semi-annual report lionglobal investment funds ii

SEMI-ANNUAL REPORT

LIONGLOBAL INVESTMENT FUNDS II- LionGlobal Japan Growth

Fund

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Lion Global Investors Ltd65 Chulia Street #18-01OCBC Centre, Singapore 049513

T : +65 6417 6800F : +65 6417 6806

Co Reg No:198601745D

For more information, visit: lionglobalinvestors.comor email: [email protected]

© Lion Global Investors Limited. All rights reserved.

For the half year ended 30 June 2019 (Unaudited)

LIONGLOBAL INVESTMENT FUNDS II

DIRECTORY

ManagerLion Global Investors Limited65 Chulia Street #18-01OCBC CentreSingapore 049513

Directors of Lion Global Investors LimitedMr Khor Hock Seng (Chairman)Mr Ching Wei Hong (Deputy Chairman)Mr Gerard Lee How Cheng (CEO)Mr Norman Ip Ka CheungMr Tan Siew PengMr Ronnie Tan Yew ChyeMs Wee Ai NingMs Chong Chuan Neo (appointed on 13 August 2019)

TrusteeCiticorp Trustee (Singapore) Limited5 Changi Business Park CrescentLevel 5, Singapore 486027

CustodianCitibank NA, Singapore Branch5 Changi Business Park CrescentLevel 5, Singapore 486027

RegistrarHSBC Institutional Trust Services (Singapore) Limited21 Collyer Quay#13-02 HSBC BuildingSingapore 049320

Independent AuditorPricewaterhouseCoopers LLP7 Straits View, Marina OneEast Tower, Level 12Singapore 018936

1


PERFORMANCE OF THE FUNDFor the half year ended 30 June 2019 (Unaudited)

LIONGLOBAL JAPAN GROWTH FUND

Past performance is not necessarily indicative of future performance. Cumulative returns for the Fund are calculated up to 30 June 2019 in SGD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time Period

Fund Returns (%)LionGlobal Japan

Growth Fund - SGD Class

Benchmark* Returns (%)

3 months 2.6 0.26 months 8.2 6.11 year -5.7 -6.73 years** 9.4 8.15 years** 7.5 6.7

10 years** 6.9 4.5

Since Inception**(3 December 1999)

0.6 -1.5

Past performance is not necessarily indicative of future performance. Cumulative returns for the Fund are calculated up to 30 June 2019 in USD terms, on a single pricing basis with dividends reinvested net of all charges payable upon reinvestment.

Time Period

Fund Returns (%)LionGlobal Japan

Growth Fund - USD Class

Benchmark* Returns (%)

3 months 2.7 0.36 months 9.2 6.91 year -4.9 -6.03 years** 9.2 7.95 years** 5.8 5.010 years** 7.6 5.2Since Inception**(25 June 2004)

4.4 2.6

Source: Morningstar/Lion Global Investors Ltd.* Benchmark:Nikkei 225: Inception – 30 June 2002Tokyo Stock Price Index: From 1 July 2002TOPIX Total Return Index: From 1 March 2014** Returns of more than 1 year are annualised.

The Fund’s net asset value may have a higher volatility as a result of its narrower investment focus on a limited geographical market, when compared to funds investing in global or wider regional markets.

2


REVIEW

For the half year ended 30 June 2019, the Fund returned 8.2% against the benchmark TOPIX Total Return Index which returned 6.1% in SGD terms.

At the start of the period, the Japanese market rebounded strongly from the sharp sell-off in December 2018 after the US Federal Reserve Chairman commented in early January 2019 that the central bank was in no hurry to hike interest rates. The market also reacted positively to signs that US-China trade talks were progressing well. However, the market recovery was muted due to continued weak global economic data and earnings outlook. In late March 2019, the US Federal Reserve (Fed) Federal Open Market Committee downgraded its economic assessment and suggested no further rate hikes. US bond yields dropped sharply and Japanese bond yields declined in tandem. This trend remained intact for the rest of the period, especially when the US Fed Chairman suggested in June 2019 that interest rates could be cut, keeping the Japanese Yen strong against the US Dollar.

The positive sentiment generated by expectations of a US-China trade deal was abruptly quashed when talks broke down in May 2019 and the US announced additional tariffs on US$200 billion of Chinese imports and subsequently imposed a ban on US exports to Huawei, heightening fears of escalation in the trade war and sending markets down. President Trump then suggested a side meeting with President Xi at the G20 meeting, again lifting hopes of a trade war truce. Cyclical stocks recovered although investors remained largely sidelined. After the June-end G20 meeting, President Trump announced US and China agreed to resume trade talks and US will hold off additional tariffs and also allow US companies to sell certain products to Huawei.

For the period, the positive contributors to performance came from multiple sectors with stocks like Daiichi Sankyo, Persol, Net One Systems and Hitachi High Technologies. Negative contribution came mainly from our underweight in the telecom sector and stock picks in the consumer staples sector like Yakult Honsha.


3


STRATEGY AND OUTLOOK

The global economic cyclical downturn since 2018 has been exacerbated by the trade tariffs initiated by US against its trading partners, which has caused much uncertainty and curtailed spending by both corporates and consumers. In particular, the trade war with China has had the largest impact, given US and China are the two largest economies in the world. With constant changes and new developments in trade negotiations, the situation does not appear likely to be resolved quickly. In addition, Japan and Korea have started their own spat, with Japan imposing export restrictions on some technology-related materials to Korea. Further escalation will have negative implications on both economies. With the current economic downturn having lasted for more than a year, the usual clearing of excess inventories is likely to be near completion but the recovery in demand is currently being delayed due to uncertainty. The pent-up demand should come through in due course. In the meantime, economic indicators will remain negative. Global central banks have already reacted to the economic weakness; most notably the US Federal Reserve has done a complete turnaround from interest rate hikes up to end-2018 to considering interest rate cuts by June 2019. This has pushed global bond yields down heavily, with Japanese bond yields deep in negative territory. The current conditions of a weak global economy, declining bond yields and a strong Japanese Yen are all headwinds for the Japanese stock market. Nevertheless, these conditions may be close to bottom, and if trade tensions are eased, the recovery could come earlier than expected.

We prefer globally-competitive companies that can ride on structural growth trends and companies that can grow through value-added products and services. We like structural growth themes like factory automation where wage inflation and productivity needs drive demand for automation. The technology sector is also gaining new momentum from new applications such as advanced driver assistance systems and electrification in cars, the expansion of cloud services, big data and the Internet of Things in many areas, as well as advancements in the use of artificial intelligence. In consumer-related areas, we like healthcare and consumer brands with quality and value-added products that can benefit from rising wealth and consumerism in emerging markets. Finally, we expect conditions to remain favourable for the construction sector in light of the multiple large scale projects in the coming years.

As of 26 July 2019.


4


DISCLOSURES ON THE FUND 1

For the half year ended 30 June 2019 (Unaudited)

1. DISTRIBUTION OF INVESTMENTS AS AT 30 JUNE 2019

Fair Value

Percentage of total net assets attributable to

unitholders$ %

a) By Asset Class

Equities 229,902,902 96.0

Financial derivatives at fair value 142,495 0.1

Cash and other net assets 9,460,555 3.9

Net assets attributable to unitholders 239,505,952 100.0

b) By Credit Rating of Debt Securities

Not applicable

c) By Derivative Type

Foreign exchange forward contracts 142,495 0.1

Total net realised and unrealised gains from financial derivatives at the end of the period were $256,571 and $142,495 respectively.

1 As required by Code on Collective Investment Schemes

5


2. TOP 10 HOLDINGS

As at 30 June 2019

Fair Value


unitholders$ %

Sony Corporation 6,326,511 2.6

Orix Corporation 5,649,870 2.4

Keyence Corporation 5,231,712 2.2

Asahi Intecc Company Limited 4,959,165 2.1

Denso Corporation 4,849,869 2.0

Daikin Industries Limited 4,344,898 1.8

Mitsui & Company Limited 4,319,285 1.8

ITOCHU Corporation 3,958,848 1.7

Daiichi Sankyo Company Limited 3,856,516 1.6

Chiba Bank Limited 3,737,261 1.6

As at 30 June 2018

Fair Value


unitholders$ %

Sony Corporation 5,731,227 2.6

Orix Corporation 5,268,781 2.4

Keyence Corporation 4,851,654 2.2

Chiba Bank Limited 3,999,058 1.8

Denso Corporation 3,777,404 1.7

Chugai Pharmaceutical Company Limited 3,769,114 1.7

Concordia Financial Group Limited 3,756,723 1.7

Suzuki Motor Corporation 3,622,489 1.6

Nidec Corporation 3,581,395 1.6

Asahi Intecc Company Limited 3,553,741 1.6

6


3. RELATED PARTY TRANSACTIONS

For the period from 1 January 2019 to 30 June 2019

$

Interest expenses incurred with a bank which is a related company of the Trustee 7,248

Custodian fees charged by a related company of the Trustee 18,171

Cash and bank balances placed with a financial institution related to the Trustee as at 30 June 2019 amounted to $9,621,904.

4. FINANCIAL RATIOS

30 June 2019

30 June 2018

% %

Expense ratio1 1.55 1.59

Portfolio turnover ratio2 28 33

1 The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the expense ratio at 30 June 2019 was based on total operating expenses of $3,481,719 (30 June 2018: $2,764,578) divided by the average net asset value of $224,223,218 (30 June 2018: $173,348,314) for the year. The total operating expenses do not include (where applicable) brokerage and other transactions costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Fund does not pay any performance fee. The average net asset value is based on the daily balances.

2 The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments, being purchases of $64,562,257 (2018: purchases of $74,484,139) divided by the weighted average daily net asset value of $228,840,383 (2018: $228,278,903).

5. GLOBAL EXPOSURE

The global exposure relating to derivative instruments is calculated using the commitment approach by converting the derivative positions into equivalent positions in the underlying assets embedded in those derivatives.

The global exposure of the Fund to financial derivative instruments or embedded financial derivative instruments will not exceed 100% of the net asset value of the Fund at any time.

7


6. COLLATERAL

Nil

7. SECURITIES LENDING OR REPURCHASE TRANSACTIONS

Nil

8. INVESTMENT IN OTHER UNIT TRUSTS, MUTUAL FUNDS AND COLLECTIVE INVESTMENT SCHEMES

Nil

9. BORROWINGS

Nil

10. SOFT DOLLAR COMMISSION RECEIVED BY THE MANAGERS

The soft dollar commissions if applicable from various brokers for the period were utilised on research and advisory services, economic and political analyses, portfolio analyses, market analyses, data and quotation analyses and computer hardware and software used for and in support of the investment process of fund managers. Goods and services received were for the benefit of the scheme and there was no churning of trades. These brokers also execute trades for other funds managed by the managers. The trades are conducted on best available terms and in accordance with best practices.

11. OTHER MATERIAL INFORMATION

There is no other material information that will adversely impact the valuation of the Fund.

12. SUPPLEMENTAL INFORMATION ON UNDERLYING SUB-FUNDS

Not applicable

8


STATEMENT OF TOTAL RETURNFor the half year ended 30 June 2019 (Unaudited)

For the half year ended

30 June 2019

For the half year ended

30 June 2018$ $

IncomeDividends 2,479,459 2,262,241

Interest 1,168 515

2,480,627 2,262,756

Less: ExpensesAudit fee 12,273 13,037

Custodian fees 18,171 18,639

Management fee 1,593,388 1,602,390

Professional fees 13,956 11,262

Registration fee 7,956 14,005

Trustee fee 54,061 54,367

Transaction cost 307,529 291,957

Valuation and administration fees 40,832 41,062

Miscellaneous expenses 40,754 35,118

2,088,920 2,081,837

Net income 391,707 180,919

Net gains or losses on value of investments and financial derivatives

Net gains/(losses) on investments 16,443,996 (4,136,808)

Net (losses)/gains on foreign exchange spot contracts (104,030) 20,047

Net gains/(losses) on foreign exchange forward contracts 503,096 (861,817)

Net foreign exchange (losses)/gains (100,305) 325,302

16,742,757 (4,653,276)

Total return/(deficit) for the period before income tax 17,134,464 (4,472,357)

Less: Income tax (369,684) (336,200)

Total return/(deficit) for the period 16,764,780 (4,808,557)

9


STATEMENT OF FINANCIAL POSITIONAs at 30 June 2019 (Unaudited)

30 June 2019

31 December 2018

$ $ASSETSPortfolio of investments 229,902,902 192,532,504

Receivables 824,491 486,986

Due from brokers 925,573 -

Financial derivatives at fair value 142,495 86,399

Cash and bank balances 9,621,904 7,640,916

Total assets 241,417,365 200,746,805

LIABILITIESPayables 386,533 5,270,714

Due to brokers 1,524,880 -

Financial derivatives at fair value - 601,616

Total liabilities 1,911,413 5,872,330

EQUITYNet assets attributable to unitholders 239,505,952 194,874,475

10


STATEMENT OF MOVEMENTS OF UNITHOLDERS’ FUNDSFor the half year ended 30 June 2019 (Unaudited)

30 June2019

31 December2018

$ $Net assets attributable to unitholders at the begining

of the financial period/year 194,874,475 225,742,279

OperationsChange in net assets attributable to unitholders resulting

from operations 16,764,780 (33,396,050)

Unitholders' contributions/(withdrawals)Creation of units 57,936,759 40,130,175

Cancellation of units (30,070,062) (37,601,929)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 27,866,697 2,528,246

Total increase/(decrease) in net assets attributable to unitholders 44,631,477 (30,867,804)

Net assets attributable to unitholders at the end of the financial period/year 239,505,952 194,874,475

11


STATEMENT OF PORTFOLIOAs at 30 June 2019 (Unaudited)

Holdings at 30 June

2019

Fair value at30 June

2019

Percentage oftotal net assetsattributable tounitholders at

30 June2019

$ %By Industry (Primary)

QUOTED EQUITIES

INDUSTRIALDaikin Industries Limited 24,600 4,344,898 1.8 Mitsui & Company Limited 196,100 4,319,285 1.8 ITOCHU Corporation 153,000 3,958,848 1.7 Mitsubishi Corporation 101,800 3,630,537 1.5 Recruit Holdings Company Limited 78,400 3,538,334 1.5 Kajima Corporation 175,300 3,253,577 1.4 Sankyu Inc 41,800 2,970,964 1.2 Fuji Electric Company Limited 56,500 2,635,797 1.1 Sanwa Holdings Corporation 180,600 2,626,220 1.1 Taisei Corporation 53,400 2,625,293 1.1 Hitachi Transport System Limited 56,300 2,474,464 1.0 Nidec Corporation 12,800 2,366,846 1.0 Tokyu Corporation 84,400 2,025,386 0.8 SMC Corporation Japan 3,800 1,916,859 0.8 Seino Holdings Company Limited 106,100 1,911,930 0.8 Seibu Holdings Inc 79,200 1,786,225 0.7 Persol Holdings Company Limited 53,300 1,694,042 0.7 East Japan Railway Company 13,100 1,658,199 0.7 Kubota Corporation 70,800 1,594,110 0.7 SECOM Company Limited 12,800 1,490,671 0.6 FANUC Corporation 5,800 1,451,577 0.6 Komatsu Limited 40,900 1,335,369 0.6 Mitsubishi Electric Corporation 72,600 1,293,671 0.5 Daifuku Company Limited 16,200 1,230,765 0.5 Nabtesco Corporation 26,000 977,529 0.4 Keisei Electric Railway Company Limited 19,800 975,910 0.4 Japan Steel Works Limited 36,600 826,831 0.3 West Japan Railway Company 7,100 777,106 0.3 NSK Limited 63,200 761,891 0.3 IHI Corporation 6,100 198,933 0.1 Misumi Group Inc 5,400 183,225 0.1

62,835,292 26.1

12


Holdings at 30 June

2019


2019


30 June2019

$ %By Industry (Primary) (continued)

QUOTED EQUITIES (continued)

CONSUMER, NON-CYCLICALAsahi Intecc Company Limited 148,800 4,959,165 2.1

Daiichi Sankyo Company Limited 54,500 3,856,516 1.6

Nichirei Corporation 113,200 3,634,811 1.6

Chugai Pharmaceutical Company Limited 36,900 3,262,149 1.4

Shiseido Company Limited 28,500 2,906,425 1.2

Terumo Corporation 70,500 2,841,835 1.2

Yakult Honsha Company Limited 35,400 2,822,810 1.2

Kao Corporation 26,700 2,752,702 1.2

Hoya Corporation 20,100 2,083,365 0.9

Nippon Shinyaku Company Limited 20,900 1,994,640 0.8

Asahi Group Holdings Limited 32,400 1,971,258 0.8

Tsuruha Holdings Inc 15,100 1,888,605 0.8

Pigeon Corporation 31,900 1,736,539 0.7

Seven & I Holdings Limited 34,800 1,594,185 0.7

Unicharm Corporation 38,100 1,552,067 0.6

M3 Inc 39,000 964,306 0.4

Ono Pharmaceutical Company Limited 39,100 948,612 0.4

EISAI Company Limited 9,600 734,285 0.3

Shionogi & Company Limited 8,200 639,352 0.3

Olympus Corporation 31,600 474,595 0.2

Otsuka Holdings Company Limited 7,600 335,558 0.1

Sysmex Corporation 3,300 291,198 0.1

44,244,978 18.6

13


Holdings at 30 June

2019


2019


30 June2019



CONSUMER, CYCLICALSony Corporation 89,200 6,326,511 2.6

Denso Corporation 85,200 4,849,869 2.0

Koito Manufacturing Company Limited 45,400 3,278,147 1.4

Stanley Electric Company Limited 95,800 3,185,578 1.3

Marui Group Company Limited 113,200 3,118,802 1.3

Oriental Land Company Limited 15,000 2,512,765 1.1

Subaru Corporation 68,200 2,242,976 0.9

Suzuki Motor Corporation 32,600 2,073,080 0.9

Nitori Holdings Company Limited 9,400 1,685,624 0.7

Fast Retailing Company Limited 1,600 1,308,597 0.6

Isuzu Motors Limited 69,200 1,066,241 0.4

Bridgestone Corporation 19,400 1,033,421 0.4

Nissan Motor Company Limited 74,800 724,767 0.3

Sekisui House Limited 19,800 441,459 0.2

Panasonic Corporation 32,200 362,947 0.2

Pan Pacific International Holdings Corporation 2,800 240,502 0.1

Rakuten Inc 14,500 233,068 0.1

34,684,354 14.5

TECHNOLOGYKeyence Corporation 6,300 5,231,712 2.2

Hitachi Limited 71,400 3,540,708 1.5

ROHM Company Limited 34,600 3,145,715 1.3

Murata Manufacturing Company Limited 32,900 1,999,613 0.8

Net One Systems Company Limited 50,100 1,865,379 0.8

Fuji Film Holdings Corporation 23,000 1,577,843 0.7

Hitachi High-Technologies Corporation 22,300 1,551,384 0.6

SCSK Corporation 23,000 1,530,765 0.6

ITOCHU Techno-Solutions Corporation 41,700 1,446,320 0.6

Omron Corporation 17,600 1,242,092 0.5

14


Holdings at 30 June

2019


2019


30 June2019



TECHNOLOGY (continued)Tokyo Electron Limited 6,400 1,215,169 0.5

Disco Corporation 4,900 1,087,885 0.5

Iriso Electronics Company Limited 14,400 980,091 0.4

Fujitsu Limited 9,900 933,890 0.4

KOA Corporation 51,500 902,165 0.4

TDK Corporation 8,600 900,677 0.4

Yaskawa Electric Corporation 15,000 689,409 0.3

Advantest Corporation 13,700 510,094 0.2

Nippon Chemi-Com Corporation 24,400 482,280 0.2

Taiyo Yuden Company Limited 13,100 329,830 0.1

31,163,021 13.0

FINANCIALOrix Corporation 279,800 5,649,870 2.4

Chiba Bank Limited 565,800 3,737,261 1.6

Gunma Bank Limited 660,700 3,127,882 1.3

Tokio Marine Holdings Inc 32,400 2,196,661 0.9

Sompo Holdings Inc 38,300 2,001,250 0.8

Dai-Ichi Life Holdings Inc 94,700 1,932,449 0.8

T&D Holdings Inc 100,700 1,478,885 0.6

Sumitomo Mitsui Trust Holdings Inc 11,400 559,167 0.2

Daiwa Securities Group Inc 70,500 417,954 0.2

21,101,379 8.8

15


Holdings at 30 June

2019


2019


30 June2019



BASIC MATERIALSShin-Etsu Chemical Company Limited 25,800 3,251,186 1.3

Nippon Shokubai Company Limited 19,000 1,698,784 0.7

Asahi Kasei Corporation 114,500 1,651,358 0.7

Toray Industries Inc 147,300 1,515,296 0.6

Mitsui Chemicals Inc 43,800 1,466,904 0.6

Sumitomo Bakelite Company Limited 29,300 1,414,714 0.6

Showa Denko K.K. 33,800 1,345,491 0.6

Nippon Steel & Sumitomo Metal 40,000 928,756 0.4

JFE Holdings Inc 12,000 238,468 0.1

13,510,957 5.6

REAL ESTATETokyu Fudosan Holdings Corporation 408,700 3,053,700 1.3

Mitsubishi Estate Company Limited 94,300 2,374,274 1.0

Mitsui Fudosan Company Limited 65,900 2,161,954 0.9

Daiwa House Industry Company Limited 30,500 1,203,019 0.5

Activia Properties Inc REIT 139 818,639 0.3

Sumitomo Realty & Development Company Limited 14,100 681,332 0.3

Japan Real Estate Investment Corporation REIT 56 461,314 0.2

Advance Residence Investment REIT 88 354,173 0.1

Lasalle Logiport REIT 174 278,808 0.1

Invincible Investment Corporation REIT 168 117,719 0.1

11,504,932 4.8

COMMUNICATIONSNintendo Company Limited 4,900 2,429,897 1.0

Yahoo Japan Corporation 330,000 1,309,501 0.6

3,739,398 1.6

16


Holdings at 30 June

2019


2019


30 June2019



ENERGYJXTG Holdings Inc 496,000 3,328,533 1.4

Inpex Corporation 24,700 301,269 0.1

3,629,802 1.5

UTILITIESChubu Electric Power Company Inc 101,300 1,922,748 0.8

Tokyo Gas Company Limited 32,800 1,045,164 0.5

Kansai Electric Power Company Inc 33,600 520,877 0.2

3,488,789 1.5

Portfolio of investments 229,902,902 96.0

Other net assets 9,603,050 4.0

Net assets attributable to unitholders 239,505,952 100.0

17


Percentage of total net assetsattributable to unitholders at

30 June 2019

31 December 2018

% %By Industry (Summary)

Industrial 26.1 24.9

Consumer, Non-cyclical 18.6 19.7

Consumer, Cyclical 14.5 14.2

Technology 13.0 15.7

Financial 8.8 10.7

Basic Materials 5.6 6.8

Real Estate 4.8 3.3

Communications 1.6 2.2

Energy 1.5 1.0

Utilities 1.5 0.3

Portfolio of investments 96.0 98.8

Other net assets 4.0 1.2

Net assets attributable to unitholders 100.0 100.0

18



2019

Percentage of total net assetsattributable to unitholders at

30 June2019

31 December2018

$ % %By Geography (Secondary)

Japan 229,902,902 96.0 98.8

Portfolio of investments 229,902,902 96.0 98.8

Other net assets 9,603,050 4.0 1.2

Net assets attributable to unitholders 239,505,952 100.0 100.0

DISCLAIMER

This publication is for information only. It is not a recommendation, offer or solicitation for the purchase or sale of any securities or investments and does not have regard to your specific investment objectives, financial situation, tax position or needs. Applications for units in our funds must be made on forms accompanying the prospectus. You should read the prospectus and Product Highlights Sheet which is available and may be obtained from Lion Global Investors Limited (“LGI”) or any of its distributors, consider if a fund is suitable for you and seek such advice from a financial adviser if necessary, before deciding whether to invest in the fund. Investments in our funds are not obligations of, deposits in, guaranteed or insured by LGI or any of its affiliates and are subject to investment risks including the possible loss of the principal amount invested. The performance of a fund is not guaranteed and the value of units in a fund and the income accruing to the units, if any, may rise or fall. Past performance, as well as any predictions, projections, or forecasts are not necessarily indicative of the future or likely performance of a fund. Dividend distributions, which may be either out of income and/or capital, are not guaranteed and subject to LGI’s discretion. Any such dividend distributions will reduce the available capital for reinvestment and may result in an immediate decrease in the net asset value of the fund. Any information (which includes opinions and estimates) is subject to change or correction at any time without notice and is not to be relied on as advice. You are advised to conduct your own independent assessment and investigation of the relevance, accuracy, adequacy and reliability of any information contained herein and no warranty is given and no liability is accepted for any loss arising directly or indirectly as a result of you acting on such information. The fund may, where permitted by the prospectus, invest in financial derivative instruments for hedging purposes or for the purpose of efficient portfolio management. LGI, its related companies, their directors and/or employees may hold units of a fund and be engaged in purchasing or selling units of a fund for themselves or their clients. Lion Global Investors® Limited (UEN/ Registration No. 198601745D) is a Singapore incorporated company, and is not related to any asset or fund management entity that is domiciled in Europe or the United States.

This publication may be translated into the Chinese language. In the event of any ambiguity, discrepancy or omission between the English and Chinese versions, the English version shall apply and prevail. In the event of any ambiguity, discrepancy or omission between this publication and the prospectus, the contents of the prospectus shall apply and prevail.

Lion Global Investors Ltd65 Chulia Street #18-01OCBC Centre, Singapore 049513

For more information, visit: lionglobalinvestors.com or email: [email protected]

Co Reg No:198601745DA m

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semi-annual report lionglobal investment funds ii

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