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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


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


Manager’s Report


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.


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%


Investment Report

As at 30 June 2020

(Unaudited)

4

INVESTMENT PORTFOLIO (CONTINUED)


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%


Investment Report

As at 30 June 2020

(Unaudited)

5



value value assets

US$ US$


BONDS (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.


Investment Report


(Unaudited)

6

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO

Nominal value

1 January 2020 Additions Deductions 30 June 2020

US$ US$ US$ US$


BONDS


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


Investment Report


(Unaudited)

7

STATEMENT OF MOVEMENTS IN INVESTMENT PORTFOLIO (CONTINUED)

Nominal value


US$ US$ US$ US$


BONDS (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 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


Investment Report


(Unaudited)

8


Nominal value


US$ US$ US$ US$


BONDS (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) –


Investment Report


(Unaudited)

9


Nominal value


US$ US$ US$ US$


BONDS (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) –


Investment Report


(Unaudited)

10


Nominal value


US$ US$ US$ US$


BONDS (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) –


Investment Report


(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


Investment Report


(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)

%


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.


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.


Statement of Comprehensive Income


(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



Statement of Changes in Equity


(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


Balance at the end of the period 3 86,158,247 80,558,927



Statement of Cash Flows


(Unaudited)

16

30 June 2020 30 June 2019

US$ US$

Cash flows from operating activities


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



Notes to the Financial Statements


(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




(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



30 JUNE 2020

(UNAUDITED)

PineBridge Asian Fund



(Unaudited)

Contents

Pages








Notes to the financial statements 13



1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


2



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.


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.


Investment Report

As at 30 June 2020

(Unaudited)

3


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%


Investment Report

As at 30 June 2020

(Unaudited)

4



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%





Investment Report


(Unaudited)

5


Holdings


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


Investment Report


(Unaudited)

6


Holdings




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


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


Investment Report


(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.


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$




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)




- 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


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


Investment Report


(Unaudited)

8


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


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.



As at 30 June 2020

(Unaudited)

9


US$ US$

(Audited)

Assets

Current assets


Investments 191,474,529 170,352,149

Interest receivable 25 534

Dividends receivable 425,762 70,221


Amounts receivable from brokers 398,441 –


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 to brokers 400,002 136,513


Total liabilities 529,965 240,940

Net Asset 201,375,756 181,637,222

Equity






(Unaudited)

10

30 June 2020 30 June 2019

US$ US$

Income


Dividend income 2,282,003 2,284,793



Net foreign currency losses (22,153) (69,685)


Expenses



Audit fee 5,968 6,246


Legal and professional fees 4,028 1,333


Transaction costs 267,998 254,333


Net profit before tax 14,713,595 19,759,766

Withholding tax (202,483) (295,881)






(Unaudited)

11

30 June 2020 30 June 2019

Note US$ US$


Issue of units 3 56,459,330 29,757,633


Net increase/(decrease) from unit transactions 5,227,422 (11,350,988)







(Unaudited)

12

30 June 2020 30 June 2019

US$ US$



Adjustment for:

Dividend income (2,282,003) (2,284,793)


Withholding tax 202,483 295,881



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)


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


Net cash (used in)/generated from operating activities (7,103,588) 5,307,522




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 at banks 1,976,112 348,426


9,548,312 8,438,326





(Unaudited)

13

1. The Fund

PineBridge Asian Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as






(“HKICPA”).




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)


the end of the period – 3,217,811

– 3,224,673


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



30 JUNE 2020

(UNAUDITED)

PineBridge Europe Equity Fund



(Unaudited)

Contents

Pages











1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


2



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.


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.


Investment Report

As at 30 June 2020

(Unaudited)

3


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%


Investment Report

As at 30 June 2020

(Unaudited)

4


Holding Market

% of net

shares value

assets

HK$


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%


Investment Report

As at 30 June 2020

(Unaudited)

5



shares value assets

HK$


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%


Investment Report

As at 30 June 2020

(Unaudited)

6



shares value assets

HK$


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%


COCA-COLA EUROPEAN PARTNERS PLC 10,759 3,148,691 0.21%

TOTAL UNITED STATES OF AMERICA

3,148,691 0.21%


Investment Report

As at 30 June 2020

(Unaudited)

7



shares value assets

HK$

LISTED INVESTMENT FUNDS


ISHARES EUROPE ETF 148,493 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



Investment Report


(Unaudited)

8


Holdings



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


Investment Report


(Unaudited)

9


Holdings




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) –


Investment Report


(Unaudited)

10


Holdings




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


Investment Report


(Unaudited)

11


Holdings




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) –


Investment Report


(Unaudited)

12


Holdings




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


COCA-COLA EUROPEAN PARTNERS PLC – 11,605 (846) 10,759

NXP SEMICONDUCTORS NV – 9,491 (9,491) –



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


Investment Report


(Unaudited)

13

PineBridge Europe Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as




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$


Total value of investments 1,511,172,430 1,502,746,157 2,170,989,950



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


- realized and unrealized (204,599,579) 185,420,185 (120,649,335)

Performance table



HK$ HK$ 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


Investment Report


(Unaudited)

14



Highest

issue price

per unit

HK$

Lowest

redemption price

per unit

HK$

Investment

return

(Note 1)

%


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.



As at 30 June 2020

(Unaudited)

15


HK$ HK$

(Audited)

Assets

Current assets


Investments 1,511,172,430 1,444,395,100


Dividends receivable 746,766 814,615



Total assets 1,516,132,493 1,450,187,968

Liabilities

Current liabilities




Net Asset 1,515,127,056 1,449,344,575

Equity

Net assets attributable to unitholders 1,515,127,056 1,449,344,575





(Unaudited)

16

30 June 2020 30 June 2019

HK$ HK$

Income


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


Audit fee 48,373 49,520




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





(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




Balance at the end of the period 3 1,515,127,056 1,507,191,523





(Unaudited)

18

30 June 2020 30 June 2019

HK$ HK$



Adjustment for:

Dividend income (20,600,365) (48,082,208)


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)


expenses (42,668) 29,800









Net decrease in cash and cash equivalents (797,915) (2,467,631)




Cash at banks 97,145 345,433


3,690,545 5,675,633





(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.




(“HKICPA”).





Standard

Units –

Accumulation

(Note 1)

Provident

Fund

Standard

Units –

Accumulation

(Note 1)

Provident

Fund




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)


unit transactions – 11,974,710

– (15,656,807)



– 62,028,033



PINEBRIDGE HONG KONG DOLLAR FIXED INCOME FUND



30 JUNE 2020

(UNAUDITED)

PineBridge Hong Kong Dollar Fixed Income Fund



(Unaudited)

Contents

Pages






Statement of changes in net assets attributable to unitholders 15





1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


2



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.


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.


Investment Report

As at 30 June 2020

(Unaudited)

3



value value assets

HK$ HK$


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%


Investment Report

As at 30 June 2020

(Unaudited)

4


Nominal Market

% of net

value value

assets

HK$ HK$


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%


Investment Report

As at 30 June 2020

(Unaudited)

5



value value assets

HK$ HK$


BONDS (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%


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%


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%


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%


Investment Report

As at 30 June 2020

(Unaudited)

6


Nominal Market

% of net

value value

assets

HK$ HK$


BONDS (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%




Investment Report


(Unaudited)

7


Nominal value


HK$ HK$ HK$ HK$


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) –


Investment Report


(Unaudited)

8


Nominal value


HK$ HK$ HK$ HK$


BONDS (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


Investment Report


(Unaudited)

9


Nominal value


HK$ HK$ HK$ HK$


BONDS (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


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


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


Investment Report


(Unaudited)

10


Nominal value


HK$ HK$ HK$ HK$


BONDS (CONTINUED)


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) –



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) –


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) –


Investment Report


(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$




Interest on investments 6,380,399 6,887,932 6,365,086

Net foreign currency losses (10,257) (1,474) (7,545)





Performance table



HK$ HK$ Units


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


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


Investment Report


(Unaudited)

12



Highest

issue price

per unit

HK$

Lowest

redemption price

per unit

HK$

Investment

return

(Note 1)

%


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


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



2013.

Note 3: No Standard units - Monthly Distribution were issued by the Fund since the year ended 31 December

2013.



As at 30 June 2020

(Unaudited)

13


HK$ HK$

(Audited)

Assets

Current assets


Investments 453,750,491 448,398,415

Interest receivable on investments 3,509,224 4,474,509




Total assets 462,649,017 457,012,748

Liabilities

Current liabilities

Amounts payable on redemption 1,720,137 3,097,107


Liabilities (excluding net assets attributable to

unitholders) 2,125,359 3,522,368






(Unaudited)

14

30 June 2020 30 June 2019

HK$ HK$

Income







Expenses

Management fee 1,157,950 1,204,751

Trustee's fee 113,158 119,525


Audit fee 42,338 45,003

Bank charges 1,350 1,350




Increase in net assets attributable to

unitholders from operations 21,768,082 19,314,919



Statement of Changes in Net Assets Attributable to Unitholders


(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


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





(Unaudited)

16

30 June 2020 30 June 2019

HK$ HK$



operations 21,768,082 19,314,919

Adjustment for:




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


expenses (20,039) 7,198

Cash generated from operations 10,002,073 32,046,545



Net cash generated from operating activities 17,361,433 40,783,377




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 at banks 80,017 1,602,498


4,958,417 6,805,998





(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.




(“HKICPA”).




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



period –

15,480,987 6,940,182

Issue of units – 2,578,546 689,468

Redemption of units – (2,440,536) (1,451,336)


unit transactions –

138,010 (761,868)


the end of the period –

15,618,997 6,178,314




(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



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)


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



30 JUNE 2020

(UNAUDITED)

PineBridge Global Bond Fund



(Unaudited)

Contents

Pages











1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


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.


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.


Investment Report

As at 30 June 2020

(Unaudited)

ED

3



value value assets

Local currency US$


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%



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%


Investment Report

As at 30 June 2020

(Unaudited)

ED

4



value value assets

Local currency US$


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%


Investment Report

As at 30 June 2020

(Unaudited)

ED

5


Nominal Market

% of net

value value

assets

Local currency US$


BONDS (CONTINUED)


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% 15MAY2024 25,000,000 27,206,543 3.17%


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, AT COST*

793,745,515



Investment Report


(Unaudited)

ED

6


Nominal value


Local currency Local currency Local currency Local currency


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) –



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


Investment Report


(Unaudited)

ED

7


Nominal value




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


Investment Report


(Unaudited)

ED

8


Nominal value




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) –


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(Unaudited)

ED

9


Nominal value




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) –


Investment Report


(Unaudited)

ED

10


Nominal value




BONDS (CONTINUED)


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


Investment Report


(Unaudited)

ED

11


Nominal value




BONDS (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


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


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


Investment Report


(Unaudited)

ED

12

PineBridge Global Bond Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as



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$





Net foreign currency (losses)/gains (1,758,541) 34,877 (110,385)


Net appreciation/(depreciation)of financial assets and



Performance table



US$ US$ 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


Investment Report


(Unaudited)

D

13



Highest

issue price

per unit

US$

Lowest

redemption price

per unit

US$

Investment

return

(Note 1)

%


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


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



2013. The “Standard units - Accumulation” were fully redeemed as of 29 January 2016.



As at 30 June 2020

(Unaudited)

14


US$ US$

(Audited)

Assets

Current assets


Investments 840,263,361 880,903,888

Interest receivable on investments 4,684,569 6,328,791



Amounts receivable from brokers 25,980,012 –


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 –



Net Asset 857,799,332 896,557,568

Equity






(Unaudited)

15

30 June 2020 30 June 2019

US$ US$

Income





Net foreign currency (losses)/gains (1,758,541) 34,877


Expenses

Trustee's fee 217,463 224,609


Audit fee 10,167 7,115


Legal and professional fees 2,538 214



Net profit before tax 39,590,547 60,427,490

Withholding tax (19,732) –



PineBridge Global Bond Fund Statement of Changes in Equity


(Unaudited)

16

30 June 2020 30 June 2019

Note US$ US$


Issue of units 3 244,573,961 131,671,351


Net (decrease)/increase from unit transactions (78,329,051) 60,858,446




PineBridge Global Bond Fund Statement of Cash Flows


(Unaudited)

17

30 June 2020 30 June 2019

US$ US$



Adjustment for:



Withholding tax 19,732 –


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


expenses (11,027) 23,020

Cash generated from/(used in) operations 66,423,496 (25,252,713)



Net cash generated from/(used in) operating activities 75,153,091 (17,044,483)




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 at banks 661,574 28,625,351


7,036,474 60,293,451


PineBridge Global Bond Fund Notes to the Financial Statements


(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






(“HKICPA”).





Standard

Units –

Accumulation

(Note 1)

Provident

Fund

Standard

Units –

Accumulation

(Note 1)

Provident

Fund




period – 39,484,123

– 39,927,956

Issue of units – 10,770,251 – 6,134,766


Net (decrease)/increase from

unit transactions – (3,214,868)

– 2,847,370



– 42,775,326


2013. The “Standard units - Accumulation” were fully redeemed as of 29 January 2016.

PINEBRIDGE GREATER CHINA EQUITY FUND



30 JUNE 2020

(UNAUDITED)

PineBridge Greater China Equity Fund



(Unaudited)

Contents

Pages











1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


2



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.


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.


Investment Report

As at 30 June 2020

(Unaudited)

3



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%


CHOW TAI FOOK JEWELLERY GROUP LTD 74,800 554,268 0.02%


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%


Investment Report

As at 30 June 2020

(Unaudited)

4



shares value assets

HK$


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%


Investment Report

As at 30 June 2020

(Unaudited)

5


Holding Market

% of net

shares value

assets

HK$


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%




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%


2,262,353,430



Investment Report


(Unaudited)

6


Holdings



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


Investment Report


(Unaudited)

7


Holdings





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


Investment Report


(Unaudited)

8


Holdings





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


Investment Report


(Unaudited)

9


Holdings




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


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


Investment Report


(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.


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$





Net foreign currency gains/(losses) 461,884 (1,495,968) (1,708,375)





Performance table



HK$ HK$ 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


Investment Report


(Unaudited)

11



Highest

issue price

per unit

HK$

Lowest

redemption price

per unit

HK$

Investment

return

(Note 1)

%


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







As at 30 June 2020

(Unaudited)

12


HK$ HK$

(Audited)

Assets

Current assets


Investments 2,576,734,968 2,595,528,631

Dividends receivable 14,606,795 1,574,441



Amounts receivable from brokers 18,115,731 –

Other receivables – 10,149


Total assets 2,671,639,346 2,650,406,246

Liabilities

Current liabilities

Amounts payable on redemption 2,413,094 67,353




Net Asset 2,649,798,363 2,649,818,276

Equity






(Unaudited)

13

30 June 2020 30 June 2019

HK$ HK$

Income


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)


Expenses

Trustee's fee 629,946 1,041,194


Audit fee 58,680 75,121







Withholding tax (1,799,867) (3,961,112)






(Unaudited)

14

30 June 2020 30 June 2019

Note HK$ HK$


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)







(Unaudited)

15

30 June 2020 30 June 2019

HK$ HK$



Adjustment for:

Dividend income (33,339,366) (66,191,317)




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 decrease in accounts payable and accrued expenses (86,825) (94,687)

Cash (used in)/generated from operations (158,042,904) 1,427,130,317



Net cash (used in)/generated from operating activities (139,417,090) 1,461,503,639



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 at banks 46,170,428 41,849,124


62,071,228 99,948,924





(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


Hong Kong.




(“HKICPA”).





Standard

Units –

Accumulation

(Note 1)

Provident

Fund

Standard

Units –

Accumulation

(Note 1)

Provident

Fund




period – 91,133,656

– 172,349,790

Issue of units – 13,844,598 – 7,614,395




– (55,724,280)



– 116,625,510



PINEBRIDGE HONG KONG EQUITY FUND



30 JUNE 2020

(UNAUDITED)

PineBridge Hong Kong Equity Fund



(Unaudited)

Contents

Pages











1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


2



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.


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.


Investment Report

As at 30 June 2020

(Unaudited)

3



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 VANKE CO LTD 1,368,900 33,538,050 0.57%

CHOW TAI FOOK JEWELLERY GROUP LTD 175,800 1,302,678 0.02%


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%


Investment Report

As at 30 June 2020

(Unaudited)

4


Holding Market

% of net

shares value

assets

HK$



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%


Investment Report

As at 30 June 2020

(Unaudited)

5


Holding Market

% of net

shares value

assets

HK$



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%


KINGSOFT CLOUD HOLDINGS LTD 65,518 16,005,637 0.27%



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



Investment Report


(Unaudited)

6


Holdings



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


Investment Report


(Unaudited)

7


Holdings





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


Investment Report


(Unaudited)

8


Holdings





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


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


Investment Report


(Unaudited)

9

PineBridge Hong Kong Equity Fund (the “Fund”) is a unit trust governed by its Trust Deed dated 10 August 1998, as



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$





Net foreign currency gains/(losses) 85,460 (120,748) –





Performance table



HK$ HK$ Units


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


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


Investment Report


(Unaudited)

10



Highest

issue price

per unit

HK$

Lowest

redemption price

per unit

HK$

Investment

return

(Note 1)

%


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


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)




2013.



As at 30 June 2020

(Unaudited)

11


HK$ HK$

(Audited)

Assets

Current assets


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


Total assets 5,893,058,516 6,471,243,569

Liabilities

Current liabilities



Accounts payable and accrued expenses 1,003,485 1,087,673

Liabilities (excluding net assets attributable to unitholders) 19,111,397 6,109,514






(Unaudited)

12

30 June 2020 30 June 2019

HK$ HK$

Income


Dividend income 90,759,491 132,354,969



Net foreign currency gains/(losses) 85,460 (120,748)


Expenses

Management fee 1,853,494 2,163,013

Trustee's fee 1,456,007 1,586,119


Audit fee 73,541 80,663







Withholding tax (3,042,425) (5,028,324)

(Decrease)/increase in net assets attributable to unitholders

from operations (491,245,824) 609,808,268





(Unaudited)

13

30 June 2020 30 June 2019

Note HK$ HK$


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)


(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





(Unaudited)

14

30 June 2020 30 June 2019

HK$ HK$


(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)





Net increase in amounts receivable from brokers (7,999,683) (12,679,764)

Net decrease in other receivables – 45,227



expenses (84,188) 28,859






Proceeds from issue of units 1,250,266,490 675,057,648

Payments on redemption of units (1,348,211,458) (398,306,873)






Cash at banks 581,444 4,228,939


141,249,244 233,621,139





(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


Hong Kong.




(“HKICPA”).





Standard

Units –

Accumulation

(Note 1)

Provident

Fund

Standard

Units –

Accumulation

(Note 1)

Provident

Fund




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)


unit transactions (211,677) (1,206,853)

(442,059) 6,900,403


the end of the period 8,755,905 136,583,520

9,380,961 141,730,724


2013.

PINEBRIDGE INDIA EQUITY FUND



30 JUNE 2020

(UNAUDITED)

PineBridge India Equity Fund



(Unaudited)

Contents

Pages











1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


2



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.


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).


Investment Report

As at 30 June 2020

(Unaudited)

3



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%


HDFC BANK-ADR 16,000 727,360 2.88%

TOTAL UNITED STATES OF AMERICA 727,360 2.88%





Investment Report


(Unaudited)

4


Holdings



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) –


HDFC BANK-ADR 16,000 – – 16,000


Investment Report


(Unaudited)

5

PineBridge India Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as




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$




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




Performance table



US$ US$ 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


Investment Report


(Unaudited)

6


Performance record since inception

Highest

issue price

per unit

US$

Lowest

redemption price

per unit

US$

Investment

return

(Note 1)

%


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)


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.



As at 30 June 2020

(Unaudited)

7


US$ US$

(Audited)

Assets

Current assets


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


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






(Unaudited)

8

30 June 2020 30 June 2019

US$ US$

Income


Dividend income 231,109 144,648




Other income 42,634 218


Expenses



Audit fee 5,283 5,628







Withholding tax (3,067) –

Capital gains tax 39,032 (292,834)






(Unaudited)

9

30 June 2020 30 June 2019

Note US$ US$


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)







(Unaudited)

10

30 June 2020 30 June 2019

US$ US$



Adjustment for:

Dividend income (231,109) (144,648)

Capital gains tax (39,032) 292,834

Withholding tax 3,067 –



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


expenses (2,544) 5,864

Cash (used in)/generated from operations (834,419) 5,146,535

Dividend income received 195,804 118,764


Capital gains tax paid (18,362) 6,989

Net cash (used in)/generated from operating activities (654,733) 5,274,368


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 end of the period 470,256 1,051,710


Cash at banks 470,256 981,810

Short-term deposits – 69,900

470,256 1,051,710





(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






(“HKICPA”).





Standard

Units –

Accumulation

(Note 1)

Provident

Fund

Standard

Units –

Accumulation

(Note 1)

Provident

Fund




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)



– 1,898,938

Note 1: No Standard units - Accumulation were issued by the Fund since its inception.

PINEBRIDGE JAPAN EQUITY FUND



30 JUNE 2020

(UNAUDITED)

PineBridge Japan Equity Fund



(Unaudited)

Contents

Pages











1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


2



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.


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.


Investment Report

As at 30 June 2020

(Unaudited)

3



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%


Investment Report

As at 30 June 2020

(Unaudited)

4



shares value assets

HK$


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%


1,372,008,969



Investment Report


(Unaudited)

5


Holdings



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


Investment Report


(Unaudited)

6


Holdings




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) –


Investment Report


(Unaudited)

7

PineBridge Japan Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as




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$


Total value of investments 1,412,726,922 1,443,020,776 676,973,463



Net foreign currency gains 1,928,965 149,280 3,867,934





Performance table



HK$ HK$ 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


Investment Report


(Unaudited)

8



Highest

issue price

per unit

HK$

Lowest

redemption price

per unit

HK$

Investment

return

(Note 1)

%


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







As at 30 June 2020

(Unaudited)

9


HK$ HK$

(Audited)

Assets

Current assets


Investments 1,412,726,922 1,935,073,481

Interest receivable 52 1,249

Dividends receivable 656,302 1,277,556


Amounts receivable from brokers 2,288,921 4,674,749


Total assets 1,479,463,073 1,982,004,952

Liabilities

Current liabilities



Total liabilities 905,347 1,105,175

Net Asset 1,478,557,726 1,980,899,777

Equity






(Unaudited)

10

30 June 2020 30 June 2019

HK$ HK$

Income


Dividend income 13,897,525 15,084,549



Net foreign currency gains 1,928,965 149,280


Expenses

Trustee's fee 354,588 338,532


Audit fee 47,870 46,177





Total operating expenses 1,361,555 992,286


Withholding tax (1,389,753) (1,508,455)






(Unaudited)

11

30 June 2020 30 June 2019

Note HK$ HK$


Issue of units 3 375,278,188 324,057,086









(Unaudited)

12

30 June 2020 30 June 2019

HK$ HK$



Adjustment for:

Dividend income (13,897,525) (15,084,549)





Net decrease in amounts receivable from brokers 2,385,828 –


expenses (69,506) 62,145













Cash at banks 53,403,533 34,641,393


62,963,633 53,377,993





(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






(“HKICPA”).





Standard

Units –

Accumulation

(Note 1)

Provident

Fund

Standard

Units –

Accumulation

(Note 1)

Provident

Fund




period – 91,348,694

– 70,833,424

Issue of units – 19,468,045 – 16,854,504



unit transactions – (17,506,231)

– 4,687,872



– 75,521,296



PINEBRIDGE HONG KONG DOLLAR MONEY MARKET FUND



30 JUNE 2020

(UNAUDITED)

PineBridge Hong Kong Dollar Money Market Fund



(Unaudited)

Contents

Pages











1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


2



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.


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.


Investment Report

As at 30 June 2020

(Unaudited)

3



value value assets

HK$ HK$



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%





Investment Report


(Unaudited)

4


Nominal value


HK$ HK$ HK$ HK$



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% 29DEC2020 – 180,000,000 – 180,000,000


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) –


Investment Report


(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.


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$


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



Performance table



HK$ HK$ Units


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


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


Investment Report


(Unaudited)

6

Note 1: The investment return is calculated by comparing the net asset value per unit at the period end against the



2013.

Note 3: Issue and redemption prices of the Fund are rounded down to the nearest cent.



Highest

issue price

per unit

(Note 3)

HK$

Lowest

redemption price

per unit

(Note 3)

HK$

Investment

return

(Note 1)

%


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


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



As at 30 June 2020

(Unaudited)

7


HK$ HK$

(Audited)

Assets

Current assets


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



Total liabilities (excluding net assets attributable to

unitholders) 2,616,157 8,888,312






(Unaudited)

8

30 June 2020 30 June 2019

HK$ HK$

Income

Interest on bank deposits 43,565,851 50,996,698



Expenses

Management fee 704,518 824,247

Trustee's fee 140,904 164,849


Audit fee 73,595 62,192

Bank charges 5,650 5,300




Increase in net assets attributable to

unitholders from operations 53,706,073 61,193,015





(Unaudited)

9

30 June 2020 30 June 2019

Note HK$ HK$


January 6,307,170,342 6,524,319,113

Issue of units 3 979,137,441 609,566,005




operations 53,706,073 61,193,015

Net assets attributable to unitholders at 30 June 3 6,717,402,757 6,336,740,956





(Unaudited)

10

30 June 2020 30 June 2019

HK$ HK$



operations 53,706,073 61,193,015

Adjustment for:

Interest on bank deposits (43,565,851) (50,996,698)


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)


Interest on bank deposits received 60,346,488 55,889,546







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


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





(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.




(“HKICPA”).





Standard

Units –

Accumulation

(Note 1)

Provident

Fund

Standard

Units –

Accumulation

(Note 1)

Provident

Fund




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)


unit transactions 578,991 22,937,700

(4,074,063) (13,002,568)


the end of the period 39,604,634 403,614,156

45,079,591 381,502,307


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



30 JUNE 2020

(UNAUDITED)

PineBridge US Equity Fund



(Unaudited)

Contents

Pages











1

Manager Trustee




Hong Kong






Hong Kong







Manager’s Report


2



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.


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.


Investment Report

As at 30 June 2020

(Unaudited)

3


Holding Market

% of net

shares value

assets

HK$

LISTED EQUITIES


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%


Investment Report

As at 30 June 2020

(Unaudited)

4



shares value assets

HK$


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%


Investment Report

As at 30 June 2020

(Unaudited)

5


Holding Market

% of net

shares value

assets

HK$



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%


Investment Report

As at 30 June 2020

(Unaudited)

6


Holding Market

% of net

shares value

assets

HK$



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%


Investment Report

As at 30 June 2020

(Unaudited)

7


Holding Market

% of net

shares value

assets HK$ LISTED EQUITIES (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%


Investment Report

As at 30 June 2020

(Unaudited)

8


Holding Market

% of net

shares value

assets HK$ LISTED EQUITIES (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%



SPDR S&P 500 ETF TRUST 85,057 203,279,803 4.24%


TOTAL INVESTMENT* 4,793,049,998 99.85%

TOTAL INVESTMENT AT COST* 4,377,174,544



Investment Report


(Unaudited)

9


Holdings



LISTED EQUITIES


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


Investment Report


(Unaudited)

10


Holdings





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


Investment Report


(Unaudited)

11


Holdings





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


Investment Report


(Unaudited)

12


Holdings





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


Investment Report


(Unaudited)

13


Holdings





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


Investment Report


(Unaudited)

14


Holdings





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) –


Investment Report


(Unaudited)

15


Holdings





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


Investment Report


(Unaudited)

16


Holdings





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



SPDR S&P 500 ETF TRUST 70,647 247,838 (233,428) 85,057

CBOE GLOBAL MARKETS INC – 4,020 (4,020) –


Investment Report


(Unaudited)

17

PineBridge US Equity Fund (the "Fund") is a unit trust governed by its Trust Deed dated 10 August 1998, as




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$





Net foreign currency gains/(losses) 141,362 (16,566) (20,930)




- realized and unrealized (216,736,846) 542,873,789 112,629,011

Performance table



HK$ HK$ 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


Investment Report


(Unaudited)

18



Highest

issue price

per unit

HK$

Lowest

redemption price

per unit

HK$

Investment

return

(Note 1)

%


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



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.



As at 30 June 2020

(Unaudited)

19


HK$ HK$

(Audited)

Assets

Current assets


Investments 4,793,049,998 4,743,668,557

Derivative financial instruments – 271


Dividends receivable 3,805,583 3,601,069

Amounts receivable on subscription 14,063,842 11,417,425


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 to brokers 21,367,715 22,296,002


Total liabilities 22,522,313 23,318,271

Net Asset 4,800,383,529 4,752,021,100

Equity






(Unaudited)

20

30 June 2020 30 June 2019

HK$ HK$

Income


Dividend income 46,248,586 50,507,471



Net foreign currency gains/(losses) 141,362 (16,566)

Other income 406,720 –


Expenses

Trustee's fee 1,107,371 1,064,173


Audit fee 63,447 66,398







Withholding tax (15,529,542) (14,834,948)






(Unaudited)

21


30 June 2020 30 June 2019

Note HK$ HK$


Issue of units 3 741,088,437 315,623,785








(Unaudited)

22

30 June 2020 30 June 2019

HK$ HK$



Adjustment for:

Dividend income (46,248,586) (50,507,471)


Withholding tax 15,529,542 14,834,948



Net change in derivative financial instruments 320 765

Net decrease in amounts payable to brokers (928,287) –


expenses (10,054) 68,315









Net (decrease)/increase in cash and cash equivalents (4,664,778) 427,546




Cash at banks 6,643,990 1,652,337


11,986,390 9,238,337





(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






(“HKICPA”).





Standard

Units –

Accumulation

(Note 1)

Provident

Fund

Standard

Units –

Accumulation

(Note 1)

Provident

Fund




period – 138,447,433

– 141,316,775

Issue of units – 23,088,647 – 10,273,556




– (3,025,120)



– 138,291,655






(Unaudited)

24

4. Derivative financial instruments

Derivative financial instruments represent outstanding foreign exchange contracts and are summarized below:

At 30 June 2020


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)











(228)

At 31 December 2019


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)





(179)

About PineBridge

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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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