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
- Singapore equities fell in August, underperforming the broader region, as concerns
persisted over a potential reduction of bond purchases by the US Federal Reserve.
- Official second-quarter growth exceeded expectations, as GDP expanded 3.8% yearon-
year, driven by robust manufacturing output. The government raised its full-year
growth forecast to 2.5%-3.5%, from 1%-3%. The decline in non-oil domestic exports
moderated in July, supported by a US rebound, although exports to Europe remained
- Retail sales were disappointing in June, owing to a sharp fall in demand for cars.
Inflation inched higher in July, driven by higher transport costs.
- Prime minister Lee announced key policy reviews in health care, housing and
education. He also unveiled longer-term infrastructure initiatives, which included
expanding Changi Airport, as well as freeing land at the Paya Lebar airbase and Tanjong
Pagar port for redevelopment.
- Subsequently, the government announced new curbs targeting the public housing
segment by tightening mortgage requirements and restricting purchases by permanent
- In August we introduced CapitaMalls Asia. Its attractive portfolio of shopping malls
serves as a good proxy for consumer spending in the region. The company is wellpositioned
in Singapore, with room for yield enhancement overseas as its shopping
malls in China mature. It has a robust balance sheet that can fund growth and, at a
discount to its net asset value, the stock looks attractively valued