,380
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Dollar Fixed Income Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
14
30 June 2020 30 June 2019
HK$ HK$
Income
Interest on bank deposits 13,495 17,704
Interest on investments 6,380,399 6,887,932
Net gains on financial assets and financial liabilities at fair
value through profit or loss 16,891,336 13,961,132
Net foreign currency losses (10,257) (1,474)
Total investment income 23,274,973 20,865,294
Expenses
Management fee 1,157,950 1,204,751
Trustee's fee 113,158 119,525
Custodian and administration fees 148,038 153,585
Audit fee 42,338 45,003
Bank charges 1,350 1,350
Legal and professional fees 19,596 1,676
Other expenses 24,461 24,485
Total operating expenses 1,506,891 1,550,375
Increase in net assets attributable to
unitholders from operations 21,768,082 19,314,919
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Dollar Fixed Income Fund
Statement of Changes in Net Assets Attributable to Unitholders
For the six months ended 30 June 2020
(Unaudited)
15
30 June 2020 30 June 2019
Note HK$ HK$
Net assets attributable to unitholders at 1
January 453,490,380 491,385,453
Issue of units 3 67,134,410 34,856,180
Redemption of units 3 (81,869,214) (74,807,057)
Net decrease from unit transactions (14,734,804) (39,950,877)
Increase in net assets attributable to unitholders from
operations 21,768,082 19,314,919
Net assets attributable to unitholders at 30 June 3 460,523,658 470,749,495
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Dollar Fixed Income Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
16
30 June 2020 30 June 2019
HK$ HK$
Cash flows from operating activities
Increase in net assets attributable to unitholders from
operations 21,768,082 19,314,919
Adjustment for:
Interest on bank deposits (13,495) (17,704)
Interest on investments (6,380,399) (6,887,932)
Operating profit before working capital changes 15,374,188 12,409,283
Net (increase)/decrease in investments (5,352,076) 17,059,069
Net change in derivative financial instruments – 141
Net increase in amounts receivable from brokers – (1,617,489)
Net increase in amounts payable to brokers – 4,188,343
Net (decrease)/increase in accounts payable and accrued
expenses (20,039) 7,198
Cash generated from operations 10,002,073 32,046,545
Interest on bank deposits received 13,676 17,101
Interest on investments received 7,345,684 8,719,731
Net cash generated from operating activities 17,361,433 40,783,377
Cash flows from financing activities
Proceeds from issue of units 66,962,698 35,877,301
Payments on redemption of units (83,246,184) (74,803,515)
Net cash used in financing activities (16,283,486) (38,926,214)
Net increase in cash and cash equivalents 1,077,947 1,857,163
Cash and cash equivalents at the beginning of the period 3,880,470 4,948,835
Cash and cash equivalents at the end of the period 4,958,417 6,805,998
Analysis of balance of cash and cash equivalents
Cash at banks 80,017 1,602,498
Short-term deposits 4,878,400 5,203,500
4,958,417 6,805,998
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Dollar Fixed Income Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
17
1. The Fund
PineBridge Hong Kong Dollar Fixed Income Fund (the “Fund”) is a unit trust governed by its Trust Deed dated
10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and
Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes
Authority of Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2020
Standard
Units –
Monthly
Distribution
(Note 1)
Standard
Units –
Accumulation
(Note 2)
Provident
Fund
Units Units Units
Number of units in issue at
the beginning of the
period –
15,480,987 6,940,182
Issue of units – 2,578,546 689,468
Redemption of units – (2,440,536) (1,451,336)
Net increase/(decrease) from
unit transactions –
138,010 (761,868)
Number of units in issue at
the end of the period –
15,618,997 6,178,314
PineBridge Hong Kong Dollar Fixed Income Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
18
3. Number of units in issue (continued)
30 June 2019 30 June 2019 30 June 2019
Standard
Units –
Monthly
Distribution
(Note 1)
Standard
Units –
Accumulation
(Note 2)
Provident
Fund
Units Units Units
Number of units in issue at
the beginning of the
period –
17,781,198 7,548,028
Issue of units – 1,466,776 323,801
Redemption of units – (2,762,166) (1,034,771)
Net decrease from unit
transactions –
(1,295,390) (710,970)
Number of units in issue at
the end of the period –
16,485,808 6,837,058
Note 1: No Standard units - Monthly Distribution were issued by the Fund since the year ended 31 December
2013. Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013.
PINEBRIDGE GLOBAL BOND FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge Global Bond Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-13
Statement of net assets 14
Statement of comprehensive income 15
Statement of changes in equity 16
Statement of cash flows 17
Notes to the financial statements 18
PineBridge Global Bond Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge Global Bond Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective 2020 H1 Market Overview
Calling the first half of 2020 eventful is an understatement. Over the last six months, we saw the end of the longest
cycle on record, the sharpest fall in equities since 2008, the largest subsequent post-bear market rally since the Great
Depression and major economies shutting down for weeks.
We could say that the first six months was a period of two halves. In the first quarter, financial markets were hit by
two black swan events within the space of two weeks as the coronavirus outbreak in the Wuhei province in China
developed into a global pandemic and OPEC+ commitments to limit oil supply collapsed, leading to a dramatic fall
in oil prices. The subsequent sharp sell-off of risk assets was met by unprecedented monetary policy easing (rates
cuts & QE from the Fed, ECB and BoE, among others) as well as fiscal support from governments aimed at both
consumers and corporates.
The second quarter was almost a mirror image from the first one, as we saw a strong rebound in risk assets driven
by the additional liquidity injected by the major central banks together with a more optimistic view on the negative
impact from the covid-19 pandemic as rates of infections slowed down and the developed economies started to
reopen.
During the period, bond markets performed well and posted positive returns as investors looked for safe-haven
assets. 10-year US Treasuries outperformed Bunds and Gilts as they moved from 1.92% to 0.66% driven by the
aggressive moves from the Fed (rate cuts and re-starting a large QE program). On the credit side, spreads moved
wider during the period but returns were positive in both the US and UK thanks to the rally in rates. In currencies,
the USD did well among G10 currencies losing only to the JPY & CHF given their safe-haven status.
2020 H2 Market Outlook and Strategy
The global coronavirus pandemic is the single, biggest exogenous shock to the global economy in decades that has
taken most economies into recession. However, as this is not a financial shock, and global policymakers have been
quick to react by providing extensive monetary stimulus, and politicians have backed up this effort by pledging
significant fiscal easing, there is hope that economies will recover relatively quickly. We expect the major central
banks to continue with their accommodative policies even as the economies start to recover and we do not expect
any policy removal in the near term. Similarly, fiscal deficits will continue in the second half of the year as
governments continue to support their economies. Further lockdowns due to an increase in covid-19 cases as well as
signs of finding a vaccine will drive markets, in addition to the US elections, Brexit negotiations and trade disputes.
The volatility in financial markets should continue at a high rate but we expect this volatility to provide investment
opportunities that the team will try to benefit from. We believe that our strong bottom-up analysis will help us
perform well in these challenging times.
PineBridge Global Bond Fund
Investment Report
As at 30 June 2020
(Unaudited)
ED
3
INVESTMENT PORTFOLIO
Nominal Market % of net
value value assets
Local currency US$
LISTED/QUOTED INVESTMENTS
BONDS
AUSTRALIAN DOLLAR
AUSTRALIA GOVERNMENT BOND 4.25% 21APR2026 10,000,000 8,367,069 0.98%
TOTAL AUSTRALIAN DOLLAR
8,367,069 0.98%
CANADIAN DOLLAR
CANADIAN GOVERNMENT BOND 5% 1JUN2037 800,000 973,315 0.11%
CANADIAN GOVERNMENT BOND 8% 1JUN2023 5,000,000 4,490,159 0.52%
TOTAL CANADIAN DOLLAR 5,463,474 0.63%
EURO
ABBVIE INC 1.25% 1JUN2024 3,000,000 3,448,110 0.40%
ABBVIE INC 2.625% 15NOV2028 2,400,000 3,063,315 0.36%
ANHEUSER-BUSCH INBEV SA/NV 3.7% 2APR2040 (formerly known as
NEWBELCO SA/NV 3.7% 2APR2040) 5,000,000 6,830,313 0.80%
AT&T INC 2.6% 19MAY2038 5,750,000 6,846,071 0.80%
AT&T INC 3.15% 4SEP2036 5,000,000 6,378,032 0.74%
ATHENE GLOBAL FUNDING 1.875% 23JUN2023 15,000,000 17,000,998 1.98%
BANK OF AMERICA CORP 3.648% 31MAR2029 4,450,000 5,988,899 0.70%
BNP PARIBAS SA 2.875% 20MAR2026 3,000,000 3,402,562 0.40%
BP CAPITAL MARKETS PLC 3.25% 31DEC2049 9,850,000 11,126,950 1.30%
BP CAPITAL MARKETS PLC 3.625% 31DEC2049 8,350,000 9,439,421 1.10%
CNH INDUSTRIAL FINANCE EUROPE SA 1.75% 25MAR2027 15,850,000 17,471,275 2.04%
CREDIT SUISSE GROUP AG 1% 24JUN2027 5,000,000 5,625,961 0.66%
CREDIT SUISSE GROUP AG 1.25% 17JUL2025 6,000,000 6,880,134 0.80%
CRH FUNDING BV 1.625% 5MAY2030 4,000,000 4,717,012 0.55%
DANSKE BANK A/S 1.375% 12FEB2030 13,900,000 15,078,783 1.76%
DIGITAL DUTCH FINCO BV 1.25% 1FEB2031 10,500,000 11,709,757 1.36%
DIGITAL DUTCH FINCO BV 1.5% 15MAR2030 3,500,000 4,026,942 0.47%
DIGITAL EURO FINCO LLC 1.125% 9APR2028 10,000,000 11,265,819 1.31%
EDP FINANCE BV 1.625% 26JAN2026 4,975,000 5,899,882 0.69%
ENBW ENERGIE BADEN-WUERTTEMBERG AG 1.875% 29JUN2080 4,900,000 5,461,653 0.64%
GENERAL MOTORS FINANCIAL CO INC 2.2% 1APR2024 5,500,000 6,075,665 0.71%
ITALY BUONI POLIENNALI DEL TESORO 3.85% 1SEP2049 5,000,000 7,595,880 0.89%
LIBERTY MUTUAL GROUP INC 3.625% 23MAY2059 5,000,000 5,433,294 0.63%
LOGICOR FINANCING SARL 0.75% 15JUL2024 3,700,000 4,095,348 0.48%
NATIONAL WESTMINSTER BANK PLC 1.721% 29OCT2049 5,600,000 5,615,768 0.65%
NATWEST GROUP PLC 1.75% 2MAR2026 (formerly known as ROYAL BANK OF SCOTLAND GROUP PLC 1.75% 2MAR2026) 8,700,000 10,023,107 1.17%
NATWEST MARKETS PLC 2.75% 2APR2025 5,000,000 6,021,370 0.70%
SSE PLC 3.125% 31DEC2049 7,000,000 7,902,068 0.92%
STRYKER CORP 1% 3DEC2031 8,000,000 8,898,026 1.04%
PineBridge Global Bond Fund
Investment Report
As at 30 June 2020
(Unaudited)
ED
4
INVESTMENT PORTFOLIO (CONTINUED)
Nominal Market % of net
value value assets
Local currency US$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
EURO (CONTINUED)
SWISS RE FINANCE UK PLC 2.714% 4JUN2052 2,800,000 3,272,418 0.38%
TAKEDA PHARMACEUTICAL CO LTD 2% 9JUL2040 10,245,000 11,537,049 1.34%
TOTAL CAPITAL INTERNATIONAL SA 1.618% 18MAY2040 3,000,000 3,519,980 0.41%
UBS GROUP AG 4.75% 12FEB2026 5,750,000 6,598,357 0.77%
UNIBAIL-RODAMCO-WESTFIELD SE 2.125% 31DEC2049 9,000,000 8,871,768 1.03%
UNICREDIT SPA 1.25% 25JUN2025 3,250,000 3,652,869 0.43%
UPJOHN FINANCE BV 1.908% 23JUN2032 11,000,000 12,554,561 1.46%
VOLKSWAGEN FINANCIAL SERVICES AG 3% 6APR2025 7,500,000 9,016,000 1.05%
VOLKSWAGEN INTERNATIONAL FINANCE NV 3.5% 31DEC2049 7,000,000 7,787,442 0.91%
WELLS FARGO & CO 1% 2FEB2027 4,000,000 4,533,766 0.53%
WELLS FARGO & CO 1.741% 4MAY2030 3,000,000 3,515,425 0.41%
WESTLAKE CHEMICAL CORP 1.625% 17JUL2029 13,705,000 14,771,797 1.72%
WINTERSHALL DEA FINANCE BV 1.332% 25SEP2028 12,700,000 13,401,784 1.56%
TOTAL EURO 326,355,631 38.05%
JAPANESE YEN
EUROPEAN INVESTMENT BANK 1.9% 26JAN2026 500,000,000 5,167,453 0.60%
JAPAN GOVERNMENT TEN YEAR BOND 0.1% 20DEC2027 500,000,000 4,699,623 0.55%
JAPAN GOVERNMENT TWENTY YEAR BOND 0.5% 20MAR2038 2,500,000,000 23,748,874 2.77%
JAPAN GOVERNMENT TWENTY YEAR BOND 0.6% 20DEC2036 1,000,000,000 9,694,777 1.13%
JAPAN GOVERNMENT TWENTY YEAR BOND 0.6% 20SEP2037 2,500,000,000 24,188,367 2.82%
JAPAN GOVERNMENT TWENTY YEAR BOND 1.2% 20SEP2035 1,500,000,000 15,837,272 1.85%
TOTAL JAPANESE YEN 83,336,366 9.72%
POUND STERLING
AVIVA PLC 4% 3JUN2055 1,900,000 2,371,189 0.28%
CREDIT SUISSE GROUP AG 2.25% 9JUN2028 6,900,000 8,583,231 1.00%
DANSKE BANK A/S 2.25% 14JAN2028 8,000,000 9,956,295 1.16%
ELECTRICITE DE FRANCE SA 6.25% 30MAY2028 3,900,000 6,426,779 0.75%
GLENCORE FINANCE EUROPE LTD 3.125% 26MAR2026 4,000,000 5,130,899 0.60%
HSBC HOLDINGS PLC 3% 22JUL2028 4,430,000 5,809,930 0.68%
TESCO CORPORATE TREASURY SERVICES PLC 2.75% 27APR2030 2,100,000 2,765,223 0.32%
TOTAL POUND STERLING 41,043,546 4.79%
PineBridge Global Bond Fund
Investment Report
As at 30 June 2020
(Unaudited)
ED
5
INVESTMENT PORTFOLIO (CONTINUED)
Nominal Market
% of net
value value
assets
Local currency US$
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR
ABBVIE INC 4.05% 21NOV2039 2,000,000 2,342,116 0.27%
ALLIANZ SE 3.875% 8MAR2027 5,000,000 4,743,750 0.55%
ANGLO AMERICAN CAPITAL PLC 5.375% 1APR2025 5,000,000 5,653,114 0.66%
BAE SYSTEMS PLC 3.4% 15APR2030 5,000,000 5,457,007 0.64%
COMCAST CORP 3.75% 1APR2040 3,000,000 3,525,133 0.41%
CREDIT AGRICOLE SA/LONDON 3.375% 10JAN2022 1,500,000 1,553,178 0.18%
CREDIT SUISSE AG/NEW YORK NY 2.95% 9APR2025 5,000,000 5,432,473 0.63%
CVS HEALTH CORP 4.78% 25MAR2038 4,000,000 4,976,555 0.58%
GEORGIA-PACIFIC LLC 3.6% 1MAR2025 4,000,000 4,450,084 0.52%
GLENCORE FINANCE CANADA LTD 4.25% 25OCT2022 5,000,000 5,288,090 0.62%
JABIL INC 3.6% 15JAN2030 4,000,000 4,197,070 0.49%
MACQUARIE GROUP LTD 6.25% 14JAN2021 4,000,000 4,115,020 0.48%
MEXICO GOVERNMENT INTERNATIONAL BOND 4.75% 27APR2032 2,000,000 2,210,000 0.26%
NATWEST GROUP PLC 3.875% 12SEP2023 (formerly known as ROYAL
BANK OF SCOTLAND GROUP PLC 3.875% 12SEP2023) 5,000,000 5,393,981 0.63%
NXP USA INC 3.4% 1MAY2030 3,000,000 3,234,479 0.38% PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP 3.35%
1NOV2029 7,000,000 7,149,218 0.83%
SANTANDER UK GROUP HOLDINGS PLC 2.875% 16OCT2020 5,000,000 5,035,349 0.59%
SONOCO PRODUCTS CO 3.125% 1MAY2030 7,000,000 7,322,071 0.85%
TECK RESOURCES LTD 3.9% 15JUL2030 3,000,000 2,992,200 0.35%
UBS AG/LONDON 2.45% 1DEC2020 5,000,000 5,032,511 0.59%
UNICREDIT SPA 5.459% 30JUN2035 5,000,000 5,050,231 0.59%
UNITED STATES TREASURY NOTE/BOND 1.875% 31AUG2024 25,000,000 26,708,007 3.11%
UNITED STATES TREASURY NOTE/BOND 2% 15NOV2026 9,000,000 9,884,883 1.15%
UNITED STATES TREASURY NOTE/BOND 2.125% 29FEB2024 18,000,000 19,265,976 2.25%
UNITED STATES TREASURY NOTE/BOND 2.25% 31DEC2024 40,000,000 43,580,468 5.08%
UNITED STATES TREASURY NOTE/BOND 2.5% 15FEB2046 10,000,000 12,388,867 1.44%
UNITED STATES TREASURY NOTE/BOND 2.5% 15MAY2024 25,000,000 27,206,543 3.17%
UNITED STATES TREASURY NOTE/BOND 2.75% 15FEB2028 30,000,000 35,001,561 4.08%
UNITED STATES TREASURY NOTE/BOND 2.875% 30APR2025 20,000,000 22,493,358 2.62%
UNITED STATES TREASURY NOTE/BOND 3% 15FEB2048 28,000,000 38,342,500 4.47%
UNITED STATES TREASURY NOTE/BOND 6.5% 15NOV2026 33,000,000 45,671,482 5.32%
TOTAL UNITED STATES DOLLAR 375,697,275 43.79%
TOTAL INVESTMENTS* 840,263,361 97.96%
TOTAL INVESTMENTS, AT COST*
793,745,515
* Investments are accounted for on a trade date basis.
PineBridge Global Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
ED
6
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Nominal value
1 January 2020 Additions Deductions 30 June 2020
Local currency Local currency Local currency Local currency
LISTED/QUOTED INVESTMENTS
BONDS
AUSTRALIAN DOLLAR
AUSTRALIA GOVERNMENT BOND 4.25% 21APR2026 10,000,000 – – 10,000,000
CANADIAN DOLLAR
CANADIAN GOVERNMENT BOND 3.5% 1JUN2020 1,900,000 – (1,900,000) –
CANADIAN GOVERNMENT BOND 5% 1JUN2037 800,000 – – 800,000
CANADIAN GOVERNMENT BOND 8% 1JUN2023 5,000,000 – – 5,000,000
EURO
ABBVIE INC 1.25% 1JUN2024 – 3,000,000 – 3,000,000
ABBVIE INC 2.625% 15NOV2028 – 2,400,000 – 2,400,000
ALLIANZ SE 4.75% 29OCT2049 – 5,000,000 (5,000,000) –
ANGLO AMERICAN CAPITAL PLC 1.625% 11MAR2026 5,000,000 – (5,000,000) – ANHEUSER-BUSCH INBEV SA/NV 2.125% 2DEC2027
(formerly known as NEWBELCO SA/NV 2.125%
2DEC2027) – 5,500,000 (5,500,000) –
ANHEUSER-BUSCH INBEV SA/NV 3.7% 2APR2040
(formerly known as NEWBELCO SA/NV 3.7% 2APR2040) – 5,000,000 – 5,000,000
AROUNDTOWN SA 2.875% 31DEC2049 – 8,000,000 (8,000,000) –
ASML HOLDING NV 0.625% 7MAY2029 – 4,000,000 (4,000,000) –
AT&T INC 2.6% 19MAY2038 – 5,750,000 – 5,750,000
AT&T INC 3.15% 4SEP2036 7,000,000 – (2,000,000) 5,000,000
ATHENE GLOBAL FUNDING 1.875% 23JUN2023 – 17,200,000 (2,200,000) 15,000,000 AUSTRALIA & NEW ZEALAND BANKING GROUP LTD
1.125% 21NOV2029 7,000,000 – (7,000,000) –
BANCO BILBAO VIZCAYA ARGENTARIA SA 1% 16JAN2030 – 8,500,000 (8,500,000) –
BANK OF AMERICA CORP 3.648% 31MAR2029 – 11,950,000 (7,500,000) 4,450,000
BARCLAYS PLC 3.375% 2APR2025 – 9,000,000 (9,000,000) –
BAYER AG 2.375% 12MAY2079 5,000,000 – (5,000,000) –
BAYER AG 3.125% 12NOV2079 3,000,000 – (3,000,000) –
BECTON DICKINSON EURO FINANCE SARL 1.208%
4JUN2026 6,000,000 – (6,000,000) –
BERTELSMANN SE & CO KGAA 2% 1APR2028 – 6,000,000 (6,000,000) –
BNP PARIBAS SA 0.5% 4JUN2026 3,000,000 – (3,000,000) –
BNP PARIBAS SA 2.875% 20MAR2026 – 3,000,000 – 3,000,000
BP CAPITAL MARKETS PLC 2.972% 27FEB2026 6,000,000 – (6,000,000) –
BP CAPITAL MARKETS PLC 3.25% 31DEC2049 – 9,850,000 – 9,850,000
BP CAPITAL MARKETS PLC 3.625% 31DEC2049 – 8,350,000 – 8,350,000
CADENT FINANCE PLC 0.75% 11MAR2032 – 3,000,000 (3,000,000) –
CARREFOUR SA 2.625% 15DEC2027 – 4,000,000 (4,000,000) – CNH INDUSTRIAL FINANCE EUROPE SA 1.625%
3JUL2029 10,000,000 – (10,000,000) –
CNH INDUSTRIAL FINANCE EUROPE SA 1.75% 25MAR2027 – 15,850,000 – 15,850,000
CNH INDUSTRIAL FINANCE EUROPE SA 1.875%
19JAN2026 5,000,000 – (5,000,000) – COCA-COLA EUROPEAN PARTNERS PLC 1.75%
27MAR2026 – 2,500,000 (2,500,000) –
COMCAST CORP 0.25% 20MAY2027 – 6,825,000 (6,825,000) –
CREDIT SUISSE AG/LONDON 0.45% 19MAY2025 – 2,000,000 (2,000,000) –
CREDIT SUISSE GROUP AG 1% 24JUN2027 5,000,000 – – 5,000,000
CREDIT SUISSE GROUP AG 1.25% 17JUL2025 6,000,000 – – 6,000,000
PineBridge Global Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
ED
7
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
Local currency Local currency Local currency Local currency
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
EURO (CONTINUED)
CREDIT SUISSE GROUP AG 3.25% 2APR2026 – 3,000,000 (3,000,000) –
CRH FUNDING BV 1.625% 5MAY2030 – 4,000,000 – 4,000,000
DANAHER CORP 2.5% 30MAR2030 – 2,545,000 (2,545,000) –
DANSKE BANK A/S 0.875% 22MAY2023 4,900,000 – (4,900,000) –
DANSKE BANK A/S 1.375% 12FEB2030 9,000,000 4,900,000 – 13,900,000
DEUTSCHE BANK AG 1.625% 20JAN2027 – 9,000,000 (9,000,000) –
DEUTSCHE TELEKOM AG 1.75% 9DEC2049 – 5,000,000 (5,000,000) –
DIGITAL DUTCH FINCO BV 1.25% 1FEB2031 – 10,500,000 – 10,500,000
DIGITAL DUTCH FINCO BV 1.5% 15MAR2030 – 3,500,000 – 3,500,000
DIGITAL EURO FINCO LLC 1.125% 9APR2028 6,200,000 3,800,000 – 10,000,000
DIGITAL EURO FINCO LLC 2.5% 16JAN2026 4,000,000 – (4,000,000) –
DOVER CORP 0.75% 4NOV2027 5,025,000 – (5,025,000) –
DOW CHEMICAL CO 1.125% 15MAR2032 – 10,500,000 (10,500,000) –
E.ON SE 1% 7OCT2025 – 1,000,000 (1,000,000) –
EDP - ENERGIAS DE PORTUGAL SA 1.625% 15APR2027 – 4,500,000 (4,500,000) –
EDP FINANCE BV 1.625% 26JAN2026 4,975,000 – – 4,975,000
EDP FINANCE BV 1.875% 13OCT2025 4,500,000 – (4,500,000) –
ELECTRICITE DE FRANCE SA 3% 31DEC2049 400,000 – (400,000) –
ELECTRICITE DE FRANCE SA 4% 31DEC2049 4,000,000 – (4,000,000) –
ELI LILLY AND CO 1.7% 1NOV2049 2,625,000 – (2,625,000) – ENBW ENERGIE BADEN-WUERTTEMBERG AG 1.875%
29JUN2080 – 4,900,000 – 4,900,000
ENEL FINANCE INTERNATIONAL NV 0.375% 17JUN2027 8,000,000 – (8,000,000) –
ENGIE SA 1.75% 27MAR2028 – 5,000,000 (5,000,000) –
ENI SPA 1.25% 18MAY2026 – 6,000,000 (6,000,000) –
FCE BANK PLC 1.114% 13MAY2020 7,600,000 – (7,600,000) –
FRENCH REPUBLIC GOVERNMENT BOND OAT 1.5% 25MAY2050 – 9,000,000 (9,000,000) –
GE CAPITAL EUROPEAN FUNDING UNLIMITED CO
5.375% 23JAN2020 8,200,000 – (8,200,000) –
GENERAL MOTORS FINANCIAL CO INC 2.2% 1APR2024 5,500,000 – – 5,500,000
GOLDMAN SACHS GROUP INC 2% 22MAR2028 5,000,000 – (5,000,000) –
GOLDMAN SACHS GROUP INC 3.375% 27MAR2025 – 7,500,000 (7,500,000) –
HEINEKEN NV 2.25% 30MAR2030 – 3,500,000 (3,500,000) –
HONEYWELL INTERNATIONAL INC 0.75% 10MAR2032 – 3,275,000 (3,275,000) –
IBERDROLA INTERNATIONAL BV 3.25% 31DEC2049 3,500,000 – (3,500,000) –
ILLINOIS TOOL WORKS INC 0.625% 5DEC2027 5,000,000 – (5,000,000) –
ING GROEP NV 1% 13NOV2030 5,000,000 – (5,000,000) –
INTESA SANPAOLO SPA 0.75% 4DEC2024 6,500,000 – (6,500,000) –
ITALY BUONI POLIENNALI DEL TESORO 3.85%
1SEP2049 – 18,500,000 (13,500,000) 5,000,000
LIBERTY MUTUAL GROUP INC 3.625% 23MAY2059 – 5,000,000 – 5,000,000
LLOYDS BANKING GROUP PLC 3.5% 1APR2026 – 2,500,000 (2,500,000) –
LOGICOR FINANCING SARL 0.75% 15JUL2024 – 3,700,000 – 3,700,000
PineBridge Global Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
ED
8
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
Local currency Local currency Local currency Local currency
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
EURO (CONTINUED)
NATIONAL WESTMINSTER BANK PLC 1.721%
29OCT2049 5,600,000 – – 5,600,000
NATWEST GROUP PLC 0.75% 15NOV2025 (formerly known as ROYAL BANK OF SCOTLAND GROUP PLC
0.75% 15NOV2025) 1,500,000 – (1,500,000) –
NATWEST GROUP PLC 1.75% 2MAR2026 (formerly known as ROYAL BANK OF SCOTLAND GROUP PLC
1.75% 2MAR2026) – 8,700,000 – 8,700,000
NATWEST MARKETS PLC 2.75% 2APR2025 – 5,000,000 – 5,000,000 NESTLE FINANCE INTERNATIONAL LTD 1.125%
1APR2026 – 3,500,000 (3,500,000) –
OPTUS FINANCE PTY LTD 1% 20JUN2029 – 5,000,000 (5,000,000) –
ORANGE SA 1.625% 7APR2032 – 3,000,000 (3,000,000) –
PERNOD RICARD SA 0.5% 24OCT2027 3,500,000 – (3,500,000) –
PUBLIC STORAGE 0.875% 24JAN2032 – 6,125,000 (6,125,000) –
RAYTHEON TECHNOLOGIES CORP 1.15% 18MAY2024
(formerly known as UNITED TECHNOLOGIES CORP
1.15% 18MAY2024) 8,000,000 – (8,000,000) –
SCHLUMBERGER FINANCE BV 2% 6MAY2032 – 8,000,000 (8,000,000) –
SCHNEIDER ELECTRIC SE 1% 9APR2027 – 3,000,000 (3,000,000) –
SHELL INTERNATIONAL FINANCE BV 1.875% 7APR2032 – 6,000,000 (6,000,000) –
SKY LTD 2.5% 15SEP2026 9,000,000 – (9,000,000) –
SSE PLC 3.125% 31DEC2049 – 7,000,000 – 7,000,000
STANDARD CHARTERED PLC 2.5% 9SEP2030 – 5,800,000 (5,800,000) –
STRYKER CORP 1% 3DEC2031 – 8,000,000 – 8,000,000
SUEZ SA 1.25% 2APR2027 – 4,000,000 (4,000,000) –
SVENSKA HANDELSBANKEN AB 1% 15APR2025 – 3,500,000 (3,500,000) –
SWISS RE FINANCE UK PLC 2.714% 4JUN2052 – 2,800,000 – 2,800,000
TAKEDA PHARMACEUTICAL CO LTD 2% 9JUL2040 – 10,245,000 – 10,245,000
TELEFONICA EMISIONES SA 1.788% 12MAR2029 5,000,000 – (5,000,000) –
TESCO CORPORATE TREASURY SERVICES PLC 1.375%
24OCT2023 5,000,000 – (5,000,000) –
THERMO FISHER SCIENTIFIC INC 1.875% 1OCT2049 8,800,000 – (8,800,000) –
THERMO FISHER SCIENTIFIC INC 2.375% 15APR2032 – 1,950,000 (1,950,000) –
TOTAL CAPITAL INTERNATIONAL SA 1.491% 8APR2027 – 7,500,000 (7,500,000) – TOTAL CAPITAL INTERNATIONAL SA 1.618%
18MAY2040 – 10,000,000 (7,000,000) 3,000,000
TOTAL SA 1.75% 31DEC2049 3,300,000 – (3,300,000) –
TOTAL SA 3.875% 29DEC2049 9,000,000 – (9,000,000) –
UBS GROUP AG 4.75% 12FEB2026 5,750,000 – – 5,750,000
UNIBAIL-RODAMCO-WESTFIELD SE 0.875% 29MAR2032 5,000,000 – (5,000,000) –
UNIBAIL-RODAMCO-WESTFIELD SE 1.75% 1JUL2049 (formerly known as UNIBAIL-RODAMCO SE 1.75%
1JUL2049) 5,000,000 – (5,000,000) –
UNIBAIL-RODAMCO-WESTFIELD SE 2% 29JUN2032 – 5,000,000 (5,000,000) –
UNIBAIL-RODAMCO-WESTFIELD SE 2.125% 31DEC2049 – 9,000,000 – 9,000,000
UNIBAIL-RODAMCO-WESTFIELD SE 2.125% 9APR2025 – 11,000,000 (11,000,000) –
PineBridge Global Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
ED
9
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
Local currency Local currency Local currency Local currency
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
EURO (CONTINUED)
UNICREDIT SPA 1.25% 25JUN2025 3,250,000 – – 3,250,000
UNILEVER NV 1.25% 25MAR2025 – 2,500,000 (2,500,000) –
UPJOHN FINANCE BV 1.908% 23JUN2032 – 11,000,000 – 11,000,000
VERIZON COMMUNICATIONS INC 1.5% 19SEP2039 5,000,000 – (5,000,000) –
VODAFONE GROUP PLC 2.875% 20NOV2037 4,500,000 – (4,500,000) –
VOLKSWAGEN FINANCIAL SERVICES AG 1.375%
16OCT2023 8,000,000 – (8,000,000) –
VOLKSWAGEN FINANCIAL SERVICES AG 3% 6APR2025 – 18,000,000 (10,500,000) 7,500,000 VOLKSWAGEN INTERNATIONAL FINANCE NV 3.5%
31DEC2049 – 7,000,000 – 7,000,000
WELLS FARGO & CO 1% 2FEB2027 4,000,000 – – 4,000,000
WELLS FARGO & CO 1.741% 4MAY2030 – 8,000,000 (5,000,000) 3,000,000
WESTLAKE CHEMICAL CORP 1.625% 17JUL2029 10,490,000 3,215,000 – 13,705,000
WHIRLPOOL EMEA FINANCE SARL 0.5% 20FEB2028 – 5,250,000 (5,250,000) –
WINTERSHALL DEA FINANCE BV 0.84% 25SEP2025 5,000,000 – (5,000,000) –
WINTERSHALL DEA FINANCE BV 1.332% 25SEP2028 – 12,700,000 – 12,700,000
JAPANESE YEN
EUROPEAN INVESTMENT BANK 1.9% 26JAN2026 500,000,000 – – 500,000,000
JAPAN GOVERNMENT TEN YEAR BOND 0.1% 20DEC2027 750,000,000 – (250,000,000) 500,000,000
JAPAN GOVERNMENT TWENTY YEAR BOND 0.5%
20MAR2038 2,500,000,000 – – 2,500,000,000 JAPAN GOVERNMENT TWENTY YEAR BOND 0.6%
20DEC2036 1,000,000,000 – – 1,000,000,000
JAPAN GOVERNMENT TWENTY YEAR BOND 0.6% 20SEP2037 2,500,000,000 – – 2,500,000,000
JAPAN GOVERNMENT TWENTY YEAR BOND 1.2%
20SEP2035 1,500,000,000 – – 1,500,000,000
PROVINCE OF ONTARIO CANADA 1.65% 8JUN2020 120,000,000 – (120,000,000) –
POUND STERLING
AVIVA PLC 4% 3JUN2055 – 1,900,000 – 1,900,000
CPI PROPERTY GROUP SA 2.75% 22JAN2028 – 3,500,000 (3,500,000) –
CREDIT SUISSE GROUP AG 2.25% 9JUN2028 – 6,900,000 – 6,900,000
DANSKE BANK A/S 2.25% 14JAN2028 – 8,000,000 – 8,000,000
DEUTSCHE BANK AG 2.625% 16DEC2024 – 10,000,000 (10,000,000) –
ELECTRICITE DE FRANCE SA 6.25% 30MAY2028 3,900,000 – – 3,900,000
GLENCORE FINANCE EUROPE LTD 3.125% 26MAR2026 4,000,000 – – 4,000,000
GOLDMAN SACHS GROUP INC 3.125% 25JUL2029 – 8,500,000 (8,500,000) –
HSBC HOLDINGS PLC 3% 22JUL2028 4,430,000 – – 4,430,000
JOHNSON & JOHNSON 5.5% 6NOV2024 2,900,000 – (2,900,000) –
LEGAL & GENERAL GROUP PLC 4.5% 1NOV2050 – 4,000,000 (4,000,000) –
TESCO CORPORATE TREASURY SERVICES PLC 2.5% 2MAY2025 2,600,000 – (2,600,000) –
TESCO CORPORATE TREASURY SERVICES PLC 2.75%
27APR2030 – 2,100,000 – 2,100,000
UNITED KINGDOM GILT 2% 22JUL2020 10,000,000 – (10,000,000) –
VERIZON COMMUNICATIONS INC 2.5% 8APR2031 4,000,000 – (4,000,000) –
PineBridge Global Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
ED
10
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
Local currency Local currency Local currency Local currency
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR
ABBVIE INC 4.05% 21NOV2039 2,000,000 – – 2,000,000
AIR LIQUIDE FINANCE SA 2.5% 27SEP2026 2,000,000 – (2,000,000) –
ALLIANZ SE 3.875% 8MAR2027 – 5,000,000 – 5,000,000
ANGLO AMERICAN CAPITAL PLC 5.375% 1APR2025 – 10,000,000 (5,000,000) 5,000,000
BAE SYSTEMS PLC 3.4% 15APR2030 – 5,000,000 – 5,000,000
COMCAST CORP 3.4% 1APR2030 – 1,000,000 (1,000,000) –
COMCAST CORP 3.75% 1APR2040 – 3,000,000 – 3,000,000
CREDIT AGRICOLE SA/LONDON 3.375% 10JAN2022 1,500,000 – – 1,500,000
CREDIT SUISSE AG/NEW YORK NY 2.95% 9APR2025 – 5,000,000 – 5,000,000
CVS HEALTH CORP 4.78% 25MAR2038 4,000,000 – – 4,000,000
FORD MOTOR CO 9% 22APR2025 – 3,900,000 (3,900,000) –
GEORGIA-PACIFIC LLC 3.6% 1MAR2025 4,000,000 – – 4,000,000
GLENCORE FINANCE CANADA LTD 4.25% 25OCT2022 5,000,000 – – 5,000,000
GOLDMAN SACHS GROUP INC 2.35% 15NOV2021 4,000,000 – (4,000,000) –
HSBC HOLDINGS PLC 4.95% 31MAR2030 – 7,000,000 (7,000,000) –
JABIL INC 3.6% 15JAN2030 – 5,000,000 (1,000,000) 4,000,000
MACQUARIE GROUP LTD 6.25% 14JAN2021 4,000,000 – – 4,000,000
MEXICO GOVERNMENT INTERNATIONAL BOND 4.75%
27APR2032 – 2,000,000 – 2,000,000 NATWEST GROUP PLC 3.875% 12SEP2023 (formerly
known as ROYAL BANK OF SCOTLAND GROUP PLC
3.875% 12SEP2023) 5,000,000 – – 5,000,000
NUCOR CORP 2.7% 1JUN2030 – 1,000,000 (1,000,000) –
NXP USA INC 3.4% 1MAY2030 – 3,000,000 – 3,000,000
PENSKE TRUCK LEASING CO LP / PTL FINANCE CORP
3.35% 1NOV2029 7,000,000 – – 7,000,000
PROSUS NV 3.68% 21JAN2030 – 6,000,000 (6,000,000) –
SANTANDER UK GROUP HOLDINGS PLC 2.875%
16OCT2020 5,000,000 – – 5,000,000 SOCIEDAD QUIMICA Y MINERA DE CHILE SA 4.25%
22JAN2050 – 4,800,000 (4,800,000) –
SONOCO PRODUCTS CO 3.125% 1MAY2030 – 7,000,000 – 7,000,000
STANDARD CHARTERED PLC 4.644% 1APR2031 – 2,000,000 (2,000,000) –
TECK RESOURCES LTD 3.9% 15JUL2030 – 3,000,000 – 3,000,000
UBS AG/LONDON 2.45% 1DEC2020 5,000,000 – – 5,000,000
UNICREDIT SPA 5.459% 30JUN2035 – 5,000,000 – 5,000,000
PineBridge Global Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
ED
11
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Nominal value
1 January 2020 Additions Deductions 30 June 2020
Local currency Local currency Local currency Local currency
LISTED/QUOTED INVESTMENTS (CONTINUED)
BONDS (CONTINUED)
UNITED STATES DOLLAR (CONTINUED)
UNITED STATES TREASURY INFLATION INDEXED
BONDS 0.25% 15JAN2025 15,000,000 – (15,000,000) –
UNITED STATES TREASURY NOTE/BOND 1.25% 31JUL2023 30,000,000 – (30,000,000) –
UNITED STATES TREASURY NOTE/BOND 1.375%
30JUN2023 20,000,000 – (20,000,000) – UNITED STATES TREASURY NOTE/BOND 1.375%
30SEP2023 17,000,000 – (17,000,000) –
UNITED STATES TREASURY NOTE/BOND 1.875% 31AUG2024 25,000,000 – – 25,000,000
UNITED STATES TREASURY NOTE/BOND 2% 15NOV2026 – 9,000,000 – 9,000,000
UNITED STATES TREASURY NOTE/BOND 2.125% 29FEB2024 25,000,000 – (7,000,000) 18,000,000
UNITED STATES TREASURY NOTE/BOND 2.25%
31DEC2024 40,000,000 – – 40,000,000 UNITED STATES TREASURY NOTE/BOND 2.5%
15FEB2046 10,000,000 – – 10,000,000
UNITED STATES TREASURY NOTE/BOND 2.5% 15MAY2024 30,000,000 – (5,000,000) 25,000,000
UNITED STATES TREASURY NOTE/BOND 2.75%
15FEB2028 30,000,000 – – 30,000,000 UNITED STATES TREASURY NOTE/BOND 2.875%
30APR2025 20,000,000 – – 20,000,000
UNITED STATES TREASURY NOTE/BOND 3% 15FEB2048 37,000,000 1,750,000 (10,750,000) 28,000,000 UNITED STATES TREASURY NOTE/BOND 6.5%
15NOV2026 33,000,000 – – 33,000,000
PineBridge Global Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
ED
12
PineBridge Global Bond Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There
have been no changes to the investment policy during the period.
Investment objectives and policies The Fund seeks a high level of return from a combination of current income and capital appreciation by investing in a
portfolio of debt securities denominated in US dollars and a variety of foreign currencies. The assets of the Fund shall
predominantly (i.e. at least 70% of the total net assets) be invested in fixed or floating rate fixed income securities in
the international markets, issued by governments, supranational organizations and corporates.
30 June 2020 30 June 2019 30 June 2018
US$ US$ US$
Investments and investment income
Total value of investments 840,263,361 923,829,489 550,256,854
Interest on bank deposits 42,054 182,901 73,226
Interest on investments (net of withholding tax) 7,042,928 7,945,963 5,359,093
Net foreign currency (losses)/gains (1,758,541) 34,877 (110,385)
Net income excluding capital appreciation/(depreciation) 5,024,639 7,845,113 5,126,693
Net appreciation/(depreciation)of financial assets and
financial liabilities at fair value through profit or loss
- realized and unrealized 34,546,176 52,582,377 (18,590,651)
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
US$ US$ Units
Provident Fund units
30 June 2020 857,799,332 23.65 36,269,255
31 December 2019 896,557,568 22.71 39,484,123
31 December 2018 839,972,264 21.04 39,927,956
PineBridge Global Bond Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
D
13
Performance table (Continued)
Performance record for the past 10 years
Highest
issue price
per unit
US$
Lowest
redemption price
per unit
US$
Investment
return
(Note 1)
%
Standard units - Accumulation (Note 2)
31 December 2016 18.02 17.81 –
31 December 2015 18.82 17.66 (5.17)
31 December 2014 19.70 18.67 (0.69)
31 December 2013 19.35 18.20 (2.83)
31 December 2012 19.56 18.56 3.85
31 December 2011 19.43 17.61 4.47
31 December 2010 18.82 16.44 3.35
Provident Fund units
30 June 2020 23.92 21.40 4.14
31 December 2019 22.95 21.01 7.94
31 December 2018 21.82 20.54 (2.00)
31 December 2017 21.54 19.85 7.35
31 December 2016 21.13 19.44 3.04
31 December 2015 20.42 19.23 (4.62)
31 December 2014 21.27 20.22 0.20
31 December 2013 20.69 19.52 (2.26)
31 December 2012 20.90 19.74 4.48
31 December 2011 20.61 18.60 5.13
31 December 2010 19.86 17.31 3.90
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against
the net asset value per unit at the beginning of the period.
Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013. The “Standard units - Accumulation” were fully redeemed as of 29 January 2016.
PineBridge Global Bond Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
14
30 June 2020 31 December 2019
US$ US$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 840,263,361 880,903,888
Interest receivable on investments 4,684,569 6,328,791
Bank interest receivable 21 412
Amounts receivable on subscription 388,816 193,942
Amounts receivable from brokers 25,980,012 –
Cash and cash equivalents 7,036,474 10,087,624
Total assets 878,353,253 897,514,657
Liabilities
Current liabilities
Amounts payable on redemption 1,177,192 857,508
Amounts payable to brokers 19,288,175 –
Accounts payable and accrued expenses 88,554 99,581
Total liabilities 20,553,921 957,089
Net Asset 857,799,332 896,557,568
Equity
Net assets attributable to unitholders 857,799,332 896,557,568
The accompanying notes form an integral part of these financial statements.
PineBridge Global Bond Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
15
30 June 2020 30 June 2019
US$ US$
Income
Interest on bank deposits 42,054 182,901
Interest on investments 7,062,660 7,945,963
Net gains on financial assets and financial liabilities at fair
value through profit or loss 34,546,176 52,582,377
Net foreign currency (losses)/gains (1,758,541) 34,877
Total investment income 39,892,349 60,746,118
Expenses
Trustee's fee 217,463 224,609
Custodian and administration fees 68,339 83,418
Audit fee 10,167 7,115
Bank charges 123 121
Legal and professional fees 2,538 214
Other expenses 3,172 3,151
Total operating expenses 301,802 318,628
Net profit before tax 39,590,547 60,427,490
Withholding tax (19,732) –
Total comprehensive income 39,570,815 60,427,490
The accompanying notes form an integral part of these financial statements.
PineBridge Global Bond Fund Statement of Changes in Equity
For the six months ended 30 June 2020
(Unaudited)
16
30 June 2020 30 June 2019
Note US$ US$
Balance at the beginning of the period 896,557,568 839,972,264
Issue of units 3 244,573,961 131,671,351
Redemption of units 3 (322,903,012) (70,812,905)
Net (decrease)/increase from unit transactions (78,329,051) 60,858,446
Total comprehensive income 39,570,815 60,427,490
Balance at the end of the period 3 857,799,332 961,258,200
The accompanying notes form an integral part of these financial statements.
PineBridge Global Bond Fund Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
17
30 June 2020 30 June 2019
US$ US$
Cash flows from operating activities
Total comprehensive income 39,570,815 60,427,490
Adjustment for:
Interest on bank deposits (42,054) (182,901)
Interest on investments (7,062,660) (7,945,963)
Withholding tax 19,732 –
Operating profit before working capital changes 32,485,833 52,298,626
Net decrease/(increase) in investments 40,640,527 (106,074,471)
Net increase in amounts receivable from brokers (25,980,012) (3,708,954)
Net increase in amounts payable to brokers 19,288,175 32,209,066
Net (decrease)/increase in accounts payable and accrued
expenses (11,027) 23,020
Cash generated from/(used in) operations 66,423,496 (25,252,713)
Interest on bank deposits received 42,445 177,098
Interest on investments received 8,687,150 8,031,132
Net cash generated from/(used in) operating activities 75,153,091 (17,044,483)
Cash flows from financing activities
Proceeds from issue of units 244,379,087 131,663,484
Payments on redemption of units (322,583,328) (70,034,630)
Net cash (used in)/generated from financing activities (78,204,241) 61,628,854
Net (decrease)/increase in cash and cash equivalents (3,051,150) 44,584,371
Cash and cash equivalents at the beginning of the period 10,087,624 15,709,080
Cash and cash equivalents at the end of the period 7,036,474 60,293,451
Analysis of balance of cash and cash equivalents
Cash at banks 661,574 28,625,351
Short-term deposits 6,374,900 31,668,100
7,036,474 60,293,451
The accompanying notes form an integral part of these financial statements.
PineBridge Global Bond Fund Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
18
1. The Fund
PineBridge Global Bond Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission
of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2019 30 June 2019
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Units Units Units Units
Number of units in issue at
the beginning of the
period – 39,484,123
– 39,927,956
Issue of units – 10,770,251 – 6,134,766
Redemption of units – (13,985,119) – (3,287,396)
Net (decrease)/increase from
unit transactions – (3,214,868)
– 2,847,370
Number of units in issue at
the end of the period – 36,269,255
– 42,775,326
Note 1: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013. The “Standard units - Accumulation” were fully redeemed as of 29 January 2016.
PINEBRIDGE GREATER CHINA EQUITY FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge Greater China Equity Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-11
Statement of net assets 12
Statement of comprehensive income 13
Statement of changes in equity 14
Statement of cash flows 15
Notes to the financial statements 16
PineBridge Greater China Equity Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge Greater China Equity Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
Hong Kong equity market declined significantly in the first quarter of 2020, as COVID-19 outbreak in China
reversed the positive market momentum at the beginning of the year. Consequently, the growth estimations for 2020
were cut notably and the equity market sentiment turned negative despite the phase one deal between the U.S. and
China. Towards the end of the quarter, Hong Kong equity market further deteriorated as COVID-19 contagion
intensified globally and markets around the world saw risk-off sentiment.
In the second quarter of the year, Hong Kong equites rebounded notably, as governments around the world rolled
out policy supports while economies moved beyond the peak of the pandemic. China, in particular, continued to
lead in terms of economic reopening. High frequency economic data in the country also showed steady recovery.
During the quarter, the escalating US-China tension led to a temporary sell-off which however did not derail the
recovery pace of the market.
Taiwan equities outperformed Hong Kong and China equities in the first half of 2020. The first quarter saw market
declining notably, pricing in some supply disruption due to COVID-19 outbreak. In the second quarter, however,
market rebounded significantly and erased most of the earlier declines, mainly attributable to the strong 5G outlook
and the tech sector.
2020 H2 Market Outlook and Strategy
The COVID-19 epidemic in China seems to be well under control recently. High frequency economic data also
continued to show recovery and normalization of China’s activities. Corporate earnings revisions are seeing
improvement as well. These developments, coupled with the relatively attractive equity valuations, are supportive to
the performance and re-rating of local stocks.
PineBridge Greater China Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Holding Market % of net
shares value assets
HK$
LISTED EQUITIES
CHINA
BAOSHAN IRON & STEEL CO LTD 1,622,468 8,113,100 0.31%
BEIJING SINNET TECHNOLOGY CO LTD 228,500 6,532,405 0.25%
CHINA STATE CONSTRUCTION ENGINEERING CORP LTD 2,659,900 13,913,281 0.52%
GREE ELECTRIC APPLIANCES INC OF ZHUHAI 187,517 11,632,490 0.44%
KWEICHOW MOUTAI CO LTD 22,000 35,292,079 1.33%
ZHENGZHOU YUTONG BUS CO LTD 1,050,417 14,052,948 0.53%
TOTAL CHINA 89,536,303 3.38%
HONG KONG
AAC TECHNOLOGIES HOLDINGS INC 91,500 4,350,825 0.16%
AIA GROUP LTD 1,631,200 117,935,760 4.45%
ALIBABA GROUP HOLDING LTD 524,200 109,872,320 4.15%
ALIBABA HEALTH INFORMATION TECHNOLOGY LTD 686,000 15,503,600 0.58%
ANHUI CONCH CEMENT CO LTD 488,000 25,473,600 0.96%
BANK OF CHINA LTD 8,520,000 24,452,400 0.92%
BOC HONG KONG HOLDINGS LTD 542,000 13,360,300 0.50%
BYD CO LTD 140,000 8,379,000 0.32%
CHINA CONSTRUCTION BANK CORP 15,196,000 95,278,920 3.60%
CHINA LIFE INSURANCE CO LTD 1,037,000 16,177,200 0.61%
CHINA MENGNIU DAIRY CO LTD 659,000 19,506,400 0.74%
CHINA MERCHANTS BANK CO LTD 650,500 23,190,325 0.88%
CHINA MOBILE LTD 596,500 31,196,950 1.18%
CHINA OVERSEAS LAND & INVESTMENT LTD 434,000 10,177,300 0.38%
CHINA PETROLEUM & CHEMICAL CORP 3,590,000 11,595,700 0.44%
CHINA RAILWAY CONSTRUCTION CORP LTD 898,000 5,468,820 0.21%
CHINA RESOURCES BEER HOLDINGS CO LTD 294,000 12,700,800 0.48%
CHINA RESOURCES LAND LTD 952,000 27,941,200 1.05%
CHINA SHENHUA ENERGY CO LTD 1,103,500 13,374,420 0.50%
CHINA TOWER CORP LTD 7,106,000 9,735,220 0.37%
CHOW TAI FOOK JEWELLERY GROUP LTD 74,800 554,268 0.02%
CIFI HOLDINGS GROUP CO LTD 3,998,000 24,147,920 0.91%
CK ASSET HOLDINGS LTD 500,804 23,137,145 0.87%
CK HUTCHISON HOLDINGS LTD 208,804 10,398,439 0.39%
CLP HOLDINGS LTD 150,500 11,438,000 0.43%
CNOOC LTD 2,579,000 22,230,980 0.84%
COMBA TELECOM SYSTEMS HOLDINGS LTD 3,318,000 10,484,880 0.40%
CSPC PHARMACEUTICAL GROUP LTD 927,200 13,574,208 0.51%
CSTONE PHARMACEUTICALS 205,000 2,267,300 0.09%
DONGFENG MOTOR GROUP CO LTD 4,432,000 20,520,160 0.77%
ENN ENERGY HOLDINGS LTD 177,500 15,478,000 0.58%
FOSUN INTERNATIONAL LTD 1,324,000 13,054,640 0.49%
GALAXY ENTERTAINMENT GROUP LTD 289,000 15,244,750 0.58%
GEELY AUTOMOBILE HOLDINGS LTD 758,000 9,247,600 0.35%
PineBridge Greater China Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
4
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market % of net
shares value assets
HK$
LISTED EQUITIES (CONTINUED)
HONG KONG (CONTINUED)
GUANGDONG INVESTMENT LTD 1,686,000 22,423,800 0.85%
HAIER ELECTRONICS GROUP CO LTD 439,000 10,294,550 0.39%
HAITONG SECURITIES CO LTD 2,692,000 16,851,920 0.64%
HENGAN INTERNATIONAL GROUP CO LTD 179,000 10,865,300 0.41%
HONG KONG & CHINA GAS CO LTD 950,605 11,407,260 0.43%
HONG KONG EXCHANGES & CLEARING LTD 189,097 62,402,010 2.35%
HSBC HOLDINGS PLC 2,111,600 76,439,920 2.88%
HUA HONG SEMICONDUCTOR LTD 104,000 2,797,600 0.11%
HYGEIA HEALTHCARE HOLDINGS CO LTD 35,200 939,840 0.04%
INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 8,272,685 38,881,620 1.47%
INNOVENT BIOLOGICS INC 90,000 5,175,000 0.20%
JD.COM INC 35,150 8,147,770 0.31%
JOHNSON ELECTRIC HOLDINGS LTD 653,817 8,983,445 0.34%
KANGJI MEDICAL HOLDINGS LTD 12,000 357,600 0.01%
KINGSOFT CORP LTD 119,000 4,289,950 0.16%
LENOVO GROUP LTD 1,486,000 6,374,940 0.24%
LI NING CO LTD 460,500 11,328,300 0.43%
LIFESTYLE INTERNATIONAL HOLDINGS LTD 1,098,000 6,994,260 0.26%
LINK REIT 272,100 17,237,535 0.65%
LONGFOR GROUP HOLDINGS LTD 440,000 16,214,000 0.61%
LUK FOOK HOLDINGS INTERNATIONAL LTD 296,000 4,966,880 0.19%
MEITUAN DIANPING 486,000 83,543,400 3.15%
PHARMARON BEIJING CO LTD 259,600 20,768,000 0.78%
PING AN INSURANCE GROUP CO OF CHINA LTD 1,072,500 83,118,750 3.14%
SANDS CHINA LTD 346,000 10,518,400 0.40%
SHANDONG WEIGAO GROUP MEDICAL POLYMER CO LTD 100,000 1,724,000 0.06%
SHANGHAI KINDLY MEDICAL INSTRUMENTS CO LTD 240,200 15,468,880 0.58%
SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD 125,600 11,731,040 0.44%
SINO BIOPHARMACEUTICAL LTD 1,090,000 15,914,000 0.60%
STELLA INTERNATIONAL HOLDINGS LTD 940,000 7,473,000 0.28%
SUN HUNG KAI PROPERTIES LTD 440,000 43,538,000 1.64%
SUNAC CHINA HOLDINGS LTD 379,000 12,298,550 0.46%
SUNNY OPTICAL TECHNOLOGY GROUP CO LTD 70,900 8,791,600 0.33%
TECHTRONIC INDUSTRIES CO LTD 71,000 5,381,800 0.20%
TENCENT HOLDINGS LTD 521,900 260,219,340 9.82%
TIMES NEIGHBORHOOD HOLDINGS LTD 1,706,000 17,947,120 0.68%
TONGCHENG-ELONG HOLDINGS LTD 1,985,600 27,718,976 1.05%
WH GROUP LTD 1,162,000 7,715,680 0.29%
WHARF HOLDINGS LTD 160,000 2,521,600 0.09%
WHARF REAL ESTATE INVESTMENT CO LTD 221,000 8,177,000 0.31%
WUXI BIOLOGICS CAYMAN INC 279,500 39,633,100 1.50%
XIAOMI CORP 1,559,600 20,025,264 0.76%
ZHUZHOU CRRC TIMES ELECTRIC CO LTD 560,900 11,049,730 0.42%
TOTAL HONG KONG 1,846,100,080 69.66%
PineBridge Greater China Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
5
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market
% of net
shares value
assets
HK$
LISTED EQUITIES (CONTINUED)
TAIWAN
ASE INDUSTRIAL HOLDING CO LTD 1,912,084 33,953,911
1.28%
CATCHER TECHNOLOGY CO LTD 349,000 20,352,349
0.77%
CATHAY FINANCIAL HOLDING CO LTD 2,129,571 23,411,203
0.88%
CHUNGHWA TELECOM CO LTD 277,000 8,513,375
0.32%
CTBC FINANCIAL HOLDING CO LTD 5,886,000 31,464,499
1.19%
DELTA ELECTRONICS INC 463,000 20,371,919
0.77%
E.SUN FINANCIAL HOLDING CO LTD 2,288,000 16,708,481
0.63%
FORMOSA PLASTICS CORP 944,000 21,722,622
0.82%
HON HAI PRECISION INDUSTRY CO LTD 2,240,720 50,796,587
1.92%
LARGAN PRECISION CO LTD 32,000 34,338,252
1.30%
MEDIATEK INC 252,000 38,327,920
1.45%
QUANTA COMPUTER INC 1,641,000 30,605,753
1.15%
SERCOMM CORP 875,000 17,951,272
0.68%
SILERGY CORP 5,000 2,521,781
0.10%
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 3,027,447 248,918,417 9.39%
TAIWAN UNION TECHNOLOGY CORP 528,000 19,903,157 0.75%
UNI-PRESIDENT ENTERPRISES CORP 402,000 7,529,250 0.28%
TOTAL TAIWAN
627,390,748
23.68%
UNITED STATES OF AMERICA
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 13,581 13,707,837 0.52%
TOTAL UNITED STATES OF AMERICA 13,707,837 0.52%
UNLISTED EQUITIES
BRITISH VIRGIN ISLANDS CHINA COMMON RICH RENEWABLE ENERGY
INVESTMENTS LTD 4,746,000 – 0.00%
TOTAL BRITISH VIRGIN ISLANDS – 0.00%
TOTAL INVESTMENTS*
2,576,734,968
97.24%
TOTAL INVESTMENTS, AT COST*
2,262,353,430
* Investments are accounted for on a trade date basis.
PineBridge Greater China Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
6
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES
CHINA
AIER EYE HOSPITAL GROUP CO LTD – 10,500 (10,500) –
BAOSHAN IRON & STEEL CO LTD 1,622,468 – – 1,622,468
BEIJING SINNET TECHNOLOGY CO LTD – 228,500 – 228,500
CHINA STATE CONSTRUCTION ENGINEERING CORP LTD 2,659,900 – – 2,659,900
FOSHAN HAITIAN FLAVOURING & FOOD CO LTD – 19,800 (19,800) –
GREE ELECTRIC APPLIANCES INC OF ZHUHAI 133,100 54,417 – 187,517
KWEICHOW MOUTAI CO LTD 22,000 – – 22,000
LUXSHARE PRECISION INDUSTRY CO LTD – 207,300 (207,300) –
SHENGYI TECHNOLOGY CO LTD – 80,400 (80,400) –
ZHENGZHOU YUTONG BUS CO LTD 1,050,417 – – 1,050,417
HONG KONG
AAC TECHNOLOGIES HOLDINGS INC 142,000 – (50,500) 91,500
AIA GROUP LTD 1,815,400 120,400 (304,600) 1,631,200
AKESO INC – 5,000 (5,000) –
ALIBABA GROUP HOLDING LTD 148,900 393,700 (18,400) 524,200
ALIBABA HEALTH INFORMATION TECHNOLOGY LTD – 686,000 – 686,000
ANHUI CONCH CEMENT CO LTD 313,500 174,500 – 488,000
BAIC MOTOR CORP LTD 2,072,500 – (2,072,500) –
BANK OF CHINA LTD 8,989,000 2,900,000 (3,369,000) 8,520,000
BOC HONG KONG HOLDINGS LTD 242,500 542,000 (242,500) 542,000
BYD CO LTD – 140,000 – 140,000
CATHAY PACIFIC AIRWAYS LTD 864,000 – (864,000) –
CENTRAL CHINA NEW LIFE LTD – 302,000 (302,000) –
CHINA CONSTRUCTION BANK CORP 12,990,000 2,495,000 (289,000) 15,196,000
CHINA GAS HOLDINGS LTD – 250,800 (250,800) –
CHINA LIFE INSURANCE CO LTD 1,489,000 – (452,000) 1,037,000
CHINA MENGNIU DAIRY CO LTD 493,000 166,000 – 659,000
CHINA MERCHANTS BANK CO LTD 697,500 238,500 (285,500) 650,500
CHINA MOBILE LTD 687,500 124,500 (215,500) 596,500
CHINA MOLYBDENUM CO LTD – 552,000 (552,000) –
CHINA OVERSEAS LAND & INVESTMENT LTD 434,000 – – 434,000
CHINA PACIFIC INSURANCE GROUP CO LTD 490,400 50,200 (540,600) –
CHINA PETROLEUM & CHEMICAL CORP 2,126,000 2,104,000 (640,000) 3,590,000
CHINA RAILWAY CONSTRUCTION CORP LTD – 1,527,500 (629,500) 898,000
CHINA RAILWAY GROUP LTD 1,644,000 – (1,644,000) –
CHINA RESOURCES BEER HOLDINGS CO LTD – 294,000 – 294,000
CHINA RESOURCES LAND LTD 928,000 102,000 (78,000) 952,000
CHINA SHENHUA ENERGY CO LTD 1,103,500 – – 1,103,500
CHINA SOUTHERN AIRLINES CO LTD – 1,136,000 (1,136,000) –
CHINA STATE CONSTRUCTION INTERNATIONAL HOLDINGS
LTD 710,000 – (710,000) –
CHINA TOWER CORP LTD 4,000,000 5,060,000 (1,954,000) 7,106,000
PineBridge Greater China Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
7
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
HONG KONG (CONTINUED)
CHINA VANKE CO LTD 434,800 39,600 (474,400) –
CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD – 2,244,000 (2,244,000) –
CHOW TAI FOOK JEWELLERY GROUP LTD – 74,800 – 74,800
CIFI HOLDINGS GROUP CO LTD 3,336,000 662,000 – 3,998,000
CK ASSET HOLDINGS LTD 635,804 84,000 (219,000) 500,804
CK HUTCHISON HOLDINGS LTD 208,804 – – 208,804
CLP HOLDINGS LTD 122,000 110,500 (82,000) 150,500
CNOOC LTD 1,947,000 632,000 – 2,579,000
COFCO MEAT HOLDINGS LTD 2,298,000 – (2,298,000) –
COMBA TELECOM SYSTEMS HOLDINGS LTD – 3,318,000 – 3,318,000
COUNTRY GARDEN HOLDINGS CO LTD 78,000 – (78,000) –
CSPC PHARMACEUTICAL GROUP LTD 926,000 185,200 (184,000) 927,200
CSTONE PHARMACEUTICALS 519,000 – (314,000) 205,000
DONGFENG MOTOR GROUP CO LTD 4,432,000 – – 4,432,000
ENN ENERGY HOLDINGS LTD 147,500 30,000 – 177,500
ESR CAYMAN LTD – 218,600 (218,600) –
EVER SUNSHINE LIFESTYLE SERVICES GROUP LTD – 98,000 (98,000) –
FOSUN INTERNATIONAL LTD 1,324,000 – – 1,324,000
GALAXY ENTERTAINMENT GROUP LTD 241,000 48,000 – 289,000
GEELY AUTOMOBILE HOLDINGS LTD 782,000 90,000 (114,000) 758,000
GUANGDONG INVESTMENT LTD 1,616,000 70,000 – 1,686,000
HAIER ELECTRONICS GROUP CO LTD 439,000 – – 439,000
HAITONG SECURITIES CO LTD 2,397,600 294,400 – 2,692,000
HANG SENG BANK LTD 92,000 57,700 (149,700) –
HENGAN INTERNATIONAL GROUP CO LTD 179,000 – – 179,000
HONG KONG & CHINA GAS CO LTD 950,100 550,505 (550,000) 950,605
HONG KONG EXCHANGES & CLEARING LTD 159,697 39,200 (9,800) 189,097
HSBC HOLDINGS PLC 2,459,200 195,600 (543,200) 2,111,600
HUA HONG SEMICONDUCTOR LTD – 104,000 – 104,000
HUANENG POWER INTERNATIONAL INC 1,988,000 – (1,988,000) –
HYGEIA HEALTHCARE HOLDINGS CO LTD – 35,200 – 35,200
HYSAN DEVELOPMENT CO LTD 489,000 – (489,000) –
INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 11,051,685 1,326,000 (4,105,000) 8,272,685
INNOVENT BIOLOGICS INC – 90,000 – 90,000
JD.COM INC – 35,150 – 35,150
JIUMAOJIU INTERNATIONAL HOLDINGS LTD – 129,000 (129,000) –
JOHNSON ELECTRIC HOLDINGS LTD 653,817 – – 653,817
KANGJI MEDICAL HOLDINGS LTD – 12,000 – 12,000
KINGSOFT CORP LTD – 119,000 – 119,000
KINTOR PHARMACEUTICAL LTD – 290,500 (290,500) –
LENOVO GROUP LTD 2,160,000 – (674,000) 1,486,000
LI NING CO LTD – 460,500 – 460,500
LIFESTYLE INTERNATIONAL HOLDINGS LTD 1,098,000 – – 1,098,000
LINK REIT 260,500 163,400 (151,800) 272,100
PineBridge Greater China Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
8
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
HONG KONG (CONTINUED)
LONGFOR GROUP HOLDINGS LTD – 440,000 – 440,000
LUK FOOK HOLDINGS INTERNATIONAL LTD 296,000 – – 296,000
MAOYAN ENTERTAINMENT – 176,400 (176,400) –
MEITUAN DIANPING 424,400 61,600 – 486,000
MIDEA REAL ESTATE HOLDING LTD 484,600 54,600 (539,200) –
NETEASE INC – 37,000 (37,000) –
NEXTEER AUTOMOTIVE GROUP LTD 608,000 – (608,000) –
NINE DRAGONS PAPER HOLDINGS LTD 51,000 – (51,000) –
PEIJIA MEDICAL LTD – 8,000 (8,000) –
PETROCHINA CO LTD 3,978,000 – (3,978,000) –
PHARMARON BEIJING CO LTD 173,600 128,400 (42,400) 259,600
PING AN HEALTHCARE AND TECHNOLOGY CO LTD – 24,200 (24,200) –
PING AN INSURANCE GROUP CO OF CHINA LTD 938,000 231,000 (96,500) 1,072,500
SANDS CHINA LTD 481,600 191,200 (326,800) 346,000 SANY HEAVY EQUIPMENT INTERNATIONAL HOLDINGS CO
LTD – 578,000 (578,000) –
SHANDONG GOLD MINING CO LTD – 118,000 (118,000) –
SHANDONG WEIGAO GROUP MEDICAL POLYMER CO LTD – 100,000 – 100,000
SHANGHAI KINDLY MEDICAL INSTRUMENTS CO LTD 220,200 20,000 – 240,200
SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD 177,300 58,600 (110,300) 125,600
SHIMAO GROUP HOLDINGS LTD – 183,000 (183,000) –
SINO BIOPHARMACEUTICAL LTD 805,000 285,000 – 1,090,000
STELLA INTERNATIONAL HOLDINGS LTD 940,000 – – 940,000
SUN HUNG KAI PROPERTIES LTD 440,500 22,500 (23,000) 440,000
SUNAC CHINA HOLDINGS LTD 276,000 103,000 – 379,000
SUNNY OPTICAL TECHNOLOGY GROUP CO LTD 81,500 9,400 (20,000) 70,900
TECHTRONIC INDUSTRIES CO LTD – 122,000 (51,000) 71,000
TENCENT HOLDINGS LTD 666,600 41,300 (186,000) 521,900
TIMES NEIGHBORHOOD HOLDINGS LTD 758,000 1,719,000 (771,000) 1,706,000
TONG REN TANG TECHNOLOGIES CO LTD – 448,000 (448,000) –
TONGCHENG-ELONG HOLDINGS LTD – 1,985,600 – 1,985,600
TOPSPORTS INTERNATIONAL HOLDINGS LTD 734,000 – (734,000) –
WH GROUP LTD 656,500 505,500 – 1,162,000
WHARF HOLDINGS LTD 420,000 – (260,000) 160,000
WHARF REAL ESTATE INVESTMENT CO LTD 392,000 – (171,000) 221,000
WUXI BIOLOGICS CAYMAN INC 182,500 97,000 – 279,500
XD INC – 342,000 (342,000) –
XIAOMI CORP 906,000 653,600 – 1,559,600
ZHUZHOU CRRC TIMES ELECTRIC CO LTD 712,900 – (152,000) 560,900
PineBridge Greater China Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
9
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
TAIWAN
ASE INDUSTRIAL HOLDING CO LTD 1,778,084 134,000 – 1,912,084
CATCHER TECHNOLOGY CO LTD 283,000 66,000 – 349,000
CATHAY FINANCIAL HOLDING CO LTD 2,122,571 736,000 (729,000) 2,129,571
CHUNGHWA TELECOM CO LTD 453,000 – (176,000) 277,000
CTBC FINANCIAL HOLDING CO LTD 7,914,000 – (2,028,000) 5,886,000
DELTA ELECTRONICS INC 290,000 173,000 – 463,000
E.SUN FINANCIAL HOLDING CO LTD – 2,288,000 – 2,288,000
FORMOSA CHEMICALS & FIBRE CORP 723,000 – (723,000) –
FORMOSA PLASTICS CORP 688,000 365,000 (109,000) 944,000
HON HAI PRECISION INDUSTRY CO LTD 2,478,720 – (238,000) 2,240,720
INVENTEC CORP 1,738,000 – (1,738,000) –
LARGAN PRECISION CO LTD 29,000 6,000 (3,000) 32,000
MEDIATEK INC 243,000 36,000 (27,000) 252,000
QUANTA COMPUTER INC 1,173,000 468,000 – 1,641,000
SERCOMM CORP 875,000 – – 875,000
SILERGY CORP – 5,000 – 5,000
TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 2,850,447 460,000 (283,000) 3,027,447
TAIWAN UNION TECHNOLOGY CORP – 528,000 – 528,000
UNI-PRESIDENT ENTERPRISES CORP – 402,000 – 402,000
UNITED STATES OF AMERICA
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC – 13,581 – 13,581
ZOOM VIDEO COMMUNICATIONS INC – 7,235 (7,235) –
UNLISTED EQUITIES
BRITISH VIRGIN ISLANDS CHINA COMMON RICH RENEWABLE ENERGY
INVESTMENTS LTD 4,746,000 – – 4,746,000
PineBridge Greater China Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
10
PineBridge Greater China Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August
1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct investment
policy. There have been no changes to the investment policy during the period.
Investment objectives and policies
The Fund seeks to provide long-term capital appreciation by investing in the equity securities of companies with
exposure to the economies of countries within the Greater China region, i.e. the People’s Republic of China, Hong
Kong and Taiwan.
30 June 2020 30 June 2019 30 June 2018
HK$ HK$ HK$
Investments and investment income
Total value of investments 2,576,734,968 3,065,541,311 7,589,300,104
Interest on bank deposits 118,520 238,653 191,349
Dividend income (net of withholding tax) 31,539,499 62,230,205 114,449,365
Net foreign currency gains/(losses) 461,884 (1,495,968) (1,708,375)
Net income excluding capital (depreciation)/appreciation 27,677,718 53,615,023 102,801,600
Net (depreciation)/appreciation of financial assets and
financial liabilities at fair value through profit or loss
- realized and unrealized (173,657,956) 340,846,618 (258,986,904)
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
HK$ HK$ Units
Provident Fund units
30 June 2020 2,649,798,363 27.47 96,460,527
31 December 2019 2,649,818,276 29.08 91,133,656
31 December 2018 4,310,794,364 25.01 172,349,790
PineBridge Greater China Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
11
Performance table (Continued)
Performance record for the past 10 years
Highest
issue price
per unit
HK$
Lowest
redemption price
per unit
HK$
Investment
return
(Note 1)
%
Provident Fund units
30 June 2020 29.83 22.30 (5.54)
31 December 2019 29.21 24.31 16.27
31 December 2018 31.56 24.15 (12.64)
31 December 2017 28.97 20.87 37.64
31 December 2016 22.56 17.59 (0.43)
31 December 2015 27.40 19.51 (9.65)
31 December 2014 24.83 20.84 2.66
31 December 2013 21.53 18.17 14.80
31 December 2012 19.75 15.96 19.68
31 December 2011 21.87 14.47 (22.16)
31 December 2010 21.79 16.63 7.74
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against
the net asset value per unit at the beginning of the period.
Note 2: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard
units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
PineBridge Greater China Equity Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
12
30 June 2020 31 December 2019
HK$ HK$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 2,576,734,968 2,595,528,631
Dividends receivable 14,606,795 1,574,441
Interest receivable 87 236
Amounts receivable on subscription 110,537 965,040
Amounts receivable from brokers 18,115,731 –
Other receivables – 10,149
Cash and cash equivalents 62,071,228 52,327,749
Total assets 2,671,639,346 2,650,406,246
Liabilities
Current liabilities
Amounts payable on redemption 2,413,094 67,353
Amounts payable to brokers 18,994,097 –
Accounts payable and accrued expenses 433,792 520,617
Total liabilities 21,840,983 587,970
Net Asset 2,649,798,363 2,649,818,276
Equity
Net assets attributable to unitholders 2,649,798,363 2,649,818,276
The accompanying notes form an integral part of these financial statements.
PineBridge Greater China Equity Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
13
30 June 2020 30 June 2019
HK$ HK$
Income
Interest on bank deposits 118,520 238,653
Dividend income 33,339,366 66,191,317
Net (losses)/gains on financial assets and financial liabilities
at fair value through profit or loss (173,657,956) 340,846,618
Net foreign currency gains/(losses) 461,884 (1,495,968)
Total investment (loss)/income (139,738,186) 405,780,620
Expenses
Trustee's fee 629,946 1,041,194
Custodian and administration fees 329,899 484,944
Audit fee 58,680 75,121
Bank charges 958 958
Legal and professional fees 23,148 12,663
Other expenses 24,443 24,609
Transaction costs 3,375,111 5,718,378
Total operating expenses 4,442,185 7,357,867
Net (loss)/profit before tax (144,180,371) 398,422,753
Withholding tax (1,799,867) (3,961,112)
Total comprehensive (loss)/income (145,980,238) 394,461,641
The accompanying notes form an integral part of these financial statements.
PineBridge Greater China Equity Fund
Statement of Changes in Equity
For the six months ended 30 June 2020
(Unaudited)
14
30 June 2020 30 June 2019
Note HK$ HK$
Balance at the beginning of the period 2,649,818,276 4,310,794,364
Issue of units 3 368,363,985 206,608,416
Redemption of units 3 (222,403,660) (1,740,573,495)
Net increase/(decrease) from unit transactions 145,960,325 (1,533,965,079)
Total comprehensive (loss)/income (145,980,238) 394,461,641
Balance at the end of the period 3 2,649,798,363 3,171,290,926
The accompanying notes form an integral part of these financial statements.
PineBridge Greater China Equity Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
15
30 June 2020 30 June 2019
HK$ HK$
Cash flows from operating activities
Total comprehensive (loss)/income (145,980,238) 394,461,641
Adjustment for:
Dividend income (33,339,366) (66,191,317)
Interest on bank deposits (118,520) (238,653)
Withholding tax 1,799,867 3,961,112
Operating (loss)/profit before working capital changes (177,638,257) 331,992,783
Net decrease in investments 18,793,663 1,076,512,577
Net (increase)/decrease in amounts receivable from brokers (18,115,731) 6,776,804
Net decrease in other receivables 10,149 33,063
Net increase in amounts payable to brokers 18,994,097 11,909,777
Net decrease in accounts payable and accrued expenses (86,825) (94,687)
Cash (used in)/generated from operations (158,042,904) 1,427,130,317
Dividend income received 18,507,145 34,139,044
Interest on bank deposits received 118,669 234,278
Net cash (used in)/generated from operating activities (139,417,090) 1,461,503,639
Cash flows from financing activities
Proceeds from issue of units 369,218,488 206,771,443
Payments on redemption of units (220,057,919) (1,739,116,031)
Net cash generated from/(used in) financing activities 149,160,569 (1,532,344,588)
Net increase/(decrease) in cash and cash equivalents 9,743,479 (70,840,949)
Cash and cash equivalents at the beginning of the period 52,327,749 170,789,873
Cash and cash equivalents at the end of the period 62,071,228 99,948,924
Analysis of balance of cash and cash equivalents
Cash at banks 46,170,428 41,849,124
Short-term deposits 15,900,800 58,099,800
62,071,228 99,948,924
The accompanying notes form an integral part of these financial statements.
PineBridge Greater China Equity Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
16
1. The Fund
PineBridge Greater China Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August
1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures
Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of
Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2019 30 June 2019
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Units Units Units Units
Number of units in issue at
the beginning of the
period – 91,133,656
– 172,349,790
Issue of units – 13,844,598 – 7,614,395
Redemption of units – (8,517,727) – (63,338,675)
Net increase/(decrease) from
unit transactions – 5,326,871
– (55,724,280)
Number of units in issue at
the end of the period – 96,460,527
– 116,625,510
Note 1: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard
units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
PINEBRIDGE HONG KONG EQUITY FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge Hong Kong Equity Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-10
Statement of net assets 11
Statement of comprehensive income 12
Statement of changes in net assets attributable to unitholders 13
Statement of cash flows 14
Notes to the financial statements 15
PineBridge Hong Kong Equity Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge Hong Kong Equity Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
Hong Kong equity market declined significantly in the first quarter of 2020, as COVID-19 outbreak in China
reversed the positive market momentum at the beginning of the year. Consequently, the growth estimations for 2020
were cut notably and the equity market sentiment turned negative despite the phase one deal between the U.S. and
China. Towards the end of the quarter, Hong Kong equity market further deteriorated as COVID-19 contagion
intensified globally and markets around the world saw risk-off sentiment.
In the second quarter of the year, Hong Kong equites rebounded notably, as governments around the world rolled
out policy supports while economies moved beyond the peak of the pandemic. China, in particular, continued to
lead in terms of economic reopening. High frequency economic data in the country also showed steady recovery.
During the quarter, the escalating US-China tension led to a temporary sell-off which however did not derail the
recovery pace of the market.
2020 H2 Market Outlook and Strategy
The COVID-19 epidemic in China seems to be well under control recently. High frequency economic data also
continued to show recovery and normalization of China’s activities. Corporate earnings revisions are seeing
improvement as well. These developments, coupled with the relatively attractive equity valuations, are supportive to
the performance and re-rating of local stocks.
PineBridge Hong Kong Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Holding Market % of net
shares value assets
HK$
LISTED EQUITIES
CHINA
BEIJING SINNET TECHNOLOGY CO LTD 506,387 14,476,696 0.25%
CHINA STATE CONSTRUCTION ENGINEERING CORP LTD 7,012,096 36,678,545 0.62%
GREE ELECTRIC APPLIANCES INC OF ZHUHAI 395,500 24,534,575 0.42%
KWEICHOW MOUTAI CO LTD 43,653 70,027,507 1.19%
WEIFU HIGH-TECHNOLOGY GROUP CO LTD 962,733 21,832,439 0.37%
ZHENGZHOU YUTONG BUS CO LTD 2,189,295 29,289,367 0.50%
TOTAL CHINA 196,839,129 3.35%
HONG KONG
AAC TECHNOLOGIES HOLDINGS INC 284,000 13,504,200 0.23%
AIA GROUP LTD 5,069,000 366,488,700 6.24%
ALIBABA GROUP HOLDING LTD 1,152,900 241,647,840 4.11%
ALIBABA HEALTH INFORMATION TECHNOLOGY LTD 2,038,000 46,058,800 0.78%
ANHUI CONCH CEMENT CO LTD 1,210,000 63,162,000 1.08%
ASM PACIFIC TECHNOLOGY LTD 453,000 36,851,550 0.63%
BANK OF CHINA LTD 26,252,000 75,343,240 1.28%
BOC HONG KONG HOLDINGS LTD 1,779,500 43,864,675 0.75%
BYD CO LTD 188,000 11,251,800 0.19%
CATHAY PACIFIC AIRWAYS LTD 1,493,000 11,197,500 0.19%
CHINA CONSTRUCTION BANK CORP 48,750,500 305,665,635 5.20%
CHINA GAS HOLDINGS LTD 973,200 23,259,480 0.40%
CHINA LIFE INSURANCE CO LTD 3,617,000 56,425,200 0.96%
CHINA LITERATURE LTD 537,600 28,062,720 0.48%
CHINA MENGNIU DAIRY CO LTD 1,815,000 53,724,000 0.91%
CHINA MERCHANTS BANK CO LTD 1,597,500 56,950,875 0.97%
CHINA MOBILE LTD 2,022,000 105,750,600 1.80%
CHINA OVERSEAS LAND & INVESTMENT LTD 1,482,500 34,764,625 0.59%
CHINA PACIFIC INSURANCE GROUP CO LTD 1,416,200 29,315,340 0.50%
CHINA PETROLEUM & CHEMICAL CORP 11,430,000 36,918,900 0.63%
CHINA RESOURCES BEER HOLDINGS CO LTD 1,860,000 80,352,000 1.37%
CHINA RESOURCES LAND LTD 2,258,000 66,272,300 1.13%
CHINA SHENHUA ENERGY CO LTD 2,737,500 33,178,500 0.56%
CHINA TOWER CORP LTD 20,354,000 27,884,980 0.47%
CHINA VANKE CO LTD 1,368,900 33,538,050 0.57%
CHOW TAI FOOK JEWELLERY GROUP LTD 175,800 1,302,678 0.02%
CIFI HOLDINGS GROUP CO LTD 9,082,000 54,855,280 0.93%
CK ASSET HOLDINGS LTD 1,715,361 79,249,678 1.35%
CK HUTCHISON HOLDINGS LTD 800,861 39,882,878 0.68%
CLP HOLDINGS LTD 555,000 42,180,000 0.72%
CNOOC LTD 7,582,000 65,356,840 1.11%
COMBA TELECOM SYSTEMS HOLDINGS LTD 7,518,000 23,756,880 0.40%
CSPC PHARMACEUTICAL GROUP LTD 2,232,400 32,682,336 0.56%
CSTONE PHARMACEUTICALS 635,500 7,028,630 0.12%
DONGFENG MOTOR GROUP CO LTD 9,080,000 42,040,400 0.72%
ENN ENERGY HOLDINGS LTD 314,000 27,380,800 0.47%
FOSUN INTERNATIONAL LTD 2,853,500 28,135,510 0.48%
GALAXY ENTERTAINMENT GROUP LTD 1,155,000 60,926,250 1.04%
PineBridge Hong Kong Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
4
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market
% of net
shares value
assets
HK$
LISTED EQUITIES (CONTINUED)
HONG KONG (CONTINUED)
GEELY AUTOMOBILE HOLDINGS LTD 3,925,000 47,885,000 0.82%
GUANGDONG INVESTMENT LTD 3,742,000 49,768,600 0.85%
HAIER ELECTRONICS GROUP CO LTD 1,440,000 33,768,000
0.57%
HAITIAN INTERNATIONAL HOLDINGS LTD 726,000 11,427,240
0.19%
HAITONG SECURITIES CO LTD 7,925,600 49,614,256
0.84%
HANG SENG BANK LTD 197,400 25,681,740
0.44%
HENGAN INTERNATIONAL GROUP CO LTD 398,000 24,158,600
0.41%
HONG KONG & CHINA GAS CO LTD 3,484,480 41,813,760
0.71%
HONG KONG EXCHANGES & CLEARING LTD 558,764 184,392,120
3.14%
HSBC HOLDINGS PLC 7,062,221 255,652,400
4.35%
HUA HONG SEMICONDUCTOR LTD 232,000 6,240,800
0.11%
HYGEIA HEALTHCARE HOLDINGS CO LTD 78,400 2,093,280
0.04%
HYSAN DEVELOPMENT CO LTD 1,004,000 24,949,400
0.43%
INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 32,447,545 152,503,461
2.60%
INNOVENT BIOLOGICS INC 200,000 11,500,000
0.20%
JD.COM INC 77,200 17,894,960
0.30%
JOHNSON ELECTRIC HOLDINGS LTD 923,098 12,683,366
0.22%
KANGJI MEDICAL HOLDINGS LTD 26,000 774,800
0.01%
KINGSOFT CORP LTD 269,000 9,697,450
0.17%
LENOVO GROUP LTD 4,696,000 20,145,840
0.34%
LI NING CO LTD 1,317,500 32,410,500
0.55%
LIFESTYLE INTERNATIONAL HOLDINGS LTD 1,851,000 11,790,870
0.20%
LINK REIT 717,100 45,428,285
0.77%
LONGFOR GROUP HOLDINGS LTD 1,230,500 45,343,925
0.77%
LUK FOOK HOLDINGS INTERNATIONAL LTD 751,000 12,601,780
0.21%
MEITUAN DIANPING 1,540,200 264,760,380
4.51%
MIDEA REAL ESTATE HOLDING LTD 1,198,000 22,714,080
0.39%
MTR CORP LTD 4,708 189,026
0.00%
NEW WORLD DEVELOPMENT CO LTD 636,250 23,414,000
0.40%
PHARMARON BEIJING CO LTD 596,500 47,720,000
0.81%
PING AN INSURANCE GROUP CO OF CHINA LTD 2,959,500 229,361,250
3.91%
SANDS CHINA LTD 1,037,600 31,543,040
0.54%
SHANDONG WEIGAO GROUP MEDICAL POLYMER CO LTD 224,000 3,861,760
0.07%
SHANGHAI KINDLY MEDICAL INSTRUMENTS CO LTD 576,600 37,133,040
0.63%
SHENZHEN EXPRESSWAY CO LTD 4,754,000 37,271,360
0.63%
SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD 544,700 50,874,980
0.87%
SINO BIOPHARMACEUTICAL LTD 3,666,000 53,523,600
0.91%
SUN HUNG KAI PROPERTIES LTD 1,067,500 105,629,125
1.80%
SUNAC CHINA HOLDINGS LTD 1,171,000 37,998,950
0.65%
SUNNY OPTICAL TECHNOLOGY GROUP CO LTD 275,400 34,149,600
0.58%
TECHTRONIC INDUSTRIES CO LTD 345,500 26,188,900
0.45%
TENCENT HOLDINGS LTD 1,155,200 575,982,720
9.81%
TIMES NEIGHBORHOOD HOLDINGS LTD 4,048,000 42,584,960
0.72%
PineBridge Hong Kong Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
5
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market
% of net
shares value
assets
HK$
LISTED EQUITIES (CONTINUED)
HONG KONG (CONTINUED)
TONGCHENG-ELONG HOLDINGS LTD 2,542,400 35,491,904 0.60%
UNI-PRESIDENT CHINA HOLDINGS LTD 2,263,000 17,470,360 0.30%
WH GROUP LTD 3,199,500 21,244,680 0.36%
WHARF HOLDINGS LTD 735,000 11,583,600 0.20%
WHARF REAL ESTATE INVESTMENT CO LTD 778,000 28,786,000 0.49%
WUXI BIOLOGICS CAYMAN INC 703,000 99,685,400 1.70%
XIAOMI CORP 4,804,800 61,693,632 1.05%
ZHUZHOU CRRC TIMES ELECTRIC CO LTD 1,442,800 28,423,160 0.48%
TOTAL HONG KONG 5,445,711,610 92.72%
SINGAPORE
JARDINE MATHESON HOLDINGS LTD 61,800 19,992,498 0.34%
TOTAL SINGAPORE 19,992,498 0.34%
UNITED STATES OF AMERICA
KINGSOFT CLOUD HOLDINGS LTD 65,518 16,005,637 0.27%
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 22,892 23,105,795 0.39%
TOTAL UNITED STATES OF AMERICA 39,111,432 0.66%
UNLISTED EQUITIES
BRITISH VIRGIN ISLANDS
CHINA COMMON RICH RENEWABLE ENERGY INVESTMENT LTD 5,510,000 – 0.00%
TOTAL BRITISH VIRGIN ISLANDS – 0.00%
TOTAL INVESTMENTS* 5,701,654,669 97.07%
TOTAL INVESTMENTS, AT COST* 5,314,183,650
* Investments are accounted for on a trade date basis.
PineBridge Hong Kong Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
6
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES
CHINA
AIER EYE HOSPITAL GROUP CO LTD – 17,200 (17,200) –
BAOSHAN IRON & STEEL CO LTD 4,438,902 – (4,438,902) –
BEIJING SINNET TECHNOLOGY CO LTD – 506,387 – 506,387
CHINA STATE CONSTRUCTION ENGINEERING CORP LTD 7,545,896 – (533,800) 7,012,096
FOSHAN HAITIAN FLAVOURING & FOOD CO LTD – 46,740 (46,740) –
GREE ELECTRIC APPLIANCES INC OF ZHUHAI 208,700 186,800 – 395,500
KWEICHOW MOUTAI CO LTD 43,653 – – 43,653
LUXSHARE PRECISION INDUSTRY CO LTD – 466,574 (466,574) –
WEIFU HIGH-TECHNOLOGY GROUP CO LTD 962,733 – – 962,733
ZHENGZHOU YUTONG BUS CO LTD 2,189,295 – – 2,189,295
HONG KONG
AAC TECHNOLOGIES HOLDINGS INC 554,000 – (270,000) 284,000
AIA GROUP LTD 5,986,000 551,800 (1,468,800) 5,069,000
AKESO INC – 12,000 (12,000) –
ALIBABA GROUP HOLDING LTD 375,900 845,900 (68,900) 1,152,900
ALIBABA HEALTH INFORMATION TECHNOLOGY LTD – 2,188,000 (150,000) 2,038,000
ANHUI CONCH CEMENT CO LTD 1,114,500 202,500 (107,000) 1,210,000
ASM PACIFIC TECHNOLOGY LTD 482,400 – (29,400) 453,000
BAIC MOTOR CORP LTD 5,553,000 – (5,553,000) –
BANK OF CHINA LTD 27,470,000 8,795,000 (10,013,000) 26,252,000
BOC HONG KONG HOLDINGS LTD 1,311,500 1,214,500 (746,500) 1,779,500
BYD CO LTD – 188,000 – 188,000
CATHAY PACIFIC AIRWAYS LTD 2,450,000 – (957,000) 1,493,000
CENTRAL CHINA NEW LIFE LTD – 693,000 (693,000) –
CHINA CONSTRUCTION BANK CORP 43,313,500 12,285,000 (6,848,000) 48,750,500
CHINA GAS HOLDINGS LTD 816,800 368,400 (212,000) 973,200
CHINA LIFE INSURANCE CO LTD 5,316,000 – (1,699,000) 3,617,000
CHINA LITERATURE LTD – 537,600 – 537,600
CHINA MENGNIU DAIRY CO LTD 1,699,000 206,000 (90,000) 1,815,000
CHINA MERCHANTS BANK CO LTD 2,444,500 410,500 (1,257,500) 1,597,500
CHINA MOBILE LTD 2,261,500 254,000 (493,500) 2,022,000
CHINA MOLYBDENUM CO LTD – 1,704,000 (1,704,000) –
CHINA OVERSEAS LAND & INVESTMENT LTD 1,402,000 198,000 (117,500) 1,482,500
CHINA PACIFIC INSURANCE GROUP CO LTD 1,729,000 217,400 (530,200) 1,416,200
CHINA PETROLEUM & CHEMICAL CORP 9,568,000 5,154,000 (3,292,000) 11,430,000
CHINA RAILWAY CONSTRUCTION CORP LTD – 2,858,500 (2,858,500) –
CHINA RESOURCES BEER HOLDINGS CO LTD 920,000 1,174,000 (234,000) 1,860,000
CHINA RESOURCES LAND LTD 2,716,000 – (458,000) 2,258,000
CHINA SHENHUA ENERGY CO LTD 3,380,500 – (643,000) 2,737,500
CHINA SOUTHERN AIRLINES CO LTD – 2,734,000 (2,734,000) –
CHINA STATE CONSTRUCTION INTERNATIONAL HOLDINGS LTD 1,788,000 – (1,788,000) –
CHINA TOWER CORP LTD 15,588,000 12,250,000 (7,484,000) 20,354,000
CHINA VANKE CO LTD 1,930,200 – (561,300) 1,368,900
CHINA ZHENGTONG AUTO SERVICES HOLDINGS LTD – 5,283,500 (5,283,500) –
CHOW TAI FOOK JEWELLERY GROUP LTD – 175,800 – 175,800
CIFI HOLDINGS GROUP CO LTD 9,082,000 – – 9,082,000
CK ASSET HOLDINGS LTD 1,859,361 526,500 (670,500) 1,715,361
CK HUTCHISON HOLDINGS LTD 865,361 90,500 (155,000) 800,861
PineBridge Hong Kong Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
7
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
HONG KONG (CONTINUED)
CLP HOLDINGS LTD 457,000 502,000 (404,000) 555,000
CNOOC LTD 6,178,000 2,015,000 (611,000) 7,582,000
COFCO MEAT HOLDINGS LTD 4,708,000 – (4,708,000) –
COMBA TELECOM SYSTEMS HOLDINGS LTD – 7,518,000 – 7,518,000
COUNTRY GARDEN HOLDINGS CO LTD 1,146,000 1,077,000 (2,223,000) –
CRRC CORP LTD 2,005,000 – (2,005,000) –
CSPC PHARMACEUTICAL GROUP LTD 2,568,000 440,400 (776,000) 2,232,400
CSTONE PHARMACEUTICALS 1,422,000 – (786,500) 635,500
DONGFENG MOTOR GROUP CO LTD 9,080,000 – – 9,080,000
ENN ENERGY HOLDINGS LTD 301,700 88,400 (76,100) 314,000
ESR CAYMAN LTD – 487,400 (487,400) –
EVER SUNSHINE LIFESTYLE SERVICES GROUP LTD – 222,000 (222,000) –
FOSUN INTERNATIONAL LTD 3,198,500 – (345,000) 2,853,500
GALAXY ENTERTAINMENT GROUP LTD 1,208,000 112,000 (165,000) 1,155,000
GEELY AUTOMOBILE HOLDINGS LTD 3,921,000 504,000 (500,000) 3,925,000
GUANGDONG INVESTMENT LTD 3,340,000 786,000 (384,000) 3,742,000
HAIER ELECTRONICS GROUP CO LTD 1,440,000 – – 1,440,000
HAITIAN INTERNATIONAL HOLDINGS LTD 726,000 – – 726,000
HAITONG SECURITIES CO LTD 7,246,000 1,336,800 (657,200) 7,925,600
HANG SENG BANK LTD 286,500 56,500 (145,600) 197,400
HENDERSON LAND DEVELOPMENT CO LTD 264,530 – (264,530) –
HENGAN INTERNATIONAL GROUP CO LTD 589,500 – (191,500) 398,000
HONG KONG & CHINA GAS CO LTD 3,185,600 724,880 (426,000) 3,484,480
HONG KONG EXCHANGES & CLEARING LTD 518,964 91,500 (51,700) 558,764
HSBC HOLDINGS PLC 8,383,421 911,600 (2,232,800) 7,062,221
HUA HONG SEMICONDUCTOR LTD – 739,000 (507,000) 232,000
HUANENG POWER INTERNATIONAL INC 4,244,000 – (4,244,000) –
HYGEIA HEALTHCARE HOLDINGS CO LTD – 78,400 – 78,400
HYSAN DEVELOPMENT CO LTD 1,241,000 – (237,000) 1,004,000
INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD 42,080,545 7,725,000 (17,358,000) 32,447,545
INNOVENT BIOLOGICS INC – 200,000 – 200,000
JD.COM INC – 77,200 – 77,200
JIUMAOJIU INTERNATIONAL HOLDINGS LTD – 314,000 (314,000) –
JOHNSON ELECTRIC HOLDINGS LTD 923,098 – – 923,098
KANGJI MEDICAL HOLDINGS LTD – 26,000 – 26,000
KINGBOARD HOLDINGS LTD 50,000 – (50,000) –
KINGSOFT CORP LTD – 269,000 – 269,000
KINTOR PHARMACEUTICAL LTD – 655,000 (655,000) –
LENOVO GROUP LTD 6,896,000 – (2,200,000) 4,696,000
LI NING CO LTD – 1,317,500 – 1,317,500
LIFESTYLE INTERNATIONAL HOLDINGS LTD 1,851,000 – – 1,851,000
LINK REIT 796,500 141,800 (221,200) 717,100
LONGFOR GROUP HOLDINGS LTD – 1,311,000 (80,500) 1,230,500
LUK FOOK HOLDINGS INTERNATIONAL LTD 751,000 – – 751,000
MEITUAN DIANPING 1,450,200 262,400 (172,400) 1,540,200
MIDEA REAL ESTATE HOLDING LTD 1,195,600 137,600 (135,200) 1,198,000
MTR CORP LTD 167,000 268,208 (430,500) 4,708
PineBridge Hong Kong Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
8
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
HONG KONG (CONTINUED)
NETEASE INC – 58,600 (58,600) –
NEW WORLD DEVELOPMENT CO LTD 1,612,000 933,000 (1,908,750) 636,250
NEXTEER AUTOMOTIVE GROUP LTD 1,226,000 – (1,226,000) –
NINE DRAGONS PAPER HOLDINGS LTD 121,000 – (121,000) –
PEIJIA MEDICAL LTD – 16,000 (16,000) –
PETROCHINA CO LTD 10,592,000 – (10,592,000) –
PHARMARON BEIJING CO LTD 439,300 157,200 – 596,500
PING AN HEALTHCARE AND TECHNOLOGY CO LTD – 60,000 (60,000) –
PING AN INSURANCE GROUP CO OF CHINA LTD 2,975,000 604,000 (619,500) 2,959,500
SANDS CHINA LTD 1,206,800 612,000 (781,200) 1,037,600
SHANDONG GOLD MINING CO LTD – 262,000 (262,000) –
SHANDONG WEIGAO GROUP MEDICAL POLYMER CO LTD – 224,000 – 224,000
SHANGHAI KINDLY MEDICAL INSTRUMENTS CO LTD 556,600 20,000 – 576,600
SHENZHEN EXPRESSWAY CO LTD 4,754,000 – – 4,754,000
SHENZHOU INTERNATIONAL GROUP HOLDINGS LTD 347,300 537,900 (340,500) 544,700
SHIMAO GROUP HOLDINGS LTD – 451,500 (451,500) –
SINO BIOPHARMACEUTICAL LTD 2,780,000 886,000 – 3,666,000
SUN HUNG KAI PROPERTIES LTD 1,225,000 – (157,500) 1,067,500
SUNAC CHINA HOLDINGS LTD 932,000 239,000 – 1,171,000
SUNNY OPTICAL TECHNOLOGY GROUP CO LTD 403,900 – (128,500) 275,400
SWIRE PROPERTIES LTD 1,405,400 – (1,405,400) –
TECHTRONIC INDUSTRIES CO LTD 199,000 364,500 (218,000) 345,500
TENCENT HOLDINGS LTD 1,606,600 130,300 (581,700) 1,155,200
TIMES NEIGHBORHOOD HOLDINGS LTD 1,949,000 4,375,000 (2,276,000) 4,048,000
TONG REN TANG TECHNOLOGIES CO LTD – 1,466,000 (1,466,000) –
TONGCHENG-ELONG HOLDINGS LTD – 2,542,400 – 2,542,400
TOPSPORTS INTERNATIONAL HOLDINGS LTD 2,170,000 – (2,170,000) –
UNI-PRESIDENT CHINA HOLDINGS LTD 1,424,000 1,248,000 (409,000) 2,263,000
WH GROUP LTD 2,007,500 1,192,000 – 3,199,500
WHARF HOLDINGS LTD 1,662,000 – (927,000) 735,000
WHARF REAL ESTATE INVESTMENT CO LTD 1,186,000 – (408,000) 778,000
WUXI BIOLOGICS CAYMAN INC 524,500 178,500 – 703,000
XD INC – 758,000 (758,000) –
XIAOMI CORP 2,889,000 2,143,000 (227,200) 4,804,800
ZHUZHOU CRRC TIMES ELECTRIC CO LTD 1,771,100 – (328,300) 1,442,800
SINGAPORE
JARDINE MATHESON HOLDINGS LTD 66,000 – (4,200) 61,800
UNITED STATES OF AMERICA
KINGSOFT CLOUD HOLDINGS LTD – 65,518 – 65,518
NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC – 22,892 – 22,892
UNLISTED EQUITIES
BRIISH VIRGIN ISLANDS
CHINA COMMON RICH RENEWABLE ENERGY INVESTMENT LTD 5,510,000 – – 5,510,000
PineBridge Hong Kong Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
9
PineBridge Hong Kong Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There
have been no changes to the investment policy during the period.
Investment objectives and policies The Fund seeks to provide capital appreciation through a managed portfolio of shares in companies primarily listed on
The Stock Exchange of Hong Kong Limited. Hong Kong is in the Manager’s view well placed to prosper directly from
economic activity in Asia and the economic emergence of the People’s Republic of China.
30 June 2020 30 June 2019 30 June 2018
HK$ HK$ HK$
Investments and investment income
Total value of investments 5,701,654,669 6,298,651,932 8,728,760,575
Interest on bank deposits 432,871 598,740 359,719
Dividend income (net of withholding tax) 87,717,066 127,326,645 137,721,086
Net foreign currency gains/(losses) 85,460 (120,748) –
Net income excluding capital (depreciation)/appreciation 77,034,531 118,726,653 124,767,722
Net (depreciation)/appreciation of financial assets and
financial liabilities at fair value through profit or loss
- realized and unrealized (568,280,355) 491,081,615 (234,230,286)
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
HK$ HK$ Units
Standard units - Accumulation (Note 2)
30 June 2020 295,640,212 33.76 8,755,905
31 December 2019 332,057,933 37.03 8,967,582
31 December 2018 326,958,091 33.28 9,823,020
Provident Fund units
30 June 2020 5,578,306,907 40.84 136,583,520
31 December 2019 6,133,076,122 44.51 137,790,373
31 December 2018 5,327,454,159 39.51 134,830,321
PineBridge Hong Kong Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
10
Performance table (Continued)
Performance record for the past 10 years
Highest
issue price
per unit
HK$
Lowest
redemption price
per unit
HK$
Investment
return
(Note 1)
%
Standard units - Accumulation (Note 2)
30 June 2020 38.23 28.51 (8.83)
31 December 2019 38.83 32.35 11.27
31 December 2018 42.28 31.90 (12.79)
31 December 2017 38.32 28.14 36.19
31 December 2016 30.57 23.72 (4.17)
31 December 2015 38.73 27.57 (10.17)
31 December 2014 34.54 29.29 1.02
31 December 2013 32.46 26.15 11.95
31 December 2012 28.87 23.53 19.32
31 December 2011 33.10 21.09 (23.50)
31 December 2010 33.83 25.39 8.20
Provident Fund units
30 June 2020 45.98 34.36 (8.25)
31 December 2019 46.25 38.40 12.66
31 December 2018 49.60 37.79 (11.67)
31 December 2017 44.85 32.58 37.89
31 December 2016 35.26 27.16 (2.99)
31 December 2015 43.88 31.40 (9.01)
31 December 2014 38.95 32.90 2.00
31 December 2013 36.14 28.96 13.38
31 December 2012 31.76 25.72 20.82
31 December 2011 35.56 22.86 (22.54)
31 December 2010 36.26 27.06 9.55 Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the
net asset value per unit at the beginning of the period.
Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013.
PineBridge Hong Kong Equity Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
11
30 June 2020 31 December 2019
HK$ HK$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 5,701,654,669 6,330,979,071
Dividends receivable 40,742,152 156,927
Interest receivable 771 7,529
Amounts receivable on subscription 1,387,918 2,596,379
Amounts receivable from brokers 8,023,762 24,079
Cash and cash equivalents 141,249,244 137,479,584
Total assets 5,893,058,516 6,471,243,569
Liabilities
Current liabilities
Amounts payable on redemption 5,809,524 5,021,841
Amounts payable to brokers 12,298,388 –
Accounts payable and accrued expenses 1,003,485 1,087,673
Liabilities (excluding net assets attributable to unitholders) 19,111,397 6,109,514
Net assets attributable to unitholders 5,873,947,119 6,465,134,055
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Equity Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
12
30 June 2020 30 June 2019
HK$ HK$
Income
Interest on bank deposits 432,871 598,740
Dividend income 90,759,491 132,354,969
Net (losses)/gains on financial assets and financial liabilities at
fair value through profit or loss (568,280,355) 491,081,615
Net foreign currency gains/(losses) 85,460 (120,748)
Total investment (loss)/income (477,002,533) 623,914,576
Expenses
Management fee 1,853,494 2,163,013
Trustee's fee 1,456,007 1,586,119
Custodian and administration fees 542,248 544,652
Audit fee 73,541 80,663
Bank charges 950 950
Legal and professional fees 19,596 1,676
Other expenses 24,687 24,743
Transaction costs 7,230,343 4,676,168
Total operating expenses 11,200,866 9,077,984
Net (loss)/profit before tax (488,203,399) 614,836,592
Withholding tax (3,042,425) (5,028,324)
(Decrease)/increase in net assets attributable to unitholders
from operations (491,245,824) 609,808,268
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Equity Fund
Statement of Changes in Net Assets Attributable to Unitholders
For the six months ended 30 June 2020
(Unaudited)
13
30 June 2020 30 June 2019
Note HK$ HK$
Net assets attributable to unitholders at 1
January 6,465,134,055 5,654,412,250
Issue of units 3 1,249,058,029 673,839,624
Redemption of units 3 (1,348,999,141) (403,061,691)
Net (decrease)/increase from unit transactions (99,941,112) 270,777,933
(Decrease)/increase in net assets attributable to
unitholders from operations (491,245,824) 609,808,268
Net assets attributable to unitholders at 30 June 3 5,873,947,119 6,534,998,451
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Equity Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
14
30 June 2020 30 June 2019
HK$ HK$
Cash flows from operating activities
(Decrease)/increase in net assets attributable to unitholders
from operations (491,245,824) 609,808,268
Adjustment for:
Dividend income (90,759,491) (132,354,969)
Interest on bank deposits (432,871) (598,740)
Withholding tax 3,042,425 5,028,324
Operating (loss)/profit before working capital changes (579,395,761) 481,882,883
Net decrease/(increase) in investments 629,324,402 (832,996,493)
Net increase in amounts receivable from brokers (7,999,683) (12,679,764)
Net decrease in other receivables – 45,227
Net increase in amounts payable to brokers 12,298,388 60,222,936
Net (decrease)/increase in accounts payable and accrued
expenses (84,188) 28,859
Cash generated from/(used in) operations 54,143,158 (303,496,352)
Dividend income received 47,131,841 73,273,451
Interest on bank deposits received 439,629 568,694
Net cash generated from/(used in) operating activities 101,714,628 (229,654,207)
Cash flows from financing activities
Proceeds from issue of units 1,250,266,490 675,057,648
Payments on redemption of units (1,348,211,458) (398,306,873)
Net cash (used in)/generated from financing activities (97,944,968) 276,750,775
Net increase in cash and cash equivalents 3,769,660 47,096,568
Cash and cash equivalents at the beginning of the period 137,479,584 186,524,571
Cash and cash equivalents at the end of the period 141,249,244 233,621,139
Analysis of balance of cash and cash equivalents
Cash at banks 581,444 4,228,939
Short-term deposits 140,667,800 229,392,200
141,249,244 233,621,139
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Equity Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
15
1. The Fund
PineBridge Hong Kong Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August
1998, as amended, supplemented and restated. The Fund has been authorized by the Securities and Futures
Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of
Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2019 30 June 2019
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Units Units Units Units
Number of units in issue at
the beginning of the
period 8,967,582 137,790,373
9,823,020 134,830,321
Issue of units 295,282 31,628,970 307,197 15,447,798
Redemption of units (506,959) (32,835,823) (749,256) (8,547,395)
Net (decrease)/increase from
unit transactions (211,677) (1,206,853)
(442,059) 6,900,403
Number of units in issue at
the end of the period 8,755,905 136,583,520
9,380,961 141,730,724
Note 1: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013.
PINEBRIDGE INDIA EQUITY FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge India Equity Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-6
Statement of net assets 7
Statement of comprehensive income 8
Statement of changes in equity 9
Statement of cash flows 10
Notes to the financial statements 11
PineBridge India Equity Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge India Equity Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
First half of the year witnessed extreme events: lockdown in the country in March to control the spread of COVID-
19 followed by lifting of restrictions towards May. Former brought the economic activity to a grinding halt whereas
the latter led to resumption of the same. Similarly, global equity investors pulled out significant amount from
Indian equity markets in March (common phenomenon across the emerging markets) whereas India slowly
regained their confidence with lifting of restrictions and resumption of economic activities from Mid-April
onwards.
Post lifting of lockdown, India is witnessing significant improvement in economic activity as indicated by various
high frequency data such as electricity consumption reaching last year levels, electronic payments touching an all-
time high and the encouraging month-on-month growth in tax collections. India, historically starved of capital, is
witnessing large inflows from global investors leading to lower interest rates which in turn should translate to
lower costs for borrowers. In the developed world, interest rates being close to zero may not have any more
stimulating impact, whereas in India, the opposite is true given the real interest rates have been quite high. Capital
inflows are expected to continue as private companies are announcing equity fund raising plans while the
government has signalled its intention to accelerate the privatization process.
The fund outperformed the benchmark during this period. Stock selection was the key contributor to the
performance. From sector perspective, underweight in financials and overweight in health care contributed to the
performance while underweight in Energy and Communication services dragged the performance. At stock level,
Divi’s Laboratories (health care name) contributed positively whereas not owing Reliance Industries, index heavy
weight with over 11.5% weight, dragged the performance.
2020 H2 Market Outlook and Strategy
We believe that COVID-19 will have a profound impact on the economy and impact of global flows of goods,
capital and people. While we do not know the exact contours of the new paradigm, it is our long held belief that
financially strong companies run by able managements will be able to adapt themselves to the changes and produce
satisfactory results for their owners. Our strategy continues to remain the same: to identify such names and invest
in them.
India, in a long time, is seeing nominal interest rates and real interest rates coming down especially as regards bank
lending rates. Bank loans to commercial enterprises are nearly 50% of India’s GDP where banks earn
approximately 10% nominal interest rate. We have seen a reduction of 0.4% in interest rates in the past few months
on the outstanding loan book of banks which translates into 0.2% of GDP reduction in interest costs for private
borrowers. It is also important to note that the incremental lending rate is more than 1.3% lower than the current
interest rate on the outstanding loan book which should lead to further repricing of the loan book and reduction of
costs to borrowers in near future. This is especially important in an economy where inflation is near absent as it
reduces real interest rates and provides significant stimulus for a revival.
Our portfolio positioning is to invest in well-managed companies that can deploy large sums of capital efficiently.
These would include well-run financial, materials, pharmaceutical and housing-related companies. Given the lower
cost of capital, such companies should be able to grow at the expense of their peers. We also own companies which
are taking advantage of various technological disruptions in their industries. We believe such companies will have
a disproportionately higher growth than the ones who are stuck to the ways of past. The fund continues to maintain
its position in export related sectors (such as Information Technology and Health Care).
PineBridge India Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Holding Market % of net
shares value assets
US$
LISTED EQUITIES
INDIA
ASIAN PAINTS LTD 13,500 301,706 1.19%
AVANTI FEEDS LTD 189,039 1,263,083 5.00%
BAJAJ AUTO LTD 28,135 1,053,043 4.17%
BAJAJ FINANCE LTD 54,500 2,043,410 8.08%
BANDHAN BANK LTD 70,434 297,852 1.18%
CAN FIN HOMES LTD 112,798 504,713 2.00%
CARE RATINGS LTD 79,000 438,860 1.74%
DABUR INDIA LTD 59,000 364,092 1.44%
DIVI'S LABORATORIES LTD 69,233 2,089,573 8.27%
ELANTAS BECK INDIA LTD 19,645 590,449 2.34%
FINE ORGANIC INDUSTRIES LTD 5,898 145,630 0.58%
GABRIEL INDIA LTD 288,009 330,136 1.31%
GANDHI SPECIAL TUBES LTD 162,116 416,530 1.65%
GARWARE TECHNICAL FIBRES LTD 42,235 765,373 3.03%
HDFC BANK LTD 75,400 1,064,355 4.21%
HEIDELBERGCEMENT INDIA LTD 223,488 524,194 2.07%
HERO MOTOCORP LTD 23,000 775,832 3.07%
HINDUSTAN UNILEVER LTD 23,000 664,054 2.63%
IDEA CELLULAR LTD 3,250,000 456,256 1.80%
INFOSYS LTD 184,021 1,793,638 7.10%
INTERGLOBE AVIATION LTD 25,889 339,051 1.34%
KAJARIA CERAMICS LTD 21,700 112,774 0.45%
KOTAK MAHINDRA BANK LTD 111,700 2,012,588 7.96%
KSB LTD 45,494 281,468 1.11%
MPS LTD 118,766 436,018 1.72%
NILKAMAL LTD 18,402 278,470 1.10%
ORIENT REFRACTORIES LTD 132,381 307,258 1.22%
SBI LIFE INSURANCE CO LTD 10,000 106,806 0.42%
SHREE CEMENT LTD 7,936 2,422,766 9.58%
SUN PHARMACEUTICAL INDUSTRIES LTD 41,767 261,618 1.03%
TATA CONSULTANCY SERVICES LTD 50,900 1,403,618 5.55%
VOLTAMP TRANSFORMERS LTD 34,540 499,350 1.97%
TOTAL INDIA 24,344,564 96.31%
UNITED STATES OF AMERICA
HDFC BANK-ADR 16,000 727,360 2.88%
TOTAL UNITED STATES OF AMERICA 727,360 2.88%
TOTAL INVESTMENTS* 25,071,924 99.19%
TOTAL INVESTMENTS, AT COST* 23,776,954
* Investments are accounted for on a trade date basis.
PineBridge India Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
4
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES
INDIA
ASIAN PAINTS LTD – 25,000 (11,500) 13,500
AVANTI FEEDS LTD 146,055 42,984 – 189,039
BAJAJ AUTO LTD 28,135 – – 28,135
BAJAJ FINANCE LTD 18,000 39,500 (3,000) 54,500
BANDHAN BANK LTD – 256,434 (186,000) 70,434
CAN FIN HOMES LTD – 112,798 – 112,798
CARE RATINGS LTD 79,000 – – 79,000
DABUR INDIA LTD – 100,000 (41,000) 59,000
DIVI'S LABORATORIES LTD 107,340 – (38,107) 69,233
DR LAL PATHLABS LTD – 6,000 (6,000) –
ELANTAS BECK INDIA LTD 19,645 – – 19,645
FDC LTD/INDIA 198,558 – (198,558) –
FINE ORGANIC INDUSTRIES LTD – 5,898 – 5,898
GABRIEL INDIA LTD 288,009 – – 288,009
GANDHI SPECIAL TUBES LTD 162,116 – – 162,116
GARWARE TECHNICAL FIBRES LTD 40,745 1,490 – 42,235
GUJARAT PIPAVAV PORT LTD – 160,000 (160,000) –
HDFC BANK LTD 75,400 – – 75,400
HEIDELBERGCEMENT INDIA LTD 212,488 11,000 – 223,488
HERO MOTOCORP LTD 23,000 – – 23,000
HINDUSTAN UNILEVER LTD – 23,000 – 23,000
IDEA CELLULAR LTD – 3,250,000 – 3,250,000
INDIAMART INTERMESH LTD – 4,194 (4,194) –
INDIAN RAILWAY CATERING & TOURISM CORP LTD 17,000 4,000 (21,000) –
INFOSYS LTD 142,021 82,000 (40,000) 184,021
INTERGLOBE AVIATION LTD – 46,800 (20,911) 25,889
KAJARIA CERAMICS LTD – 21,700 – 21,700
KOTAK MAHINDRA BANK LTD 114,000 – (2,300) 111,700
KSB LTD 45,494 – – 45,494
MARICO LTD 109,635 – (109,635) –
MPS LTD 118,766 – – 118,766
NILKAMAL LTD – 18,402 – 18,402
ORIENT REFRACTORIES LTD 345,794 – (213,413) 132,381
SBI LIFE INSURANCE CO LTD – 10,000 – 10,000
SHARDA CROPCHEM LTD 67,000 – (67,000) –
SHREE CEMENT LTD 9,592 1,000 (2,656) 7,936
SUN PHARMACEUTICAL INDUSTRIES LTD 250,000 – (208,233) 41,767
TATA CONSULTANCY SERVICES LTD 52,400 17,000 (18,500) 50,900
UFO MOVIEZ INDIA LTD – 75,000 (75,000) –
VINATI ORGANICS LTD – 734 (734) –
VOLTAMP TRANSFORMERS LTD 8,394 34,540 (8,394) 34,540
WONDERLA HOLIDAYS LTD – 35,421 (35,421) –
UNITED STATES OF AMERICA
HDFC BANK-ADR 16,000 – – 16,000
PineBridge India Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
5
PineBridge India Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There
have been no changes to the investment policy during the period.
Investment objectives and policies
The Fund seeks to provide long-term capital appreciation by investing principally in equity and equity-related
securities of Indian companies.
30 June 2020 30 June 2019 30 June 2018
US$ US$ US$
Investments and investment income
Total value of investments 25,071,924 28,200,791 32,431,523
Interest on bank deposits 2,239 2,065 1,547
Dividend income (net of withholding tax) 228,042 144,648 205,540
Net foreign currency (losses)/gains (122,503) (2,304) 5,496
Net income/(loss) excluding capital
(depreciation)/appreciation 85,278 (216,628) 200,447
Net (depreciation)/appreciation of financial assets and
financial liabilities at fair value through profit or loss
- realized and unrealized (2,702,869) 2,483,776 (4,060,151)
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
US$ US$ Units
Provident Fund units
30 June 2020 25,276,672 13.70 1,844,631
31 December 2019 28,665,723 15.06 1,903,775
31 December 2018 32,134,395 13.90 2,311,203
PineBridge India Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
6
Performance table (Continued)
Performance record since inception
Highest
issue price
per unit
US$
Lowest
redemption price
per unit
US$
Investment
return
(Note 1)
%
Provident Fund units
30 June 2020 15.84 10.00 (9.03)
31 December 2019 15.24 12.92 8.35
31 December 2018 15.92 12.47 (9.74)
31 December 2017 15.41 10.60 44.33
31 December 2016 11.66 8.60 7.13
31 December 2015 10.70 9.28 (0.40)
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against
the net asset value per unit at the beginning of the period except for the first period where the initial subscription price per unit is used. The Fund commenced operations on 15 January 2015.
Note 2: No Standard units - Accumulation were issued by the Fund since its inception.
PineBridge India Equity Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
7
30 June 2020 31 December 2019
US$ US$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 25,071,924 27,188,058
Interest receivable – 5
Dividends receivable 32,238 –
Amount receivable from brokers 61,105 –
Cash and cash equivalents 470,256 1,896,449
Total assets 25,635,523 29,084,512
Liabilities
Current liabilities
Accounts payable and accrued expenses 30,076 32,620
Total current liabilities 30,076 32,620
Non-current liabilities
Deferred tax liabilities 328,775 386,169
Total non-current liabilities 328,775 386,169
Total liabilities 358,851 418,789
Net Asset 25,276,672 28,665,723
Equity
Net assets attributable to unitholders 25,276,672 28,665,723
The accompanying notes form an integral part of these financial statements.
PineBridge India Equity Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
8
30 June 2020 30 June 2019
US$ US$
Income
Interest on bank deposits 2,239 2,065
Dividend income 231,109 144,648
Net (losses)/gains on financial assets and financial liabilities
at fair value through profit or loss (2,702,869) 2,483,776
Net foreign currency losses (122,503) (2,304)
Other income 42,634 218
Total investment (loss)/income (2,549,390) 2,628,403
Expenses
Trustee's fee 6,288 7,645
Custodian and administration fees 21,844 23,418
Audit fee 5,283 5,628
Bank charges 123 121
Legal and professional fees 7,898 8,719
Other expenses 3,146 3,136
Transaction costs 59,584 19,754
Total operating expenses 104,166 68,421
Net (loss)/profit before tax (2,653,556) 2,559,982
Withholding tax (3,067) –
Capital gains tax 39,032 (292,834)
Total comprehensive (loss)/income (2,617,591) 2,267,148
The accompanying notes form an integral part of these financial statements.
PineBridge India Equity Fund
Statement of Changes in Equity
For the six months ended 30 June 2020
(Unaudited)
9
30 June 2020 30 June 2019
Note US$ US$
Balance at the beginning of the period 28,665,723 32,134,395
Issue of units 3 88,551 –
Redemption of units 3 (860,011) (5,942,774)
Net decrease from unit transactions (771,460) (5,942,774)
Total comprehensive (loss)/income (2,617,591) 2,267,148
Balance at the end of the period 3 25,276,672 28,458,769
The accompanying notes form an integral part of these financial statements.
PineBridge India Equity Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
10
30 June 2020 30 June 2019
US$ US$
Cash flows from operating activities
Total comprehensive (loss)/income (2,617,591) 2,267,148
Adjustment for:
Dividend income (231,109) (144,648)
Capital gains tax (39,032) 292,834
Withholding tax 3,067 –
Interest on bank deposits (2,239) (2,065)
Operating (loss)/profit before working capital changes (2,886,904) 2,413,269
Net decrease in investments 2,116,134 2,442,064
Net increase in amounts receivable from brokers (61,105) –
Net increase in amounts payable to brokers – 285,338
Net (decrease)/increase in accounts payable and accrued
expenses (2,544) 5,864
Cash (used in)/generated from operations (834,419) 5,146,535
Dividend income received 195,804 118,764
Interest on bank deposits received 2,244 2,080
Capital gains tax paid (18,362) 6,989
Net cash (used in)/generated from operating activities (654,733) 5,274,368
Cash flows from financing activities
Proceeds from issue of units 88,551 –
Payments on redemption of units (860,011) (6,030,108)
Net cash used in financing activities (771,460) (6,030,108)
Net decrease in cash and cash equivalents (1,426,193) (755,740)
Cash and cash equivalents at the beginning of the period 1,896,449 1,807,450
Cash and cash equivalents at the end of the period 470,256 1,051,710
Analysis of balance of cash and cash equivalents
Cash at banks 470,256 981,810
Short-term deposits – 69,900
470,256 1,051,710
The accompanying notes form an integral part of these financial statements.
PineBridge India Equity Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
11
1. The Fund
PineBridge India Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission
of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2019 30 June 2019
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Units Units Units Units
Number of units in issue at
the beginning of the
period – 1,903,775
– 2,311,203
Issue of units – 7,485 – –
Redemption of units – (66,629) – (412,265)
Net decrease from unit
transactions – (59,144)
– (412,265)
Number of units in issue at
the end of the period – 1,844,631
– 1,898,938
Note 1: No Standard units - Accumulation were issued by the Fund since its inception.
PINEBRIDGE JAPAN EQUITY FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge Japan Equity Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-8
Statement of net assets 9
Statement of comprehensive income 10
Statement of changes in equity 11
Statement of cash flows 12
Notes to the financial statements 13
PineBridge Japan Equity Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge Japan Equity Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
The Japanese equity market, the broad market index of Topix, fell 8.17% in the local currency. The market
experienced severe adjustment in February and March due to the panic created by the outbreak of COVID-19.
However, the market has started to rebound with the resuming global economic activity since April. As for
corporate fundamentals, earning revisions were negative at most of the sectors due to downward revisions by the
negative impact from COVID-19. As for the supply/demand situation of equities, foreign investors were major
sellers and corporates remained net buyers with stable level of share-buybacks. By style, value kept lagging
reflecting weakness of banks and commodity sectors. The fund underperformed the fund’s benchmark. Sector
allocation was negative due to the fund’s underweight in outperforming domestic defensives and consumer services
sectors. Stock selection was neutral since positive contribution from the stocks in retail and construction sectors
were offset by the negative contribution from the stocks in machinery and banks.
2020 H2 Market Outlook and Strategy
It will take a while for the COVID-19 situation to be settled. Despite the fact that new COVID-19 cases have not yet
settled globally, investors’ risk appetite has been resuming over the past few months, and it seems that the stock
prices have already incorporated an earnings’ recovery for fiscal year FY2021. In the post-COVID-19 era, it should
be noted that the US-China trade friction, the Middle East tension, and North Korea relations, etc., will be again be
the concerns. Approximately 20x of the estimated P/E for fiscal year FY2020 looked a little expensive, and the team
believes the market has already incorporated an earnings’ recovery for fiscal year FY2021 (approximately 15x of
P/E). The team has maintained the fund’s overweight position in global cyclicals to take advantage of the market
and cyclical recovery. The team invests in diversified investment themes, such as IoT (Internet of Things), labor
saving technology and sector consolidation, and remains selective due to the structural changes of certain Japanese
companies to be more shareholder oriented and to improve profitability. Technology-related sectors which benefit
from 5G/IoT/automation, etc. are priced at relatively high valuations amid the recent rebound. It will be important
to judge which companies will be able to actually generate profits from the technology-themed related businesses.
PineBridge Japan Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Holding Market % of net
shares value assets
HK$
LISTED EQUITIES
JAPAN
ASAHI GROUP HOLDINGS LTD 55,200 14,973,943 1.01%
CAPCOM CO LTD 77,600 21,853,092 1.48%
CENTRAL JAPAN RAILWAY CO 14,000 16,786,087 1.14%
COMSYS HOLDINGS CORP 56,900 13,019,275 0.88%
CONCORDIA FINANCIAL GROUP LTD 295,500 7,323,888 0.50%
DAI-ICHI LIFE HOLDINGS INC 175,200 16,148,265 1.09%
DAIICHI SANKYO CO LTD 58,900 37,261,393 2.52%
DAIKIN INDUSTRIES LTD 23,500 29,265,558 1.98%
DISCO CORP 6,000 11,245,802 0.76%
EGUARANTEE INC 80,900 14,831,815 1.00%
FANCL CORP 76,200 17,490,045 1.18%
FUJI ELECTRIC CO LTD 75,700 16,010,275 1.08%
FUJI OIL HOLDINGS INC 73,600 14,656,698 0.99%
HIKARI TSUSHIN INC 6,000 10,582,002 0.72%
HITACHI LTD 90,800 22,197,952 1.50%
HOYA CORP 30,300 22,333,413 1.51%
INPEX CORP 149,500 7,162,539 0.48%
ITOCHU CORP 206,400 34,422,585 2.33%
JCR PHARMACEUTICALS CO LTD 27,800 22,547,783 1.52%
KDDI CORP 86,400 20,073,304 1.36%
KEYENCE CORP 14,500 46,906,719 3.17%
KOITO MANUFACTURING CO LTD 45,300 14,123,848 0.96%
KOMATSU LTD 66,100 10,463,564 0.71%
KUBOTA CORP 189,800 21,925,392 1.48%
KURITA WATER INDUSTRIES LTD 47,700 10,249,434 0.69%
KUSURI NO AOKI HOLDINGS CO LTD 6,100 3,707,365 0.25%
LACTO JAPAN CO LTD 50,600 13,395,321 0.91%
MEIKO ELECTRONICS CO LTD 98,000 9,666,332 0.65%
MINEBEA MITSUMI INC 106,600 14,956,313 1.01%
MITSUBISHI CORP 158,500 25,847,600 1.75%
MITSUBISHI UFJ FINANCIAL GROUP INC 957,000 28,985,290 1.96%
MITSUI FUDOSAN CO LTD 239,300 32,826,718 2.22%
MORINAGA MILK INDUSTRY CO LTD 91,900 31,623,951 2.14%
MS&AD INSURANCE GROUP HOLDINGS INC 100,700 21,420,667 1.45%
MURATA MANUFACTURING CO LTD 44,900 20,372,933 1.38%
NET ONE SYSTEMS CO LTD 150,500 38,868,743 2.63%
NIDEC CORP 78,800 40,736,384 2.76%
NIHON UNISYS LTD 93,500 22,602,776 1.53%
NIPPON TELEGRAPH & TELEPHONE CORP 352,700 63,737,480 4.31%
NITORI HOLDINGS CO LTD 29,700 45,073,188 3.05%
PineBridge Japan Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
4
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market % of net
shares value assets
HK$
LISTED EQUITIES (CONTINUED)
JAPAN (CONTINUED)
OMRON CORP 43,300 22,458,989 1.52%
OTSUKA HOLDINGS CO LTD 26,800 9,047,016 0.61%
PAN PACIFIC INTERNATIONAL HOLDINGS CORP 195,600 33,288,867 2.25%
PENTA-OCEAN CONSTRUCTION CO LTD 313,400 13,035,949 0.88%
RECRUIT HOLDINGS CO LTD 55,300 14,627,632 0.99%
RENGO CO LTD 384,900 24,277,699 1.64%
SANKYU INC 14,900 4,335,173 0.29%
SANTEN PHARMACEUTICAL CO LTD 255,500 36,398,101 2.46%
SEVEN & I HOLDINGS CO LTD 76,400 19,319,733 1.31%
SHIMADZU CORP 97,700 20,129,770 1.36%
SHIMANO INC 11,800 17,589,975 1.19%
SHIN-ETSU CHEMICAL CO LTD 39,200 35,469,033 2.40%
SOFTBANK GROUP CORP 77,000 30,147,571 2.04%
SONY CORP 54,400 28,857,300 1.95%
SUMITOMO BAKELITE CO LTD 20,000 4,331,940 0.29%
SUMITOMO METAL MINING CO LTD 32,200 6,960,544 0.47%
SUMITOMO MITSUI FINANCIAL GROUP INC 141,600 30,843,067 2.09%
SUZUKI MOTOR CORP 52,900 13,897,790 0.94%
TERUMO CORP 49,300 14,453,686 0.98%
TOKYO CENTURY CORP 22,600 8,945,923 0.61%
TOKYU CORP 133,000 14,494,470 0.98%
TOWA CORP 28,200 2,360,153 0.16%
TOYOTA MOTOR CORP 117,400 57,030,656 3.86%
UNION TOOL CO 26,500 5,006,875 0.34%
WACOAL HOLDINGS CORP 81,800 11,711,855 0.79%
W-SCOPE CORP 154,000 8,817,473 0.60%
YAMAHA CORP 41,500 15,115,453 1.02%
YOKOGAWA ELECTRIC CORP 183,100 22,098,497 1.49%
TOTAL JAPAN 1,412,726,922 95.55%
TOTAL INVESTMENTS*
1,412,726,922 95.55%
TOTAL INVESTMENTS, AT COST*
1,372,008,969
* Investments are accounted for on a trade date basis.
PineBridge Japan Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
5
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES
JAPAN
ASAHI GROUP HOLDINGS LTD 85,600 16,200 (46,600) 55,200
BANDAI NAMCO HOLDINGS INC 14,900 – (14,900) –
CAPCOM CO LTD 65,100 28,800 (16,300) 77,600
CENTRAL JAPAN RAILWAY CO – 18,400 (4,400) 14,000
COMSYS HOLDINGS CORP 84,600 61,500 (89,200) 56,900
CONCORDIA FINANCIAL GROUP LTD 368,000 92,400 (164,900) 295,500
DAI-ICHI LIFE HOLDINGS INC 191,200 43,900 (59,900) 175,200
DAIICHI SANKYO CO LTD 67,600 11,900 (20,600) 58,900
DAIKIN INDUSTRIES LTD 38,500 5,500 (20,500) 23,500
DISCO CORP 14,600 1,200 (9,800) 6,000
EGUARANTEE INC – 127,200 (46,300) 80,900
FANCL CORP 100,300 35,800 (59,900) 76,200
FUJI ELECTRIC CO LTD 147,100 20,700 (92,100) 75,700
FUJI OIL HOLDINGS INC 138,300 17,400 (82,100) 73,600
HIKARI TSUSHIN INC 10,600 2,600 (7,200) 6,000
HIS CO LTD 58,700 – (58,700) –
HITACHI LTD 138,300 25,800 (73,300) 90,800
HOYA CORP 44,900 6,900 (21,500) 30,300
INPEX CORP 170,700 118,200 (139,400) 149,500
ITOCHU CORP 220,600 55,600 (69,800) 206,400
ITOCHU TECHNO-SOLUTIONS CORP 130,200 – (130,200) –
JCR PHARMACEUTICALS CO LTD – 27,800 – 27,800
KDDI CORP – 86,400 – 86,400
KEYENCE CORP 17,800 2,800 (6,100) 14,500
KH NEOCHEM CO LTD 76,300 – (76,300) –
KOITO MANUFACTURING CO LTD 67,600 12,900 (35,200) 45,300
KOMATSU LTD 133,500 23,600 (91,000) 66,100
KUBOTA CORP 215,400 64,100 (89,700) 189,800
KURITA WATER INDUSTRIES LTD 52,800 17,700 (22,800) 47,700
KUSURI NO AOKI HOLDINGS CO LTD 26,700 3,500 (24,100) 6,100
LACTO JAPAN CO LTD 47,900 22,900 (20,200) 50,600
MATSUOKA CORP 29,200 – (29,200) –
MEGMILK SNOW BRAND CO LTD – 112,400 (112,400) –
MEIKO ELECTRONICS CO LTD 99,800 28,100 (29,900) 98,000
MINEBEA MITSUMI INC 253,100 37,600 (184,100) 106,600
MITSUBISHI CORP 170,700 63,100 (75,300) 158,500
MITSUBISHI UFJ FINANCIAL GROUP INC 1,209,500 239,100 (491,600) 957,000
MITSUI FUDOSAN CO LTD 279,500 41,400 (81,600) 239,300
MORINAGA MILK INDUSTRY CO LTD – 106,600 (14,700) 91,900
MS&AD INSURANCE GROUP HOLDINGS INC 120,500 23,100 (42,900) 100,700
MURATA MANUFACTURING CO LTD 95,800 10,900 (61,800) 44,900
NET ONE SYSTEMS CO LTD – 150,500 – 150,500
NIDEC CORP 38,000 52,800 (12,000) 78,800
NIHON UNISYS LTD 129,300 30,600 (66,400) 93,500
NIPPON TELEGRAPH & TELEPHONE CORP 276,600 219,200 (143,100) 352,700
PineBridge Japan Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
6
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
JAPAN (CONTINUED)
NITORI HOLDINGS CO LTD 14,600 19,500 (4,400) 29,700
OMRON CORP 52,800 8,600 (18,100) 43,300
OTSUKA HOLDINGS CO LTD – 45,100 (18,300) 26,800
PAN PACIFIC INTERNATIONAL HOLDINGS CORP 291,500 55,400 (151,300) 195,600
PENTA-OCEAN CONSTRUCTION CO LTD 331,400 134,800 (152,800) 313,400
PEPTIDREAM INC 69,700 – (69,700) –
PKSHA TECHNOLOGY INC 24,100 1,100 (25,200) –
RECRUIT HOLDINGS CO LTD 61,600 14,200 (20,500) 55,300
RELO GROUP INC 49,900 16,300 (66,200) –
RENGO CO LTD 332,300 165,400 (112,800) 384,900
SANKYU INC 64,300 17,600 (67,000) 14,900
SANTEN PHARMACEUTICAL CO LTD 241,100 104,800 (90,400) 255,500
SCSK CORP 76,500 2,700 (79,200) –
SEVEN & I HOLDINGS CO LTD 96,900 21,100 (41,600) 76,400
SHIMA SEIKI MANUFACTURING LTD 52,800 – (52,800) –
SHIMADZU CORP 167,600 21,200 (91,100) 97,700
SHIMANO INC 17,500 11,400 (17,100) 11,800
SHIN-ETSU CHEMICAL CO LTD 38,000 14,500 (13,300) 39,200
SOFTBANK GROUP CORP 88,000 27,800 (38,800) 77,000
SONY CORP 40,700 28,100 (14,400) 54,400
SUMITOMO BAKELITE CO LTD 70,500 6,600 (57,100) 20,000
SUMITOMO METAL MINING CO LTD 120,500 7,400 (95,700) 32,200
SUMITOMO MITSUI FINANCIAL GROUP INC 203,000 31,500 (92,900) 141,600
SUZUKI MOTOR CORP 114,600 15,500 (77,200) 52,900
TERUMO CORP 71,000 49,300 (71,000) 49,300
TOKYO CENTURY CORP 38,000 8,100 (23,500) 22,600
TOKYU CORP 149,400 60,700 (77,100) 133,000
TOPCON CORP 126,400 1,500 (127,900) –
TOWA CORP 89,100 78,400 (139,300) 28,200
TOYOTA MOTOR CORP 117,600 45,900 (46,100) 117,400
UNION TOOL CO – 27,500 (1,000) 26,500
WACOAL HOLDINGS CORP – 94,800 (13,000) 81,800
WEST JAPAN RAILWAY CO 42,300 – (42,300) –
W-SCOPE CORP 224,100 116,300 (186,400) 154,000
YAMAHA CORP 35,200 14,600 (8,300) 41,500
YOKOGAWA ELECTRIC CORP 170,700 60,700 (48,300) 183,100
ZENKOKU HOSHO CO LTD 67,600 200 (67,800) –
PineBridge Japan Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
7
PineBridge Japan Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There
have been no changes to the investment policy during the period.
Investment objectives and policies
The Fund seeks to provide capital appreciation through a managed portfolio of shares in Japanese Companies.
30 June 2020 30 June 2019 30 June 2018
HK$ HK$ HK$
Investments and investment income
Total value of investments 1,412,726,922 1,443,020,776 676,973,463
Interest on bank deposits 64,481 62,250 16,912
Dividend income (net of withholding tax) 12,507,772 13,576,094 6,353,068
Net foreign currency gains 1,928,965 149,280 3,867,934
Net income excluding capital (depreciation)/appreciation 13,139,663 12,795,338 9,469,926
Net (depreciation)/appreciation of financial assets and
financial liabilities at fair value through profit or loss
- realized and unrealized (175,656,543) 115,848,688 (15,747,965)
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
HK$ HK$ Units
Provident Fund units
30 June 2020 1,478,557,726 20.02 73,842,463
31 December 2019 1,980,899,777 21.69 91,348,694
31 December 2018 1,274,191,909 17.99 70,833,424
PineBridge Japan Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
8
Performance table (Continued)
Performance record for the past 10 years
Highest
issue price
per unit
HK$
Lowest
redemption price
per unit
HK$
Investment
return
(Note 1)
%
Provident Fund units
30 June 2020 21.78 15.21 (7.70)
31 December 2019 21.78 17.86 20.57
31 December 2018 23.06 17.69 (15.18)
31 December 2017 21.27 15.71 33.73
31 December 2016 17.94 14.29 (13.85)
31 December 2015 19.65 16.17 9.52
31 December 2014 18.38 15.71 (8.39)
31 December 2013 18.48 14.16 27.69
31 December 2012 14.67 12.61 8.90
31 December 2011 16.38 12.92 (13.86)
31 December 2010 15.34 13.05 9.19
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against
the net asset value per unit at the beginning of the period.
Note 2: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard
units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
PineBridge Japan Equity Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
9
30 June 2020 31 December 2019
HK$ HK$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 1,412,726,922 1,935,073,481
Interest receivable 52 1,249
Dividends receivable 656,302 1,277,556
Amounts receivable on subscription 827,243 720,553
Amounts receivable from brokers 2,288,921 4,674,749
Cash and cash equivalents 62,963,633 40,257,364
Total assets 1,479,463,073 1,982,004,952
Liabilities
Current liabilities
Amounts payable on redemption 600,770 731,092
Accounts payable and accrued expenses 304,577 374,083
Total liabilities 905,347 1,105,175
Net Asset 1,478,557,726 1,980,899,777
Equity
Net assets attributable to unitholders 1,478,557,726 1,980,899,777
The accompanying notes form an integral part of these financial statements.
PineBridge Japan Equity Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
10
30 June 2020 30 June 2019
HK$ HK$
Income
Interest on bank deposits 64,481 62,250
Dividend income 13,897,525 15,084,549
Net (losses)/gains on financial assets and financial liabilities
at fair value through profit or loss (175,656,543) 115,848,688
Net foreign currency gains 1,928,965 149,280
Total investment (loss)/income (159,765,572) 131,144,767
Expenses
Trustee's fee 354,588 338,532
Custodian and administration fees 313,753 286,292
Audit fee 47,870 46,177
Bank charges 950 950
Legal and professional fees 19,596 1,735
Other expenses 24,529 37,820
Transaction costs 600,269 280,780
Total operating expenses 1,361,555 992,286
Net (loss)/profit before tax (161,127,127) 130,152,481
Withholding tax (1,389,753) (1,508,455)
Total comprehensive (loss)/income (162,516,880) 128,644,026
The accompanying notes form an integral part of these financial statements.
PineBridge Japan Equity Fund
Statement of Changes in Equity
For the six months ended 30 June 2020
(Unaudited)
11
30 June 2020 30 June 2019
Note HK$ HK$
Balance at the beginning of the period 1,980,899,777 1,274,191,909
Issue of units 3 375,278,188 324,057,086
Redemption of units 3 (715,103,359) (232,346,685)
Net (decrease)/increase from unit transactions (339,825,171) 91,710,401
Total comprehensive (loss)/income (162,516,880) 128,644,026
Balance at the end of the period 3 1,478,557,726 1,494,546,336
The accompanying notes form an integral part of these financial statements.
PineBridge Japan Equity Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
12
30 June 2020 30 June 2019
HK$ HK$
Cash flows from operating activities
Total comprehensive (loss)/income (162,516,880) 128,644,026
Adjustment for:
Dividend income (13,897,525) (15,084,549)
Interest on bank deposits (64,481) (62,250)
Withholding tax 1,389,753 1,508,455
Operating (loss)/profit before working capital changes (175,089,133) 115,005,682
Net decrease/(increase) in investments 522,346,559 (204,008,415)
Net decrease in amounts receivable from brokers 2,385,828 –
Net (decrease)/increase in accounts payable and accrued
expenses (69,506) 62,145
Cash generated from/(used in) operations 349,573,748 (88,940,588)
Dividend income received 13,129,026 13,955,763
Interest on bank deposits received 65,678 60,180
Net cash generated from/(used in) operating activities 362,768,452 (74,924,645)
Cash flows from financing activities
Proceeds from issue of units 375,171,498 323,944,494
Payments on redemption of units (715,233,681) (230,183,567)
Net cash (used in)/generated from financing activities (340,062,183) 93,760,927
Net increase in cash and cash equivalents 22,706,269 18,836,282
Cash and cash equivalents at the beginning of the period 40,257,364 34,541,711
Cash and cash equivalents at the end of the period 62,963,633 53,377,993
Analysis of balance of cash and cash equivalents
Cash at banks 53,403,533 34,641,393
Short-term deposits 9,560,100 18,736,600
62,963,633 53,377,993
The accompanying notes form an integral part of these financial statements.
PineBridge Japan Equity Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
13
1. The Fund
PineBridge Japan Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission
of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2019 30 June 2019
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Units Units Units Units
Number of units in issue at
the beginning of the
period – 91,348,694
– 70,833,424
Issue of units – 19,468,045 – 16,854,504
Redemption of units – (36,974,276) – (12,166,632)
Net (decrease)/increase from
unit transactions – (17,506,231)
– 4,687,872
Number of units in issue at
the end of the period – 73,842,463
– 75,521,296
Note 1: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard
units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
PINEBRIDGE HONG KONG DOLLAR MONEY MARKET FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge Hong Kong Dollar Money Market Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-6
Statement of net assets 7
Statement of comprehensive income 8
Statement of changes in net assets attributable to unitholders 9
Statement of cash flows 10
Notes to the financial statements 11
PineBridge Hong Kong Dollar Money Market Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge Hong Kong Dollar Money Market Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
COVID-19, oil price volatility and dovishness expressed by global central banks have repriced the rates markets
during the first half of 2020. We saw Hong Kong Dollar rates underperformed those of the US Dollar, especially in
the long end. Hong Kong Dollar 2-year swap rates declined from 2.02% at end-2019 to 0.72% by the end of Jun-
2020, during the same period 2-year US Dollar swap rates dropped from 1.7% to 0.23%. In the 10-year segment,
HKD swap fell from 2.04% to 1.04%, but the decline in USD rates are more pronounced from 1.90% to 0.64%. 3-
month HIBOR started the year at 2.43% and dropped to 0.78%, whereas 3-month LIBOR dropped from 1.77% to
0.3%.
In 1H 2020, HKD bond market followed the trajectory of the USD bond market. Interest rates in both markets
tightened significantly over 6 months, except the temporary shock in March at the peak of the virus outbreak. The
significant tightening in US rates reflected the strong commitment of the Fed in keeping the rates low. The HKD
interest rate differential over USD may continue for the time being. Higher interest rates in Hong Kong and Chinese
equity dual listings in Hong Kong increased the demand in HKD. During 2Q20, HKD spent most of the quarter at
the strong end of the peg range, prompting the HKMA to inject HKD liquidity multiple times. Aggregate balance,
which is a measure of interbank liquidity in Hong Kong, increased to HK$132bn from HK$68bn at the end of 2019.
Hong Kong’s economy continued to stay in recession as the 1Q20 GDP was down 8.9% yoy, due to the economic
impact from the virus outbreak. The full year GDP growth is expected to be -4% to -7% with weakness in retail,
tourism and international trades.
2020 H2 Market Outlook and Strategy
Hong Kong’s economy will be impacted by COVID-19 in 2020. As a small and open economy, it would continue to
be subject to external factors such as headwinds from China’s economy, US monetary policies, trade war and local
social events. We expect the Linked Exchange Rate System of Hong Kong to remain, supported by strong FX
reserves of USD 442 bn. Over the medium term, the Hong Kong rates will continue to converge to USD rates,
although short-term deviations will be driven by fund flows and risk premium.
Majority of the fund continues to be placed in banks' short-term time deposits given the availability of money
market instruments. Maturing time deposits were rolled over primarily to local banks as well as regional banks with
Hong Kong presence. The fund will monitor for opportunities to invest into quality instruments at higher yields.
PineBridge Hong Kong Dollar Money Market Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Nominal Market % of net
value value assets
HK$ HK$
LISTED/QUOTED INVESTMENTS
CERTIFICATES OF DEPOSIT
HONG KONG DOLLAR
INDUSTRIAL & COMMERCIAL BANK OF CHINA MACAU LTD CD 0%
11AUG2020 300,000,000 299,476,350 4.46%
INDUSTRIAL & COMMERCIAL BANK OF CHINA MACAU LTD CD 0%
14JUL2020 100,000,000 99,926,740 1.48%
KDB ASIA LTD CD 0% 29DEC2020 180,000,000 179,341,938 2.67%
KOOKMIN BANK/HONG KONG CD 0% 14JUL2020 250,000,000 249,811,950 3.72%
TOTAL HONG KONG DOLLAR 828,556,978 12.33%
TOTAL INVESTMENTS* 828,556,978 12.33%
TOTAL INVESTMENTS, AT COST* 825,066,186
* Investments are accounted for on a trade date basis.
PineBridge Hong Kong Dollar Money Market Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
4
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Nominal value
1 January 2020 Additions Deductions 30 June 2020
HK$ HK$ HK$ HK$
LISTED/QUOTED INVESTMENTS
CERTIFICATES OF DEPOSIT
HONG KONG DOLLAR
BANK OF CHINA LTD/HONG KONG CD 0% 30JAN2020 100,000,000 – (100,000,000) –
BANK OF CHINA LTD/SYDNEY CD 0% 21FEB2020 100,000,000 – (100,000,000) –
BANK OF CHINA LTD/TOKYO CD 0% 22JAN2020 120,000,000 – (120,000,000) –
BANK OF COMMUNICATIONS CO LTD/SYDNEY CD 0% 24JAN2020 150,000,000 – (150,000,000) –
CHINA CONSTRUCTION BANK CORP/TOKYO CD 0% 15JAN2020 100,000,000 – (100,000,000) –
CHINA CONSTRUCTION BANK CORP/TOKYO CD 0%
21JAN2020 100,000,000 – (100,000,000) –
CHINA CONSTRUCTION BANK CORP/TOKYO CD 0% 4FEB2020 200,000,000 – (200,000,000) –
CHINA DEVELOPMENT BANK CORP/HONG KONG CD 0%
22JAN2020 100,000,000 – (100,000,000) – CHINA DEVELOPMENT BANK CORP/HONG KONG CD 0%
6FEB2020 100,000,000 – (100,000,000) –
DBS BANK HONG KONG LTD CD 0% 23MAR2020 200,000,000 – (200,000,000) – HONGKONG & SHANGHAI BANKING CORP LTD CD 0%
2APR2020 130,000,000 – (130,000,000) – INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD/SYDNEY
CD 0% 24JUN2020 – 100,000,000 (100,000,000) –
INDUSTRIAL & COMMERCIAL BANK OF CHINA MACAU LTD CD 0% 11AUG2020 – 300,000,000 – 300,000,000
INDUSTRIAL & COMMERCIAL BANK OF CHINA MACAU LTD CD 0% 14JUL2020 100,000,000 – – 100,000,000
INDUSTRIAL & COMMERCIAL BANK OF CHINA MACAU LTD
CD 0% 24MAR2020 100,000,000 – (100,000,000) – INDUSTRIAL & COMMERCIAL BANK OF CHINA MACAU LTD
CD 0% 30JAN2020 100,000,000 – (100,000,000) –
KDB ASIA LTD CD 0% 24JUN2020 – 100,000,000 (100,000,000) –
KDB ASIA LTD CD 0% 24JUN2020 – 100,000,000 (100,000,000) –
KDB ASIA LTD CD 0% 29DEC2020 – 180,000,000 – 180,000,000
KDB ASIA LTD CD 0% 30JUN2020 – 140,000,000 (140,000,000) –
KOOKMIN BANK/HONG KONG CD 0% 14JUL2020 – 250,000,000 – 250,000,000
KOOKMIN BANK/HONG KONG CD 0% 23JAN2020 155,000,000 – (155,000,000) –
MITSUBISHI UFJ TRUST & BANKING CORP/HONG KONG CD 0% 14FEB2020 100,000,000 – (100,000,000) –
MITSUBISHI UFJ TRUST & BANKING CORP/HONG KONG CD
0% 5MAR2020 100,000,000 – (100,000,000) – MITSUBISHI UFJ TRUST & BANKING CORP/HONG KONG CD
0% 6MAY2020 – 200,000,000 (200,000,000) –
PineBridge Hong Kong Dollar Money Market Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
5
PineBridge Hong Kong Dollar Money Market Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10
August 1998, as amended, supplemented and restated. The Fund is managed in accordance with the distinct
investment policy. There have been no changes to the investment policy during the period.
Investment objectives and policies
The Fund seeks to preserve principal value and maintain a high degree of liquidity while providing current income by
investing in short-term, high quality Hong Kong dollar denominated instruments in Hong Kong.
30 June 2020 30 June 2019 30 June 2018
HK$ HK$ HK$
Investments and investment income
Total value of investments 828,556,978 1,799,004,972 1,248,916,248
Interest on bank deposits 43,565,851 50,996,698 24,583,828
Interest on investments (net of withholding tax) 11,294,639 11,388,828 11,642,942
Net income excluding capital appreciation/(depreciation) 53,706,073 61,193,015 34,869,058
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
HK$ HK$ Units
Standard units - Accumulation (Note 2)
30 June 2020 568,407,220 14.35 39,604,634
31 December 2019 556,234,579 14.25 39,025,643
31 December 2018 688,080,649 14.00 49,153,654
Provident Fund units
30 June 2020 6,148,995,537 15.23 403,614,156
31 December 2019 5,750,935,763 15.11 380,676,456
31 December 2018 5,836,238,464 14.79 394,504,875
PineBridge Hong Kong Dollar Money Market Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
6
Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the
net asset value per unit at the beginning of the period.
Note 2: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013.
Note 3: Issue and redemption prices of the Fund are rounded down to the nearest cent.
Performance table (Continued)
Performance record for the past 10 years
Highest
issue price
per unit
(Note 3)
HK$
Lowest
redemption price
per unit
(Note 3)
HK$
Investment
return
(Note 1)
%
Standard units - Accumulation (Note 2)
30 June 2020 14.35 14.25 0.70
31 December 2019 14.25 14.00 1.79
31 December 2018 13.99 13.81 1.38
31 December 2017 13.80 13.70 0.73
31 December 2016 13.70 13.64 0.44
31 December 2015 13.64 13.59 0.44
31 December 2014 13.65 13.55 0.22
31 December 2013 13.55 13.50 0.44
31 December 2012 13.50 13.40 0.75
31 December 2011 13.39 13.34 0.37
31 December 2010 13.34 13.33 0.07
Provident Fund units
30 June 2020 15.23 15.10 0.79
31 December 2019 15.10 14.79 2.16
31 December 2018 14.79 14.55 1.65
31 December 2017 14.55 14.40 1.04
31 December 2016 14.40 14.29 0.70
31 December 2015 14.29 14.19 0.78
31 December 2014 14.19 14.04 1.07
31 December 2013 14.03 13.93 0.72
31 December 2012 13.93 13.78 1.02
31 December 2011 13.78 13.68 0.73
31 December 2010 13.68 13.64 0.37
PineBridge Hong Kong Dollar Money Market Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
7
30 June 2020 31 December 2019
HK$ HK$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 828,556,978 2,048,728,714
Bank interest receivable 3,224,052 20,004,689
Other bank deposits 3,701,700,000 2,754,000,000
Cash and cash equivalents 2,186,537,884 1,493,325,251
Total assets 6,720,018,914 6,316,058,654
Liabilities
Current liabilities
Amounts payable on redemption 2,228,145 8,458,492
Accounts payable and accrued expenses 388,012 429,820
Total liabilities (excluding net assets attributable to
unitholders) 2,616,157 8,888,312
Net assets attributable to unitholders 6,717,402,757 6,307,170,342
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Dollar Money Market Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
8
30 June 2020 30 June 2019
HK$ HK$
Income
Interest on bank deposits 43,565,851 50,996,698
Interest on investments 11,294,639 11,388,828
Total investment income 54,860,490 62,385,526
Expenses
Management fee 704,518 824,247
Trustee's fee 140,904 164,849
Custodian and administration fees 185,814 109,738
Audit fee 73,595 62,192
Bank charges 5,650 5,300
Legal and professional fees 19,596 1,677
Other expenses 24,340 24,508
Total operating expenses 1,154,417 1,192,511
Increase in net assets attributable to
unitholders from operations 53,706,073 61,193,015
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Dollar Money Market Fund
Statement of Changes in Net Assets Attributable to Unitholders
For the six months ended 30 June 2020
(Unaudited)
9
30 June 2020 30 June 2019
Note HK$ HK$
Net assets attributable to unitholders at 1
January 6,307,170,342 6,524,319,113
Issue of units 3 979,137,441 609,566,005
Redemption of units 3 (622,611,099) (858,337,177)
Net increase/(decrease) from unit transactions 356,526,342 (248,771,172)
Increase in net assets attributable to unitholders from
operations 53,706,073 61,193,015
Net assets attributable to unitholders at 30 June 3 6,717,402,757 6,336,740,956
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Dollar Money Market Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
10
30 June 2020 30 June 2019
HK$ HK$
Cash flows from operating activities
Increase in net assets attributable to unitholders from
operations 53,706,073 61,193,015
Adjustment for:
Interest on bank deposits (43,565,851) (50,996,698)
Interest on investments (11,294,639) (11,388,828)
Operating loss before working capital changes (1,154,417) (1,192,511)
Net decrease/(increase) in investments 1,220,171,736 (837,575,244)
Net (increase)/decrease in other bank deposits (947,700,000) 244,795,229
Net decrease in accounts payable and accrued expenses (41,808) (19,422)
Cash generated from/(used in) operations 271,275,511 (593,991,948)
Interest on bank deposits received 60,346,488 55,889,546
Interest on investments received 11,294,639 9,940,565
Net cash generated from/(used in) operating activities 342,916,638 (528,161,837)
Cash flows from financing activities
Proceeds from issue of units 979,137,441 609,566,005
Payments on redemption of units (628,841,446) (854,197,507)
Net cash generated from/(used in) financing activities 350,295,995 (244,631,502)
Net increase/(decrease) in cash and cash equivalents 693,212,633 (772,793,339)
Cash and cash equivalents at the beginning of the period 1,493,325,251 1,177,664,319
Cash and cash equivalents at the end of the period 2,186,537,884 404,870,980
Analysis of balance of cash and cash equivalents
Cash at banks 142,037,884 870,980
Short-term deposits 2,044,500,000 404,000,000
2,186,537,884 404,870,980
The accompanying notes form an integral part of these financial statements.
PineBridge Hong Kong Dollar Money Market Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
11
1. The Fund
PineBridge Hong Kong Dollar Money Market Fund (the “Fund”) is a unit trust governed by its Trust Deed
dated 10 August 1998, as amended, supplemented and restated. The Fund has been authorized by the Securities
and Futures Commission of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes
Authority of Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2019 30 June 2019
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Units Units Units Units
Number of units in issue at
the beginning of the
period 39,025,643 380,676,456
49,153,654 394,504,875
Issue of units 15,186,737 50,200,391 8,435,475 33,052,789
Redemption of units (14,607,746) (27,262,691) (12,509,538) (46,055,357)
Net increase/(decrease) from
unit transactions 578,991 22,937,700
(4,074,063) (13,002,568)
Number of units in issue at
the end of the period 39,604,634 403,614,156
45,079,591 381,502,307
Note 1: The “Standard units” have been renamed to “Standard units - Accumulation” with effect from 27 June
2013.
4. Weighted average maturity and weighted average life
As at 30 June 2020, the Fund’s portfolio weighted average maturity is 53 days (31 December 2019: 37 days)
and weighted average life is 53 days (31 December 2019: 37 days).
5. Daily and weekly liquid assets
30 June 2020 30 June 2020 31 December 2019 31 December 2019
HK$ % of net assets HK$ % of net assets
Daily liquid asset 1,353,037,884 20.14% 893,607,031 14.17%
Weekly liquid asset 1,569,337,884 23.36% 1,298,525,250 20.59%
PINEBRIDGE US EQUITY FUND
REPORTS AND FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED
30 JUNE 2020
(UNAUDITED)
PineBridge US Equity Fund
Reports and Financial Statements
For the six months ended 30 June 2020
(Unaudited)
Contents
Pages
Management and professional service details 1
Manager’s report 2
Investment report 3-18
Statement of net assets 19
Statement of comprehensive income 20
Statement of changes in equity 21
Statement of cash flows 22
Notes to the financial statements 23-24
PineBridge US Equity Fund
Management and Professional Service Details
1
Manager Trustee
PineBridge Investments Hong Kong Limited AIA Company (Trustee) Limited
Level 31, Three Pacific Place, 1 Queen’s Road East 11th Floor, AIA Hong Kong Tower
Hong Kong 734 King’s Road, Quarry Bay
Hong Kong
Administrator and Custodian Application and Redemption Agents
Citibank N.A., Hong Kong Branch Citicorp Financial Services Limited
50th Floor, Champion Tower Citi Tower, One Bay East
Three Garden Road, Central 83 Hoi Bun Road
Hong Kong Kwun Tong, Kowloon
Hong Kong
Auditor Legal Advisers
Ernst & Young Deacons
22/F CITIC Tower 5th Floor, Alexandra House
1 Tim Mei Avenue 18 Chater Road
Central, Hong Kong Central, Hong Kong
PineBridge US Equity Fund
Manager’s Report
For the six months ended 30 June 2020
2
Manager’s Market Perspective
2020 H1 Market Overview
The first quarter of 2020 was one of the most volatile periods for equity markets since the Global Financial Crisis as
significant de-risking occurred in the latter half of the quarter following markets reaching new highs due to the
surrounding concerns about the economic and social impacts of the COVID-19 global pandemic. While largely
viewed as an Asia issue to begin the year, coronavirus impacts began to show signs of global penetration beginning
in the middle of February. Up until this point, incrementally positive sentiment still prevailed for equities as the
US/China Phase 1 trade deal was signed and positive earnings data drove markets to all-time highs. As new
COVID-19 cases began to rapidly spread to countries outside of China and its surrounding regions, the market
reaction was equally swift as governments around the world began to shut down non-essential activities and restrict
travel. To add to already high market volatility, oil prices collapsed as Saudi Arabia and Russia became engaged in
a price war that only served to further distress markets.
In response to unprecedented circumstances, governments around the world introduced fiscal and monetary policy
measures in order to attempt to stem the negative impacts of the pandemic and the surrounding preventative actions.
In the US, a 2 trillion dollar relief package was part of the response in addition to the Federal Reserve implementing
emergency rate cuts to near zero and announcing open-ended quantitative easing.
The US equity markets rallied in the second quarter of 2020 off a historically strong month in April as markets
bounced back from the steep sell-off in March due to the global coronavirus pandemic, spurred by optimism that the
worst of the virus had passed and governments began preliminary assessments for reopening. The situations in
Europe saw mild improvement as spread slowed while the US followed shortly with its own relative flattening of
the virus curves. While the situation in high density cities like New York was serious, the worst estimates of
capacity limitations and hospital utilizations were never reached. Economic data like the March payrolls came in
below even the worst expectations but this was shrugged off by markets as governments continued to show
willingness for support. The US equity markets had another largely positive month in May, continuing the
momentum from April as cities and states across the US started to outline their plans for phased reopenings. Better
than feared economic data contributed to the positive sentiment, though largely still affected by the nationwide
shutdowns related to coronavirus.
Markets continued to drive up as promising trial data from Moderna's vaccine trials helped to boost optimism that a
vaccine could be on the way and the fears of a second wave infection were tapered down, leading to a largely risk-
on environment in May. The relatively successful reopening in China as the rest of the world observed likely
contributed to the outperformance of US equity markets as investors hope for a similarly successful situation in the
US. The month of June ushered in phased reopenings with markets remaining relatively positive but volatile as
virus cases spiked due to those reopenings.
2020 H2 Market Outlook and Strategy
A number of macro uncertainties remain on the horizon for equities, from the most prominent risk of a second wave
of coronavirus, US-China relations and more distantly, the outcome of the 2020 presidential election. A positive
sign on the coronavirus front has been the lack of emergence of second waves in countries that have reopened their
businesses. In the US, signs of case spikes have given pause to authorities across the nation and reopening plans
continue to be modified in response to the developing situations. There has been evidence of equities being largely
influenced by these macro factors as average pairwise correlation has increased since March but there is also
evidence of a wide dispersion of EPS estimates, lending to a greater opportunity set for stock selection. This
dispersion is something PineBridge will continue to monitor as equity market performance will continue to reflect
bifurcating prospects of companies.
PineBridge US Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
3
INVESTMENT PORTFOLIO
Holding Market
% of net
shares value
assets
HK$
LISTED EQUITIES
UNITED STATES OF AMERICA
3M CO 15,506 18,746,607
0.39%
ABBOTT LABORATORIES 41,640 29,507,035
0.62%
ABBVIE INC 47,223 35,933,766
0.75%
ACCENTURE PLC 8,426 14,022,327
0.29%
ACTIVISION BLIZZARD INC 29,946 17,615,977
0.37%
ADOBE INC 16,958 57,213,617
1.19%
ADVANCED MICRO DEVICES INC 26,443 10,782,145
0.22%
AES CORP/VA 55,692 6,254,424
0.13%
AFLAC INC 69,201 19,324,255
0.40%
AGNC INVESTMENT CORP 72,183 7,216,901
0.15%
AKAMAI TECHNOLOGIES INC 6,426 5,333,543
0.11%
ALEXION PHARMACEUTICALS INC 8,423 7,327,243
0.15%
ALIGN TECHNOLOGY INC 3,833 8,152,905
0.17%
ALLEGION PLC 8,982 7,115,986
0.15%
ALLISON TRANSMISSION HOLDINGS INC 22,579 6,436,393
0.13%
ALLSTATE CORP 33,351 25,070,440
0.52%
ALPHABET INC-A 2,831 31,114,122
0.65%
ALPHABET INC-C 10,877 119,169,432
2.48%
ALTRIA GROUP INC 86,476 26,306,398
0.55%
AMAZON.COM INC 8,634 184,612,687
3.85%
AMERICAN INTERNATIONAL GROUP INC 20,385 4,926,210
0.10%
AMERIPRISE FINANCIAL INC 16,249 18,895,563
0.39%
AMGEN INC 24,230 44,292,872
0.92%
ANALOG DEVICES INC 10,031 9,534,601
0.20%
ANTHEM INC 11,029 22,479,414
0.47%
AON PLC 4,442 6,630,724
0.14%
APPLE INC 107,512 303,975,025
6.33%
APPLIED MATERIALS INC 28,509 13,356,861
0.28%
ARCHER-DANIELS-MIDLAND CO 25,575 7,908,874
0.17%
ARISTA NETWORKS INC 2,921 4,754,874
0.10%
ARTHUR J GALLAGHER & CO 4,481 3,385,799
0.07%
ASSURANT INC 7,277 5,825,548
0.12%
AT&T INC 187,387 43,903,964
0.91%
AUTODESK INC 2,450 4,541,876
0.09%
AUTOMATIC DATA PROCESSING INC 13,864 15,998,535
0.33%
AUTONATION INC 23,742 6,915,128
0.14%
AUTOZONE INC 988 8,638,501
0.18%
AVALONBAY COMMUNITIES INC 7,244 8,682,133
0.18%
AVANGRID INC 34,551 11,241,627
0.23%
BAKER HUGHES CO 59,807 7,133,732
0.15%
BANK OF AMERICA CORP 242,641 44,663,621
0.93%
BANK OF HAWAII CORP 28,104 13,376,219
0.28%
BERKSHIRE HATHAWAY INC 48,595 67,232,656
1.40%
PineBridge US Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
4
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market % of net
shares value assets
HK$
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
BEST BUY CO INC 11,482 7,766,201 0.16%
BIOGEN INC 4,327 8,972,593 0.19%
BOEING CO 7,343 10,431,869 0.22%
BOOKING HOLDINGS INC (formerly known as PRICELINE GROUP
INC) 1,618 19,968,271 0.42%
BORGWARNER INC 16,957 4,639,272 0.10%
BOSTON PROPERTIES INC 14,135 9,901,347 0.21%
BRISTOL-MYERS SQUIBB CO 52,452 23,903,721 0.50%
CARDINAL HEALTH INC 17,997 7,279,701 0.15%
CATERPILLAR INC 7,948 7,792,459 0.16%
CELANESE CORP 14,401 9,636,755 0.20%
CENTURYLINK INC 83,075 6,457,991 0.13%
CF INDUSTRIES HOLDINGS INC 43,836 9,560,512 0.20%
CHARLES SCHWAB CORP 21,748 5,687,096 0.12%
CHARTER COMMUNICATIONS INC 7,334 28,991,539 0.60%
CHEMED CORP 1,113 3,891,036 0.08%
CHEVRON CORP 74,792 51,724,008 1.08%
CHUBB LTD 18,036 17,699,813 0.37%
CIGNA CORP 14,276 20,762,576 0.43%
CINTAS CORP 7,280 15,028,877 0.31%
CISCO SYSTEMS INC 105,402 38,100,750 0.79%
CITIGROUP INC 18,408 7,290,438 0.15%
CLOROX CO 4,562 7,756,372 0.16%
CME GROUP INC 5,143 6,478,924 0.14%
COCA-COLA CO 128,231 44,405,046 0.93%
COGNIZANT TECHNOLOGY SOLUTIONS CORP 22,274 9,809,019 0.20%
COLGATE-PALMOLIVE CO 57,280 32,523,409 0.68%
COMCAST CORP 86,010 25,984,653 0.54%
CONOCOPHILLIPS 50,664 16,499,913 0.34%
CORELOGIC INC/UNITED STATES 20,430 10,643,709 0.22%
CORTEVA INC 37,467 7,779,430 0.16%
COSTCO WHOLESALE CORP 6,235 14,652,310 0.31%
CSX CORP 18,986 10,262,225 0.21%
CUMMINS INC 17,714 23,787,077 0.50%
CURTISS-WRIGHT CORP 6,534 4,521,260 0.09%
CVS HEALTH CORP 52,522 26,447,234 0.55%
DAVITA INC 12,598 7,727,229 0.16%
DELTA AIR LINES INC 17,568 3,819,278 0.08%
DEXCOM INC 1,211 3,804,994 0.08%
DISCOVER FINANCIAL SERVICES 9,767 3,791,738 0.08%
DISCOVERY INC 62,981 9,401,388 0.20%
DOLLAR GENERAL CORP 10,490 15,488,858 0.32%
DOLLAR TREE INC 12,017 8,631,936 0.18%
DOW INC 43,912 13,872,142 0.29%
DUKE ENERGY CORP 6,042 3,741,100 0.08%
DXC TECHNOLOGY CO 32,411 4,144,790 0.09%
EAGLE MATERIALS INC 16,424 8,938,526 0.19%
EATON CORP PLC 10,540 7,146,206 0.15%
EBAY INC 41,473 16,859,204 0.35%
PineBridge US Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
5
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market
% of net
shares value
assets
HK$
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
EDWARDS LIFESCIENCES CORP 37,272 19,964,099 0.42%
ELECTRONIC ARTS INC 10,832 11,085,957 0.23%
ELI LILLY AND CO 10,262 13,058,052 0.27%
EOG RESOURCES INC 34,152 13,409,342 0.28%
EQUITY LIFESTYLE PROPERTIES INC 20,899 10,120,283 0.21%
EQUITY RESIDENTIAL 39,560 18,034,638 0.38%
ESSEX PROPERTY TRUST INC 3,882 6,895,082 0.14%
EVERGY INC 34,570 15,885,722 0.33%
EXELON CORP 61,520 17,303,320 0.36%
EXTRA SPACE STORAGE INC 6,225 4,456,526 0.09%
EXXON MOBIL CORP 43,832 15,192,149 0.32%
FACEBOOK INC 57,117 100,519,722 2.09%
FIFTH THIRD BANCORP 52,121 7,788,358 0.16%
FORTINET INC 7,027 7,476,042 0.16%
FRONTDOOR INC 17,231 5,920,172 0.12%
GAMING AND LEISURE PROPERTIES INC 685 183,693 0.00%
GARMIN LTD 7,474 5,647,859 0.12%
GENERAL ELECTRIC CO 95,355 5,047,662 0.11%
GILEAD SCIENCES INC 22,506 13,420,745 0.28%
HALLIBURTON CO 41,161 4,140,824 0.09%
HARTFORD FINANCIAL SERVICES GROUP INC 32,199 9,620,395 0.20%
HENRY SCHEIN INC 23,836 10,786,933 0.23%
HERSHEY CO 11,959 12,014,149 0.25%
HIGHWOODS PROPERTIES INC 22,970 6,645,767
0.14%
HOLLYFRONTIER CORP 25,013 5,660,760
0.12%
HOME DEPOT INC 30,101 58,442,949
1.22%
HONEYWELL INTERNATIONAL INC 31,153 34,911,159 0.73%
HOWMET AEROSPACE INC 49,569 6,089,275 0.13%
HP INC 44,468 6,007,187 0.13%
HUMANA INC 5,009 15,053,205 0.31%
HUNTINGTON INGALLS INDUSTRIES INC 3,997 5,405,437 0.11%
IHS MARKIT LTD 15,421 9,023,720 0.19%
ILLUMINA INC 6,322 18,146,504 0.38%
INTEL CORP 132,325 61,360,238 1.28%
INTERCONTINENTAL EXCHANGE INC 23,375 16,594,846 0.35%
INTERNATIONAL BUSINESS MACHINES CORP 26,624 24,920,601 0.52%
INTERNATIONAL PAPER CO 19,752 5,390,180 0.11%
INTUIT INC 6,131 14,074,334 0.29%
INTUITIVE SURGICAL INC 1,188 5,246,720 0.11%
JACK HENRY & ASSOCIATES INC 4,788 6,829,185 0.14%
JOHNSON & JOHNSON 46,861 51,075,857 1.06%
JPMORGAN CHASE & CO 31,607 23,041,693 0.48%
KANSAS CITY SOUTHERN 9,951 11,513,930 0.24%
KEYSIGHT TECHNOLOGIES INC 8,785 6,861,866 0.14%
KIMBERLY-CLARK CORP 31,353 34,347,968 0.72%
KROGER CO 15,346 4,026,058
0.08%
LAM RESEARCH CORP 4,904 12,294,112 0.26%
PineBridge US Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
6
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market
% of net
shares value
assets
HK$
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
LEGG MASON INC 10,419 4,017,402 0.08%
LIFE STORAGE INC 28,173 20,732,620 0.43%
LKQ CORP 23,611 4,794,483 0.10%
LOCKHEED MARTIN CORP 8,747 24,739,045 0.52%
LOWE'S COS INC 33,728 35,321,274 0.74%
LPL FINANCIAL HOLDINGS INC 7,967 4,841,022 0.10%
M&T BANK CORP 17,266 13,913,164 0.29%
MARKETAXESS HOLDINGS INC 2,979 11,565,516 0.24%
MARTIN MARIETTA MATERIALS INC 2,408 3,855,226 0.08%
MASTERCARD INC 31,046 71,151,344 1.48%
MCDONALD'S CORP 24,365 34,835,199 0.73%
MCKESSON CORP 9,043 10,752,777 0.22%
MEDTRONIC PLC 55,858 39,699,117 0.83%
MERCK & CO INC 44,420 26,622,737 0.55%
METLIFE INC 53,474 15,135,598 0.32%
MICROCHIP TECHNOLOGY INC 15,032 12,269,095 0.26%
MICRON TECHNOLOGY INC 27,962 11,165,295 0.23%
MICROSOFT CORP 192,753 304,027,615 6.33%
MOODY'S CORP 2,744 5,842,737 0.12%
MORGAN STANLEY 13,236 4,954,844 0.10%
MOTOROLA SOLUTIONS INC 9,177 9,966,851 0.21%
NATIONAL OILWELL VARCO INC 33,575 3,187,706 0.07%
NETFLIX INC 7,117 25,099,939 0.52%
NEWMARKET CORP 3,993 12,393,851 0.26%
NEWMONT CORP 15,148 7,248,499 0.15%
NORTHROP GRUMMAN CORP 4,887 11,644,714 0.24%
NRG ENERGY INC 22,473 5,671,156 0.12%
NVIDIA CORP 16,317 48,044,886 1.00%
OMEGA HEALTHCARE INVESTORS INC 20,943 4,825,696 0.10%
OMNICOM GROUP INC 19,210 8,129,169 0.17%
ORACLE CORP 67,373 28,860,343 0.60%
PACWEST BANCORP 66,655 10,182,291 0.21%
PAYPAL HOLDINGS INC 20,168 27,234,029 0.57%
PEPSICO INC 40,749 41,770,686 0.87%
PFIZER INC 171,170 43,381,197 0.90%
PG&E CORP 43,620 2,998,717 0.06%
PHILIP MORRIS INTERNATIONAL INC 33,102 17,974,238 0.37%
PHILLIPS 66 14,478 8,067,957 0.17%
PINNACLE WEST CAPITAL CORP 10,652 6,050,650 0.13%
PIONEER NATURAL RESOURCES CO 6,865 5,198,299 0.11%
PROCTER & GAMBLE CO 77,562 71,878,228 1.50%
PROGRESSIVE CORP 22,639 14,056,270 0.29%
PUBLIC SERVICE ENTERPRISE GROUP INC 28,265 10,769,288 0.22%
PUBLIC STORAGE 9,559 14,216,443 0.30%
PULTEGROUP INC 34,797 9,177,616 0.19%
QUALCOMM INC 39,496 27,920,404 0.58%
RAYTHEON TECHNOLOGIES CORP 24,186 11,550,795 0.24%
REGENERON PHARMACEUTICALS INC 1,963 9,488,277 0.20%
PineBridge US Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
7
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market
% of net
shares value
assets HK$ LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
RELIANCE STEEL & ALUMINUM CO 20,703 15,232,209 0.32%
REPUBLIC SERVICES INC 15,153 9,636,145 0.20%
RESMED INC 11,527 17,153,141 0.36%
S&P GLOBAL INC 5,551 14,175,109 0.30%
SALESFORCE.COM INC 12,547 18,216,853 0.38%
SBA COMMUNICATIONS CORP 5,424 12,524,070 0.26%
SCHLUMBERGER LTD 31,624 4,507,385 0.09%
SEMPRA ENERGY 10,988 9,983,517 0.21%
SERVICENOW INC 5,182 16,268,327 0.34%
SHERWIN-WILLIAMS CO 2,512 11,250,217 0.23%
SIMON PROPERTY GROUP INC 27,711 14,686,132 0.31%
SIRIUS XM HOLDINGS INC 319,384 14,530,394 0.30%
SONOCO PRODUCTS CO 21,630 8,765,997 0.18%
SOUTHERN CO 19,799 7,956,428 0.17%
STARBUCKS CORP 9,934 5,665,902 0.12%
STATE STREET CORP 9,335 4,597,863 0.10%
SYSCO CORP 23,284 9,864,007 0.21%
T ROWE PRICE GROUP INC 34,832 33,340,453 0.69%
TAKE-TWO INTERACTIVE SOFTWARE INC 11,660 12,612,953 0.26%
TARGA RESOURCES CORP 34,063 5,298,542 0.11%
TARGET CORP 17,158 15,948,529 0.33%
TD AMERITRADE HOLDING CORP 11,411 3,217,455 0.07%
TEXAS INSTRUMENTS INC 47,309 46,555,503 0.97%
TRAVELERS COS INC 9,021 7,973,998 0.17%
TYSON FOODS INC 9,421 4,359,837 0.09%
UNION PACIFIC CORP 22,128 28,995,783 0.60%
UNITED PARCEL SERVICE INC 12,884 11,102,059 0.23%
UNITEDHEALTH GROUP INC 22,204 50,758,146 1.06%
UNIVERSAL HEALTH SERVICES INC 8,847 6,369,291 0.13%
US BANCORP 99,376 28,359,034 0.59%
VALERO ENERGY CORP 15,028 6,850,974 0.14%
VERISIGN INC 2,398 3,844,048 0.08%
VERIZON COMMUNICATIONS INC 26,753 11,431,063 0.24%
VERTEX PHARMACEUTICALS INC 10,691 24,055,061 0.50%
VISA INC 51,204 76,660,156 1.60%
WALGREENS BOOTS ALLIANCE INC 15,285 5,021,749 0.10%
WALMART INC (formerly known as WAL-MART STORES INC) 38,809 36,028,227 0.75%
WALT DISNEY CO 15,565 13,452,069 0.28%
WESTERN DIGITAL CORP 11,054 3,782,477 0.08%
WILLIAMS-SONOMA INC 9,391 5,969,044 0.12%
WILLIS TOWERS WATSON PLC 3,006 4,588,504 0.10%
WOODWARD INC 12,935 7,774,534 0.16%
PineBridge US Equity Fund
Investment Report
As at 30 June 2020
(Unaudited)
8
INVESTMENT PORTFOLIO (CONTINUED)
Holding Market
% of net
shares value
assets HK$ LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
WW GRAINGER INC 8,116 19,761,461 0.41%
XPO LOGISTICS INC 8,818 5,279,523 0.11%
ZOETIS INC 6,827 7,251,091 0.15%
TOTAL UNITED STATES OF AMERICA 4,589,770,195 95.61%
LISTED INVESTMENT FUNDS
UNITED STATES OF AMERICA
SPDR S&P 500 ETF TRUST 85,057 203,279,803 4.24%
TOTAL UNITED STATES OF AMERICA 203,279,803 4.24%
TOTAL INVESTMENT* 4,793,049,998 99.85%
TOTAL INVESTMENT AT COST* 4,377,174,544
* Investments are accounted for on a trade date basis.
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
9
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES
UNITED STATES OF AMERICA
3M CO 11,894 3,612 – 15,506
ABBOTT LABORATORIES 47,344 – (5,704) 41,640
ABBVIE INC 39,016 19,560 (11,353) 47,223
ACCENTURE PLC 11,340 8,426 (11,340) 8,426
ACTIVISION BLIZZARD INC – 29,946 – 29,946
ADOBE INC – 16,958 – 16,958
ADVANCED MICRO DEVICES INC – 26,443 – 26,443
AECOM 26,672 – (26,672) –
AES CORP/VA 189,594 15,807 (149,709) 55,692
AFLAC INC 103,013 – (33,812) 69,201
AGNC INVESTMENT CORP – 72,183 – 72,183
AKAMAI TECHNOLOGIES INC 17,391 – (10,965) 6,426
ALEXION PHARMACEUTICALS INC 4,183 4,240 – 8,423
ALIGN TECHNOLOGY INC 6,097 1,613 (3,877) 3,833
ALLEGION PLC – 8,982 – 8,982
ALLERGAN PLC – 3,431 (3,431) –
ALLISON TRANSMISSION HOLDINGS INC – 22,579 – 22,579
ALLSTATE CORP 26,948 6,403 – 33,351
ALLY FINANCIAL INC – 9,693 (9,693) –
ALPHABET INC-A 4,670 375 (2,214) 2,831
ALPHABET INC-C 8,531 2,432 (86) 10,877
ALTRIA GROUP INC 87,419 7,414 (8,357) 86,476
AMAZON.COM INC 7,425 2,643 (1,434) 8,634
AMC NETWORKS INC 42,817 – (42,817) –
AMERICAN EXPRESS CO 12,700 – (12,700) –
AMERICAN HOMES 4 RENT 56,967 – (56,967) –
AMERICAN INTERNATIONAL GROUP INC – 20,385 – 20,385
AMERICAN TOWER CORP 10,087 – (10,087) –
AMERIPRISE FINANCIAL INC 8,539 7,710 – 16,249
AMERISOURCEBERGEN CORP 12,119 – (12,119) –
AMGEN INC 19,024 5,550 (344) 24,230
ANALOG DEVICES INC – 10,031 – 10,031
ANTHEM INC 13,149 – (2,120) 11,029
AON PLC – 4,442 – 4,442
APPLE INC 112,747 – (5,235) 107,512
APPLIED MATERIALS INC 12,183 16,326 – 28,509
APTIV PLC – 16,638 (16,638) –
ARCH CAPITAL GROUP LTD – 47,648 (47,648) –
ARCHER-DANIELS-MIDLAND CO – 25,575 – 25,575
ARCONIC CORP – 12,392 (12,392) –
ARCONIC INC 19,917 29,652 (49,569) –
ARISTA NETWORKS INC – 2,921 – 2,921
ARMSTRONG WORLD INDUSTRIES INC 7,307 – (7,307) –
ARTHUR J GALLAGHER & CO – 4,481 – 4,481
ASSURANT INC – 7,277 – 7,277
AT&T INC 120,823 116,658 (50,094) 187,387
AUTODESK INC – 2,450 – 2,450
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
10
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
AUTOMATIC DATA PROCESSING INC 13,864 – – 13,864
AUTONATION INC 28,161 – (4,419) 23,742
AUTOZONE INC 1,486 1,953 (2,451) 988
AVALONBAY COMMUNITIES INC – 7,244 – 7,244
AVANGRID INC – 34,551 – 34,551
AXALTA COATING SYSTEMS LTD 26,234 – (26,234) –
BAKER HUGHES CO – 59,807 – 59,807
BALL CORP 45,819 – (45,819) –
BANK OF AMERICA CORP 302,726 – (60,085) 242,641
BANK OF HAWAII CORP – 28,104 – 28,104
BAXTER INTERNATIONAL INC 36,324 – (36,324) –
BERKSHIRE HATHAWAY INC 67,296 11,077 (29,778) 48,595
BERRY GLOBAL GROUP INC 7,891 – (7,891) –
BEST BUY CO INC 6,128 5,354 – 11,482
BIOGEN INC 2,434 1,893 – 4,327
BOEING CO – 8,608 (1,265) 7,343
BOOKING HOLDINGS INC (formerly known as PRICELINE
GROUP INC) 3,271 393 (2,046) 1,618
BORGWARNER INC 10,738 6,219 – 16,957
BOSTON PROPERTIES INC 13,194 941 – 14,135
BRISTOL-MYERS SQUIBB CO 46,471 5,981 – 52,452
BROADCOM INC – 2,059 (2,059) –
BUNGE LTD – 4,578 (4,578) –
CAPITAL ONE FINANCIAL CORP – 17,818 (17,818) –
CARDINAL HEALTH INC 24,008 17,997 (24,008) 17,997
CARLISLE COS INC 7,387 6,024 (13,411) –
CARTER'S INC 6,483 7,092 (13,575) –
CATERPILLAR INC 23,278 – (15,330) 7,948
CDW CORP/DE 15,182 – (15,182) –
CELANESE CORP 9,769 4,632 – 14,401
CENTENE CORP – 10,363 (10,363) –
CENTURYLINK INC 45,636 37,439 – 83,075
CERNER CORP – 10,829 (10,829) –
CF INDUSTRIES HOLDINGS INC 45,389 – (1,553) 43,836
CH ROBINSON WORLDWIDE INC 25,863 – (25,863) –
CHARLES SCHWAB CORP 34,614 14,116 (26,982) 21,748
CHARTER COMMUNICATIONS INC 14,284 – (6,950) 7,334
CHEMED CORP – 1,113 – 1,113
CHEVRON CORP 57,874 41,803 (24,885) 74,792
CHIPOTLE MEXICAN GRILL INC 573 – (573) –
CHUBB LTD – 18,036 – 18,036
CHURCH & DWIGHT CO INC 47,607 – (47,607) –
CIGNA CORP – 14,276 – 14,276
CINEMARK HOLDINGS INC 23,898 – (23,898) –
CINTAS CORP 4,003 11,948 (8,671) 7,280
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
11
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
CISCO SYSTEMS INC 110,346 5,088 (10,032) 105,402
CIT GROUP INC 16,043 – (16,043) –
CITIGROUP INC – 18,408 – 18,408
CLOROX CO 26,935 4,562 (26,935) 4,562
CME GROUP INC – 5,143 – 5,143
COCA-COLA CO 80,867 66,636 (19,272) 128,231
COGNIZANT TECHNOLOGY SOLUTIONS CORP – 22,274 – 22,274
COLGATE-PALMOLIVE CO 54,996 2,284 – 57,280
COMCAST CORP 24,327 98,325 (36,642) 86,010
CONOCOPHILLIPS 50,664 – – 50,664
COPA HOLDINGS SA – 4,408 (4,408) –
CORELOGIC INC/UNITED STATES – 20,430 – 20,430
CORTEVA INC 121,206 37,467 (121,206) 37,467
COSTCO WHOLESALE CORP 11,753 6,235 (11,753) 6,235
CREDIT ACCEPTANCE CORP 7,960 – (7,960) –
CSX CORP 92,814 – (73,828) 18,986
CUBESMART 16,058 – (16,058) –
CUMMINS INC 2,507 17,370 (2,163) 17,714
CURTISS-WRIGHT CORP – 7,336 (802) 6,534
CVS HEALTH CORP 41,976 10,546 – 52,522
DARDEN RESTAURANTS INC 12,141 – (12,141) –
DAVITA INC – 12,598 – 12,598
DELTA AIR LINES INC 57,299 – (39,731) 17,568
DENTSPLY SIRONA INC – 15,452 (15,452) –
DEXCOM INC – 1,211 – 1,211
DISCOVER FINANCIAL SERVICES 9,793 3,539 (3,565) 9,767
DISCOVERY INC 62,981 – – 62,981
DOLLAR GENERAL CORP – 10,490 – 10,490
DOLLAR TREE INC – 12,017 – 12,017
DOVER CORP 1,508 – (1,508) –
DOW INC 71,925 – (28,013) 43,912
DR HORTON INC 1,003 – (1,003) –
DUKE ENERGY CORP – 6,042 – 6,042
DUPONT DE NEMOURS INC 13,837 – (13,837) –
DXC TECHNOLOGY CO – 32,411 – 32,411
E*TRADE FINANCIAL CORP 47,495 – (47,495) –
EAGLE MATERIALS INC – 18,940 (2,516) 16,424
EATON CORP PLC – 10,540 – 10,540
EBAY INC 89,402 2,848 (50,777) 41,473
ECOLAB INC 5,688 – (5,688) –
EDWARDS LIFESCIENCES CORP 7,967 39,514 (10,209) 37,272
ELECTRONIC ARTS INC 8,563 10,832 (8,563) 10,832
ELI LILLY AND CO 17,689 10,262 (17,689) 10,262
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
12
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
EOG RESOURCES INC – 34,152 – 34,152
EQUINIX INC – 1,401 (1,401) –
EQUITY LIFESTYLE PROPERTIES INC – 20,899 – 20,899
EQUITY RESIDENTIAL – 39,560 – 39,560
ERIE INDEMNITY CO 1,506 – (1,506) –
ESSEX PROPERTY TRUST INC – 4,164 (282) 3,882
ESTEE LAUDER COS INC 4,917 – (4,917) –
EVERGY INC 89,762 474 (55,666) 34,570
EXELON CORP 61,520 – – 61,520
EXTRA SPACE STORAGE INC – 6,225 – 6,225
EXXON MOBIL CORP 148,065 43,832 (148,065) 43,832
FACEBOOK INC 41,836 15,281 – 57,117
FACTSET RESEARCH SYSTEMS INC 9,340 – (9,340) –
FIDELITY NATIONAL FINANCIAL INC 7,753 24,425 (32,178) –
FIFTH THIRD BANCORP 186,930 – (134,809) 52,121
FLEETCOR TECHNOLOGIES INC 7,933 – (7,933) –
FORD MOTOR CO 67,023 – (67,023) –
FORTINET INC – 7,027 – 7,027
FORTUNE BRANDS HOME & SECURITY INC – 1,820 (1,820) –
FOX CORP – 19,428 (19,428) –
FRANKLIN RESOURCES INC 17,779 – (17,779) –
FRONTDOOR INC 7,989 9,242 – 17,231
GAMING AND LEISURE PROPERTIES INC – 56,639 (55,954) 685
GARMIN LTD – 7,474 – 7,474
GENERAL ELECTRIC CO 167,321 55,264 (127,230) 95,355
GENERAL MILLS INC 66,332 – (66,332) –
GENTEX CORP 6,391 – (6,391) –
GILEAD SCIENCES INC – 22,506 – 22,506
H&R BLOCK INC – 27,912 (27,912) –
HALLIBURTON CO – 41,161 – 41,161
HARTFORD FINANCIAL SERVICES GROUP INC 32,199 – – 32,199
HD SUPPLY HOLDINGS INC – 11,691 (11,691) –
HEICO CORP 4,745 – (4,745) –
HEICO CORP-A 17,781 – (17,781) –
HELMERICH & PAYNE INC 3,321 – (3,321) –
HENRY SCHEIN INC 11,653 12,183 – 23,836
HERSHEY CO 28,242 497 (16,780) 11,959
HEXCEL CORP – 13,107 (13,107) –
HIGHWOODS PROPERTIES INC – 22,970 – 22,970
HILL-ROM HOLDINGS INC – 8,477 (8,477) –
HILTON WORLDWIDE HOLDINGS INC 4,715 8,908 (13,623) –
HOLLYFRONTIER CORP 15,475 9,538 – 25,013
HOME DEPOT INC 7,678 22,423 – 30,101
HONEYWELL INTERNATIONAL INC 27,178 4,607 (632) 31,153
HOST HOTELS & RESORTS INC 137,734 – (137,734) –
HOWMET AEROSPACE INC – 49,569 – 49,569
HP INC 96,879 44,468 (96,879) 44,468
HUDSON PACIFIC PROPERTIES INC – 3,246 (3,246) –
HUMANA INC – 5,009 – 5,009
HUNTINGTON INGALLS INDUSTRIES INC – 3,997 – 3,997
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
13
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
IDEXX LABORATORIES INC 767 5,940 (6,707) –
IHS MARKIT LTD 4,051 11,370 – 15,421
ILLUMINA INC – 6,322 – 6,322
INCYTE CORP – 25,232 (25,232) –
INTEL CORP 161,549 – (29,224) 132,325
INTERCONTINENTAL EXCHANGE INC 6,545 16,830 – 23,375
INTERNATIONAL BUSINESS MACHINES CORP 33,243 2,833 (9,452) 26,624
INTERNATIONAL PAPER CO – 19,752 – 19,752
INTERPUBLIC GROUP OF COS INC – 34,862 (34,862) –
INTUIT INC 24,663 – (18,532) 6,131
INTUITIVE SURGICAL INC – 1,188 – 1,188
INVITATION HOMES INC 85,197 – (85,197) –
JACK HENRY & ASSOCIATES INC – 4,788 – 4,788
JACOBS ENGINEERING GROUP INC 3,598 – (3,598) –
JAZZ PHARMACEUTICALS PLC 11,780 – (11,780) –
JOHNSON & JOHNSON 66,371 15,434 (34,944) 46,861
JOHNSON CONTROLS INTERNATIONAL PLC 111,961 – (111,961) –
JONES LANG LASALLE INC – 7,986 (7,986) –
JPMORGAN CHASE & CO 27,818 7,340 (3,551) 31,607
KANSAS CITY SOUTHERN – 9,951 – 9,951
KEYSIGHT TECHNOLOGIES INC 11,319 2,037 (4,571) 8,785
KIMBERLY-CLARK CORP 31,353 – – 31,353
KIMCO REALTY CORP – 7,412 (7,412) –
KROGER CO – 15,346 – 15,346
LAM RESEARCH CORP 3,980 2,524 (1,600) 4,904
LAS VEGAS SANDS CORP 9,316 – (9,316) –
LEGG MASON INC – 10,419 – 10,419
LEIDOS HOLDINGS INC – 5,265 (5,265) –
LENNOX INTERNATIONAL INC – 1,600 (1,600) –
LIFE STORAGE INC – 28,173 – 28,173
LKQ CORP – 23,611 – 23,611
LOCKHEED MARTIN CORP 12,115 2,806 (6,174) 8,747
LOWE'S COS INC – 33,728 – 33,728
LPL FINANCIAL HOLDINGS INC 6,134 1,833 – 7,967
M&T BANK CORP – 17,266 – 17,266
MARATHON PETROLEUM CORP – 18,598 (18,598) –
MARKETAXESS HOLDINGS INC 2,532 447 – 2,979
MARTIN MARIETTA MATERIALS INC 5,652 – (3,244) 2,408
MASIMO CORP 1,331 – (1,331) –
MASTERCARD INC 31,046 – – 31,046
MAXIM INTEGRATED PRODUCTS INC – 6,021 (6,021) –
MCDONALD'S CORP 4,333 20,032 – 24,365
MCKESSON CORP 15,529 – (6,486) 9,043
MEDTRONIC PLC – 55,858 – 55,858
MERCK & CO INC 111,068 12,591 (79,239) 44,420
METLIFE INC 101,225 – (47,751) 53,474
METTLER-TOLEDO INTERNATIONAL INC 1,024 – (1,024) –
MICROCHIP TECHNOLOGY INC 19,862 – (4,830) 15,032
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
14
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
MICRON TECHNOLOGY INC – 27,962 – 27,962
MICROSOFT CORP 164,808 49,330 (21,385) 192,753
MONDELEZ INTERNATIONAL INC 35,283 – (35,283) –
MONSTER BEVERAGE CORP 8,572 5,987 (14,559) –
MOODY'S CORP 3,145 2,744 (3,145) 2,744
MORGAN STANLEY – 13,236 – 13,236
MOTOROLA SOLUTIONS INC 13,211 – (4,034) 9,177
NATIONAL OILWELL VARCO INC – 33,575 – 33,575
NETFLIX INC 281 8,204 (1,368) 7,117
NEWELL BRANDS INC 44,886 – (44,886) –
NEWMARKET CORP – 9,252 (5,259) 3,993
NEWMONT CORP – 15,148 – 15,148
NOBLE ENERGY INC 15,147 – (15,147) –
NORTHROP GRUMMAN CORP 2,360 2,527 – 4,887
NORWEGIAN CRUISE LINE HOLDINGS LTD 14,784 – (14,784) –
NRG ENERGY INC 72,529 13,033 (63,089) 22,473
NVIDIA CORP – 16,317 – 16,317
NVR INC – 230 (230) –
OMEGA HEALTHCARE INVESTORS INC – 20,943 – 20,943
OMNICOM GROUP INC 66,406 – (47,196) 19,210
ORACLE CORP 125,953 21,744 (80,324) 67,373
O'REILLY AUTOMOTIVE INC 7,142 1,448 (8,590) –
OSHKOSH CORP – 2,715 (2,715) –
OWENS CORNING – 2,296 (2,296) –
PACWEST BANCORP – 66,655 – 66,655
PAYPAL HOLDINGS INC – 20,168 – 20,168
PEPSICO INC – 40,749 – 40,749
PFIZER INC 204,788 87,798 (121,416) 171,170
PG&E CORP – 61,266 (17,646) 43,620
PHILIP MORRIS INTERNATIONAL INC 22,450 10,652 – 33,102
PHILLIPS 66 30,727 655 (16,904) 14,478
PINNACLE WEST CAPITAL CORP – 10,652 – 10,652
PIONEER NATURAL RESOURCES CO – 6,865 – 6,865
POLARIS INC – 2,306 (2,306) –
POOL CORP – 11,923 (11,923) –
POPULAR INC 8,753 – (8,753) –
PPG INDUSTRIES INC – 29,290 (29,290) –
PROCTER & GAMBLE CO 8,805 68,757 – 77,562
PROGRESSIVE CORP 68,026 – (45,387) 22,639
PUBLIC SERVICE ENTERPRISE GROUP INC – 32,356 (4,091) 28,265
PUBLIC STORAGE 5,030 6,898 (2,369) 9,559
PULTEGROUP INC 62,807 – (28,010) 34,797
QORVO INC 2,727 – (2,727) –
QUALCOMM INC 27,591 11,905 – 39,496
QURATE RETAIL INC 96,557 – (96,557) –
RALPH LAUREN CORP – 12,690 (12,690) –
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
15
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
RAYTHEON CO – 18,651 (18,651) –
RAYTHEON TECHNOLOGIES CORP – 43,546 (19,360) 24,186
REGENERON PHARMACEUTICALS INC – 1,963 – 1,963
RELIANCE STEEL & ALUMINUM CO 25,689 – (4,986) 20,703
REPUBLIC SERVICES INC 11,017 15,153 (11,017) 15,153
RESMED INC – 11,527 – 11,527
ROSS STORES INC 26,004 – (26,004) –
S&P GLOBAL INC 5,551 – – 5,551
SALESFORCE.COM INC 7,341 12,547 (7,341) 12,547
SBA COMMUNICATIONS CORP – 5,424 – 5,424
SCHLUMBERGER LTD – 31,624 – 31,624
SEMPRA ENERGY – 10,988 – 10,988
SERVICENOW INC 3,688 1,494 – 5,182
SHERWIN-WILLIAMS CO – 2,512 – 2,512
SIMON PROPERTY GROUP INC 41,177 29,837 (43,303) 27,711
SIRIUS XM HOLDINGS INC – 319,384 – 319,384
SITE CENTERS CORP – 44,793 (44,793) –
SONOCO PRODUCTS CO – 21,630 – 21,630
SOUTHERN CO – 19,799 – 19,799
SOUTHWEST AIRLINES CO 3,173 – (3,173) –
SPIRIT REALTY CAPITAL INC 18,443 41,343 (59,786) –
SPRINT CORP 70,493 – (70,493) –
STARBUCKS CORP 23,624 21,021 (34,711) 9,934
STATE STREET CORP – 9,335 – 9,335
STERIS PLC 8,626 – (8,626) –
SYNCHRONY FINANCIAL – 23,928 (23,928) –
SYSCO CORP – 46,246 (22,962) 23,284
T ROWE PRICE GROUP INC 46,217 3,431 (14,816) 34,832
TAKE-TWO INTERACTIVE SOFTWARE INC – 15,833 (4,173) 11,660
TARGA RESOURCES CORP – 47,500 (13,437) 34,063
TARGET CORP 13,535 24,317 (20,694) 17,158
TD AMERITRADE HOLDING CORP – 11,411 – 11,411
TECHNIPFMC PLC – 86,986 (86,986) –
TEXAS INSTRUMENTS INC 47,309 – – 47,309
TJX COS INC – 30,556 (30,556) –
T-MOBILE US INC 10,196 – (10,196) –
TRANSUNION – 16,562 (16,562) –
TRAVELERS COS INC – 12,787 (3,766) 9,021
TREEHOUSE FOODS INC 6,353 – (6,353) –
TYSON FOODS INC – 14,716 (5,295) 9,421
UGI CORP – 110,078 (110,078) –
UNION PACIFIC CORP 9,555 22,128 (9,555) 22,128
UNITED PARCEL SERVICE INC – 49,381 (36,497) 12,884
UNITEDHEALTH GROUP INC 539 21,665 – 22,204
UNIVERSAL HEALTH SERVICES INC 14,001 3,490 (8,644) 8,847
US BANCORP 56,250 43,126 – 99,376
US FOODS HOLDING CORP – 6,583 (6,583) –
VALERO ENERGY CORP 3,954 13,124 (2,050) 15,028
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
16
STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)
Holdings
1 January 2020 Additions Deductions 30 June 2020
Shares Shares Shares Shares
LISTED EQUITIES (CONTINUED)
UNITED STATES OF AMERICA (CONTINUED)
VEEVA SYSTEMS INC 15,283 – (15,283) –
VEREIT INC 105,920 – (105,920) –
VERISIGN INC 1,614 2,398 (1,614) 2,398
VERIZON COMMUNICATIONS INC 72,144 – (45,391) 26,753
VERTEX PHARMACEUTICALS INC – 10,864 (173) 10,691
VISA INC 66,524 – (15,320) 51,204
VISTRA ENERGY CORP 74,662 25,298 (99,960) –
WALGREENS BOOTS ALLIANCE INC – 15,285 – 15,285
WALMART INC (formerly known as WAL-MART STORES INC) 1,023 38,809 (1,023) 38,809
WALT DISNEY CO 953 32,834 (18,222) 15,565
WASTE MANAGEMENT INC – 4,395 (4,395) –
WEINGARTEN REALTY INVESTORS – 22,951 (22,951) –
WELLCARE HEALTH PLANS INC – 3,066 (3,066 ) –
WEST PHARMACEUTICAL SERVICES INC – 1,718 (1,718) –
WESTERN DIGITAL CORP – 11,054 – 11,054
WESTINGHOUSE AIR BRAKE TECHNOLOGIES CORP – 8,173 (8,173) –
WHIRLPOOL CORP – 1,905 (1,905) –
WILLIAMS COS INC 47,347 – (47,347) –
WILLIAMS-SONOMA INC – 10,715 (1,324) 9,391
WILLIS TOWERS WATSON PLC – 3,006 – 3,006
WOODWARD INC 16,076 788 (3,929) 12,935
WW GRAINGER INC – 8,116 – 8,116
WYNDHAM DESTINATIONS INC – 1,138 (1,138) –
XPO LOGISTICS INC – 8,818 – 8,818
ZIMMER BIOMET HOLDINGS INC – 13,022 (13,022) –
ZOETIS INC – 6,827 – 6,827
LISTED INVESTMENT FUNDS
UNITED STATES OF AMERICA
SPDR S&P 500 ETF TRUST 70,647 247,838 (233,428) 85,057
CBOE GLOBAL MARKETS INC – 4,020 (4,020) –
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
17
PineBridge US Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund is managed in accordance with the distinct investment policy. There
have been no changes to the investment policy during the period.
Investment objectives and policies
The Fund seeks to provide capital appreciation through a managed portfolio of shares in US Companies.
30 June 2020 30 June 2019 30 June 2018
HK$ HK$ HK$
Investments and investment income
Total value of investments 4,793,049,998 4,362,933,412 5,510,620,423
Interest on bank deposits 37,312 39,970 57,386
Dividend income (net of withholding tax) 30,719,044 35,672,523 28,401,455
Net foreign currency gains/(losses) 141,362 (16,566) (20,930)
Net income excluding capital (depreciation)/appreciation 27,756,729 32,393,984 23,106,687
Net (depreciation)/appreciation of financial assets and
financial liabilities at fair value through profit or loss
- realized and unrealized (216,736,846) 542,873,789 112,629,011
Performance table
Net asset value Total net Net asset Number of
asset value value per unit units in issue
HK$ HK$ Units
Provident Fund units
30 June 2020 4,800,383,529 33.07 145,160,089
31 December 2019 4,752,021,100 34.32 138,447,433
31 December 2018 3,897,115,458 27.58 141,316,775
PineBridge US Equity Fund
Investment Report
For the six months ended 30 June 2020
(Unaudited)
18
Performance table (Continued)
Performance record for the past 10 years
Highest
issue price
per unit
HK$
Lowest
redemption price
per unit
HK$
Investment
return
(Note 1)
%
Provident Fund units
30 June 2020 35.87 23.69 (3.64)
31 December 2019 34.37 26.93 24.44
31 December 2018 32.60 25.85 (6.09)
31 December 2017 29.52 23.93 23.87
31 December 2016 24.09 19.19 11.00
31 December 2015 22.46 19.41 (0.47)
31 December 2014 21.82 18.06 13.31
31 December 2013 18.94 14.41 34.02
31 December 2012 14.34 12.11 18.39
31 December 2011 12.62 10.27 4.33
31 December 2010 11.45 9.31 15.01 Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the
net asset value per unit at the beginning of the period.
Note 2: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard units”
have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
PineBridge US Equity Fund
Statement of Net Assets
As at 30 June 2020
(Unaudited)
19
30 June 2020 31 December 2019
HK$ HK$
(Audited)
Assets
Current assets
Financial assets at fair value through profit or loss
Investments 4,793,049,998 4,743,668,557
Derivative financial instruments – 271
Interest receivable 29 881
Dividends receivable 3,805,583 3,601,069
Amounts receivable on subscription 14,063,842 11,417,425
Cash and cash equivalents 11,986,390 16,651,168
Total assets 4,822,905,842 4,775,339,371
Liabilities
Current liabilities
Financial liabilities at fair value through profit or loss
Derivative financial instruments 228 179
Amounts payable on redemption 611,740 469,406
Amounts payable to brokers 21,367,715 22,296,002
Accounts payable and accrued expenses 542,630 552,684
Total liabilities 22,522,313 23,318,271
Net Asset 4,800,383,529 4,752,021,100
Equity
Net assets attributable to unitholders 4,800,383,529 4,752,021,100
The accompanying notes form an integral part of these financial statements.
PineBridge US Equity Fund
Statement of Comprehensive Income
For the six months ended 30 June 2020
(Unaudited)
20
30 June 2020 30 June 2019
HK$ HK$
Income
Interest on bank deposits 37,312 39,970
Dividend income 46,248,586 50,507,471
Net (losses)/gains on financial assets and financial liabilities at
fair value through profit or loss (216,736,846) 542,873,789
Net foreign currency gains/(losses) 141,362 (16,566)
Other income 406,720 –
Total investment (loss)/income (169,902,866) 593,404,664
Expenses
Trustee's fee 1,107,371 1,064,173
Custodian and administration fees 404,296 407,579
Audit fee 63,447 66,398
Bank charges 950 950
Legal and professional fees 19,596 1,676
Other expenses 24,592 24,654
Transaction costs 1,927,457 1,736,513
Total operating expenses 3,547,709 3,301,943
Net (loss)/profit before tax (173,450,575) 590,102,721
Withholding tax (15,529,542) (14,834,948)
Total comprehensive (loss)/income (188,980,117) 575,267,773
The accompanying notes form an integral part of these financial statements.
PineBridge US Equity Fund
Statement of Changes in Equity
For the six months ended 30 June 2020
(Unaudited)
21
The accompanying notes form an integral part of these financial statements.
30 June 2020 30 June 2019
Note HK$ HK$
Balance at the beginning of the period 4,752,021,100 3,897,115,458
Issue of units 3 741,088,437 315,623,785
Redemption of units 3 (503,745,891) (408,163,438)
Net increase/(decrease) from unit transactions 237,342,546 (92,539,653)
Total comprehensive (loss)/income (188,980,117) 575,267,773
Balance at the end of the period 3 4,800,383,529 4,379,843,578
PineBridge US Equity Fund
Statement of Cash Flows
For the six months ended 30 June 2020
(Unaudited)
22
30 June 2020 30 June 2019
HK$ HK$
Cash flows from operating activities
Total comprehensive (loss)/income (188,980,117) 575,267,773
Adjustment for:
Dividend income (46,248,586) (50,507,471)
Interest on bank deposits (37,312) (39,970)
Withholding tax 15,529,542 14,834,948
Operating (loss)/profit before working capital changes (219,736,473) 539,555,280
Net increase in investments (49,381,441) (476,972,165)
Net change in derivative financial instruments 320 765
Net decrease in amounts payable to brokers (928,287) –
Net (decrease)/increase in accounts payable and accrued
expenses (10,054) 68,315
Cash (used in)/generated from operations (270,055,935) 62,652,195
Dividend income received 30,514,530 35,933,305
Interest on bank deposits received 38,164 39,070
Net cash (used in)/generated from operating activities (239,503,241) 98,624,570
Cash flows from financing activities
Proceeds from issue of units 738,442,020 310,027,867
Payments on redemption of units (503,603,557) (408,224,891)
Net cash generated from/(used in) financing activities 234,838,463 (98,197,024)
Net (decrease)/increase in cash and cash equivalents (4,664,778) 427,546
Cash and cash equivalents at the beginning of the period 16,651,168 8,810,791
Cash and cash equivalents at the end of the period 11,986,390 9,238,337
Analysis of balance of cash and cash equivalents
Cash at banks 6,643,990 1,652,337
Short-term deposits 5,342,400 7,586,000
11,986,390 9,238,337
The accompanying notes form an integral part of these financial statements.
PineBridge US Equity Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
23
1. The Fund
PineBridge US Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as
amended, supplemented and restated. The Fund has been authorized by the Securities and Futures Commission
of Hong Kong (the “SFC”) and approved by the Mandatory Provident Fund Schemes Authority of Hong Kong.
2. Accounting policies
The unaudited interim financial statements have been prepared in accordance with Hong Kong Financial
Reporting Standards (“HKFRS”) issued by the Hong Kong Institute of Certified Public Accountants
(“HKICPA”).
The accounting policies applied are consistent with those of the annual financial statements for the year ended
31 December 2019, as described in the Notes to the Financial Statements of the annual financial statements.
3. Number of units in issue
30 June 2020 30 June 2020 30 June 2019 30 June 2019
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Standard
Units –
Accumulation
(Note 1)
Provident
Fund
Units Units Units Units
Number of units in issue at
the beginning of the
period – 138,447,433
– 141,316,775
Issue of units – 23,088,647 – 10,273,556
Redemption of units – (16,375,991) – (13,298,676)
Net increase/(decrease) from
unit transactions – 6,712,656
– (3,025,120)
Number of units in issue at
the end of the period – 145,160,089
– 138,291,655
Note 1: No Standard units were issued by the Fund since the year ended 31 December 2003. The “Standard
units” have been renamed to “Standard units - Accumulation” with effect from 27 June 2013.
PineBridge US Equity Fund
Notes to the Financial Statements
For the six months ended 30 June 2020
(Unaudited)
24
4. Derivative financial instruments
Derivative financial instruments represent outstanding foreign exchange contracts and are summarized below:
At 30 June 2020
Counterparty Contract to deliver In exchange for Settlement date Fair value
HK$
Open contracts:
Citibank, Hong Kong US$927 HK$7,184 2 July 2020 (2)
Citibank, Hong Kong US$13,295 HK$103,018 2 July 2020 (23)
Citibank, Hong Kong US$9,233 HK$71,545 2 July 2020 (15)
Citibank, Hong Kong US$19,429 HK$150,546 2 July 2020 (33)
Citibank, Hong Kong US$21,499 HK$166,590 2 July 2020 (37)
Citibank, Hong Kong US$21,944 HK$170,039 2 July 2020 (37)
Citibank, Hong Kong US$13,383 HK$103,698 2 July 2020 (22)
Citibank, Hong Kong US$5,367 HK$41,591 2 July 2020 (9)
Citibank, Hong Kong US$9,695 HK$75,123 2 July 2020 (17)
Citibank, Hong Kong US$9,432 HK$73,086 2 July 2020 (16)
Citibank, Hong Kong US$4,909 HK$38,035 2 July 2020 (10)
Citibank, Hong Kong US$3,922 HK$30,389 2 July 2020 (7)
(228)
At 31 December 2019
Counterparty Contract to deliver In exchange for Settlement date Fair value
HK$
Open contracts:
Citibank, Hong Kong HK$4,747,076 US$609,275 2 January 2020 271
Citibank, Hong Kong US$2,261 HK$17,600 2 January 2020 (21)
Citibank, Hong Kong US$1,260 HK$9,805 2 January 2020 (12)
Citibank, Hong Kong US$1,791 HK$13,938 2 January 2020 (17)
Citibank, Hong Kong US$9,233 HK$71,857 2 January 2020 (85)
Citibank, Hong Kong US$4,824 HK$37,545 2 January 2020 (44)
(179)
About PineBridge
Investments
pinebridge.com
PineBridge Investments is a private, global asset manager focused on active, high-conviction investing. We draw on the collective power of our experts in each discipline, market, and region of the world through an open culture of collaboration designed to identify the best ideas. Our mission is to exceed clients’ expectations on every level, every day.
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