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
- The local stockmarket was lifted in December by expectations of further monetary
stimulus in China and Europe, while the US Federal Reserve pledged patience in hiking
interest rates. Gains were pared by concerns over weaker data in China and possible
emerging market contagion from a collapsing Russian rouble, amid the continued
plunge in oil prices. An appreciating US dollar, on the back of investor risk aversion, led
to losses in US dollar terms.
- Fourth-quarter GDP growth disappointed at 1.5%, as the manufacturing sector shrank.
Purchasing managers’ data was also weak. Headline inflation turned negative for the
first time in five years, owing to lower car and housing costs.
- In corporate news, Keppel Corp’s offshore and marine subsidiary won a contract to
build one of the world’s largest land-drilling rigs valued at over US$100 million. This is
an encouraging sign, as demand for the company’s rigs appears resilient even amid the
challenging outlook for the sector.
- Our real estate holdings made foreign acquisitions to tap into growth prospects
overseas. CDL Hospitality Trusts made its foray into Japan by buying two Tokyo hotels
for S$66 million. The purchases increase yields and enable the trust to capitalise on
expected growth in tourist arrivals. CapitaLand’s subsidiary, Ascott, is buying a 185-unit
serviced residence in Jakarta from its long-time Indonesian partner, Ciputra Property,
for S$90 million. Keppel Corp’s listed subsidiary, Keppel Land, will acquire 75% of Array
Real Estate, a Hong Kong retail management firm. Straits Trading made its first property
acquisition in China, paying S$142 million for a retail mall in Chongqing.
- Over the month, we took some profits from Singapore Airlines and Singapore Exchange
given recent price rises, while we also topped up Keppel Corp and ST Engineering on