Date of Launch
Authorised for Sale
Asian Equities Team
Other Equities Funds
Aberdeen Singapore Equity Fund
Aims to provide holders with medium to long-term capital growth from a portfolio of Singapore equities.
Manager's Monthly Report
- Local stocks edged higher as risk sentiment was buoyed by the US Federal Reserve’s
reassurance that any rate hikes would come gradually. Australia and China cut interest
rates, while markets anticipated the beginning of full-scale quantitative easing in
Europe. Furthermore, several trading partners marked an improvement in economic
- The Budget for 2015 included plans to raise income tax for high earners, while reducing
rates for middle-income households. Meanwhile, small businesses will receive funding
support and tax incentives, while REITs were granted a five-year tax-concession
extension, but would be subject to stamp duties for local properties. The state
was projected to run a fiscal deficit of S$6.7 billion, mainly to finance infrastructure
investments, particularly S$3 billion allocated towards the Changi Airport Development
- In quarterly results, the three local banks Oversea-Chinese Banking Corp, United
Overseas Bank and DBS Group slightly missed expectations, with both deposit and loan
growth slowing in tandem with higher provisions. Nevertheless, asset quality remained
resilient, with limited exposure to the volatile energy and commodities segments.
OCBC reported the strongest results, helped by contributions from Hong Kong’s Wing
Hang Bank, which it acquired last year.
- Raffles Medical continued to perform well with growth in both its clinics and hospital
segments. SingTel was boosted by robust contributions from regional associates.
Venture Corp posted decent results with strength across most divisions, pared by an
increase in taxes.
- We initiated a position in Global Logistic Properties as the company’s scale and network
makes it well-placed to tap the growth in China’s logistics industry. It also trades at